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Category: Junior Mining
Vancouver, British Columbia–(Newsfile Corp. – January 28, 2019) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce Boreal Metals Corp.’s (“Boreal”) recent diamond drill results and the discovery of a high grade zone of zinc-silver-lead-gold mineralization at EMX’s Gumsberg royalty property. EMX is a royalty holder on the Gumsberg project, and currently owns a 9.4% equity interest in Boreal. Gumsberg is located in the Bergslagen mining district of southern Sweden. The drill results include 11.00 meters averaging 5.90% zinc, 239.0 g/t silver, 2.51% lead, and 0.96 g/t gold in hole GUM-18-003, and 11.01 meters averaging 7.45% zinc, 275.1 g/t silver, 2.65% lead, and 0.77 g/t gold in hole GUM-18-004 (true widths estimated at 50% of reported interval lengths). EMX congratulates Boreal on its new high grade discovery, termed the South Zone, and looks forward to further advancement of the Company’s Gumsberg royalty interests.
Boreal reported results from the first four holes of its recently completed nine hole, 1,620.8 meter winter drill program, including GUM-18-003 and GUM-18-004, which intersected South Zone massive sulfide mineralization east and west of previously reported hole BM-17-005 (10.94 meters averaging 16.97% zinc, 656.7 g/t silver, 8.52% lead, and 0.76 g/t gold; true width estimated at 20-50% of reported interval length). The South Zone occurs near the historic Östra Silvberg mine, and is currently delineated as 130 meters of eastward plunging mineralization that remains open for expansion to the east and at depth. Holes GUM-18-001 and GUM-18-002, drilled west of the South Zone, did not return significant intercepts. GUM-18-001 terminated when it drilled into an unmapped mine working, and GUM-18-002 deviated from plan and failed to intersect the target horizon.
Boreal reported that additional assays pending from the remaining holes of the winter campaign are expected in the coming weeks. Please see Boreal’s news release dated January 28, 2019 for further details, and Appendix 1 of this news release for a table of drill results reported by Boreal.
EMX has a significant equity interest in Boreal, as well as its subsidiary company Boreal Energy Metals Corp. (“BEMC”), that resulted from the sale of Gumsberg and other royalty generation properties in Sweden and Norway[1]. EMX retains uncapped 3% net smelter return (NSR) royalty interests on each of the properties sold to Boreal and BEMC[2], including the Gumsberg project, and will receive annual advance royalty (AAR) payments and other considerations from the sale of the projects.
The Boreal agreements are an excellent example of EMX’s execution of the royalty generation aspect of the Company’s business model. EMX leveraged in-country geologic and business development expertise to acquire prospective properties on open ground, built value through low cost work programs and targeting, and partnered the projects for retained royalty interests, equity interests, and AAR payments. This business strategy has provided EMX with substantial share equity in Boreal and BEMC, exposure to exploration and discovery upside at no additional cost, and the potential for future royalty payments upon the commencement of production.
EMX continues to build its portfolio of precious metal, base metal, and cobalt properties in Scandinavia. Many new properties are available for partnership. Please see www.EMXroyalty.com for more information.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
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For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: SClose@EMXroyalty.com
Neither the 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.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the nine month period that ended on September 30, 2018 (the “MD&A”), and the most recently filed Form 20-F for the year that ended on December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Appendix 1
Drill results reported in Boreal’s January 28, 2019 news release.
Hole ID | From Meters | To Meters | Length Meters | Zn % | Ag g/t | Pb % | Au g/t |
GUM-18-001 | No significant intercepts; intersected previously unidentified mine stope. | ||||||
GUM-18-002 | No significant intercepts; geological interpretations suggest hole failed to reach the targeted horizon. | ||||||
GUM-18-003 | 105.00 | 116.00 | 11.00 | 5.90 | 239.00 | 2.51 | 0.96 |
Including | 105.00 | 108.00 | 3.00 | 5.71 | 386.00 | 2.30 | 2.33 |
and | 109.65 | 111.10 | 1.45 | 23.78 | 666.48 | 9.37 | 1.72 |
and | 113.00 | 114.00 | 1.00 | 4.73 | 222.00 | 2.83 | 0.70 |
and | 114.80 | 116.00 | 1.20 | 6.96 | 227.00 | 3.49 | 0.31 |
GUM-18-004 | 162.16 | 173.17 | 11.01 | 7.45 | 275.12 | 2.65 | 0.77 |
Including | 162.16 | 164.18 | 2.02 | 11.09 | 313.00 | 3.61 | 0.76 |
and | 165.28 | 166.18 | 0.90 | 8.93 | 403.00 | 3.62 | 1.17 |
and | 165.28 | 168.50 | 3.22 | 8.57 | 343.39 | 3.68 | 1.52 |
and | 169.45 | 172.25 | 2.80 | 11.05 | 429.14 | 3.25 | 0.70 |
True widths are estimated to be 50% of reported interval lengths.
Statement of Quality Control, Quality Assurance and Core Handling Protocols reported in Boreal’s January 28, 2019 news release.
Drill core is logged and prepped for sampling before submittal to ALS in Malå, Sweden where it is cut, bagged and prepped for analysis. Accredited control samples (blanks and accredited standards) are inserted into the sample intervals regularly. Samples are dried (if necessary), weighed, crushed (70% < 2mm), and riffle split into two fractions. One is retained (coarse reject) and the other is pulverized to 85% < 75µm. Pulps are analyzed by ultra-trace ICP-MS (ME-MS41) and ICP-AES Au-Pt-Pd (PGM-ICP23). Over detection limit samples are reanalyzed using ore grade ICP-AES by aqua regia (ME-OG46) or by AAS in the case of high grade zinc (Zn-AAORE).
[1] See EMX news releases dated November 22, 2016, January 16, 2018, February 9, 2018 and April 11, 2018.
[2] Boreal and BEMC retain a right to purchase 1% of the NSR royalty on individual projects by paying EMX CDN $2,500,000 in cash and shares within five years of the closing date.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42487
VANCOUVER, British Columbia, Jan. 25, 2019 (GLOBE NEWSWIRE) — Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces results from the Wild West and Boulder target areas covering the far-western end of the Stillwater West Project in Montana, USA. This is the first in a series of planned news releases to report results of 2018 exploration programs and on-going compilation and modeling work at the Company’s flagship PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in the Stillwater Igneous Complex. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of inferred resources at over 16 g/t palladium and platinum, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization1,2.
Michael Rowley, President and CEO, commented, “We are pleased to report the results of our compilation and modelling efforts at Stillwater West alongside results of the 2018 exploration. This first release focuses on the Boulder and Wild West target areas, which cover the western-most 8 km of the 25 km long Stillwater West project, where work in 2018 confirmed the presence of significant PGE+gold along with nickel, copper and cobalt sulphide mineralization. Mineralization at these two target areas corresponds with two nearly untested electromagnetic geophysical conductors that are approximately 4 and 3.8 km in length, respectively. Surface sampling from these targets show values up to 10.3 grams-per-tonne (g/t) palladium, 3.8 g/t platinum and 21.8 g/t gold in rock samples, with 20 samples returning from 2 to 30 g/t platinum equivalent grade mineralization, including significant nickel, copper, and cobalt values.”
“Mineralization styles seen at these two target areas include high-grade PGE “Reef-type” and structurally controlled PGE+gold, along with bulk-tonnage “Platreef-style” PGE-Ni-Cu mineralization geologically similar to the Northern Bushveld, which hosts Anglo American’s world-leading Mogalakwena mines, as well as Ivanhoe’s Platreef project. These very encouraging sample results, along with the untested kilometer-scale electromagnetic conductor anomalies, highlight the potential for major new PGE-Ni-Cu discoveries at Stillwater West, within the prolific Stillwater Complex.”
