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Giant Mining Corp.

VANCOUVER, BC —TheNewswire -May 21, 2024 — Giant Mining Corp. (CSE: BFG | OTC: BFGFF | FWB: YW5) (“Giant Mining” or the “Company”) is pleased to announce a summary of our progress at the Majuba Hill Porphyry Copper Deposit ("Majuba Hill") a copper, silver, and gold project located in Pershing County, Nevada from 2020 to 2023.

This period was marked with significant advancements in exploration and geological understanding of our flagship project, reinforcing the Company’s commitment to developing sustainable and highly productive exploration operations.

David Greenway, President, and CEO of Giant Mining Corp., commented, "The strategic exploration initiatives we've implemented over the past few years at Majuba Hill are bearing fruit, as demonstrated by our impressive drilling results and the expansion of mineralized zones. This success underpins our confidence in Majuba Hill's potential to become a cornerstone of America’s copper supply, essential for the burgeoning renewable energy sector."

2020 Overview

The year 2020 laid the groundwork for Giant Mining Corp.'s intensified exploration activities at Majuba Hill. With the completion of advanced geophysical surveys and strategic core drilling, the Company identified multiple zones of high-grade copper, silver, and gold mineralization. Key highlights include the discovery of a new copper porphyry center and substantial expansions in the Company's soil geochemistry coverage, as detailed in Table 1 and illustrated in Figure 1.

Activity Type

Details

Results

Soil Geochemistry Expansion

Expanded coverage area for better resolution of mineralization.

Identified new zones with high Cu and Ag potential.

Deep Core Drilling

Initiation of deep core drilling to test mineralization depth.

Confirmed extension of copper porphyry at depth.

Geophysical Surveys

Conducted drone magnetic survey to outline large intrusive complexes.

Outlined new copper intrusive centers significant for exploration.

Discovery of Copper Porphyry

New copper porphyry center discovered through targeted drilling.

High-grade copper zones confirmed, enhancing the overall asset value of Majuba Hill.

Table 1: Summary of 2020 Geological Activities and Findings at Majuba Hill Porphyry Copper Deposit


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Figure 1: Historic exploration data includes drilling, surface rock chip sampling, and surface soil sampling.

2021 Developments

In 2021, the Company's geological team focused on deepening geological understanding and expanding the known mineralized zones. The integration of different drilling techniques and the extensive private land led to the discovery of additional copper oxide zones and the confirmation of the deposit's depthextension. Noteworthy progress includes the successful drilling of two deep core holes, which continued to reveal the deposit’s potential at greater depths.

Core holes MHB-20 (1017 ft/310 meters) and MHB-22 (1802.5/549.4 meters) discovered the previously unknown granodiorite and diorite intrusive. The rhyolite intrusive, which hosts mineralization in the historic mine area at Majuba was found in cross-cutting relationship with the granodiorite and diorite. Multiple overlapping porphyry alteration events were noted throughout the granodiorite core. In addition to widespread propylitic and phyllic alteration their appears to be extensive potassic alteration and magnetite bearing quartz veining. Additionally, a second type of tourmaline has been noted. The relationship of the granodiorite and the rhyolite intrusive combined with the widespread IP geophysics indicate very high potential for a large, copper porphyry at Majuba Hill.

MHB-22 intersected anomalous copper at 1704 feet (519.3 meters) with 70 feet (21.3 meters) greater than 100 ppm.

2022 Achievements

The year 2022 was transformative for Majuba Hill, marked by the completion of the most ambitious drilling program to date and the initiation of a comprehensive long-term environmental planning program. The Company reported the longest intercepts of copper mineralization ever drilled at Majuba Hill, alongside significant findings of silver, gold, and molybdenum. These results have been crucial to refining the Company's exploration targets, as shown in Table 2 and Figure 2.

Result Highlights

MHB-27: 1136 ft (346.3 m) @ 0.25% CuEQ starting at 710 ft (216.4 m) including:

834 ft (254.2 m) @ 0.31% CuEQ from 750 to 1584 (228.6-482.8 m)

119 ft (36.3 m) @0.14% CuEQ from 1727-1846 ft (526.4-562.7m)

MHB-28: 1287 ft (392 m) @ 0.30% CuEQ starting at 245 ft (74.7 m), including:

652 ft (198.7 m) @ 0.33% CuEQ from 595 to 1247 ft

192 ft (58.5 m) @ 0.21% CuEQ from 1340 to 1532 ft

105 ft (32 m) @ 0.18% CuEQ from 1542 to 1647 ft

MHB-29: Intersected granodiorite porphyry at 3403 ft (1037 m). The entire hole is mineralized with 3607 ft (1099.4 m) @ 0.05% CuEQ from 0 to 3607 ft.

  • Strong potassic alteration that is overprinted by pervasive propylitization.  

  • Zoning within the Majuba Target Zone indicates MHB-29 is southwest of the main mineralized zone.  

  • Intersected 26 intervals greater than 0.20% CuEQ. 

MHB-27 is mineralized throughout the entire hole with 3500 feet (1066.8 m) @ 0.18% CuEQ1 from 0-3500 feet (0-1066.8 m).

Further details can be found in January 23, 2023 new release Majuba Hill Copper Reports 2022 Core Results.

