| To: LoneClone who wrote (168971) | 12/7/2022 3:26:49 PM | | From: LoneClone | | | | Galway Metals Suspends Drilling; Outlines Future High Priority Targets
accesswire.com
Wednesday, December 7, 2022 7:00 AM
Galway Metals Inc.
galwaymetalsinc.com
TORONTO, ON / ACCESSWIRE / December 7, 2022 / Galway Metals Inc. (TSXV:GWM)(OTCQB:GAYMF) (the "Company" or "Galway") advises that, given prevailingly weak market conditions for exploration companies, it is temporarily suspending drilling activities at its flagship Clarence Stream gold project pending improved market and financing conditions. Management is taking this pro-active step to conserve capital while it reassesses findings in the Clarence Stream Mineral Resource Update reported on April 25, 2022, and it reviews information obtained from drill results. As of the end of Q3/2022, Galway had a healthy balance sheet with $7.7 million in cash.
Robert Hinchcliffe, President and CEO of Galway Metals, states: "Galway's exploration efforts led directly to the discoveries of the George Murphy, Richard, Adrian and Stewart Zones, and significantly expanded the South, North and Jubilee Zones, as well as the Oak Bay area. Clarence Steam clearly is a new high-grade gold district in Eastern Canada. The hiatus gives us an excellent opportunity to gain a better understanding of the project through a thorough review of all drill data and from findings in the resource update. When markets improve, we will be in an excellent position to make new discoveries from the numerous, large and high-potential targets that have not yet been drill tested, and to expand existing deposits as all Zones at Clarence Stream remain open for expansion in every direction."
With the exception of a brief period during the Covid pandemic, Galway has been continuously drilling at Clarence Stream since drilling commenced in October 2016. Galway has drilled 182,850 metres of the 244,553-metre total. This drilling has resulted in the discovery and expansion of many high-grade deposits. In 2022, Galway completed 24,468 metres of drilling at Clarence Stream, with a good portion of the results pending. Significant drilling has also occurred at Estrades where Galway has drilled over 60,000 metres of the 230,000-metre total. Galway has also temporarily suspended drilling at Estrades after the completion of approximately 12,000 metres in 2022. Most assays from the 2022 Estrades drill program are also pending. Given the potential to discover source vents below the high-grade resource, and/or to make new discoveries elsewhere on the property, Galway remains committed to advancing Estrades as well.
Clarence Stream Has Many High Priority Targets
Some of the important targets when drilling resumes at Clarence Stream will be:
- The Triangle, which is 180% larger than the SW Deposit and adjoins it and includes the Stewart Zone ( Figure 1)
- The biggest and best soil anomaly, which may turn out to be the centre of gravity of mineralization on the property
- On strike with the SW Deposit - 4km+ of very high grade soils
- Parallel to, and south of the SW Deposit - a 12km+ very high grade long soil anomaly
- A very strong 9 km+ linear magnetic low NW of the SW Deposit (These 5 targets are numbered 1-5 on Figure 2)
1. The Triangle Area, located within the roughly 1km zone immediately north of the SW Deposit and between the new Stewart Zone (to the north), the new Richard North Veins (on the western side), and the Adrian Zone (on the eastern side), represents a large target relative to the entire size of the SW Deposit resource area. The Triangle is 180% larger than the SW Deposit and adjoins it.
Richard Zone mineralization was recently extended 340m north at the east end of Richard with previously-released hole BL-213. This hole intersected 1.1 g/t Au over 8.35m ( March 30, 2022). This was followed up with results that extended mineralization 236m along strike, with intersects such as 2.6 g/t Au over 9.2m (incl. 13.3 g/t Au over 1.2m) and 1.9 g/t Au over 9.0m (incl. 20.4 g/t Au over 0.5m) in holes BL-231 and BL-225, respectively ( September 12, 2022). These gold-bearing quartz veins could be the western extension of the Adrian Zone, located 970m to the NE. If this is correct, it would parallel the George Murphy Zone located immediately to the south.The Adrian Zone has consistently been expanding in the NE direction, and could expand toward this Richard North discovery to the SW as well.The Stewart Zone, where intersections of 4.8 g/t Au over 3.1m, 4.1 g/t Au over 10.25m (one of 5 veins) were followed 257m NW with 8.6 g/t Au over 2.0m (incl. 19.6 g/t Au over 0.5m) (and 1.0 km NW of the Resource), and 204m SE with 18.9 g/t Au over 1.0m, and 246m SE with 13.0 g/t Au over 0.5m(one of 5 veins).The Richard Zone and Richard North Veins may extend an additional 900m north along the eastern flank of an intrusion, paralleling the intrusion to the Stewart Zone. This is the same intrusion the Jubilee and Richard Zones flank, and then the intrusion turns north toward Stewart. Gold-in-soil anomalies exist along this trend.
The description above represents the potential to link these three zones: Richard to Adrian, Richard to Stewart, and Stewart to Adrian. This effectively makes a large triangle with potential to host significant gold mineralization - all outside the current resource areas but in close proximity to them. Gold mineralization appears to dip gently east from Stewart to Adrian, thus providing potential to fill this triangle. The main structure in the area, the Sawyer Brook Fault, which was the main conduit for gold-bearing fluids, is thought to run through the middle of this triangle.
2. The biggest and best soil anomaly is located within and on the contacts of a multi-phase gabbro complex that likely is the source of gabbro dykes that host mineralization at the South Zone and at Oak Bay (19 km apart) with the gabbro complex in between; soils run as high as 4980, 3210, and 3120 ppb - the 3 highest on the property, plus with the third highest till anomaly on the entire property (86 ppb).
3. On strike with the SW Deposit is a 4km+ trend of very high grade soils (higher than those that led to the discoveries at the SW Deposit) that is located along a very strong linear magnetic low. All the known zones at Clarence Stream are located along magnetic lows, and they are thought to represent structural conduits for gold-bearing fluids.
4. Parallel to, and south of the SW Zone is a 12km+ long soil anomaly that hosts 12 soils that returned between 100 and 1030 ppb Au. This target is located along a very strong linear magnetic low, with 7 anomalous boulders that range up to 16.3 g/t Au and 7.5 g/t Au with gabbro as host - similar to the South Zone, plus with the second highest till anomaly on the entire property (95 ppb).
5. A very strong 9 km+ linear magnetic low, with 4 strong till anomalies, a 1 km long soil anomaly located parallel to and NW of the SW Deposit.
Clarence Stream Hosts a Large, High-Grade Gold Resource
Galway released an updated Mineral Resource for Clarence Stream (the "Resource") in an April 25, 2022 press release and Tables 1 and 2 below. This represented a more than doubling and quadrupling, respectively, of Measured and Indicated, and Inferred gold resources at Clarence Stream, consisting of the following resource estimates:
- Indicated open pit resources of 886,000 ounces at 2.27 g/t Au, plus
- Inferred open pit resources 731,000 ounces at 1.93 g/t Au, plus
- Indicated underground resources of 36,000 ounces at 4.1 g/t Au, plus
- Inferred underground resources of 603,000 ounces at 4.5 g/t Au
Table 1: Updated Mineral Resource Statement, Clarence Stream Deposits, New Brunswick, Canada, by SLR Consulting (Canada) Ltd., March 31, 2022
|
|
| Tonnes | Grade | Resource | | Mine Type | Deposit | Category | (000) | g/t Au | ppm Sb | oz Au | tonnes Sb |
| North | Indicated | 1,171 | 2.28 | 4,782 | 86,000 | 5,601 |
| Inferred | 1,731 | 2.51 | 491 | 140,000 | 850 |
| South | Indicated | 3,190 | 2.89 | 1,205 | 296,000 | 3,844 | | Open Pits | Inferred | 594 | 3.45 | 376 | 66,000 | 223 | | Southwest | Indicated | 7,761 | 2.02 | - | 504,000 | - |
| Inferred | 9,471 | 1.73 | - | 525,000 | - |
| Sub Totals | Indicated | 12,123 | 2.27 | - | 886,000 | 9,445 |
| Inferred | 11,796 | 1.93 | - | 731,000 | 1,073 |
| South | Indicated | 274 | 4.10 | 587 | 36,000 | 161 |
| Inferred | 1,917 | 4.21 | 559 | 260,000 | 1,072 | | Underground | Southwest | Inferred | 2,250 | 4.75 | - | 343,000 | - |
| Sub Totals | Indicated | 274 | 4.10 | 587 | 36,000 | 161 |
| Inferred | 4,168 | 4.50 | - | 603,000 | 1,072 | | Open Pits & | Totals | Indicated | 12,396 | 2.31 | - | 922,000 | 9,605 | | Underground | Inferred | 15,963 | 2.60 | - | 1,334,000 | 2,145 |
Notes for the Clarence Stream Resource
- CIM (2014) definitions were followed for Mineral Resources.
- Mineral Resources are reported at cut-off grades of 0.38 g/t Au and 2.00 g/t Au for open pit and underground, respectively.
- Mineral Resources are estimated using long-term gold price of US$1,650/oz, a long-term antimony price of US$10,000/t and a US$/C$ exchange rate of 1.33.
- A minimum mining width of 1.5m was used.
- Bulk density is 2.83 t/m3 for North Zone mineralization, 2.90 t/m3 for South Zone mineralization, and 2.73 t/m3 for SW Deposit mineralization.
- There are no Mineral Reserves at Clarence Stream.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Open pit Mineral Resources are reported within conceptual open pits.
- Underground Mineral Resources are reported within three-dimensional shapes outlining volumes of continuous blocks which satisfy the cut-off grade and minimum width criteria.
- Numbers may not add up due to rounding.
Table 2: Clarence Stream's South Zone, North Zone and SW Deposit Resources
|
| Tonnes | Grade | Resource | | Deposit | Category | (000) | g/t Au | ppm Sb | oz Au | tonnes Sb | | South | Indicated | 3,464 | 2.99 | 1,156 | 332,000 | 4,005 | | Inferred | 2,511 | 4.03 | 516 | 325,000 | 1,295 | | North | Indicated | 1,171 | 2.28 | 4,782 | 86,000 | 5,601 | | Inferred | 1,731 | 2.51 | 491 | 140,000 | 850 | | SW Deposit | Indicated | 7,761 | 2.02 | - | 504,000 | - | | Inferred | 11,721 | 2.31 | - | 868,000 | - |
For complete details of the resource update, refer to: "Technical Report on the Clarence Stream Project, New Brunswick, Canada" with an effective date of March 31, 2022, prepared in accordance with NI 43-101 regulations. This report is available on the Company's website at www.galwaymetalsinc.com and on its SEDAR profile at www.sedar.com.