Wild West Target Area
As shown in Figure 1, the Wild West target area is one of eight major target areas defined by the Company across the lower portion of the Stillwater Complex based on multi-kilometer-scale electromagnetic geophysical (conductive high) anomalies that are coincident with highly elevated metals in soils and surface rock sampling. The Wild West electromagnetic conductor target covers an area of approximately 3.8 km by 1.7 km in size with very encouraging but limited drilling completed on the southeastern edge of the conductor at the Pine Shear Zone.
Table 1 and Figure 2 present highlight intercepts from recent compilation work by the Company on 22 holes drilled at the Pine Shear Zone targeting high-grade gold+PGE mineralization along with nickel, copper and cobalt. Highlight results from drilling at the Pine Shear Zone include 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters and 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters in a gold+PGE-enriched, structurally-controlled shear zone hosted within the chromite-rich ultramafic stratigraphy. Mineralization remains open to expansion in all directions and is one of several priority targets for additional follow up exploration in the Wild West target area.
Rock sampling by Group Ten in 2018 at the Pine Shear Zone returned palladium grades of over 10 g/t while also confirming high-grade gold with the highest grab sample assaying 23.1 g/t 3E (21.8 g/t Au, 0.64 g/t Pt and 0.72 g/t Pd). Outside of the Pine Shear Zone in the broader Wild West target area, reconnaissance rock chip samples confirm the presence of significant PGE, nickel, copper and cobalt mineralization in the ultramafic series including up to 11.5 g/t 3E (10.5 g/t Pd, 1.2 g/t Pt and 0.23 g/t Au) with a total of 17 rock samples exceeding 2 g/t 3E see Figure 1 and Table 2).
TABLE 1 – Highlight mineralized drill intercepts from the Pine Shear Zone at the Wild West Target Area
INTERVAL | PRECIOUS METALS | BASE METALS | TOTAL METAL EQUIVALENTS | GRADE THICKNESS | ||||||||||
HOLE ID | From | To | Width | Pt | Pd | Au | 3E | Ni | Cu | Co | NiEq | TotPtEq | TotNiEq | Grade x Width |
(m) | (m) | (m) | (g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | (%) | (%) | (Pt g/t) | (Ni %) | (gram-meter) | |
PC2004-04 | 0.00 | 20.73 | 20.73 | 0.21 | 0.34 | 0.08 | 0.64 | 0.12 | 0.06 | 0.009 | 0.18 | 1.38 | 0.34 | 29 |
PC2004-07 | 19.20 | 46.63 | 27.43 | 0.25 | 0.76 | 0.09 | 1.10 | n/a | n/a | n/a | n/a | 1.13 | 0.27 | 31 |
PC-2 | 11.09 | 22.46 | 11.37 | 0.17 | 0.35 | 11.77 | 12.30 | n/a | n/a | n/a | n/a | 15.24 | 3.70 | 173 |
including | 14.48 | 22.46 | 7.98 | 0.24 | 0.50 | 16.19 | 16.94 | n/a | n/a | n/a | n/a | 20.99 | 5.10 | 167 |
PC-3 | 0.15 | 9.72 | 9.57 | 0.16 | 0.16 | 3.77 | 4.09 | n/a | n/a | n/a | n/a | 5.04 | 1.22 | 48 |
including | 5.70 | 9.72 | 4.02 | 0.38 | 0.39 | 7.27 | 8.04 | n/a | n/a | n/a | n/a | 9.86 | 2.40 | 40 |
PC-5 | 3.05 | 6.28 | 3.23 | 0.89 | 1.04 | 23.49 | 25.43 | n/a | n/a | n/a | n/a | 31.30 | 7.61 | 101 |
including | 3.05 | 5.67 | 2.62 | 1.06 | 1.27 | 28.69 | 31.02 | n/a | n/a | n/a | n/a | 38.19 | 9.28 | 100 |
PC-6 | 29.87 | 39.84 | 9.97 | 0.12 | 0.12 | 4.36 | 4.60 | n/a | n/a | n/a | n/a | 5.69 | 1.38 | 57 |
PC-9 | 4.39 | 5.76 | 1.37 | 0.34 | 0.34 | 15.87 | 16.56 | n/a | n/a | n/a | n/a | 20.53 | 4.99 | 28 |
Intercepts with grade thickness values over 25 gram-meter TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,000/oz palladium (Pd) and $1,250/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals, where available. Results labelled ‘n/a’ were not assayed for that metal. Total platinum equivalent grade thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown. PC2004 series holes were conducted in 2004 by Group Ten’s QP while working for Premium Exploration. PC series holes were drilled in 1983 and the results are considered historic and have not been independently verified by Group Ten.
TABLE 2 – Highlight 2018 rock sample results from the Wild West target area
PRECIOUS METALS | BASE METALS | TOTAL METAL EQUIVALENTS | |||||||||
SAMPLE ID | LOCATION | Pt | Pd | Au | 3E | Ni | Cu | Co | NiEq | TotPtEq | TotNiEq |
(g/t) | (g/t) | (g/t) | (g/t) | (%) | (%) | (%) | (%) | (Pt g/t) | (Ni %) | ||
3190318 | Wild West (PSZ) | 0.64 | 0.72 | 21.80 | 23.16 | 0.260 | 0.071 | 0.018 | 0.36 | 30.07 | 7.31 |
97809 | Wild West (PSZ) | 0.37 | 0.59 | 11.70 | 12.66 | n/a | n/a | n/a | n/a | 15.58 | 3.79 |
97805 | Wild West (PSZ) | 3.77 | 10.34 | 0.22 | 14.32 | n/a | n/a | n/a | n/a | 14.38 | 3.49 |
3190486 | Wild West (PSZ) | 0.24 | 0.49 | 7.93 | 8.66 | 0.475 | 0.313 | 0.027 | 0.72 | 13.61 | 3.31 |
3190317 | Wild West (PSZ) | 0.37 | 0.31 | 7.31 | 7.99 | 0.551 | 0.034 | 0.028 | 0.66 | 12.53 | 3.05 |
3190498 | Wild West | 1.24 | 10.05 | 0.23 | 11.53 | 0.162 | 0.006 | 0.013 | 0.21 | 12.44 | 3.02 |
1409988 | Wild West (PSZ) | 1.82 | 6.01 | 0.20 | 8.03 | 0.157 | 0.029 | 0.040 | 0.30 | 9.33 | 2.27 |
3190408 | Wild West (PSZ) | 0.58 | 1.35 | 3.19 | 5.13 | 0.119 | 0.223 | 0.020 | 0.30 | 7.15 | 1.74 |
3190497 | Wild West | 2.11 | 3.55 | 0.01 | 5.67 | 0.100 | 0.017 | 0.017 | 0.17 | 6.35 | 1.54 |
3190508 | Wild West | 1.09 | 3.20 | 0.27 | 4.56 | 0.217 | 0.067 | 0.024 | 0.33 | 5.99 | 1.46 |
3190320 | Wild West | 1.03 | 2.95 | 0.44 | 4.41 | 0.138 | 0.011 | 0.018 | 0.20 | 5.36 | 1.30 |
3190509 | Wild West | 1.12 | 2.83 | 0.14 | 4.08 | 0.142 | 0.000 | 0.026 | 0.23 | 5.06 | 1.23 |
337315 | Wild West | 0.76 | 2.01 | 0.23 | 3.00 | 0.259 | 0.084 | 0.030 | 0.40 | 4.71 | 1.15 |
337389 | Wild West (PSZ) | 2.80 | 0.47 | 0.03 | 3.30 | 0.067 | 0.017 | 0.023 | 0.15 | 3.93 | 0.96 |
3190386 | Wild West | 0.44 | 1.61 | 0.19 | 2.24 | 0.183 | 0.245 | 0.022 | 0.38 | 3.84 | 0.93 |
1409992 | Wild West | 0.86 | 1.83 | 0.03 | 2.72 | 0.090 | 0.034 | 0.024 | 0.19 | 3.49 | 0.85 |
337307 | Wild West | 1.76 | 0.67 | 0.02 | 2.45 | 0.114 | 0.021 | 0.013 | 0.17 | 3.14 | 0.76 |
337309 | Wild West | 0.61 | 0.83 | 0.14 | 1.58 | 0.250 | 0.084 | 0.020 | 0.36 | 3.09 | 0.75 |
3190422 | Wild West | 0.32 | 0.58 | 0.10 | 0.99 | 0.217 | 0.172 | 0.024 | 0.38 | 2.59 | 0.63 |
3190507 | Wild West | 0.11 | 0.23 | 0.11 | 0.44 | 0.327 | 0.182 | 0.018 | 0.48 | 2.44 | 0.59 |
Results over 2 g/t TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent were determined as per Table 1.
