(via TheNewswire)
FOR IMMEDIATE RELEASE:
John F. O’Donnell, Chairman of the Board of the Company, stated that he is extremely happy that the Company has finally achieved this pivotal moment in its history and went on to state “When the current board took responsibility for the Company, we were extremely dismayed with the dire financial condition of the Company which we inherited. Determined to clean up the insolvent mess we discovered, we persevered through a long and arduous process, filled with adversity, and were able to return the Company to fiscal and compliant health.” Mr. O’Donnell added “Today is the culmination of those efforts and we would like to thank our shareholders for their patience and support during this period. This is truly an inflexion point and we look forward to a brighter future.”
The TSXV has also announced that it has accepted for filing an Assignment of Rights Under Exploration Agreement with Venture Option dated effective
On
The Project hosts two past producing gold-silver mines, the
The shafts for each of the former mines are located 3,600 feet apart and the exploration hypothesis is that the two mines shared mineralized systems that may in part be contiguous. Surface mapping and geophysical surveying by the Company support this initial hypothesis and indicate an offset extension of the vein system farther east along strike from the
A total of 2,111.5 feet of core drilling was completed in 12 holes sited east and west along strike from the headframe of the former
- Nine (9) vein intercepts were encountered ranging from 0.21 meters in core width to 2.8 meters and an average thickness of 1.17 meters.
- Average weighted values for the 9 intercepts was 4.94 g/T Au and 65.35 g/T Ag.
- The 34.4 g/T Au intercept was encountered 40 meters down the dip of the veins from the 150 Level of the old workings demonstrating both the potential for grade and the potential at depth.
- The 34.4 g/T Au intercept was encountered at the western limit of the 2019 drill pattern and should be tested for the potential of a high-grade ore shoot based on that drill result and recent geologic mapping.
- An untested mineralized fault zone east of the mine was identified through geologic mapping and is coincident with the strongest VLF geophysical response on the property. This is a high priority drill target.
- Drilling in 2019 tested only 150 meters of the approximately 1,100 meters of known strike length along the SBSL vein system. Additional geologic mapping, surface sampling and drilling is recommended along the undrilled sections of the veins.
- Several of the holes, including SL 19-4C and SL 19-12C below) intercepted additional veins that do not appear to correlate with the two veins in the historical workings, opening the possibility of a multiple-vein system.
The table below shows weighted average gold and silver grades and thicknesses for nine vein intercepts encountered in the 2019 drilling program that have a weighted average grade, including internal waste, greater than 1 g/T gold. Several holes intersected voids or historic workings where the vein was projected to be and therefore returned no result but demonstrated that the historical workings are more extensive than previously recognized.
------------------------------------------------------------------ |Intercept |From|To |Interval|Au |Ag |Host* | |ID |(m) |(m) |(m) |grams/metric|grams/metric| | | | | | |Tonne |Tonne | | |----------------------------------------------------------------| |SL19-1C |15.5|16.5|0.91 |2.7 |106.0 |qvbx | |----------------------------------------------------------------| |SL19-2C |17.2|17.8|0.61 |2.0 |32.0 |qfg-qvbx| |----------------------------------------------------------------| |SL19-4C-1 |39.2|41.3|2.1 |3.3 |40.6 |Qv | |----------------------------------------------------------------| |SL19-4C-2 |47.2|49.1|2.0 |2.3 |57.6 |qv-qfg | |----------------------------------------------------------------| |SL19-5C |47.5|50.3|2.8 |2.1 |23.0 |Qv | |----------------------------------------------------------------| |SL19-10C-1|42.9|43.3|0.40 |11.9 |276.0 |Qv | |----------------------------------------------------------------| |SL19-10C-2|47.5|48.4|0.94 |4.2 |111.0 |Qv | |----------------------------------------------------------------| |SL19-12C-1|44.7|44.9|0.21 |6.1 |79.0 |Qv | |----------------------------------------------------------------| |SL19-12C-2|48.5|49.1|0.61 |34.4 |130.5 |Qv | ------------------------------------------------------------------
* Qv = Quartz Vein; Qvbx = quartz vein brecca; gfg = quartzofeldspathic gneiss
These vein intercepts also reported strong anomalous base metal values up to 460 ppm copper, 2060 ppm Zinc, and 7400 ppm lead.
As indicated in previous press releases, the Company intends to examine projects other than the
This news release shall not constitute an offer to sell any of the common shares in
On behalf of the Board of Directors,
“John F. O’Donnell”
John F. O’Donnell, Chairman of the Board of Directors
For more information on the Company, investors should review the Company's filings on SEDAR atwww.sedar.com.
Neither
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the
Such statements include, among others, those concerning the Company's plans to reactivate the Company and for exploration activity, and to conduct future exploration programs. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues,social and market conditions related to the COVID-19 global pandemic; the worldwide economic and social impact of COVID-19; the duration and extent of COVID-19; changes in general economic conditions; the imposition of government restrictions on business related to COVID-19, any positive cases of COVID-19 at a project site or in the area which may cause a reduction or suspension in operations and activities which may ultimately affect and delay the exploration timeline.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Copyright (c) 2021 TheNewswire - All rights reserved.
Copyright (c) 2021 TheNewswire - All rights reserved., source