New Brunswick Junior Mining Assistance Program
Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the SW Deposit
Clarence Stream Geology and Mineralization
Clarence Stream deposits can be characterized as intrusion-related, quartz-vein hosted gold deposits. They contain elevated levels of bismuth and arsenopyrite in multiple quartz veins, with significant antimony in the South and North Zones and tungsten in the vicinity. The Zones contain multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite in sericite altered sediments. The South and North Zones also contain stibnite. Locally there is up to 10% sphalerite and semi-massive galena veinlets. The 3.1 km trend that hosts the SW Deposit is associated with a mineralized mafic intrusive locally - similar to the South Zone. A more complete description of Clarence Stream's geology and mineralization can be found at www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports - Clarence Stream
The Mineral Resource estimates for the North and South Zones were prepared by Mr. Reno Pressacco, P.Geo, SLR Principal Geologist. The Mineral Resource estimate for the Southwest Deposit was prepared under the supervision of Ms. Valerie Wilson, M.Sc., P.Geo., SLR Managing Principal Geologist. Mr. Pressacco and Ms. Wilson are Independent Qualified Persons as defined by NI 43-101 and have read and approved the scientific and technical content of this news release as it relates to the updated Mineral Resource estimates. Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure of the Clarence Stream portion of this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, located at 41 Bittern Street, Ancaster, Ontario, Canada, Agat Laboratories, located at 5623 McAdam Road, Mississauga Ontario, Canada L4Z 1N9 and 35 General Aviation Road, Timmins, ON P4P 7C3, and/or Swastika Laboratories situated in Swastika, ON. All four labs have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.
Review by Qualified Person, Quality Control and Reports - Estrades
In compliance with National Instrument 43-101, Mr. Kamil Khobzi, P.Geo., is the Qualified Person responsible for the accuracy of the Estrades portion of this news release. Mr. Reno Pressacco, P. Geo., is the Qualified Person responsible for preparation and disclosure of the Estrades Mineral Resource estimate, and is independent of Galway. The drill core is sawn in half with one half of the core sample shipped to Swastika Laboratories situated in Swastika, ON, which has accreditation of ISO/IEC 17025. The other half of the core is retained for future assay verification. Other QA/QC measures includes the insertion of certified reference standards (gold and polymetallics) and blanks into the sample stream, and the regular re-assaying of pulps and rejects at alternate certified labs. Gold analysis is conducted by fire assay using atomic absorption or gravimetric finish for samples greater than 10 g/t gold. Other Metals (Ag, Cu, Pb, Zn, Co, As) have full acid digestion and analyzed by AAS; with over limits (5000 ppm) analyzed by AAS using method dilutions, and the Silver (Ag) over limits (200 ppm) analyzed by fire assay (FA) & gravimetric finish. The laboratory re-assays at least 10% of all samples and additional checks may be run on anomalous values.
About the Company
Galway Metals is focused on creating significant per share value through the exploration and sustainable development of its two 100%-owned projects in Canada: Clarence Stream, a new high-grade gold district in SW New Brunswick, and Estrades, the former-producing, high-grade, gold-rich polymetallic VMS mine in the northern Abitibi of western Quebec. Galway's activities will be conducted while respecting the environment and communities in which it operates. Galway is well capitalized. The Company began trading on January 4, 2013, after its successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.
Should you have any questions and for further information, please contact (toll free):
Galway Metals Inc.
Robert Hinchcliffe
President & Chief Executive Officer
1-800-771-0680
Website: www.galwaymetalsinc.com
Email: info@galwaymetalsinc.com
Look us up on Facebook, Twitter or LinkedIn
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements made herein with respect to, among other things, the Company's objectives, goals or future plans, potential corporate and/or property acquisitions, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations, and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, exploration results being less favourable than anticipated, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, risks associated with the defence of legal proceedings and other risks involved in the mineral exploration and development industry, as well as those risks set out in the Company's public disclosure documents filed on SEDAR. Although the Company believes that management's assumptions used to develop the forward-looking information in this news release are reasonable, including that, among other things, the Company will be able to identify and execute on opportunities to acquire mineral properties, exploration results will be consistent with management's expectations, financing will be available to the Company on favourable terms when required, commodity prices and foreign exchange rates will remain relatively stable, and the Company will be successful in the outcome of legal proceedings, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE: Galway Metals Inc. |
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| To: LoneClone who wrote (168972) | 12/7/2022 3:28:23 PM | | From: LoneClone | | | | Lomiko Announces Further Results From the Exploration Drill Program at La Loutre Graphite Property in Québec, Drills up to 6.00% Cg Over 45.0m Along Southwestern Margin of Battery Zone
ca.finance.yahoo.com
Tue, December 6, 2022 at 5:00 a.m.·12 min read
MONTREAL, December 06, 2022--( BUSINESS WIRE)--Lomiko Metals Inc. (TSX.V: LMR) ("Lomiko Metals" or the "Company") is pleased to announce the seventh round of analytical results from the infill and extension exploration drill program at its La Loutre Graphite property, located approximately 180 kilometres northwest of Montréal in the Laurentian region of Québec. The La Loutre graphite project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory.
This press release features multimedia. View the full release here: businesswire.com
Figure 1 : Battery Zone Drill Hole Locations (Graphic: Business Wire)
Belinda Labatte, CEO and Director stated: "We are pleased to see significant intervals encountered in the second batch of results from the Battery Zone, including 10 holes (LL-22-60 to 69) in the south end of the Battery Zone. The assay results further validate the continuity and quality of the mineralization. The best interval of 6.00% Cg over 45.0m from 55.0 to 100.0m is in hole LL-22-062 including 7.41% Cg over 33.0m from 65.5 to 98.5m. We look forward to receiving the results from the remaining 10 holes in the Battery Zone."
Highlights
Assay results from the second 10 of 26 holes drilled at Battery Zone:
Consistent, near surface graphite mineralization along the southwest margin of the Battery Zone
Strong graphite values and significant widths in all 10 drill holes
Best interval of 6.00% Cg over 45.0m from 55.0 to 100.0m in hole LL-22-062 including 7.41% Cg over 33.0m from 65.5 to 98.5m
Second best interval of 5.62% Cg over 27.0 from 31.5 to 58.5 in hole LL-22-060 including 6.58% Cg over 21.0m from 36.0 to 57.0m
The drilling was supervised by Québec-based, independent geological consultant Breakaway Exploration Management Inc. and was operated under ECOLOGO requirements and compliance protocols, as Lomiko is ECOLOGO certified. Please see the press release issued on March 23, 2022 for more details about Lomiko’s ECOLOGO certification.
The drill program at La Loutre was initiated on May 15, 2022, with the goal to further define the deposit, provide the data needed to increase confidence in the mineral resource and build on the results of the positive Preliminary Economic Assessment ("PEA") for the La Loutre project as announced in the Company’s July 29, 2021, press release. Lomiko has retained InnovExplo Inc, a Quebec-based independent consulting firm specializing in geology, resource estimation, mining engineering and sustainable development, to prepare an updated NI 43-101 compliant resource estimate for the La Loutre project following the completion of the 2022 drill program.
The assay results reported in this press release are for 10 holes drilled along the southwest margin of the Battery Zone. These holes were drilled to confirm results of previous drilling and provide better detail in this part of the Battery deposit. Please refer to Table 1 for the weighted averaged graphitic carbon-bearing drill intersections (not true thickness) and Table 2 and Figure 1 for the collar locations referred to in this press release.
Significant intervals of graphite mineralization were intersected in all 10 holes. The best intersection was 6.00 per cent graphitic carbon ("% Cg") over 45.0 metres ("m") from 55.0 to 100.0m in hole LL-22-062 including 7.41% Cg over 33.0m from 65.5 to 98.5m. These drill results generally show that the graphite intervals along the western margin, although consistent, are narrower and contain less graphite relative to the center of the Battery zone located further to the northeast, which was expected based on the previous drilling.
Generally, it was noted that the graphite mineralization intersected in the Battery zone is visually more coarse-grained than the graphite mineralization intersected at the recently drilled EV Zone.
Table 1: Weight averaged graphitic carbon-bearing drill intersections (not true thickness)
|
|
|
|
|
|
|
|
|
|
|
| Hole
|
| From m
|
| To m
|
| Int. m
|
| % Cg
|
| Notes
| LL-22-060
|
| 31.5
|
| 58.5
|
| 27.0
|
| 5.62
|
| Sampling complete
| Including
|
| 36.0
|
| 57.0
|
| 21.0
|
| 6.58
|
|
|
|
| 89.0
|
| 108.5
|
| 19.5
|
| 3.14
|
| Sampling complete
| Including
|
| 96.5
|
| 105.5
|
| 9.0
|
| 5.80
|
|
|
|
|
|
|
|
|
|
|
|
|
| LL-22-061
|
| 35.0
|
| 77.0
|
| 42.0
|
| 2.75
|
| Sampling complete
| Including
|
| 56.0
|
| 75.5
|
| 19.5
|
| 5.41
|
|
| LL-22-062
|
| 30.5
|
| 33.5
|
| 3.0
|
| 5.16
|
| Sampling complete
|
|
| 55.0
|
| 100.0
|
| 45.0
|
| 6.00
|
| Sampling complete
| Including
|
| 65.5
|
| 98.5
|
| 33.0
|
| 7.41
|
|
| LL-22-063
|
| 9.0
|
| 16.5
|
| 7.5
|
| 2.39
|
| Sampling complete
|
|
| 59.4
|
| 65.4
|
| 6.0
|
| 1.77
|
| Sampling complete
|
|
| 75.0
|
| 105.0
|
| 30.0
|
| 3.37
|
| Sampling complete
| LL-22-064
|
| 104.5
|
| 115.0
|
| 10.5
|
| 4.08
|
| Open above 104.5m; additional sampling underway
| LL-22-065
|
| 67.0
|
| 91.0
|
| 24.0
|
| 3.73
|
| Sampling complete
| Including
|
| 67.0
|
| 82.0
|
| 15.0
|
| 5.82
|
|
| LL-22-066
|
| 16.0
|
| 20.5
|
| 4.5
|
| 4.58
|
| Open above 16.0m; additional sampling underway
|
|
| 102.5
|
| 108.5
|
| 6.0
|
| 5.18
|
| Open above 102.5m & below 108.5m; additional sampling underway
| LL-22-067
|
| 11.0
|
| 15.5
|
| 4.5
|
| 4.68
|
| Open above 11.5m; additional sampling underway
|
|
| 58.0
|
| 115.0
|
| 57.0
|
| 2.63
|
| Sampling complete
| Including
|
| 59.5
|
| 70.0
|
| 10.5
|
| 5.88
|
|
| Including
|
| 88.0
|
| 101.5
|
| 13.5
|
| 5.58
|
|
| LL-22-068
|
| 2.5
|
| 15.2
|
| 12.7
|
| 1.30
|
| Sampling complete
|
|
| 94.0
|
| 103.0
|
| 9.0
|
| 7.87
|
| Sampling complete
| LL-22-069
|
| 45.7
|
| 57.7
|
| 12.0
|
| 4.75
|
| Sampling complete
|
|
| 103.0
|
| 125.9
|
| 22.9
|
| 3.61
|
| Sampling complete
| Including
|
| 106.0
|
| 117.3
|
| 11.3
|
| 6.94
|
|
|
Table 2: Drill Hole Collar Locations (UTM NAD 83, Zone 18)
|
| Hole
|
| UTM_mE
|
| UTM_mE
|
| Elev._m
|
| Azimuth_°
|
| Dip_°
|
| Length_m
| LL-22-060
|
| 499347
|
| 5096540
|
| 331
|
| 60
|
| -53
|
| 129
| LL-22-061
|
| 499308
|
| 5096524
|
| 331
|
| 60
|
| -52
|
| 144
| LL-22-062
|
| 499246
|
| 5096533
|
| 325
|
| 60
|
| -58
|
| 195
| LL-22-063
|
| 499221
|
| 5096576
|
| 329
|
| 60
|
| -54
|
| 192
| LL-22-064
|
| 499200
|
| 5076611
|
| 322
|
| 60
|
| -53
|
| 222
| LL-22-065
|
| 499329
|
| 5096443
|
| 329
|
| 60
|
| -58
|
| 111
| LL-22-066
|
| 499267
|
| 5096449
|
| 331
|
| 60
|
| -56
|
| 132
| LL-22-067
|
| 499260
|
| 5096487
|
| 330
|
| 60
|
| -52
|
| 129
| LL-22-068
|
| 499296
|
| 5096419
|
| 329
|
| 60
|
| -58
|
| 117
| LL-22-069
|
| 499370
|
| 5096498
|
| 343
|
| 60
|
| -56
|
| 129
|
QAQC and Analytical Procedures
The drill core was logged and marked for sampling by a professional geologist. All the core was photographed as part of the logging procedure. Core samples were collected by splitting each sample interval in half lengthwise with a hydraulic core splitter. One half of the interval was returned to the core box, and the other half was placed in a plastic bag with a tag. The tag number was marked in indelible ink on the outside of the bag, and the bag was sealed with a plastic tie-wrap. One certified reference material standard and one blank were included in each batch of 21 samples. For shipping, samples were placed in rice bags that were individually sealed with numbered, tamper-proof security tags. The rice bags were then placed on wooden pallets, secured with plastic wrapping, and delivered by truck to Manitoulin Transport Inc. for shipping to Activation Laboratories Ltd. ("Actlabs") in Ancaster, Ontario.