Boulder Target Area
The Boulder EM conductor target covers an area approximately 4 km long by 1 km wide with a highly conductive electromagnetic response over the Ultramafic and Basal Series of the Stillwater Complex. While the area is among the least explored at Stillwater West, Group Ten’s work in 2018, together with the available historic data, confirms the presence of significant levels of PGE, Ni, Cu, Co and Cr mineralization coincident with the conductive high anomaly, confirming the potential for large bodies of strongly disseminated sulphides.
Mineralization at the Boulder target area is further confirmed by historic drilling by Anaconda in the 1970s which targeted nickel and copper sulphides and chromites in the Basal and Ultramafic Series. Historic data from drill hole BR-2 at the Boulder Target Area reported three intervals grading between 0.42% to 1.5% combined nickel plus copper but were not assayed for PGE or gold values. Future work at the Boulder Target Area will include detailed mapping and soil and rock sampling to develop and refine drill targets.
Upcoming News and Events, Including Core Display at AMEBC Roundup
Group Ten will be participating in the 2019 AMEBC Mineral Roundup Event in Vancouver. Investors are invited to view core from Stillwater West at display #1018 in the Core Shack area during the AME Round Up tradeshow on January 28 and 29, 2019. Group Ten will also be at booth #1009 in the Exhibit Hall for the duration of the show, and will be at the PDAC convention in March in Toronto, among other upcoming shows.
The Company looks forward to releasing further results from the adjacent and more advanced Chrome Mountain and Iron Mountain target areas in the coming weeks.
About Stillwater West
The Stillwater West PGE-Ni-Cu project positions Group Ten as the second largest landholder in the Stillwater Complex, adjoining and adjacent to Sibanye-Stillwater’s world-leading Stillwater, East Boulder, and Blitz platinum group elements (PGE) mines in south central Montana, USA. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of Inferred resources1,2, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex, while the lower part of the Stillwater Complex also shows the potential for much larger scale disseminated and high-sulphide PGE-nickel-copper type deposits, possibly similar to Platreef in the Bushveld Complex3. Group Ten’s Stillwater West property covers the lower part of the Stillwater Complex along with the Picket Pin PGE Reef-type deposit in the upper portion, and includes extensive historic data, including soil and rock geochemistry, geophysical surveys, geologic mapping, and historic drilling.
Note 1: | Report on Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater, November 2017, Measured and Indicated Resources of 57.2 million tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and 92.5 million tonnes grading 16.6 g/t containing 49.4 million ounces. |
Note 2: | Public production records from Stillwater Mining Company from 1992 to present. |
Note 3: | Magmatic Ore Deposits in Layered Intrusions—Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012–1010. |
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of platinum & palladium, silver and copper. Member companies include Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill silver district, and Granite Creek Copper (GCX-H.V) in the Yukon’s Carmacks copper district. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director | |
Email: info@grouptenmetals.com | Phone: (604) 357 4790 |
Web: http://grouptenmetals.com | Toll Free: (888) 432 0075 |
Quality Control and Quality Assurance
2018 rock chip samples were analyzed by Bureau Veritas Mineral Laboratories in Vancouver, B.C. Samples were crushed and split, and a 250 g split pulverized with 85% passing 200 mesh. Gold, platinum, and palladium were analyzed by fire assay (FA350) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with ICP-EB finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed. Due to a Pd over-limit of 10 ppm, there is only qualitative Pd data for sample 3190498 from FA350 analysis.
2004 drilling was conducted by Group Ten’s QP while working for Premium Exploration. 1983 drill results are considered historic and have not been independently verified by Group Ten.
1980s assay data was obtained from a 1986 report by geologist R.J. Warchola titled “A Hydrothermal Gold Occurrence on Chrome Mountain, Stillwater Complex, Montana” published in the Montana Geologic Society and Yellowstone Bighorn Research Association Joint Field Conference and Symposium: Geology of the Beartooth Uplift and Adjacent Basin: YBRA 50th Anniversary Edition, 1986; and a 1984 internal report by R.J. Warchola titled “Geologic Report on the Pine Claim, Sweetgrass County, Montana February 1984”
Assay data for drillhole BR-2 was obtained graphically from a 1979 Anaconda Copper Company map by G.F. Willis and J. Bielak.
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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 release.
Photos accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/4892ef65-f505-4efc-92a5-e8e4a2e89b03
http://www.globenewswire.com/NewsRoom/AttachmentNg/67397f95-bf6a-4232-aec3-d0827a765b95
TORONTO , Jan. 24, 2019 /CNW/ – Anaconda Mining Inc. (“Anaconda” or the “Company”) (ANX.TO) (ANXGF) is pleased to announce it has completed an updated Mineral Resource Estimate for the Rattling Brook Deposit (“Rattling Brook”) of the Great Northern Project (“Great Northern”) in Newfoundland and an initial Mineral Resource Estimate for the Cape Spencer Gold Project (“Cape Spencer”) in New Brunswick . The Mineral Resource Estimates are presented below in Tables 1 and 3.
The Great Northern and Cape Spencer Gold Projects are held in a wholly-owned subsidiary of Anaconda (“ExploreCo”), with a mandate to identify strategic options to unlock the value of these assets for shareholders through a separate vehicle, allowing Anaconda to focus on its core mining and development operations.
Mineral Resource Estimate Highlights:
Great Northern Project
- The Rattling Brook Deposit has an Inferred Mineral Resource Estimate of 5,460,000 tonnes at an average grade of 1.45 grams per tonne (“g/t”) gold for 255,000 contained ounces at a cut-off grade of 1.0 g/t gold;
- The nearby Thor Deposit has a current Indicated Mineral Resource Estimate of 1,817,000 tonnes at an average grade of 1.42 g/t gold for 83,000 contained ounces and an Inferred Mineral Resource Estimate of 847,000 tonnes at an average grade of 1.15 g/t gold for 31,000 contained ounces at a cut-off grade of 0.5 g/t gold.
Cape Spencer Project
- The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces in the Northeast and Pit Zones;
“In 2018, Anaconda created a wholly-owned subsidiary to house these highly-prospective, Atlantic Canadian exploration projects, with the aim of developing strategic alternatives to realize value from them. To that end, we proceeded to update the Rattling Brook Mineral Resource Estimate and generate a maiden Mineral Resource Estimate for Cape Spencer. As a result, ExploreCo currently has 83,000 ounces of Indicated Mineral Resources in the Thor Deposit, 151,000 ounces of Inferred Mineral Resources at the Cape Spencer Project and 286,000 ounces of Inferred Mineral Resources in the Thor and Rattling Brook Deposits. We have established these gold resources in highly prospective areas with sizeable land packages that provide the platform to build significant district-scale mineral resources in Atlantic Canada in the long term. We have continued to create value at these projects with low expenditures and are well positioned to pursue strategic options to realize that value for our shareholders, while remaining focused on our core assets at Goldboro and on the Baie Verte Peninsula .”
~ Dustin Angelo , President and CEO, Anaconda Mining Inc.
