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Highlights of the recent drilling include:
- Hole KM-23-117 intersected 65.6 m at 3.5 g/t gold equivalent (AuEq), including 5.7 m at 6.6 g/t AuEq. This hole is in the center of the Kay Deposit, filling an ~80 m gap between holes KM-22-60 and KM-21-25. It demonstrates excellent continuity and elevated gold grades in this portion of the Kay Deposit, returning among the highest gold grades on the Property to date, including 21.9 g/t Au (614.4-614.9 m). (Figures 1 and 2).
- Hole KM-23-123, part of the shallow drilling program at the Kay Deposit, returned 28.1 m at 1.0% CuEq, including 4.1 m at 2.8% CuEq. This shallow hole added considerable volume to the Kay Deposit, stepping out 160 m above hole KM-23-114 and 45 m south of KM-23-120.
- Hole KM-23-118 at the Western Target intersected 1.8 m at 1.8 g/t AuEq and 1.5 m at 2.1 g/t AuEq. This hole penetrated the western mineralized horizon in two locations, on each side of the principal anticline present on the Western Target. The deeper, westernmost of the two intercepts (1.5 m @ 2.1 g/t AuEq) intersected the consistent mineralized horizon intersected in all seven of the other Western Target drill holes, confirming its presence at depth, approximately 1 km below surface.
We will continue to test these shallower portions of the Kay Deposit along more than 350 m of strike length defined to date, while also expanding mineralization with the second rig targeting northern and southern extensions of the Kay Deposit."
With the completion of recent drill holes,
KM-23-117
Three intervals: 65.6 m @ 3.5 g/t AuEq, 5.4 m @ 5.3 g/t AuEq, and 2.7 m @ 1.6 g/t AuEq.
This hole is in the center of the Kay Deposit, filling an 80 m gap between holes KM-22-60 and KM-21-25. It demonstrates excellent continuity and elevated gold grades in this portion of the Kay Deposit.
KM-23-117 returned among the highest gold grades on the Property to date, including 21.9 g/t Au (614.4-614.9 m).
KM-23-122
32.1 m @ 1.3% CuEq.
This hole is located in the upper third of the Kay Deposit and filled in a 70 m gap between holes
KM-21-18A and KM-21-17.
KM-23-124
Two intervals: 16.5 m @ 0.8% CuEq, and 5.8 m @ 0.7% CuEq.
This hole confirmed continuous mineralization in a 70 m gap between previous holes KM-20-14A and KM-21-29.
KM-23-126
Two intervals: 10.5 m @ 1.0 % CuEq, and 3.1 m @ 0.8% CuEq.
This hole is located in the upper middle portion of the Kay Deposit, filling in an 80 m gap between previous holes.
KM-23-118
1.8 m @ 1.8 g/t AuEq and 1.5 m @ 2.1 g/t AuEq.
This hole penetrated the western mineralized horizon of the Property in two locations, on each side of the principal anticline present on the Western Target. The deeper, westernmost of the two intercepts (1.5 m @ 2.1 g/t AuEq) intersected the consistent mineralized horizon intersected in all seven of the other Western Target drill holes, confirming its presence at depth, approximately 1 km below surface.
KM-23-119
9.2 m @ 1.0% CuEq, including 1.6 m @ 2.8% CuEq.
This hole is part of the shallow drilling program at the Kay Deposit, extending mineralization toward surface. It showed continuity in the 65-meter gap between holes KM-23-116 and KM-21-55.
KM-23-120
Three intervals: 2.9 m @ 1.7% CuEq, 2.6 m @ 1.2% CuEq, and 1.8 m @ 1.5% CuEq.
Among the shallowest of the Kay Deposit holes, KM-23-120 extended mineralization 30 m above KM-23-116 (previously released) and is approximately 50 m below ground surface. Hole 120, along with holes 119 and 121 (see below), extended mineralization a total of 100 m upward above the previously shallowest drill hole in this area, KM-21-55.
KM-23-121
Three intervals: 1.8 m @ 1.7% CuEq, 6.3 m @ 0.7% CuEq, and 2.4 m @ 0.5% CuEq.
Stepping out approximately 30 m north of KM-23-119, this shallow Kay Deposit hole demonstrated continuing mineralization at shallow depths in this area, and a substantial extension of approximately 105 m upward above hole KM-23-98.
KM-23-123
28.1 m @ 1.0% CuEq, including 4.1 m at 2.8% CuEq.
This shallow hole added considerable volume to the Kay Deposit, stepping out 160 m above hole KM-23-114 and 45 m south of KM-23-120.
KM-23-125
Two intervals: 6.1 m @ 1.4% CuEq and 10.4 m @ 1.5% CuEq
This shallow hole demonstrates good continuity in the mineralization drilled in the shallow Kay Deposit holes, falling between holes 114, 116, 120, and 123.
Altogether, the shallow drill holes drilled to date in the shallow portions of the Kay Deposit extend mineralization approximately 110 m upward along a strike length of about 130 m.
The true width of mineralization is estimated to be 50% to 99% of reported core width, with an average of 76%. (2) Assumptions used in USD for the copper and gold metal equivalent calculations were metal prices of
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*The Historic Estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to be a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and
The Kay Deposit is a steeply dipping VMS deposit that has been defined from a depth of 60 m to at least 900 m. It is open for expansion on strike and at depth.
The Company also owns 100% of the Sugarloaf Peak Property, in La Paz County, which is located on 4,400 acres of BLM claims. Sugarloaf is a heap-leach, open-pit target and has a historic estimate of "100 million tons containing 1.5 million ounces gold" at a grade of 0.5 g/t (Dausinger, N.E., 1983, Phase 1 Drill Program and Evaluation of Gold-Silver Potential,
The historic estimate at the Sugarloaf Peak Property was reported by Westworld Resources in 1983. The historic estimate has not been verified as a current mineral resource. None of the key assumptions, parameters, and methods used to prepare the historic estimate were reported, and no resource categories were used. Significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimate can be verified and upgraded to a current mineral resource. A Qualified Person has not done sufficient work to classify it as a current mineral resource, and
All of
Gold content was determined by fire assay of a 30-gram charge with ICP finish (ALS method Au-AA23). Silver and 32 other elements were analyzed by ICP methods with four-acid digestion (ALS method ME-ICP61a). Over-limit samples for Au, Ag, Cu, and Zn were determined by ore-grade analyses Au-GRA21, Ag-OG62, Cu-OG62, and Zn-OG62, respectively.
The qualified person who reviewed and approved the technical disclosure in this release is
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements regarding drill results and future drilling and assays, plans and anticipated costs with respect to the Phase 3 drill program, and the potential existence and size of VMS deposits at the
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