At Actlabs the samples were crushed to 80% passing 2mm and then riffle split to a 250g sub-sample that was pulverized to pulp 95% passing 105µm (Actlabs Code RX1). The sample pulps were then analyzed for graphitic carbon ("Cg") by mild hydrochloric acid digestion followed by combustion in an infrared induction furnace (Actlabs Code 8Cg). Actlabs is accredited under ISO 9001:2015 registration and is independent of the Company.
Qualified Person
The technical content presented in this press release was reviewed by Mark Fekete, P.Geo. who actively participated in the La Loutre drill program as an independent consultant to the Company as the "Qualified Person" as that term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Lomiko Metals Inc.
Lomiko Metals has a new vision and a new strategy in new energy. Lomiko represents a company with purpose: a people-first company where we can manifest a world of abundant renewable energy with Canadian and Quebec critical minerals for a solution in North America. Our goal is to create a new energy future in Canada where we will grow the critical minerals workforce, become a valued partner and neighbour with the communities in which we operate, and provide a secure and responsibly sourced supply of critical minerals.
In addition to La Loutre, Lomiko is working with Critical Elements Lithium Corporation towards earning its 70% stake in the Bourier Project as per the option agreement announced on April 27th, 2021. The Bourier project site is located near Nemaska Lithium and Critical Elements south-east of the Eeyou Istchee James Bay territory in Quebec which consists of 203 claims, for a total ground position of 10,252.20 hectares (102.52 km2), in Canada’s lithium triangle near the James Bay region of Quebec that has historically housed lithium deposits and mineralization trends.
About the La Loutre Graphite Project
The Company holds a 100% interest in its La Loutre graphite development project in southern Quebec. The La Loutre project site is located within the Kitigan Zibi Anishinabeg (KZA) First Nations territory. The KZA First Nations are part of the Algonquin Nation and the KZA territory is situated within the Outaouais and Laurentides regions.? Located 180 kilometres northwest of Montreal, the property consists of one large, continuous block with 76 mineral claims totalling 4,528 hectares (45.3 km2).
The Property is underlain by rocks belonging to the Grenville Province of the Precambrian Canadian Shield. The Grenville was formed under conditions that were very favourable for the development of coarse-grained, flake-type graphite mineralization from organic-rich material during high-temperature metamorphism.
Lomiko Metals published a July 29, 2021 Preliminary Economic Estimate (PEA) which indicated the project had a 15-year mine life producing per year 100,000 tonnes of graphite concentrate at 95% Cg or a total of 1.5Mt of graphite concentrate. This report was prepared as National Instrument 43-101 Technical Report for Lomiko Metals Inc. by Ausenco Engineering Canada Inc., Hemmera Envirochem Inc., Moose Mountain Technical Services, and Metpro Management Inc., collectively the Report Authors.
On behalf of the Board,
Belinda Labatte
CEO and Director, Lomiko Metals Inc.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company; and any other information herein that is not a historical fact may be "forward-looking information" ("FLI"). All statements, other than statements of historical fact, are FLI and can be identified by the use of statements that include words such as "anticipates", "plans", "continues", "estimates", "expects", "may", "will", "projects", "predicts", "proposes", "potential", "target", "implement", "scheduled", "intends", "could", "might", "should", "believe" and similar words or expressions. FLI in this new release includes, but is not limited to: the Company’s objective to become a responsible supplier of critical minerals, exploration of the Company’s projects, including expected costs of exploration and timing to achieve certain milestones, including timing for completion of exploration programs; the Company’s ability to successfully fund, or remain fully funded for the implementation of its business strategy and for exploration of any of its projects (including from the capital markets); any anticipated impacts of COVID-19 on the Company’s business objectives or projects, the Company's financial position or operations, and the expected timing of announcements in this regard. FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ materially. This FLI reflects the Company’s current views about future events, and while considered reasonable by the Company at this time, are inherently subject to significant uncertainties and contingencies. Accordingly, there can be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without limitation: current market for critical minerals; current technological trends; the business relationship between the Company and its business partners; ability to implement its business strategy and to fund, explore, advance and develop each of its projects, including results therefrom and timing thereof; the ability to operate in a safe and effective manner; uncertainties related to receiving and maintaining exploration, environmental and other permits or approvals in Quebec; any unforeseen impacts of COVID-19; impact of increasing competition in the mineral exploration business, including the Company’s competitive position in the industry; general economic conditions, including in relation to currency controls and interest rate fluctuations.
The FLI contained in this news release are expressly qualified in their entirety by this cautionary statement, the "Forward-Looking Statements" section contained in the Company’s most recent management’s discussion and analysis (MD&A), which is available on SEDAR at www.sedar.com, and on the investor presentation on its website. All FLI in this news release are made as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
View source version on businesswire.com: businesswire.com
Contacts
For more information on Lomiko Metals, review the website at www.lomiko.com or
please contact:
Kimberly Darlington
k.darlington@lomiko.com
514-771-3398 |
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| To: LoneClone who wrote (168973) | 12/7/2022 3:30:53 PM | | From: LoneClone | | | | SCOTTIE RESOURCES INTERCEPTS 31.8 G/T GOLD OVER 4.00 METRES AND 6.82 G/T GOLD OVER 6.85 METRES ON D ZONE TARGET ADJACENT TO BLUEBERRY CONTACT ZONE
newswire.ca
Scottie Resources Corp. Dec 06, 2022, 07:05 ET
VANCOUVER, BC, Dec. 6, 2022 /CNW/ - Scottie Resources Corp. ("Scottie" or the "Company") (TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR8) is pleased to report new assays on its C and D zone targets, which occur as mineralized cross-structures adjacent to the Blueberry Contact Zone. Drilling of the targets generated high-grade intercepts of up to 60.7 g/t over 2 metres. The C and D Zones are part of the Scottie Gold Mine Project which also includes the historic Scottie Gold Mine and the rapidly advancing Blueberry Contact Zone. The Scottie Gold Mine Project is 100% owned and royalty free and is located 35 kilometres north of the town of Stewart, BC, along the Granduc Road.
Figure 1:& Plan view map of the C and D Zones and their location relative to the N-S oriented Blueberry Contact Zone. Highlighting the distribution and status of drilled targets from the 2022 season and the reported results thus far. (CNW Group/Scottie Resources Corp.)
President and CEO, Brad Rourke: "Part of our 2022 exploration program was devoted to testing the extent of known mineralized cross-structures associated with the Blueberry Contact Zone. These results confirm the successful targeting of the high-grade C and D zone structures more than 200 metres along strike from the Blueberry Contact. The grades and proximity exemplify the exploration potential outside of the main contact zone along cross-cutting mineralized structures. These structures will be incorporated in our 3D model and be a key focus during our 2023 drill program."
Table 1: Selected results from new drill assay results (uncut) from the C and D Zones.* True thicknesses of mineralized intercepts are undetermined
Drill Hole
|
| From
(m)
| To
(m)
| Width*
(m)
| Gold
(g/t)
| Silver
(g/t)
| SR22-160
|
| 29
| 43
| 14.00
| 0.70
| 6.65
| including
| 39
| 43
| 4.00
| 1.26
| 10.8
| and including
| 42
| 43
| 1.00
| 4.12
| 10.0
|
| 61.57
| 62.2
| 0.63
| 2.52
| 9.00
|
| 87
| 88.5
| 1.50
| 5.04
| 2.00
|
| 104
| 105
| 1.00
| 1.72
| 11.0
|
| 125
| 126
| 1.00
| 1.04
| 50.0
| SR22-182
|
| 33.35
| 40.2
| 6.85
| 6.82
| 29.4
| including
| 38.7
| 40.2
| 1.50
| 17.4
| 34.3
| SR22-183
|
| 43.9
| 47.9
| 4.00
| 3.16
| 24.7
| SR22-187
|
| 17
| 18
| 1.00
| 4.42
| 300
|
| 27.8
| 30.25
| 2.45
| 2.87
| 1.18
| SR22-188
|
| 38.4
| 42.4
| 4.00
| 31.8
| 84.0
| including
| 40.4
| 42.4
| 2.00
| 60.7
| 29.5
| SR22-191
|
| 146
| 147.5
| 1.50
| 1.54
| 10.0
|
| 172.5
| 174
| 1.50
| 4.36
| 2.00
| SR22-194
|
| 97.5
| 98.5
| 1.00
| 1.52
| 34.0
|
| 187.8
| 188.8
| 1.00
| 3.47
| 3.00
|
About the C and D Zones
The C and D zones are located approximately halfway between the Blueberry Vein and the past-producing Scottie Gold Mine. Historic work on the zones included geological mapping, rock and chip sampling and limited drilling. Mineralization is vein controlled and is comparable to the vein types observed at both the Scottie Gold Mine as well as the Blueberry vein. Historic drill intercepts on the C Zone generated gold-rich intervals up to 14.2 g/t gold over 5 metres. Drilling by Scottie Resources in 2021 extended the strike length of the mineralization further to the west with multiple high-grade intercepts, including 11.1 g/t gold over 1.0 metre and 8.65 g/t gold over 1.0 metre. Historic drilling on the D Zone failed to produce results comparable to the numerous high-grade surficial samples associated with the zone (up to 53 g/t gold), likely due to poor targeting of the primary mineralized structure which is obscured by steep terrain and heavy vegetation. The surficial expressions of both the C and D zones overlie an access tunnel which connects the A portal to the Scottie Gold mine, that was put into reduce avalanche risk during the mine's operation (Figure 1). Drilled in 2022, the intersection between the C zone structure and the Blueberry Contact Zone returned an interval of 9.12 g/t gold over 16.15 metres.