ExploreCo Table of Mineral Resources*
Deposit | Cut-Off (Au g/t) | Category | Rounded Tonnes | Au (g/t) | Rounded Ounces |
Thor Deposit** | 0.5 | Indicated | 1,817,000 | 1.42 | 83,000 |
0.5 | Inferred | 847,000 | 1.15 | 31,000 | |
Rattling Brook | 1.0 | Inferred | 5,460,000 | 1.45 | 255,000 |
Cape Spencer Pit Zone | 0.5 | Inferred | 990,000 | 1.71 | 54,000 |
Cape Spencer Northeast Zone | 2.5 | Inferred | 740,000 | 4.07 | 96,000 |
Rattling Brook Deposit Mineral Resource Estimate – Great Northern Project
The updated Mineral Resource Estimate for the Rattling Brook Deposit is 5,460,000 tonnes at an average grade of 1.45 g/t gold for 255,000 contained ounces at a cut-off grade of 1.0 g/t gold in 3 mineralized zones; the Road, Apsy and Beaver Dam zones with an effective date of January 23, 2019 (Table 1). This represents a 25% increase in tonnes, a 13% increase in grade and a 42% increase in contained ounces at the 1.0 g/t cut-off value compared to the 2008 Historic Mineral Resource Estimate*** that is based on a 0.5 g/t gold cut-off (see Table 2 below for full comparison). This increase in Mineral Resources at the higher cut-off value was obtained by refining the geological model for the deposit, primarily through reducing the volume of marginal grade mineralization that is incorporated in the model. A sensitivity report for the Rattling Brook Deposit and comparison with the 2008 Historic Mineral Resource Estimate is presented in Table 2.
Table 1: Rattling Brook Deposit Mineral Resource Estimate – Effective Date: January 23, 2018
Zone | Cut-Off (Au g/t) | Category | Rounded Tonnes | Au (g/t) | Rounded Ounces |
Apsy | 1.0 | Inferred | 2,850,000 | 1.52 | 139,000 |
Road | 1.0 | Inferred | 2,120,000 | 1.28 | 87,000 |
Beaverdam | 1.0 | Inferred | 480,000 | 1.81 | 28,000 |
Total | 1.0 | Inferred | 5,460,000 | 1.45 | 255,000 |
1. | This Mineral Resource Estimate was prepared in accordance with NI 43-101 and the CIM Standards (2014) |
2. | Mineral Resource Estimate tonnages have been rounded to the nearest 10,000 and ounces have been rounded to the nearest 1,000. Totals may not sum due to rounding. |
3. | A cut-off of 1.00 g/t gold was used to estimate Mineral Resources. |
4. | Mineral Resources were interpolated using Ordinary Kriging from 1.5 metre downhole assay composites. |
5. | An average bulk density of 2.70 g/cm3 has been applied. |
6. | Over 90% of Mineral Resources occur above a depth of 150m below surface, the current maximum depth of the Anaconda Mining operated Pine Cove Mine. Mineral Resources were reported within an additional 50m of the 150m bench mark, to a maximum depth of 200m, and are considered to reflect reasonable prospects for economic extraction in the foreseeable future using conventional open-pit mining methods at a gold price of CAD $1,550 per ounce. |
7. | Mineral Resources do not have demonstrated economic viability. |
8. | This estimate of Mineral Resources may be materially affected by environmental, permitting, legal title, taxation, sociopolitical, marketing, or other relevant issues. |
Table 2: Rattling Brook Deposit Sensitivity Report and Comparison with 2008 Historic Mineral Estimate
Zone | Cut-Off (Au g/t) | January 23, 2018 Inferred Mineral Resource Estimate | 2008 Historic Inferred Mineral Resource Estimate*** | Percent Change | ||||||
Rounded Tonnes | Au g/t | Rounded Ounces | Rounded Tonnes | Au g/t | Rounded Ounces | Tonnes | Grade (Au g/t) | Ounces | ||
Road Zone | 0.5 | 8,960,000 | 0.86 | 248,000 | 9,880,000 | 0.76 | 241,000 | -9% | 13% | 3% |
1.0 | 2,120,000 | 1.28 | 87,000 | 1,400,000 | 1.22 | 55,000 | 51% | 5% | 58% | |
Apsy Zone | 0.5 | 6,010,000 | 1.12 | 217,000 | 7,410,000 | 0.95 | 226000 | -19% | 18% | -4% |
1.0 | 2,850,000 | 1.52 | 139,000 | 2,760,000 | 1.30 | 115,000 | 3% | 17% | 21% | |
Beaver Dam | 0.5 | 1,220,000 | 1.16 | 45,000 | 1,020,000 | 0.85 | 28,000 | 20% | 36% | 61% |
1.0 | 480,000 | 1.81 | 28,000 | 200,000 | 1.52 | 10,000 | 140% | 19% | 180% | |
Total | 0.5 | 16,190,000 | 0.98 | 510,000 | 18,310,000 | 0.84 | 495,000 | -12% | 17% | 3% |
1.0 | 5,460,000 | 1.45 | 255,000 | 4,360,000 | 1.28 | 179,000 | 25% | 13% | 42% |
Cape Spencer Project Mineral Resource Estimate
The Inferred Mineral Resource Estimate for the Cape Spencer Deposit is 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces at cut-off grade of 0.5 g/t gold and 2.5 g/t gold in two mineralized zones; the Pit Zone and the Northeast Zone with an effective date of January 23, 2019 (Table 3). The Northeast Zone contains a conceptual underground inferred mineral resource estimate of 740,000 tonnes at an average grade of 4.07 g/t gold for 96,000 contained ounces at a cut-off grade of 2.5 g/t gold and the Pit Zone contains a conceptual open-pit inferred mineral resource estimate of 990,000 tonnes at an average grade of 1.71 g/t gold for 54,000 contained ounces at a cut-off grade of 0.5 g/t gold. A sensitivity report for the Cape Spencer Project Northeast Zone and Pit Zone is presented in Table 4.
Table 3: Cape Spencer Project Mineral Resource Estimate – Effective Date: January 23, 2018
Zone | Cut-Off (Au g/t) | Category | Rounded Tonnes | Au (g/t) | Rounded Ounces |
Northeast | 2.5 | Inferred | 740,000 | 4.07 | 96,000 |
Pit | 0.5 | Inferred | 990,000 | 1.71 | 54,000 |
Total | 0.5 and 2.5 | Inferred | 1,720,000 | 2.72 | 151,000 |
1. | This Mineral Resources Estimate was prepared in accordance with NI 43-101 and the CIM Standards (2014) |
2. | Mineral Resource tonnages have been rounded to the nearest 10,000 and ounces have been rounded to the nearest 1,000. Total may not sum due to rounding. |
3. | A cut-off of 2.50 g/t gold was used to estimate Mineral Resources for the Northeast Zone. |
4. | A cut-off of 0.50 g/t gold was used to estimate Mineral Resources for the Pit Zone. |
5. | Mineral Resources were interpolated using Ordinary Kriging from 1.5 metre assay composites capped at 15 g/t gold. |
6. | An average bulk density of 2.74 g/cm3 has been applied. |
7. | Northeast Zone Mineral Resources extend to a maximum depth of 225m below surface and are considered to reflect reasonable prospects for economic extraction in the foreseeable future using conventional underground mining methods at a gold price of CAD $1,550 per ounce. |
8. | Pit Zone Mineral Resources extend to a maximum depth of 100m below surface and are considered to reflect reasonable prospects for economic extraction in the foreseeable future using conventional open-pit mining methods at a gold price of CAD $1,550 per ounce. |
9. | Mineral Resources do not have demonstrated economic viability. |
10. | This estimate of Mineral Resources may be materially affected by environmental, permitting, legal title, taxation, sociopolitical, marketing, or other relevant issues. |
Table 4: Cape Spencer Project Sensitivity Report
Zone | Cut-Off (Au g/t) | Category | Rounded Tonnes | Au (g/t) | Rounded Ounces |
Northeast | 1.5 | Inferred | 1,480,000 | 2.98 | 142,000 |
2.5 | Inferred | 740,000 | 4.07 | 96,000 | |
3.5 | Inferred | 400,000 | 5.04 | 64,000 | |
Pit | 0.5 | Inferred | 990,000 | 1.71 | 54,000 |
1.0 | Inferred | 830,000 | 1.88 | 50,000 |
Press Release Notes:
*Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014).