About the Blueberry Contact Zone
The Blueberry Zone is located just 2 kilometres northeast of the 100% owned, past-producing Scottie Gold Mine located in British Columbia, Canada's Golden Triangle region. Historic trenching and channel sampling of the Blueberry Vein include results of 103.94 g/t gold over 1.43 metres, and 203.75 g/t gold over 1.90 metres. Despite high-grade surficial samples and easy road access, the Blueberry Vein had only limited reported drilling prior to the Company's exploration work. The target was significantly advanced during Scottie's 2019 drill program when an interval grading 7.44 g/t gold over 34.78 metres was intersected in a new splay off zone of the main Blueberry Vein. The drill results received in 2020 and 2021, coupled with surficial mapping and sampling suggest that this splay is in fact a major N-S mineralized structure, of which the Blueberry Vein was only a secondary structure. This zone is much wider than pursued in previous exploration models and drilling in 2021 expanded its strike length to 720 metres and its depth to 225 metres. The zone is steeply dipping, and there is no current restraint on its potential depth; the mineralization at the adjacent Scottie Gold Mine has a vertical extent greater than 450 metres. The Blueberry Zone is located on the Granduc Road, 20 kilometres north of the Ascot Resources' Premier Project, which is in the process of refurbishing their mill. Newcrest's Brucejack Mine is located 25 kilometres to the north.
About the Scottie Gold Mine
The Scottie Gold Mine, which operated between 1981 to 1985, produced 95,426 gold ounces from 183,147 tonnes at an average recovered grade of 16.2 g/t gold. The mine ultimately shut down due to a drop in gold price combined with high-interest rates. Mineralization consists of east-west to northwest trending, steeply dipping, shear veins, that are comprised of pyrrhotite > pyrite ± quartz ± calcite. The veins are hosted in a package of andesitic volcanic rocks from the Hazelton Unuk River Formation that are situated adjacent to the contact with the Summit Lake stock, part of the Texas Creek Plutonic Suite. While 13 distinct gold-bearing vein zones have been identified on the Scottie Gold Mine Project, mine production was primarily from one vein (the M-zone).
Thomas Mumford, Ph.D., P.Geo and VP Exploration of Scottie, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
Quality Assurance and Control
Results from samples taken during the 2022 field season were analyzed at SGS Minerals in Burnaby, BC. The sampling program was undertaken under the direction of Dr. Thomas Mumford. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic absorption spectrometry and gravimetric finish when required (+9 g/t Au). Analysis by four acid digestion with multi-element ICP-AES analysis was conducted on all samples with silver and base metal over-limits being re-analyzed by emission spectrometry.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the Scottie Gold Mine Property which includes the Blueberry Zone and the high-grade, past-producing Scottie Gold Mine. Scottie also owns 100% interest in the Georgia Project which contains the high-grade past-producing Georgia River Mine, as well as the Cambria Project properties and the Sulu property. Altogether Scottie Resources holds more than 59,000 hectares of mineral claims in the Stewart Mining Camp in the Golden Triangle.
The Company's focus is on expanding the known mineralization around the past-producing mines while advancing near mine high-grade gold targets, with the purpose of delivering a potential resource. The Company's focus is on expanding the known mineralization around the past-producing mine while advancing near mine high-grade gold targets, with the purpose of delivering a potential resource.
All of the Company's properties are located in the area known as the Golden Triangle of British Columbia which is among the world's most prolific mineralized districts.
Forward Looking Statements
This news release may contain forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
SOURCE Scottie Resources Corp.
 For further information: Brad Rourke, President and CEO, +1 250 877 9902, brad@scottieresources.com; Gordon Robb, Business Development, +1 250 217 2321, gordon@scottieresources.com
|
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| To: LoneClone who wrote (168974) | 12/7/2022 3:32:47 PM | | From: LoneClone | | | | Red Pine Exploration Provides Summary of Results of the On Going Exploration at Surluga – A Path to a Revised Resource
ca.finance.yahoo.com
Red Pine Exploration Inc.
Tue, December 6, 2022 at 6:32 a.m.·9 min read
Figure 1- Plan Map of the drill hole locations from Red Pine Surface Drilling
Figure 1- Plan Map of the drill hole locations from Red Pine Surface Drilling
Figure 2- 2022 Surluga Deposit long section highlights with Exploration Results in the North and South Exploration Targets
Figure 2- 2022 Surluga Deposit long section highlights with Exploration Results in the North and South Exploration Targets
TORONTO, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red Pine” or the “Company”) is pleased to update our shareholders on results of the ongoing exploration since the consolidation of 100% ownership of the Wawa Gold Project.
The 2021-2022 surface exploration drilling program confirmed the presence of a large gold system on the Wawa Gold Project. Exploration drilling outside of the current Mineral Resources has successfully expanded high-grade gold mineralization and demonstrated the potential for continued expansion of the Mineral Resource.
Highlights from over from over 47,000 m of drilling in 2021-2022 include (Figure 1 and 2):
600 m extension of mineralization in the Surluga South area and 325 m extension in the Surluga North area
One of the best intersections in the Jubilee Shear Zone in the Surluga South Extension – 3.08 g/t gold over 55.66 m in SD-21-302 including 27.21 g/t Au over 3.81 m, 4.31 g/t Au over 10.10 m and 5.98 g/t Au over 2.30 m (TW)
High-grade intersections in the Minto Mine Shear Zone
68.71 g/t Au over 3.45 m (TW) in a gap in the existing resource of the Minto Mine Deposit
Highest grade intersection in the Minto Mine Shear Zone – 109.35 g/t Au over 2.68 m (TW) in a 110 m step out of the Minto Mine deposit resource
Confirmation of the presence of gold mineralization in the Jubilee Shear Zone, host of the Surluga Deposit, over 6.5 km in strike length from originally 1.8 km
Intersection of 42.95 g/t Au over 1.92 m in the southern extension
Confirmation of a large exploration target west of the Jubilee Shear Zone with high-grade mineralization and multiple gold zones related to a remobilized intrusion-related gold system (IRGS)
5.57 g/t gold over 8.51 m (CL) in SD-22-376
Discovery of three network of extensional quartz veins with high-grade intersections in each
52.12 g/t Au over 2.29 m (CL) in the Sadowski vein system
Many exploration targets with high potential to discover and extend gold mineralization with additional exploration remains to be tested
Company is funded to continue drilling in 2023 and Alamos Gold validates the project by continued participation in financings
Results suggest the potential for a hybrid pit and underground development scenarios for a future resource updated
Quentin Yarie, President and CEO of Red Pine Exploration commented: "The exploration story continues to unfold with a known strike length that has tripled since 2021 and demonstrates that the Surluga and Minto resources are open down-dip and down-plunge. Our 2021-2022 exploration drilling campaigns across multiple targets on the Wawa Gold Project have consistently delivered significant high-grade gold intersections, highlighting the expansion potential of the existing Surluga and Minto Mine Mineral Resources, and the significant blue-sky targets that exist across the Wawa Gold Project. Results have prioritized our focus to increasing the size of the Surluga/Minto resources and exploiting those targets with a hybrid open-pit and underground project."
Red Pine is well-funded and continues exploration drilling at the Surluga deposit with focus on infilling known gaps within the Surluga structure, as well as the definition of mineralization in the hanging wall above the resource. Over 2000 gold assays are pending as of today from our ongoing drill program, and we expect continued near term news-flow receipt of approximately 300 assays per week.
Figure 1- Plan Map of the drill hole locations from Red Pine Surface Drilling
Figure 1- Plan Map of the drill hole locations from Red Pine Surface Drilling is available at globenewswire.com
Exploration highlights since the ownership consolidation of the Wawa Gold Project in 2021
Surluga North target
Extending high-grade gold mineralization 325 metres (m) from the current Surluga Deposit Mineral Resource within the Jubilee Shear Zone: Highlight include:
SD-21-308 – 2.01 g/t Au over 27.26 m (estimated true width) – see news release of January 21, 2022
SD-22-337 – 8.44 g/t Au over 4.28 m (TW) – see news release of May 16, 2022
SD-22-361 – 11.06 g/t Au over 3.31 m (TW) – see news release of September 6, 2022
SD-22-363 – 4.52 g/t Au over 4.85 m (TW) – see news release of September 6, 2022
SD-22-385 – 5.66 g/t Au over 2.69 m (TW) – see news release of September 6, 2022
Gold mineralization remains open for extension in the Jubilee Shear Zone both down-dip and along strike to both the north and south.
Discovery of a quartz vein system overlying the Jubilee Shear Zone with certain veins containing high-grade gold mineralization
SD-22-321 – 8.46 g/t gold over 6.42 m* (core length) - see news release of March 30, 2022
SD-22-326 – 11.19 g/t gold over 2.61 m (CL) – see news release of April 19, 2022
Surluga South target
Proving that gold mineralization extends at least 550 m south from the current extent of the Surluga Deposit Mineral Resource in the Jubilee Shear Zone:
SD-21-297A – 4.66 g/t Au over 12.24 m (TW) – see news release of August 12, 2021
SD-21-298A – 25.73 g/t Au over 4.78 m (TW) – see news release of September 20, 2021
SD-21-302 – 27.21 g/t Au over 3.81 m, 4.31 g/t Au over 10.10 m and 5.98 g/t Au over 2.30 m (TW) – see news release of November 8, 2021
SD-21-312A – 8.00 g/t Au over 10.35 m (TW) – see news release of April 19, 2022
Minto Mine Shear Zone and Minto stockwork
Confirmation that high-grade gold mineralization extends in the Minto Mine Shear Zone, host to the Minto Mine deposit, at least 110m outside the extent of the current Mineral Resource:
SD-21-298A – 109.37 g/t Au over 2.68 m (TW) – see news release of September 2, 2021
Indications that infill drilling within the Minto Mine Deposit, including gaps in the existing Mineral Resource, confirm the continuity of high-grade gold mineralization:
SD-22-373 – 68.71 g/t Au over 3.45 m (TW) in the Minto Mine Shear Zone – see news release of July 14, 2022
SD-22-373 – 21.10 g/t Au over 3.25 meters (CL) in the Minto Stockwork – see news release of September 1, 2022
SD-22-377 – 17.49 g/t Au over 3.93 m (TW) – see news release of September 1, 2022
Figure 2- 2022 Surluga Deposit long section highlights with Exploration Results in the North and South Exploration Targets
Figure 2- 2022 Surluga Deposit long section highlights with Exploration Results in the North and South Exploration Targets is available at globenewswire.com
Sadowski high-grade vein systems
Discovery of the Sadowski vein network overlying the Minto Mine Deposit
SD-22-350 – 52.12 g/t Au over 2.29 m (CL) – see news release of May 16, 2022
SD-21-297A – 13.95 g/t Au over 4.48 m (CL) – see news release of August 12, 2021
Discovery of a new high-grade quartz vein network located 80 m south of the Sadowski Vein network
SD-22-379A – 10.18 g/t gold over 4.89 m including 59.70 g/t gold over 0.69 m (CL) – see news release of December 1, 2022
Jubilee Shear Zone (“JSZ”) south of the Parkhill Fault
New discovery of the JSZ over an additional strike length of 1.8 km, south of the Parkhill fault
Confirmation that the southern segment of the Jubilee Shear Zone is gold-bearing
JS-22-368 – 42.95 g/t Au over 1.92 m, including 85.72 g/t over 0.96 m – see news release of September 6, 2022
Wawa Gold corridor west of the Jubilee Shear Zone (Intrusion related Gold System)
Improved understanding of the gold mineralization system located west of the Jubilee Shear Zone - of the origins and significance of the potentially sizeable
Mineralization system has intrusion-related gold affinities and is variably overprinted and deformed by the orogenic gold system
Characterized by stacked zones of gold mineralization with variable width and grade
Selected drilling intersections of significance in the intrusion-related system includes:
SD-22-376 – From 115.18 m three zones of mineralization containing 5.57 g/t gold over 8.51 m (CL), 4.41 g/t gold over 1.27 m (CL) see news release of December 1, 2022
SD-19-277 – From 80.48 m to 231.67 m three zones of mineralization containing 1.74 g/t Au over 9.84 m – see news release of November 21, 2019
SD-21-310 – From three zones of mineralization containing 2.11 g/t Au over 6.99 m (CL)
Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Qualified Person
Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the news release’s technical information.