** The Thor Deposit forms part of the project formerly referred to as the Viking Project. The resources quoted in this press release refer to the technical report: “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada ” with an effective date of August 29, 2016 and authored by independent qualified persons David A. Copeland , M.Sc., P.Geo., Shane Ebert , Ph.D., P.Geo. (an independent consultant) and Gary Giroux , MASc, P.Eng. (Giroux Consultants Ltd.).
*** The Rattling Brook Deposit, including the Apsy, Road and Beaver Dam zones, form part of the project formerly referred to as the Jacksons Arm Gold Project. The Historic Resources quoted in this press release refer to the technical report: “Technical Report On Mineral Resource Estimate, Jacksons Arm Gold Project, White Bay, Newfoundland And Labrador, Latitude 49o 53′ 2.65”North Longitude 56o 50’7.09” West. With an effective date of April 20th, 2009 , and authored by Michael P. Cullen , M.Sc., P.Geo., Chrystal Kennedy , B.Sc., P.Geo., Matthew Harrington , B.Sc. (Hons.), and Andrew Hilchey , B.Sc. (Hons.) of Mercator Geological Services.
This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Geologist with Anaconda Mining Inc., “Qualified Persons” and Matthew Harrington, P.Geo. and Michael Cullen , P.Geo. of Mercator Geological Services Ltd., “Independent Qualified Persons” under NI 43-101. A Technical Report prepared in accordance with NI43-101 for the Great Northern and Cape Spencer Projects will be filed on SEDAR (www.sedar.com) within 45 days of this news release.
A version of this press release will be available in French on Anaconda’s website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA MINING INC.
Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia . The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland , comprised of the Stog’er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia , a high-grade Mineral Resource, subject to a 2018 a preliminary economic assessment which demonstrates a strong project economics. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick .
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” 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”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the annual information form for the fiscal year ended December 31, 2017 , available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as 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. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Anaconda Mining Inc.
View original content: http://www.newswire.ca/en/releases/archive/January2019/24/c3014.html
VANCOUVER , Jan. 24, 2019 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has finalized initial 2019 exploration plans for three of its Pilbara orogenic and conglomerate gold projects in Western Australia .
Highlights:
- Boodalyerrie multiple km of high grade vein and stockwork systems.
- Egina high grade bedrock gold + sampling extensive overlying alluvial gravels.
- Nullagine (Beaton’s Creek) area Hardey formation conglomerate and fracture sampling.
Geological data and target inventories are being compiled for Pacton’s projects in Western Australia’s Pilbara craton. (Figure 1). Numerous targets types have been identified, most with surface gold occurrences, including Paleoarchean and Mesoarchean orogenic shear hosted occurrences and intrusion related environments. Most of tenements also contain the unconformably overlying, horizontal Fortescue Group gold-bearing Mount Roe and Hardey conglomerates. Pacton is currently planning the remainder of its 2019 exploration program, which shall include field work on all of its Pilbara tenements.
Boodalyerrie Project
Boodalyerrie, Pacton’s most easterly Pilbara tenement, (Figure 1), hosts a prominent swarm of up to 10 m thick gold-bearing veins and stockworks hosted in a granitic tonalite host rock. Superficial reconnaissance prospecting and surface sampling conducted in 2013 returned encouraging grades. Pacton has prioritized exploration of the Boodalyerrie based on image analysis, including satellite hyperspectral data, which indicates large areas of alteration between the most massive quartz veins. This is interpreted as representing a stockwork of smaller, nested vein systems that present excellent, large, pervasive gold-bearing targets.
The Boodalyerrie tenement also contains over 20 km of strike length along the contact of Fortescue Group rocks that unconformably overlie the tonalite pluton. The Fortescue Group Mount Roe formation and the directly overlying Kylena basalt are present. Geological relationships indicate that the emplacement of the quartz veins precedes the deposition of the Mount Roe formation. Consequently, the vein system is interpreted to extend under the Mount Roe formation.
The initial 2019 Boodalyerrie exploration program will include detailed sampling over the entire tonalite pluton, with emphasis on the large alteration patches. Preliminary planning for a targeted drill program is underway for currently identified targets and will include expansion for additional targets identified by the sampling program.
Egina Projects (Friendly Creek, Golden Palms , Hong Kong and Arrow South tenements)
Pacton’s Egina properties, (Figure 3), are contiguous with Novo Resources Corp.’s extensive Egina tenements which contain gold-bearing lag gravels that overlie Mesoarchean age orogenic gold occurrences, and locally, formations of the basal Fortescue Group. To the southeast of the Novo tenements, Pacton’s Friendly Creek, Hong Kong and Golden Palms tenements contain gold showings, including gold nuggets, in areas of Mesoarchean basalts, and in lag gravels mapped as alluvial deposits. To the west and northwest of the Novo project, Pacton’s Arrow South and Arrow North projects contain Archean orogenic gold prospects that are partially covered with extensive layers of alluvial gravels and conglomerates.
Pacton’s initial 2019 Egina exploration will consist of spot sampling of gravels with subsequent follow-up samples based on initial results. Pacton is able to undertake bulk sampling operations as a result of its 2018 strategic alliance with Artemis Resources, which includes access to the Artemis Radio Hill processing plant, now nearing completion.
The initial 2019 Egina exploration program will also include more detailed mapping and sampling of the gold-bearing Mesoarchean basaltic rocks, and their associated erosional gravels.
Nullagine -Beatons Creek (Impact 5 tenement)
The Beatons Creek gold project, (Figure 4), consists of extensive gold-bearing Hardey formation conglomerates that outcrop on the eastern edge of a Fortescue Group plateau that accumulated in the Nullagine sub-basin. Novo Resources Corp’s gold project is located immediately west of the town of Nullagine. Immediately east of Nullagine lies the historic Mosquito Creek gold district represented by orogenic gold deposits in older Archean rocks.
Novo has been prospecting, sampling and drilling its Beaton’s Creek project for several years, including a 1,000 m deep reconnaissance hole collared in the Kylena basalt which overlies the Hardey formation and the basal Fortescue Mount Roe basalt. Novo’s sampling and drilling programs have established that gold-bearing units show a substantial increase in gold grade in proximity to faults that cut the Hardey formation.
Pacton’s Impact 5 tenement is located approximately 17 km northwest of Novo’s Beatons Creek project and lies on the western edge of the Hardey formation plateau. Pacton has established a stratigraphic equivalency between the exposed Impact 5 western plateau edge and the productive stratigraphy at Beatons Creek. (Figure 5). Moreover, the Hardey formation within the Impact 5 tenement is intensely fractured with steep dipping faults and multiple networks of low displacement shears that collectively form a pervasive fracture network.
The initial 2019 Impact 5 exploration program will consist of surface prospecting along the Hardey plateau’s western edge and along dissected drainages. A specific 70 m thick stratigraphic interval will be investigated on the basis that it is interpreted to correlate with the Beatons Creek gold-bearing stratigraphy. Additionally, the intense fracture network will be sampled on surface, in drainages and along the western Hardey plateau edge.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2 and continues to aggressively review additional accretive acquisitions.
The technical content of this news release has been reviewed and approved by Peter Caldbick , P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President and CEO
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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 release.
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SOURCE Pacton Gold Inc.
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Calibre Acquires a 100% Interest in the Siuna Gold-Silver-Copper Property in Nicaragua from Centerra GoldJanuary 24, 2019
Property Highlights
On closing of the Transaction, Calibre will own 2.44 million AuEq ounces of Inferred Resources in four deposits on the Borosi gold-silver projects – see web site for details.