COVID-19 Precautions
Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees’ and contractors’ safety, thereby reducing the potential for community contact, and spreading of the virus.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol “RDEXF”.
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Or contact:
Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com
Or
Carrie Howes, Director Corporate Communications, (416) 644-7375 chowes@redpineexp.com
1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. |
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| To: LoneClone who wrote (168975) | 12/7/2022 3:36:54 PM | | From: LoneClone | | | | Exploits Receives Exploration Permit for Bullseye
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - Exploits Discovery Corp. (CSE: NFLD) (OTCQX: NFLDF) (FSE: 634) ("Exploits" or the "Company") is pleased to announce that it has received the exploration permit from the Province of Newfoundland and Labrador that pertains to responsibly conducting exploration activities within the Company's Bullseye claims. The Bullseye claims will be the principal focus of the Company's upcoming exploration activities over the next six months.
Ken Tylee (Vice President, Exploration) indicates that the Gander-based team plans to initiate their Bullseye exploration activities immediately. An escalating sequence of exploration programs will be employed through use of local, diligent contractors (weather/safety dependant):
Prospecting and sampling - 'boots-on-ground' appraisalLiDAR airborne surveys - to delineate bedrock characteristics & structural influencesClaim-perimeter land surveying & accurate location control of key featuresGround geophysics (Magnetics, VLF, & Alpha IP™ methods)Commencement of a results-driven exploration drilling program upon completion of the team's interpretation of the campaign results (above). Mr. Tylee is aiming for an early-February mobilization of the contracted drilling equipment and crew
President and CEO, Jeff Swinoga, comments, "With the permit in hand, we are on our way to unlock the potential of these game changing Bullseye claims. We are all excited to get on the ground and execute our aggressive exploration programs at Bullseye."
Titan Drilling Update
Exploits' 20-hole, 6059-meter drilling campaign at Titan was completed on-schedule in late November. Our local geology team will defer their final interpretation of the complex geology underlying the property until all remaining assays have been received from the contracted assay laboratory. The Company intends to release these results early in 2023.
Figure 1. Bullseye Claims
The overview map shows new claims acquired by Exploits and selected drill hole assay intercepts published by New Found Gold Corp. and Labrador Gold Corp. made publicly available in their respective corporate presentations. Readers are cautioned that the presence of mineralization on claims adjacent to those held by the Company is not necessarily indicative of mineralization that may exist on claims held by the Company.
To view an enhanced version of Figure 1, please visit:
images.newsfilecorp.com
About Exploits Discovery Corp.
Exploits is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland and Labrador, Canada. The Company is actively exploring its gold projects in the Exploits Subzone, covering approximately 2,000 square kilometres of mineral tenements. The Company's Exploration 2.0 methodology is focused on discovering high-grade structurally hosted epizonal gold similar to New Found Gold's success at the Keats and Lotto Zones in the Appleton zone. Exploits is leveraging its local team and geologic understanding to become one of the most extensive explorers in the Exploits Subzone.
ON BEHALF OF THE BOARD
/s/ "Jeff Swinoga"
President and CEO
For more information, please contact:
Shanda Kilborn
VP, Investor Relations
+1 (778) 819-2708
investors@exploits.gold
newsfilecorp.com
National Instrument 43-101 Disclosure
Ken Tylee, P.Geo., VP of Exploration with Exploits, is a qualified person within the Provinces of Ontario and Newfoundland and Labrador, as defined by NI 43-101 guidance. Mr. Tylee has reviewed and approved the technical information presented herein.
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Acknowledgments
Exploits Discovery would like to acknowledge the financial support of the Junior Exploration Assistance Program from the Department of Natural Resources, Government of Newfoundland and Labrador. |
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| To: LoneClone who wrote (168976) | 12/7/2022 3:38:54 PM | | From: LoneClone | | | | E79 Resources Provides Exploration Update for Myrtleford and Beaufort Projects in Victoria, Australia
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - E79 Resources Corp. (CSE: ESNR) (OTCQB: ESVNF) ("E79" or the "Company") is pleased to report on its exploration activities at the Myrtleford and Beaufort gold properties in Victoria, Australia.
EXPLORATION HIGHLIGHTS
All drill results have been received from the Happy Valley and Twist Creek prospects with key intersections including: Happy Valley
- 0.60 meters (m) at 16.25 grams per tonne (g/t) gold (Au) from 23.9m within 10.20m at 1.6 g/t Au from 21.5m (hole CFD004).
Twist Creek
- 0.20m at 8.3 g/t Au from 372.4m (hole TWD012) and 2.35m at 3 g/t Au from 383.3m.
- 0.20m at 6.43 g/t Au from 101.95m (hole TWD015), 0.25m at 7.29 g/t Au from 107.15m, and 1.00m at 3.42 g/t Au from 89m.
Detailed LIDAR surveys flown by the government have been acquired and processed covering the whole Myrtleford Project area. A geological interpretation identifying all the extensive historical gold workings along the 40km trend is in progress with the aim to delineate multiple drill targets.
Reconnaissance rock chip sampling and geological mapping continues along the 7km-long Twist Creek and 16km-long Magpie trends. Areas of significant historical gold production and LIDAR-identified structural targets will be prioritized. The Exploration License (ELA007670) application process is in its final stages for the 7km extension of the Happy Valley high-grade gold corridor towards the southeast containing multiple historical gold workings.The Company, which is well financed with ~$6 million in cash, is reviewing other opportunities in the Victorian Goldfields and beyond to expand its gold project portfolio.
Patrick Donnelly, E79's President and Chief Executive Officer, stated, "We are very pleased to see that the Myrtleford Project continues to deliver encouraging drill results. We have been drilling continuously for 18 months for over 12,768m of drill core. We are continuing to focus on reviewing all the compelling targets along the 40km-trend at Myrtleford and utilizing our understanding of the geology and latest full LIDAR coverage to generate future targets. Additionally, we have a strong cash balance and are looking for other opportunities within the Victorian Goldfields and beyond to grow our exciting project portfolio."
TWIST CREEK DRILLING
The drilling program at Twist Creek comprising 18 drillholes (TWD001-TWD018) for 4,437m has now been completed. This drill program was the first ever to test beneath the shallow high-grade historical gold workings at this area where a total of six prospects were targeted over a 3km-long by 1km-wide trend. This trend contained an increased number of gold workings with multiple sub-parallel trends identified from the detailed LIDAR and historical reports.
Significant results from this first-pass drill program previously released include:
1.60m at 17 g/t Au from 73m including 0.60m at 43 g/t Au (hole TWD006 - Scandinavian Prospect).1.10m at 15.3 g/t Au from 67.9m including 0.60m at 27.4 g/t Au (hole TWD003 - Scandinavian Prospect). 0.35m at 40.1 g/t Au from 82m (hole TWD009 - Victoria Prospect).1.20m at 8.6 g/t Au from 133.8m including 0.40m at 25 g/t Au (hole TWD007 - Victoria Prospect).
For more information on these previously released drilling results, please see the Company's press releases dated July 13, 2022 and August 3, 2022 at newsfilecorp.com.
The successful results from this inaugural drill program prompted a follow-up drill program at the Scandinavian and Victoria prospects. This program consisted of five drillholes (TWD014-TWD018) for 806m and aimed to expand the high-grade mineralization previously intersected on a 40m by 40m drill pattern. The last drillhole of this program, TWD018 was drilled at the Victoria Prospect. Significant intersections include:
0.20m at 6.43 g/t Au from 101.95m (hole TWD015 - Scandinavian Prospect), 0.25m at 7.29 g/t Au from 107.15m, and 1.00m at 3.42 g/t Au from 89m. 1.00m at 2.15 g/t Au from 152m (hole TWD016 - Scandinavian Prospect) and 1.00m at 2.12 g/t Au from 84m.
More drilling was planned at Twist Creek but due to the unseasonal wet weather conditions, the program was suspended. These conditions also restricted access to drill sites planned to test the more favorable southerly plunge of the high-grade gold shoots. These areas will be re-evaluated once ground conditions improve and are deemed safe to access.
The gold mineralization drilled at Twist Creek consisted of narrow laminated quartz reefs or broader mineralized shear zones containing sulphides, arsenopyrite and pyrite, with or without, silver, galena, and sphalerite. The presence of visible gold was intersected in many of these zones with grades varying from 6 g/t to 43 g/t Au were observed. The mineralized quartz structures and shear zones are interpreted to dip sub-vertically to steep west. The gold shoot plunge referenced in historical reports, indicate a steep southerly plunge but is difficult to confirm from the Company's shortened drill program.
Figure 1 - Twist Creek plan showing latest drill results and targets over 3km in length.
To view an enhanced version of Figure 1, please visit:
images.newsfilecorp.com
All drillholes at Twist Creek were drilled on inclinations ranging between -30 and -70 degrees, and drilled as perpendicular to the targets as the drill sites would allow (see Table 2). Historical mining operations were undertaken on steeply west-dipping quartz vein structures. Drill core intersection angles of the quartz vein structures range between 45 and 80 degrees to the core axis, so the true width is expected to be between 50% and 80% of the downhole width.
HAPPY VALLEY GEOLOGICAL INTERPRETATION AND 3D MODEL
All assay results have now been received and 3D geological models completed at the Happy Valley Prospect, including first-pass drilling from nearby Champion-Franklin and Managers Hut prospects.
In the Happy Valley historical mining area, the overall gold system comprises four individual reefs of variable widths and grades. The gold system plunges steeply towards the southeast (60 to 75 degrees southeast) and have been drill tested to 400m below surface where they remain open at depth (see Figure 2).
The gold mineralization is interpreted to be structurally controlled and located within the axial zone of the overturned Hope Anticline. A series of post-mineralization, low-angle southwest dipping reverse faults (labelled SW1 to SW4 in Figure 2), systematically offset the mineralization towards the southeast and with depth, giving rise to the steep gold shoot plunge as shown on the long-section (see Figure 3). Although interpreted as post-mineralization structures, the higher gold grades appear to be associated with the lower angle faults where they are in closer proximity (labelled SW1 to SW3 in Figure 2), perhaps suggesting some remobilization and concentration of gold.
Drillhole HVD010, the deepest drill intercept within the gold trend, indicates that the mineralization continues and remains open at depth.
In the Champion/Franklin historical mining area, mineralization occurs within the western limb of the Franklin Anticline and does not appear to be associated with any significant low angle faulting. Fold frequency and intensity is variable with as little as 130m between the Hope Anticline and the syncline to the west, while the Franklin Anticline shows a larger 315m to the syncline axis to the west.