Recent diamond drilling at the Cerro Aeropuerto gold-silver deposit completed subsequent to the resource estimate, has returned positive results including both wide mineralized zones and narrower high-grade intercepts including: 2.07 m grading 157.20 g/t Au and 117.7 g/t Ag and 8.12 m grading 22.47 g/t Au and 10.9 g/t Ag in drill hole CA16-022 and 26.03 m grading 6.39 g/t Au and 9.1 g/t Ag in drill hole CA16-020 (see Calibre News Release dated March 22, 2016) and 77.78 m grading 1.09 g/t Au and 13.7 g/t Ag in drill hole CA17-045 (see Calibre News Release dated January 11, 2018). |
VANCOUVER, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU:TSX-V) (AUXXF:OTCQX) is pleased to announce that it has optioned-out three projects. Two projects, Bolo and Mogollon, have been optioned to Barrian Mining Corp. (“Barrian”) and one project, Four Metals, has been optioned to Barksdale Capital Corp. (“Barksdale”) (BRO:TSX-V).
“With our focus in the foreseeable future clearly dedicated to our high-impact 6 project discovery drilling campaign, optioning-out certain projects will ensure they are advanced with exploration spending”, said Robert Giustra, Chairman & CEO of ALLEGIANT. “In addition, ALLEGIANT’s annual property holding costs may be reduced by up to $600,000 during the option periods, and the deals could generate up to approximately $3 million in option payments to ALLEGIANT.”
BOLO OPTION AGREEMENT
ALLEGIANT has granted Barrian, a private gold exploration company in the process of completing an IPO, the option to acquire up to a 75% interest in the Bolo gold project, located in Nevada. Barrian can earn an initial 50.01% interest in Bolo by issuing common shares valued at US$1.0 million to ALLEGIANT over a 3-year period, and by incurring exploration expenditures of at least US$4.0 million by December 31, 2022. Barrian can earn an additional 24.99% interest in Bolo, for a total of 75%, by incurring an additional US$4.0 million in exploration expenditures within 2 years of earning the initial 50.01% interest. If Barrian does not earn an additional 24.99% interest in Bolo, it will transfer 0.02% back to ALLEGIANT such that ALLEGIANT will hold a 50.01% interest in Bolo.
Gold mineralization at Bolo is Carlin-type, similar to Pinson, Lone Tree/Stonehouse, and Turquoise Ridge/Getchell, all multi-million-ounce producers, where gold spreads into wall rocks along high-angle structures. Surface sampling at Bolo has defined widespread gold mineralization, associated with jasperoids and iron-stained structures, along two parallel north-south trending faults known as the Mine Fault and the East Fault. Alteration along the Mine Fault has been traced for 2,750 metres, with outcrop sampling returning gold values up to 8.6 g/t gold. The East Fault has been mapped for 2,200 metres and has returned gold values up to 4.7 g/t gold.
The Mine Fault and the East Fault and dozens of altered outcropping and buried cross-faults at Bolo have had very limited drilling and represent excellent exploration targets. An exploration target map can be found at the following link:
www.allegiantgold.com/nr/2019-01-22-targets.pdf
Bolo has the potential to host good grade pods of Carlin-type gold mineralization. At least two such pods have been identified with drilling so far, and as more pods are uncovered, the focus will eventually shift to definition drilling to establish potential for resources.
MOGOLLON OPTION AGREEMENT
ALLEGIANT has also granted Barrian an option to acquire a 100% interest in the Mogollon gold project, located in New Mexico. Barrian can earn a 100% interest in Mogollon by issuing common shares valued at US$1.0 million to ALLEGIANT over a 3-year period.
Mogollon covers an extensive, silver-gold bearing epithermal vein field on a caldera margin of the Tertiary Bursum volcanic center. A number of historical silver-gold deposits are hosted at Mogollon in classic epithermal veins, which demonstrate good continuity of grade and thickness for strike lengths of up to 4,000 ft (1,219 m) in the Little Fanny and Last Chance mines, and through a remarkably consistent, elevation-controlled vertical range of about 1,000 ft (305 m). There are two sets of veins at Mogollon, an east-west set represented by the productive Little Fanny and Last Chance veins, and a north-south set represented by the Queen vein developed in the Consolidated Mine.
Significant intercepts of gold and silver have been encountered in past drilling at Mogollon. Excellent resource expansion potential exists at Mogollon as only 4.8 km of the total 72 km epithermal vein system has been developed.
FOUR METALS OPTION AGREEMENT
In April, 2018 ALLEGIANT granted Barksdale the option to acquire 100% of its interest in the Four Metals project, located in Arizona. To earn the interest, Barksdale must make cash and share payments totaling US$450,000 to ALLEGIANT and its partner MinQuest Ltd., on a 50/50 basis, over a five-year period.
The Four Metals project is located in the Patagonia District 16 km (10 miles) north of Nogales, Santa Cruz County. The Patagonia Range contains a number of undeveloped porphyry copper, breccia copper, and polymetallic vein and replacement deposits within the famous Arizona Porphyry Copper Ore Province.
The Four Metals claims cover the historical Four Metals copper mine which has been intermittently investigated since the 1960’s. Past programs have included underground development, surface and underground core drilling, resource estimates, metallurgical test work, and various investigations of a leach copper mining operation at the site.
The Four Metals copper deposit is hosted within a crudely circular breccia pipe, about 305 m (1,000 ft) in diameter, intruding batholitic granite rocks. Mineralization consists of a shallow zone of supergene enriched chalcocite mineralization underlain by a larger body of primary mineralization containing chalcopyrite, pyrite, and molybdenite.
Various resource estimates have been carried out at Four Metals. The project has the potential for near term development of a small, low capital, copper mine in an area of favorable infrastructure and markets.
Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.
ABOUT ALLEGIANT
ALLEGIANT owns 100% of 12 highly-prospective drill-ready gold projects in the United States, 9 of which are located in the mining-friendly jurisdiction of Nevada. ALLEGIANT’s flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.
ABOUT BARRIAN
Barrian Mining Corp is a private junior exploration company focused on acquiring proven gold assets in the United States. Barrian is composed of successful public market entrepreneurs whose goal is to create value for shareholders through the drill bit. Barrian has entered into an earn in agreement with ALLEGIANT to acquire up to a 75% interest in the proven and highly prospective Carlin type Bolo asset located about 90 km north of Tonopah Nevada and a 100% interest in a second asset located in New Mexico. Barrian will trade under the symbol BARI upon completion of its IPO.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com
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.
Forward Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include, but are not limited to statements and information regarding: Allegiant Gold Ltd.’s (“Allegiant”) property holding costs savings or income generated from optioning out certain properties; Allegiant’s drilling and exploration plans for its properties, including anticipated costs and timing thereof; the potential of hosting good grade gold mineralization or expansion; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, working capital requirements; and Barrian’s plan to complete an initial public offering and its acquisition of certain properties. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
- Follow-up work program at Prinsep returns a high of 4.8g/t Au grab sample
- Follow-up of 500ppb soil samples results in collection of small gold nugget
- Program for recently granted tenements planned
VANCOUVER , Jan. 22, 2019 /CNW/ – NxGold Ltd. (“NxGold” or the “Company“), (TSXV: NXN) is pleased to provide the final results from the 2018 work programs at the Mt. Roe Gold Project located in the Pilbara region of Western Australia . A limited follow up program on previously released soil sample results and prospecting results at the Prinsep and Sholl properties is reported below and in Tables 1 and 2.
Prinsep tenements: A total of 16 rock (selective) samples were collected over a combined 500m of strike from a total 1800m potential strike length of the geological unit that returned an assay of 8.6 g/t gold previously (see News Release from December 18, 2018 ). A sample of jasperoid/chert, similar to the sample previously reported and approximately 300m along strike to the west returned a result of 4.8 g/t gold. Samples from this program had an assay range of detection limit to 4.8g/t gold. Other values from the unit of interest included 287ppb and 154ppb gold. Poor exposures along much of the horizon of interest prevented more systematic rock sampling; a soil grid has subsequently been proposed to better evaluate this potential target area which should identify areas to focus more advanced work such as trenching or drilling.
Sholl tenements: Follow-up work on highly anomalous soil samples from the Hawk , Eagle and Swan areas resulted in the collection of five additional grab samples and one small gold nugget was located using metal detecting. In the Swan area follow-up of a single 150ppb gold in soil anomaly resulted in a single rock sample of pyritic andesite that returned low level anomalous values of gold (66ppb), molybdenum (17ppm), lead (232ppm) and zinc (1291ppm) at the edge of the soil grid. This grid needs to be expanded eastward. In the Eagle area, no clear surface explanation for 110ppb, 140ppb and 240ppb gold in soils was observed; next step work in this area may include tighter spaced sampling or aircore (AC) or rotary air blast (RAB) drilling to sample below sections of calcrete. In the Hawk area 500ppb and 830ppb gold in soil anomalies were reviewed. The 830ppb anomaly appeared to be in a flood plain and was discounted although a follow-up stream sample collected above this area returned 16ppb gold, well above our local background of 3ppb Au. The 500ppb soil anomaly was located below a pyritic gabbroic intrusive unit that had been deformed and hosted veining in shear and fracture zones. Rock samples collected from this unit returned 19ppb and 137ppb gold and a small gold nugget was found in the immediate area using a metal detector. Additional soil sampling is required in this area to close off the anomalous zones prior to more advanced exploration activities.
Christopher McFadden , Chief Executive Officer commented, “Since acquiring the property our team has evaluated the property for different mineralisation styles and advanced to the drill target delineation stage through the systematic exploration of part of the Mt Roe tenements. This approach will now be used to evaluate the Prinsep tenements and the newly granted tenements on Mt. Roe. The identification of vein structures in the Eagle, Hawk and Swan areas among others, supports the existence of primary gold mineralisation on the property. “
Next steps: With the recent granting of the P47/1796, 1797, and 1798 tenements (see News Release of December 12, 2018 ) the initial focus will be to bring these tenements to the same geological and mineral potential level of understanding as the rest of the Mt. Roe Gold Project lands (Table 3). Secondary focus will include undertaking field work to define open anomalous zones and aggressive initial evaluation of the 80oz patch and the Pineapple patch, both prolific nugget collection areas, within or immediately adjacent to the recently granted tenements. Once complete, targets will be prioritised for drill evaluation.
Table 1: Rock sample results not previously reported.
Sample ID | Prospect | Au g/t | Description |
2329 | Prinsep | 0.022 | Red, fine grained, banded chert 4m wide |
2331 | Prinsep | 0.0025 | Chert horizon, upper quartzite zone |
2332 | Prinsep | 0.287 | Lower oxidized chert horizon, narrow <1m |
2333 | Prinsep | 0.02 | Light grey to red, silicified quartzite or recrystallized chert, 40cm wide |
2334 | Prinsep | 0.0025 | Grey to red, thin laminated beds of chert, 1m wide tightly folded locally |
2335 | Prinsep | 0.153 | Black chert, poorly formed red jasper zone, chip across 3m |
2336 | Prinsep | 0.012 | Black to dark grey fine-grained cherty horizon with limonite along fractures |
2337 | Prinsep | 0.04 | Black to grey, massive cherty zone, brecciated fragments of grey chert, 30m x |
2338 | Prinsep | 0.018 | Light grey to red, hematite breccia (jasper), fine matrix supported with fragments |
2339 | Prinsep | 0.015 | Light grey to red, brecciated chert with jasper, <1m wide |
2341 | Prinsep | 0.015 | Red, hematite jasper bed breccia fragments of quartzite, silicified crystalline |
2342 | Prinsep | 4.811 | Black with tension quartz veins and minor red hematite throughout |
2343 | Prinsep | 0.013 | Dark red jasper zone with limonite, in grey banded chert |
2344 | Prinsep | 0.011 | Dark grey to black, iron rich zone in chert horizon, abundant limonite along |
2345 | Prinsep | 0.154 | White to light grey, tension quartz veins, in small stringer zone, cross cutting |
2346 | Prinsep | 0.007 | White, fine grained, brecciated sediment with coarse goethite along fractures as |
2328 | Swan | 0.0025 | Light green to green, altered andesite, sheared with quartz vein fragments, grey |
2347 | Swan | 0.007 | Qtz vein float in area of weak sheared chlorite altered andesite |
2348 | Swan | 0.066 | pyrite zone in andesite |
2349 | Hawk | 0.019 | qtz vein in pyritic gabbro |
2351 | Hawk | 0.137 | Pyrite zone in gabbro |
Table 2: Steam Silt sample results not previously reported.
SampleID | Prospect | Au ppb | Description |
2707 | Hawk | 16.47 | Brown to red, devil’s dice and qtz fragments |
2708 | Hawk | 1.98 | Brown to black magnetite and limonite |
2709 | Pineapple | 1.13 | Brown to red, few coarse pebbles in stream |
Table 3: work progress on Mt.Roe Targets and Prinsep tenements
Target Area | Prospect | Map | Silt | Soil | Trench | Drill* | Nugget type** |
Conglomerate | X | X,O | X | X | O | – | |
Swan | X | X,O | X | X | X | O | specimen |
Hamburger | X | X | X | X,O | flat | ||
Kangaroo | X | X | X | X | round | ||
Crow | X | X | X | O | – | ||
Eagle | X | X,O | X | X, O | X | specimen | |
Sun | X | X | X | – | |||
Bulldog | O | X | X | O | X | specimen | |
Cat | X | X | X | unknown | |||
Hawk | X | X | X | X,O | round | ||
80oz | O | O | – | O | unknown | ||
Pineapple | O | O | – | round | |||
1796 | O | O | O | tbd | |||
1797 | O | O | O | tbd | |||
1798 | O | O | O | tbd | |||
Prinsep | O | X | X | X,O | unknown | ||
O = proposed next step; * target prioritisation occurs prior to this step; | |||||||
**dominant morphology, most areas have more than one morphology |
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About NxGold
NxGold is a Vancouver-based exploration company. The Company owns 80% of the Mt. Roe gold project located in the Pilbara region of Western Australia. The Company has also entered into an earn-in agreement with Meliadine Gold Ltd. to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project) in Nunavut.
Technical Disclosure
The on-going sampling programs of stream sediments, soils, rocks and chip samples involve a quality assurance and quality control (QA/QC) program that includes the collection of field duplicates and insertion of certified reference materials at frequency of roughly one in ten samples. Rock samples, stream samples and some chip samples are selective in nature and are not representative of mineralisation on the property. All samples have been sent to Intertek Genalysis in Perth , WA for preparation and analysis. Rock and chip samples were analysed using a 50g fire assay for gold and a 10g aqua regia, 32-element inductively coupled plasma optical emission spectroscopy (‘ICP-OES’). Samples with visible gold or returning >10 g/t gold by fire assay are subject to a screen fire assay analysis. Stream sediment samples were analysed using 1000g bulk leach extractable gold analysis with Leachwell accelerant followed by ICP-MS with a 10g sample split for aqua regia 32 element ICP-OES analyses.
Stream samples were field screened fine fraction (minus 80 mesh) with a collected mass of 10-12kgs. Soil samples were field screened to minus 4mm with a collected mass of approximately 4kg. All samples were split by a two-tier riffle splitter in a secure storage facility into a laboratory sample and a retained reference sample.
Surface material was scraped away, followed by loosening of material with a prospector’s pick and lifting the material onto a sieve screen with a plastic scoop. Samples where sieved down in the field to minus 4 mm, directly into a sample bag. 4 kg of sieved material was collected for each sample. Sample depths went down to approximately 25 cm at each site. Samples were sealed in a cloth bag until split by a two-tier riffle splitter in a secure storage facility. Locations of each sample were recorded by a handheld GPS.