The 3D geological interpretation has identified up to three gold target zones - upper, mid, and deeps, on multiple quartz reefs within and below areas previously drill tested (see Figure 3). These targets are currently under review along with an extensive list of other targets within the Myrtleford Project area. These will be ranked and prioritized for future drilling after the assessment is complete.
Figure 2 - Happy Valley cross-section +/- 150m and geological interpretation looking northwest.
To view an enhanced version of Figure 2, please visit:
images.newsfilecorp.com
Following the high-grade gold discovery hole at Happy Valley where drilling intersected 11.1m at 160.45 g/t Au (hole HVD003), the Company made a commitment to ramp up drill activities to test the Twist Creek targets containing up to six lines of reef over a 3km strike length (within the 7km-long trend) that were historically mined with grades up to 2 ounces of gold per tonne. The Twist Creek inaugural drill program was designed to focus on zones containing multiple reef structures with historical gold production.
Figure 3 - Happy Valley long-section looking southwest and showing potential gold targets.
To view an enhanced version of Figure 3, please visit:
images.newsfilecorp.com
The Twist Creek area is situated in the northern portion of the Company's Exploration Licence EL006724 in Victoria, Australia (see Figure 4). It lies within a 7km-long trend of historical workings and mines. The Twist Creek Mining Centre produced gold at an average grade of ~31 g/t Au. Prior to E79's inaugural drill program, no modern exploration activities had been conducted within this area.
Figure 4 - Myrtleford Project plan showing the 3 main gold trends. LIDAR data now covers all tenements.
To view an enhanced version of Figure 4, please visit:
images.newsfilecorp.com
NEXT STEPS
At Myrtleford, geological interpretation of the tenement-wide detailed LIDAR is in progress along with reconnaissance rock chip sampling and geological mapping along the 7km-long Twist Creek and 16km-long Magpie trends.Await granting of tenement EL7670 which will extend the Happy Valley trend a further 7km southeast. Upon granting, reconnaissance rock chip sampling and geological mapping will commence. At the Beaufort Property, further rock chip sampling and mapping of outcropping quartz reefs is in progress. Any further work will be dependent on results.Assess opportunities to expand the Company's project portfolio in the Victorian Goldfields. Table 1 - Myrtleford Project drill intercepts for gold (>0.2 g/t Au).
| HOLE ID | From | To | Interval | Gold (g/t) | Silver (g/t) | Lead (%) | Zinc (%) | Prospect | Trend | | CFD001 | 20.3 | 24 | 3.7 | 0.33 | | | | Champion-Franklin | Happy Valley | | CFD002 | 27.7 | 28.5 | 0.8 | 0.21 | | | | | CFD002 | 35.3 | 37 | 1.7 | 0.44 | | | | | CFD002 | 229 | 233 | 4 | 0.20 | | | | | CFD002 | 336 | 337 | 1 | 2.98 | | | | | CFD004 | 23.9 | 25.5 | 1.6 | 8.15 | | | | | within | 21.5 | 31.7 | 10.2 | 1.59 | | | | | HVD018 | 193.9 | 195.4 | 1.5 | 0.40 | | | | Happy Valley | | TWD010 | 115.3 | 116 | 0.7 | 0.33 | | | | Lily/Orion | Twist Creek | | TWD010 | 348 | 360 | 12 | 0.20 | | | | | TWD012 | 36 | 43 | 7 | 0.20 | | | | Sydney | | TWD012 | 372.4 | 372.6 | 0.2 | 8.30 | 4.2 | 0.2 | 0.42 | | TWD012 | 383.3 | 385.65 | 2.35 | 3.00 | | | | | including | 383.3 | 383.8 | 0.5 | 5.66 | | | | | and | 385 | 385.65 | 0.65 | 6.49 | | | | | TWD013 | 207.3 | 207.9 | 0.6 | 0.33 | | | | Excelsior | | TWD013 | 333.6 | 334.6 | 1 | 0.30 | | | | | TWD013 | 395.25 | 395.9 | 0.65 | 1.20 | | | | | TWD014 | 119.3 | 120.3 | 1 | 0.31 | | | | Scandinavian | | TWD015 | 80.2 | 81.2 | 1 | 2.58 | | | | | TWD015 | 89 | 90 | 1 | 3.42 | | | | | TWD015 | 101.95 | 102.15 | 0.2 | 6.43 | 5.2 | 0.24 | 0.56 | | TWD015 | 107.15 | 107.4 | 0.25 | 7.29 | 1.9 | | | | TWD016 | 84 | 85 | 1 | 2.12 | | | | | TWD016 | 139 | 141 | 2 | 1.15 | | | | | TWD016 | 152 | 153 | 1 | 2.15 | | | | | TWD016 | 176 | 178 | 2 | 1.84 | | | |
Table 2 - Myrtleford Project drill hole locations.
| Hole ID | GDA (Z55) East | GDA (Z55) North | RL (m) | GDA (Z55) Azimuth | Dip | EOH (m) | Status | | TWD010 | 479301.26 | 5981588.30 | 538.468 | 139.5 | -30 | 396.8 | All assays received | | TWD011 | 479301.42 | 5981588.01 | 538.987 | 139.9 | -20 | 341.1 | All assays received | | TWD012 | 479579.64 | 5981850.83 | 558.855 | 81.7 | -30 | 458.9 | All assays received | | TWD013 | 479590.00 | 5980909.00 | 673 | 78.5 | -42 | 488.7 | All assays received | | TWD014 | 480280.91 | 5980666.39 | 513.102 | 130 | -66 | 197 | All assays received | | TWD015 | 480283.23 | 5980667.24 | 514.222 | 89 | -37 | 188.5 | All assays received | | TWD016 | 480280.91 | 5980666.39 | 513.102 | 89.5 | -56 | 225 | All assays received | | TWD017 | 480280.91 | 5980666.39 | 513.102 | 46 | -32 | 37.3 | Hole failed - no samples | | TWD018 | 479859.24 | 5979628.46 | 594.11 | 126.2 | -35 | 158.6 | All assays received | | HVD017 | 494243.68 | 5945699.71 | 681.605 | 205 | -30 | 297 | All assays received | | HVD018 | 494243.55 | 5945699.25 | 681.905 | 205.1 | -20 | 246 | All assays received | | HVD019 | 494243.97 | 5945699.86 | 681.186 | 200 | -52 | 567 | All assays received |
* All collar positions surveyed by qualified surveyor using differential GPS
QUALITY ASSURANCE/QUALITY CONTROL
All samples are ½ HQ diameter (63.5mm) diamond drill core. Sampling was conducted to geological contacts. Samples were shipped by E79 contractors to ALS Global in Poorooka, SA, Australia. The samples were crushed to a nominal 85% passing 3.15 mm. A 1 kg split was obtained using a Boyd rotary splitter and pulverized in its entirety to a nominal 85% <75 ?m. Two quartz washes were run through both the crushing and pulverizing equipment between all samples and sizing tests were performed on both the coarse crush and pulverized material. All samples were analyzed by 50-gram fire assay with an atomic absorption finish (Au-AA26). This method has an upper detection limit of 100 ppm. All samples containing visible gold were analyzed by a second 50g fire assay using a gravimetric finish with an upper detection limit of 10,000 ppm (Au-GRA22) for comparison and as a check to the original fire assay (Au-AA26). Certified reference materials (CRM) and coarse quartz blanks were also submitted with the samples to monitor accuracy and possible cross contamination, respectively. The results for all quality control samples lie within acceptable limits.
QUALIFIED PERSON
The technical content of this news release has been reviewed, verified, and approved by Shane Mele, MAIMM (Fellow), Vice President of Exploration for E79 Resources, a "Qualified Person" as defined by National Instrument 43-101. Historical records were verified by the Qualified Person's review of annual and quarterly reports from government records.
ABOUT E79 RESOURCES CORP.
E79 Resources is focused on exploring for Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region.
Patrick Donnelly
President and Chief Executive Officer
Email: patrick@E79resources.com
Website: www.E79resources.com
Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although E79 believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its obligations under its property agreements going forward; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of gold, copper and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. |
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| To: LoneClone who wrote (168977) | 12/7/2022 3:40:43 PM | | From: LoneClone | | | | Adventus Mining and Salazar Announce Additional Drilling Results for El Domo Underground - Including 9.46 metres of 8.83% Copper Equivalent
newswire.ca
Adventus Mining Corporation Dec 07, 2022, 06:45 ET
Figure 1 - Drill Collar Location Map for El Domo (CNW Group/Adventus Mining Corporatio
n) TORONTO, Dec. 7, 2022 Adventus Mining Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce the additional infill drilling results from the underground portion of the El Domo volcanogenic massive sulphide deposit ("El Domo") located within the 21,537-hectare Curipamba project in central Ecuador. The infill drilling program for the underground portion of the Mineral Resource at El Domo, as announced in the August 29, 2022 news release, continues with two diamond drill rigs.
Highlights – Drill Results from the El Domo Deposit at Curipamba :
CURI-405 intersected 9.46 metres of 7.49% copper, 2.37 g/t gold, 2.93% zinc, 75.4 g/t silver and 0.01% lead for 8.83 % copper equivalent ("CuEq") – including 5.27 metres of 12.08% copper, 4.00 g/t gold, 5.24% zinc, 131.1 g/t silver, and 0.02% lead for 14.55% CuEqCURI-403 intersected 7.63 metres 0.87% copper, 3.91 g/t gold, 3.09% zinc, 40.7 g/t silver, and 0.50% lead for 4.16% CuEq – including 3.00 metres, grading 0.83% copper, 9.18 g/t gold, 5.67% zinc, 76.0 g/t silver and 1.13% lead for 8.00% CuEqCURI-404 intersected 4.88 metres of 2.29% copper, 0.88 g/t gold, 0.99% zinc, 50.4 g/t silver, and 0.09% lead for 2.96% CuEq – including 0.90 metres of 3.93% copper, 2.25 g/t gold, 1.24% zinc, 103.9 g/t silver and 0.23% lead for 5.31% CuEq
Drill hole CURI-401 intersected a thick section of lower-grade semi-massive sulphide intercalated with gypsum alteration from 171.54 to 187.82 metres with a narrower section from 171.54 to 173.90 metres, grading 1.17% copper, 0.62 g/t gold, 0.39% zinc, 21.5 g/t silver, and 0.11% lead. A higher-grade subset was intersected from 171.54 to 172.20, grading 3.39% copper, 0.69 g/t gold, 1.27% zinc, 65.1 g/t silver, and 0.37% lead.
Drill Hole
| From
(m)
| To
(m)
| Thickness
(m)
| Cu
(%)
| Au
(g/t)
| Zn
(%)
| Ag
(g/t)
| Pb
(%)
| Copper Equivalency
(%) (1) (2)
| Approx. True
Thickness (m)
| CURI-401
| 171.54
| 173.90
| 2.36
| 1.17
| 0.62
| 0.39
| 21.5
| 0.11
| 1.53
| 1.65
| including
| 171.54
| 172.20
| 0.66
| 3.39
| 0.69
| 1.27
| 65.1
| 0.37
| 4.07
| 0.46
|
(1) Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
(2) Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador".
|
|
|
|
CURI-402 intersected semi-massive to massive sulphide mineralization from 201.57 to 206.31 metres, grading 2.84% copper, 0.75 g/t gold, 0.06% zinc, 7.8 g/t silver and 0.01% lead. A higher-grade subset was intersected from 203.11 to 204.24 metres, grading 10.25% copper, 1.47 g/t gold, 0.14% zinc, and 24.8 g/t silver and 0.01% lead.
Drill Hole
| From
(m)
| To
(m)
| Thickness
(m)
| Cu (%)
| Au (g/t)
| Zn (%)
| Ag (g/t)
| Pb (%)
| Copper Equivalency
(%)(1) (2)
| Approx. True Thickness (m)
| CURI-402
| 201.57
| 206.31
| 4.74
| 2.84
| 0.75
| 0.06
| 7.8
| 0.01
| 2.37
| 3.08
| including
| 203.11
| 204.24
| 1.13
| 10.25
| 1.47
| 0.14
| 24.8
| 0.01
| 8.42
| 0.73
| including
| 203.11
| 203.70
| 0.59
| 18.57
| 2.06
| 0.25
| 43.4
| 0.01
| 15.20
| 0.38
|
(1) Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
(2) Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador".
|
Drill hole CURI-403 intersected semi-massive to massive sulphide mineralization with intercalated felsic autobreccia at the base of the intercept, from 237.10 to 244.73 metres, grading 0.87% copper, 3.91 g/t gold, 3.09% zinc, 40.7 g/t silver, and 0.50% lead. A higher-grade subsection occurs from 237.10 to 240.10 metres, grading 0.83% copper, 9.18 g/t gold, 5.67% zinc, 76.0 g/t silver and 1.13% lead.
Drill Hole
| From
(m)
| To
(m)
| Thickness
(m)
| Cu
(%)
| Au
(g/t)
| Zn
(%)
| Ag
(g/t)
| Pb
(%)
| Copper Equivalency
(%) (1) (2)
| Approx. True
Thickness (m)
| CURI-403
| 237.10
| 244.73
| 7.63
| 0.87
| 3.91
| 3.09
| 40.7
| 0.50
| 4.16
| 6.49
| including
| 237.10
| 240.10
| 3.00
| 0.83
| 9.18
| 5.67
| 76.0
| 1.13
| 8.00
| 2.55
|
(1) Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
(2) Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador".
|
Drill hole CURI-404 intersected semi-massive sulphide mineralization from 245.15 to 250.03 metres, grading 2.29% copper, 0.88 g/t gold, 0.99% zinc, 50.4 g/t silver, and 0.09% lead. A higher-grade subsection occurs from 249.13 to 250.03 metres, grading 3.93% copper, 2.25 g/t gold, 1.24% zinc, 103.9 g/t silver and 0.23% lead.
Drill Hole
| From
(m)
| To
(m)
| Thickness
(m)
| Cu
(%)
| Au
(g/t)
| Zn
(%)
| Ag
(g/t)
| Pb
(%)
| Copper Equivalency
(%)(1) (2)
| Approx. True
Thickness (m)
| CURI-404
| 245.15
| 250.03
| 4.88
| 2.29
| 0.88
| 0.99
| 50.4
| 0.09
| 2.96
| 3.42
| including
| 249.13
| 250.03
| 0.90
| 3.93
| 2.25
| 1.24
| 103.9
| 0.23
| 5.31
| 0.63
|
(1) Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
(2) Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador".
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Drill hole CURI-405 intersected semi-massive sulphide mineralization with intercalated felsic autobreccia from 205.42 to 208.33 metres, grading 1.85% copper, 2.03 g/t gold, 0.51% zinc, 10.1 g/t silver, and 0.01% lead. A thick section of semi-massive to massive sulphide mineralization occurs from 214.06 to 223.52 metres, grading 7.49% copper, 2.37 g/t gold, 2.93% zinc, 75.4 g/t silver and 0.01% lead. A higher-grade section occurs from 214.06 to 219.33 metres, grading 12.08% copper, 4.00 g/t gold, 5.24% zinc, 131.1 g/t silver, and 0.02% lead.
Drill Hole
| From
(m)
| To
(m)
| Thickness
(m)
| Cu
(%)
| Au
(g/t)
| Zn
(%)
| Ag
(g/t)
| Pb
(%)
| Copper Equivalency
(%)(1) (2)
| Approx. True
Thickness (m)
| CURI-405
| 205.42
| 208.33
| 2.91
| 1.85
| 2.03
| 0.51
| 10.1
| 0.01
| 1.78
| 2.47
|
| 214.06
| 223.52
| 9.46
| 7.49
| 2.37
| 2.93
| 75.4
| 0.01
| 8.83
| 8.04
| including
| 214.06
| 219.33
| 5.27
| 12.08
| 4.00
| 5.24
| 131.1
| 0.02
| 14.55
| 4.48
|
(1) Metal equivalency based on US$3.43/lb Cu, US$1,676/oz Au, US$1.32/lb Zn, US$18.43/oz Ag and US$0.93/lb Pb. Prices taken from 6-month contracts for precious metals and 3-month contracts for base metals from the London Metal Exchange, dated October 14, 2022.
(2) Metal equivalency adjusted for metal recoveries based on detailed metallurgical data from Feasibility Study filed on SEDAR, effective data October 26, 2021. The report is titled – "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador".
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All results from the infill drilling program are to be used in updating the underground portion of the Mineral Resource estimate for El Domo in 2023, which will be part of a future feasibility study that will integrate the development of a potential underground operation in addition to the planned open pit (see August 29, 2022 news release). Figure 1 illustrates the drill locations for the results of the five drill holes outlined in this news release. Drill collar location coordinates are summarized for the infill drilling program in Table 1 at the end of this news release.
For reference, the last Mineral Resource estimate completed in accordance with NI 43-101 for El Domo was published as part of the Feasibility Study report titled: "NI 43-101 Technical Report, Feasibility Study, Curipamba El Domo Project, Central Ecuador", with an effective date of October 26, 2021 on SEDAR.
Technical Information and QAQC
The Curipamba project work program is being managed and reviewed by Vice President Exploration, Jason Dunning, M.Sc., P.Geo., a Qualified Person within the meaning of NI 43-101. Salazar staff collect and process samples that are securely sealed and shipped to Bureau Veritas ("BV") in Quito for sample preparation that includes crushing and milling to prepare pulps that are then split for shipment to their facility in Vancouver, Canada for analysis. All assay data have undergone internal validation of QAQC; noting there is an established sampling control program with blind insertion of assay blanks, certified industry standards and sample duplicates for the Curipamba project. A QAQC program is also in place at BV and includes insertion of blanks, standards, and duplicate reanalysis of selected samples. BV's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. At BV, samples from regional drilling have silver and base metals analyzed by a modified ore grade 24-element aqua regia technique with ICP-ES finish. Gold is analyzed by fire assay fusion with AAS finish. Overlimit protocols are in place for gold, silver, copper, lead, and zinc.
Qualified Person
The technical information of this news release has been reviewed and verified as accurate by Mr. Jason Dunning, M.Sc., P.Geo., Vice President Exploration for Adventus Mining, a non-Independent Qualified Person, as defined by NI 43-101.
About Adventus Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
Please also visit the Adventus Mining website at www.adventusmining.com.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
Please also visit the Salazar Resources website at www.salazarresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains "forward-looking information" within the meaning of applicable Canadian ?securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the ?management of the Participants as of the date the statement is published, and the Participants assume no ?obligation to update any forward-looking statement, except as required by law. In certain cases, forward–?looking statements can be identified by the use of words such as "plans", "expects", "outlook", ??"guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or ?variations of such words and phrases or statements that certain actions, events or results "may", "could", ??"would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable ?terminology.?
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining and Salazar expect or anticipate will or may occur in the future. Although Adventus Mining and Salazar have attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Adventus Mining and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
Table 1: Drill Collar Information for Infill Drill Holes at El Domo
Hole ID
| EAST
| NORTH
| ELEV
| AZIMUTH
| DIP
| DEPTH
| COMMENT
| CURI-419
| 695494
| 9855286
| 1027
| 296
| -70
| -
| In Progress
| CURI-418
| 695459
| 9855361
| 1017
| 303
| -78
| -
| In Progress
| CURI-417
| 695494
| 9855286
| 1027
| 151
| -70
| 269.40
| Successfully completed per design
| CURI-416
| 695494
| 9855286
| 1027
| 180
| -73
| 262.80
| Successfully completed per design
| CURI-415
| 695459
| 9855361
| 1017
| 317
| -66
| 245.85
| Successfully completed per design
| CURI-414
| 695440
| 9855274
| 1028
| 164
| -73
| 221.30
| Successfully completed per design
| CURI-413
| 695454
| 9855407
| 1025
| 165
| -75
| 237.60
| Successfully completed per design
| CURI-412
| 695440
| 9855274
| 1028
| 203
| -75
| 269.40
| Successfully completed per design
| CURI-411
| 695177
| 9855005
| 929
| 69
| -69
| 176.00
| Successfully completed per design
| CURI-410
| 695440
| 9855274
| 1028
| 210
| -65
| 314.30
| Successfully completed per design
| CURI-409
| 695400
| 9855298
| 1017
| 301
| -71
| 264.25
| Successfully completed per design
| CURI-408
| 695400
| 9855298
| 1017
| 127
| -69
| 243.60
| Successfully completed per design
| CURI-407
| 695431
| 9855413
| 1007
| 12
| -62
| 203.00
| Successfully completed per design
| CURI-406
| 695269
| 9855341
| 1000
| 270
| -78
| 221.15
| Successfully completed per design
| CURI-405
| 695431
| 9855413
| 1007
| 317
| -69
| 247.60
| Successfully completed per design
| CURI-404
| 695309
| 9855341
| 1000
| 210
| -67
| 286.90
| Successfully completed per design
| CURI-403
| 695181
| 9855413
| 1007
| 331
| -62
| 257.15
| Successfully completed per design
| CURI-402
| 695400
| 9855298
| 1017
| 239
| -79
| 245.30
| Successfully completed per design
| CURI-401
| 695375
| 9855400
| 996
| 238
| -73
| 224.00
| Successfully completed per design
| CURI-400
| 695400
| 9855298
| 1017
| 237
| -67
| 284.10
| Successfully completed per design
| CURI-399
| 695375
| 9855400
| 996
| 41
| -65
| 212.25
| Successfully completed per design
| CURI-398
| 695400
| 9855298
| 1017
| 196
| -71
| 272.00
| Successfully completed per design
| CURI-397
| 695271
| 9855452
| 985
| 178
| -81
| 208.80
| Successfully completed per design
| CURI-396
| 695394
| 9855668
| 957
| 252
| -68
| 179.45
| Successfully completed per design
| CURI-395
| 695349
| 9855650
| 972
| 151
| -64
| 211.50
| Successfully completed per design
| CURI-394
| 695436
| 9855590
| 980
| 241
| -73
| 216.30
| Successfully completed per design
| CURI-393
| 695394
| 9855668
| 957
| 159
| -72
| 96.00
| Successfully completed per design
| CURI-392
| 695395
| 9855600
| 994
| 122
| -65
| 224.95
| Successfully completed per design
|
Notes:
(1) All drill holes are surveyed in UTM Datum (Provisional South American 1956, Zone 17)
|
SOURCE Adventus Mining Corporation
 For further information: Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com; Salazar Resources, please contact Merlin Marr-Johnson, Executive Vice President, at +1 604 685 9316 or merlin@salazarresources.com.
|
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| To: LoneClone who wrote (168978) | 12/7/2022 3:41:51 PM | | From: LoneClone | | | | Nyrstar's Auby zinc plant on care and maintenance until further notice
ca.finance.yahoo.com
Wed, December 7, 2022 at 3:54 a.m.·1 min read
LONDON (Reuters) - Nyrstar has completed scheduled maintenance work at its Auby operation in Northern France, but the smelter will not resume zinc production due to challenging market conditions, the company said on its website.