NxGold advises that the Mt Roe Gold project is an early stage exploration project utilising an evolving gold deposit model for a paleo-placer style of mineralisation. Abundant exploration work is required to understand the previously unrecognised sedimentary geology and confirm if the source(s) of the coarse gold is located within NxGold Ltd.’s tenements. There is no certainty of the discovery nor definition of a mineral resource.
The scientific and technical information in this news release has been prepared or approved by Darren Lindsay , P.Geo., Vice President Exploration and Development, of the Company, a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including whether the proposed acquisition will be completed. Generally, but not always, forward-looking information and statements can be identified by the use of 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.
Such forward-looking information and statements are based on numerous assumptions, including among others, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely 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.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE NxGold Ltd.
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Includes Up To 8.97g/t Gold In Soil Samples
VANCOUVER, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) — Labrador Gold Corp. (LAB.V) (“Labrador Gold” or the “Company”) is pleased to announce results from detailed gold exploration of its Ashuanipi project in Labrador and Quebec. The exploration program at Ashuanipi followed up on successful results of 2017 work that outlined two regional scale gold in soil and lake sediment anomalies trending 15km north-south and 14km east-west. The property covers 892 square kilometres of ground prospective for gold.
A total of 7,458 soil samples were taken on 18 grids at a 100m line spacing and 25m sample spacing across the Ashuanipi north claim block. In addition, 61 reconnaissance soil lines were taken over claims staked in Labrador and Quebec following the results of the 2017 work. Results of analyses show significant gold anomalies in all but two of the 18 grids and confirm the 15km north-south anomalous trend (See figures at www.labradorgold.com). Analyses of the soils range from below detection limit, <0.5 parts per billion (ppb) to 8.97g/t Au, with 67 samples containing more than 0.1g/t Au and three samples containing more than 1g/t Au in the soil. In addition, 749 soil samples with gold concentrations greater than the 90th percentile are considered anomalous and require detailed follow up.
Gold anomalies do not appear to correlate with specific rock types, at least on a regional scale, but are often associated with magnetic highs which may be indicative of a structural control on the location of the gold.
“Results of the detailed soil sampling at Ashuanipi has confirmed the regional nature of the gold anomalies and indicted specific areas where gold values are elevated above 0.1g/t and possibly related to near surface gold enrichment,” said Roger Moss, President and Chief Executive Officer of Labrador Gold. “These anomalies enable us to focus our exploration at specific sites along the regional anomaly to rapidly assess the potential for gold mineralization. Work during the coming field season will include detailed mapping, rock sampling and, if warranted, eventual drill testing of these anomalous areas. We anticipate an exciting field season at Ashuanipi tracking down the source of these significant gold anomalies.”
“Last year’s soil sampling program further resolved the anomalous gold trend down to the 25-metre scale,” added Shawn Ryan, Technical Advisor to Labrador Gold. “The size and intensity of the gold targets clearly explain the large regional gold in lake sediment anomaly and with 164 samples running over 50 ppb Au, 67 samples over 100 ppb Au and a high of 8,973 ppb Au it appears that we truly have a robust mineralized system. These areas will be the focus of aggressive exploration next season to identify high quality drill targets.”
The company also announces that its major shareholder, Plethora Precious Metals Fund (‘Plethora”) has exercised 3,125,000 warrants at an exercise price of $0.13. Plethora now holds 9,750,000 shares of the company representing 17.45% of the issued and outstanding shares. We appreciate the continued support of Plethora and their confidence in the exploration strategy of our technical team.
All samples were dried in the field before being shipped to the Bureau Veritas preparation laboratory in Timmins, Ontario, with analyses completed at the Vancouver laboratory. Samples were analyzed for gold and another 36 elements by ICP-MS (inductively coupled plasma-mass spectrometry) following an aqua regia digestion. The company routinely submits blanks, field duplicates and certified reference standards with batches of samples to monitor the quality of the analyses.
Roger Moss, PhD., P.Geo., is the qualified person responsible for all technical information in this release.
About Labrador Gold:
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. In 2017 Labrador Gold signed a Letter of Intent under which the Company has the option to acquire 100% of the 896 square kilometre (km2) Ashuanipi property in northwest Labrador and the Hopedale (458 km2) property in eastern Labrador.
The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the 2017 reconnaissance exploration program following up the lake sediment anomalies show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend. The anomalies appear to be broadly associated with magnetic highs and do not show any correlation with specific rock types on a regional scale (see news release dated January 18th 2018). This suggests a possible structural control on the localization of the gold anomalies. Historical work 30 km north on the Quebec side led to gold intersections of up to 2.23 grams per tonne (g/t) Au over 19.55 metres (not true width) (Source: IOS Services Geoscientifiques, 2012, Exploration and geological reconnaissance work in the Goodwood River Area, Sheffor Project, Summer Field Season 2011). Gold in both areas appears to be associated with similar rock types.
The Company has 55,864,022 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
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.
Vancouver, British Columbia–(Newsfile Corp. – January 22, 2019) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) (“Miramont” or the “Company”) is pleased to announce that it has commenced drilling on its Cerro Hermoso project in southern Peru. Up to 5,000 meters will be drilled in this first phase to test three priority targets.
Bill Pincus, Miramont’s President and CEO said, “We have worked hard over the past year to get to this point and we are tremendously excited to see what we will find with this drilling program. As we continued to investigate the property further we have found new and stronger evidence supporting our prospect model. Our exploration work to date has strengthened expectations that a significant ore deposit is ready to be discovered.”
THE CERRO HERMOSO PROJECT
Cerro Hermoso is a large diatreme-hosted system with various styles of copper, gold and silver mineralization found in a four square kilometer area. It has many similar characteristics to other diatreme systems that are known to host large bulk-tonnage polymetallic deposits.
The three priority drill targets have been identified by a combination of geologic mapping, geochemical sampling and geophysical prospecting. These are known as the Central Breccia Zone (Gold), the Stockwork Zone (Copper/Silver) and the Carbonate Replacement Zone (Polymetallic). All three targets will be tested in the upcoming program.
PRIORITY TARGETS
The three priority targets will all be tested with multiple drill holes. A brief description of each is given below and the reader is referred to the Company’s website (Link) for more information.
Central Breccia Zone
This zone is found within the heart of the diatreme. The formation of gold-bearing hydrothermal breccia, the potential host-rock for mineralization, is extensive. Selective sampling by Miramont has confirmed widespread gold mineralization in this zone with values up to 18 grams per tonne of gold. An IP geophysical study has outlined a significant chargeability anomaly potentially indicating the presence of sulfides at shallow depths.
Stockwork Zone
The Stockwork Zone lies just outside the northern rim of the diatreme. It is a 500 by 400 metre area of widespread stockwork veining and alteration developed within the volcanic flow units. The Stockwork Zone has prominent silver, copper, and gold mineralization throughout the area. Values as high as 500 g/t Ag, 3.9% Cu and 10 g/t Au have been found here. Coincident magnetic and conductivity anomalies indicate the potential for a buried intrusion near surface.
Carbonate Replacement Zone
This zone is known from a review of historic underground mapping. Development on lower levels (approx. 200 metres below surface) encountered carbonate replacement deposits (CRD’s) within an underlying limestone beds. Coincident resistivity and conductivity anomalies may indicate the presence of sulfide bearing limestone units continuing to the northwest.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. William Pincus, CPG, President and CEO of Miramont and a Qualified Person as defined by National Instrument 43-101.
About Miramont Resources Corp.
Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont’s two key projects are Cerro Hermoso and Lukkacha, both located in southern Peru. Cerro Hermoso is a diatreme-hosted copper dominant polymetallic prospect. Lukkacha is a classic copper-porphyry prospect.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
“William Pincus”
William Pincus, President and CEO
For more information, please contact the Company at:
Telephone: (604) 398-4493
info@miramontresources.com
www.miramontresources.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.