The Netherlands-based company said the decision was based on the latest power price outlook and inflation across a range of input costs impacting the business.
High power prices have spurred suspensions and cutbacks by smelters throughout Europe.
"The plant will now be placed on care and maintenance until further notice," Nyrstar said.
"This period will be used to bring forward future planned investments to improve operational stability and efficiency of the Auby smelter once operations are able to restart."
Nyrstar put its zinc smelting operations at Budel in the Netherlands on care and maintenance in September.
Metal industry sources say Nyrstar has the capacity to produce 720,000 tonnes of zinc in Europe, with 315,000 of that at Budel.
Europe accounts for around 15% of global supplies of zinc estimated at about 14 million tonnes this year.
Benchmark zinc prices on the London Metal Exchange hit a record high of $4,896 a tonne in March on worries about shortages, but have since dropped 36% to around $3,125 a tonne as growth and demand slowed. |
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| To: LoneClone who wrote (168979) | 12/7/2022 3:43:15 PM | | From: LoneClone | | | | Mosaic Minerals Prepares its 2023 Exploration Program for Lithium and Strategic Minerals
ca.finance.yahoo.com
Mosaic Minerals Corporation
Wed, December 7, 2022 at 5:30 a.m.·4 min read
Mosaic Minerals Lithium Exploration Project
Mosaic Minerals Lithium Exploration Project
MONTREAL, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or “The Company”) is preparing an initial exploration program for the 2023 season to evaluate its lithium and strategic mineral projects located in Jamésie (Québec).
These projects, which make up the company's lithium properties, cover nearly 20,000 hectares spread over six mining blocks, contain, according to the various data from the Quebec Ministry of Energy and Natural Resources (MERN), several geological indications favorable to the presence of lithium and strategic minerals. The 2023 exploration work therefore has the primary objective of confirming the presence of spodumene pegmatites and/or the presence of strategic minerals.
mosaic_lithiumprojects_map_2022
In order to verify the data from the MERN, the planned work will include sampling, a set of geological, geochemical and spectrometric surveys coupled with aerial magnetic surveys. The use of aerial spectrometry will support groundwork by defining favorable areas due to the presence of slightly radioactive minerals associated with spodumene pegmatites. It is somewhat comparable to geochemistry, but taking aerial spectrometric data covers much larger areas. The magnetic survey will also help establish contacts between granitic geological units and greenstone belts.
Ground geochemistry will facilitate the establishment of favorable geological contours that may contain the minerals sought. If necessary, stripping and more intensive sampling will be undertaken on the targets defined by the various exploration works.
Discussions are currently underway with various service providers to ensure that a geological and technical team is in place at the end of the winter period. Aerial surveys will be done at the same time.
“We are very happy to prepare a first exploratory campaign for the end of spring. This will allow us to quickly identify targets where we can focus our efforts in the summer of 2023. Favorable geology in a greenstone environment is what we are looking for,” to mention Mr. Jonathan Hamel, President, and Chief Executive Officer of Mosaic.
The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of strategic minerals in the territory of the province of Quebec.
Source :
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
514-317-7956
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION IN THE UNITED STATES OR ANY US NEWS WIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE TITLES DESCRIBED HEREIN.
A photo accompanying this announcement is available at globenewswire.com |
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| To: LoneClone who wrote (168980) | 12/7/2022 3:44:59 PM | | From: LoneClone | | | | Hanstone Reports Extensive Gold and Silver Mineralization at Surface up to 277.9g/t Au, 1,405g/t Ag at Doc Property, British Columbia
Highlights
? Hanstone receives assay results up to 277.9g/t Au and 1,405g/t Ag from grab samples at sample pits at Q17/Q22 Zones.
? High-grade gold identified at Q17/Q22 Zones along a 350-metre strike length.
hanstonegold.com
Vancouver, BC, December 6, 2022 – Hanstone Gold Corp. (TSX.V:HANS) (OTC:HANCF) (FRA:HGO) (the “Company” or “Hanstone”), is pleased to announce the results from grab sampling and surface mapping carried out at its Summer 2022 exploration program at its Doc Property in northwestern British Columbia.
Field Program Overview
Field reconnaissance was carried out during the Summer 2022 program, alongside the bulk sampling program previously announced on October 31, 2022(1) and November 22, 2022(2)
Assay results from grab sampling at the Q17 and Q22 Zones yielded a high value of 277.9g/t Au and 935g/t Ag from sample 872104, which was taken from DOC22-Pit 7E (see Table 1 & Figure 2). This pit, opened on the Q17 vein, exhibits a vuggy gossan with galena-derived boxwork on the margin of the same vein exposed at the bulk sampled zone at the top of the slope at DOC22-Pit 2E through 3E, the results from which were announced on November 22, 2022(2). Sample 872135, taken from an unweathered portion of the Q17 vein at DOC22-Pit 3E, yielded 231.4g/t Au and 1,405g/t Ag. *
Mineralization observed at the Q17, Q22, and Q19 Zones is hosted within broad, approximately ~1 metre thick vitreous quartz veins with 5-10% coarse (up to ~2cm) galena crystals disseminated within the vein margin. See Figure 1 and Table 1 below for sample locations.
Ray Marks, President and CEO of Hanstone stated: “These results further confirm the presence of extensive gold mineralization extending from surface to the past-producing mine workings below for a current estimated strike length of 350 metres. Our intention in the 2023 season will be to follow up on these results and our team is eager to find out just how far this zone extends along strike.”
Sampling at Q17 / Q22 Zones
Grab sample 872125, taken directly above the end of the adit and roughly at the centre-point of the segment of the Q17 vein mined by the underground workings, returned 111.5g/t Au and 155g/t Ag. Sample 872122, taken directly above the eastern end of the underground workings, yielded 47.7g/t Au and 248g/t Ag. More significantly, sample 872123, taken 130 metres further ESE along strike beyond the end of the surface projection of the underground workings, in the vicinity of the eastern-most historical 1988 drilling, yielded 58.3g/t Au and 256g/t Ag. *
The Q17 and Q22 veins clearly coincide with the underground workings, with pits generally exhibiting a similar style of mineralization to that observed within the underground workings. In conjunction with historical drill results, veining and sulphide mineralization appears to be mostly continuous throughout the zone, as well as further along strike to the east.
Table 1. Grab Sample Assay Highlights
Figure 1. Grab Sample Highlights Map
Discussion of Sampling Results
Grab samples taken from pits opened during the program yielded numerous high-grade gold showings with apparent continuity of a mineralized zone extending along surface from DOC22-Pit 1E (top of slope) down to DOC22-Pit 16E, a strike length of approximately 150 metres. Additional pits located 70 and 200 metres further southeast along strike of the same zone also yielded high-grade gold results (47.7g/t Au and 58.3g/t Au, respectively), with the zone remaining open along strike in both directions. This mineralized trend almost exactly parallels the underground workings and represents the surface projection of the same Q17 and Q22 veins that were the target of underground mining. Based on these observations, in conjunction with historical drilling intercepts across the vein, the mineralized zone appears to measure at least 350 metres along strike and 100 metres depth, while remaining open along strike and at depth.
The grades being returned from grab and bulk sampling at the Doc Project are consistent between samples of similar material and have yielded up to 277.9g/t Au (DOC22-Pit 7E), which was taken from a grab sample of vuggy gossan with galena-derived boxwork. Evidenced from the texture of the high-grade gossan, this material is the weathered form of the galena-bearing quartz vein appearing uphill at DOC22-Pit 2E through DOC22-Pit 6E and likely continues further beyond the most distal pits in both directions along strike. *
Figure 2. Sample 872104 (277.9g/t Au, 935 g/t Ag)
Figure 3. Pit 8E looking west - representative section of mineralized zone (rock hammer for scale)
Bulk Sampling Recap and Pit Descriptions
As announced in Hanstone’s news release dated November 22, 2022(2), assay results from bulk samples from the DOC Zone yielded a high value of 43.91 g/t Au and 244 g/t Ag from a 110.0kg sample from Pit 3E at the Q17 vein, out of a total of three bulk samples taken along an approximately 10-metre long zone on the Q17 vein. The single bulk sample taken at the Q19 zone yielded 7.04 g/t Au and 85 g/t Ag from a 130.0kg sample.
A total of 18 sample pits were opened on the Property, with 17 pits located along the DOC area (Q17/Q22 vein zone) and one pit at the Q19 zone. The bulk sampling component of the program consisted of a series of four (4) bulk samples taken across the Q17 and Q19 vein zones. Each sample at both the Q17 and Q19 veins consisted of abundant galena and minor pyrite mineralization within 0.5 to 1.0 metre quartz veins, hosted within a broader shear zone and yielded anomalously high gold and silver values. No significant copper or zinc values were encountered.
The surface exposure of the Q17 and Q22 veins evidently coincide with the underground workings, with pits generally exhibiting a similar style of mineralization to that observed within the underground workings. In conjunction with historical drill results, veining and sulphide mineralization appears to be mostly continuous throughout the zone, as well as further along strike to the east.
* Cautionary Note: The reader is cautioned that grab rock samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
Assay Method
Analytical results of sampling reported by Hanstone represent rock samples submitted by Hanstone directly to Seacan Labs, an ISO 17025 accredited lab based in Stewart, British Columbia. Samples were coarse crushed, dried at 100 °C, crushed to 80% < 10 mesh, split, with 250g pulverised to 85% < 140 mesh. For Au and Ag, 30g pulp was fire assayed with gravimetric finish. For all other elements, pulp samples were digested by aqua regia and run by ICP-OES.
About the DOC Gold Project
The DOC Gold Project covers 8 mineral claims covering 1,704 hectares in northwestern British Columbia. The Project is located approximately 70 kilometres north of Stewart, BC, and is accessible by a 45 minute helicopter flight from the helipad located in Stewart, BC. Trails provide excellent access to all major locations on the Property.
Qualified Person
Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects.
About Hanstone Gold Corp
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn-in option on the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
Ray Marks, President and CEO
For Further Information Contact:
Ray Marks, President
+1-(778)-896-7778, ray.marks@hanstonegold.com
Or visit the Company’s website at www.hanstonegold.com
Forward Looking Statements Disclaimer
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
References
1) Hanstone Gold Corp Press Release dated October 31, 2022. “Hanstone Gold Provides Update on Exploration Program at Doc Property, British Columbia”
hanstonegold.com
2)Hanstone Gold Corp Press Release dated November 22, 2022. “Hanstone Receives Assays up to 43.91g/t Gold and 244 g/t Silver from Bulk Sampling at Doc Property, British Columbia”
hanstonegold.com |
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