Figure 2: Cross Section 375879E: Holes MHB-27 and MHB-29

 

Drill Hole

Total Mineralization

Details Including Depth and CuEQ1Percentages

Additional Notes

MHB-27

1136 ft (346.3 m) @ 0.25% CuEQ starting at 710 ft. (216.4 m)

- 834 ft (254.2 m) @ 0.31% CuEQ from 750 ft to 1584 ft (228.6-482.8 m) - 119 ft. (36.3 m) @ 0.14% CuEQ from 1727 ft to 1846 ft (526.4-562.7 m)

Supergene enrichment down to at least 1420 ft (432.8 m). Presence of “A,” “B, and “D” type veins. Trace element geochemistry zoning (Mo, Zn, Bi)

MHB-28

1287 ft (392 m) @ 0.30% CuEQ starting at 245 ft. (74.7 m)

- 652 ft (198.7 m) @ 0.33% CuEQ from 595 ft to 1247 ft. - 192 ft. (58.5 m) @ 0.21% CuEQ from 1340 ft to 1532 ft. - 105 ft (32 m) @ 0.18% CuEQ from 1542 ft to 1647 ft.

Same as MHB-27

MHB-29

3607 ft (1099.4 m) @ 0.05% CuEQ from 0 to 3607 ft.

Intersected granodiorite porphyry at 3403 ft. (1037 m)

Located southwest of the main mineralized zone. Strong potassic alteration with pervasive propylitization. Intersected 26 intervals >0.20% CuEQ

Table 2: The table provides a structured summary of the mineralization details, including depth and copper equivalent percentages for each drill hole, as well as additional geological insights and characteristics common to the three drill holes. (1Copper equivalent (CuEQ) values were calculatedby combining the assay values for copper, silver, gold, molybdenum, lead, and zinc using an interval-weighted calculation based on metal prices taken from Kitco.com and DailyMetalPrice.com on July 27, 2022.) 

2023 Milestones

The year 2023 was transformative, Giant Mining Corp. has not only expanded its drilling efforts but also significantly enhanced the geological map of Majuba Hill. These efforts have resulted in a clearer understanding of the deposit's mineralization controls and the potential for further expansion of copper mineralization. The ongoing work continues to underscore the robustness of Majuba Hill as a leading copper, silver, and gold district.

The completion of the NI 43-101 report not only affirmed the previous findings but also identified additional exploration targets. This pivotal document has provided the Company with a clear path forward to potentially elevate (advance?) Majuba Hill from an exploration project to a mine development project. Insights into this significant development are provided in the September 18, 2023 news release  NI 43-101 Provides Insight into Additional Targets at Majuba Hill Porphyry Copper Project in Nevada.

The Report was authored by Jeffrey M. Bickel, C.P.G., Senior Geologist, RESPEC Company LLC, Reno, NV (“RESPEC”). The full Report dated June 20, 2023 is available on the Company’s website and the Company’s SEDAR+ Issuer profile at SEDAR+ Website.

The Nevada Project contains historic underground mines that produced 2.8 million pounds of copper. In the NI43-101 Report: “Technical Report for the Majuba Hill Copper Project, Pershing County, Nevada, USA”,Jeffrey M. Bickel, C.P.G. described the copper mineralization and developed a 3D block model that measured 50 million tonnes to 100 million tonnes of copper mineralization ranging from 0.15% Cu to 0.30% Cu, with potential for a higher-grade zone of 10 million tonnes to 20 million tonnes grading between 0.40 % Cu and 0.80% Cu. This outlines an initial and significantly expandable potential of 660 million pounds of copper. Copper hit an all-time high of $5.13 per pound on May 15th, 2024. 1


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Figure 3: Copper - USD/lb.

Model(1)

Tonnage Range

Tonnes

(Bickel, 2023)

Grade Range Copper (%)

(Bickel, 2023)

Copper Range (pounds)

Calculated

Exploration Target - All

50,000,000 to 100,000,000

0.15% to 0.30%

165,000,000     to

660,000,000

Exploration Target - High Grade

10,000,000 to 20,000,000

0.40% to 0.80%

88,185,000

to

352,739,000

  1. (1)The ranges of tonnage and grade of the exploration target are conceptual in nature and could change as the proposed exploration activities are completed. 

Table 3: Summary of Exploration Targets at Majuba Hill by Bickel (2023): Tonnage and Copper Grade Estimates

E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist for the company, added, "The geological data we've collected from 2020 to 2023 has been instrumental in enhancing our understanding of the Majuba Hill deposit. The consistency and richness of the mineralization confirm the exceptional quality and promise of this site."

Exploration

An exploration corridor has been identified as a key focus area, integrating insights from both recent and historical drilling, geochemical analysis, and geophysical surveys. Core drilling has revealed a substantial oxide zone that outcrops at the surface and reaches depths of up to 1,804 ft. (550 m). Notably, this zone overlies deeper segments where native copper indicates significant mineral enrichment.

Looking forward to this year and beyond, the Company is preparing for a pivotal exploration year in 2024. The company plans extensive drilling operations to thoroughly investigate the vertical and lateral extents of copper mineralization. These enhanced exploration efforts are poised to play a crucial role in delineating the full potential and guiding the future development of the Nevada Project.


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Figure 4: MHB-9:980 ft (298.6 meters) Native Copper


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Figure 5: MHB-2: 111.5 to 120.5 feet (34.0 to 36.7 meters)

Exploration Program 2024

Giant Mining Corp. is allocating funds from the recently concluded Private Placement towards advancing the Company's exploration and development initiatives, in alignment with the recommendations provided in the June 2023 NI43-101 report. The Company has committed to drilling 16 reverse circulation (RC) holes and two shallow core holes, which are designed to infill and expand the mineral potential. The Company's exploration efforts will be further enhanced by the drilling of two deep core holes, each reaching a depth of 3,500 ft. (1,066m). This significant investment in deep-core drilling is crucial for accurately determining the vertical extent of the mineralization, significantly enhancing the company's resource evaluation efforts.


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Figure 6: Giant Mining grade domain with recent, historic and planned drilling.

Additionally, Giant Mining Corp. is set to commence a comprehensive metallurgical study to improve the understanding of the ore's characteristics and processing efficiencies at Majuba Hill. A sequential copper analysis program will provide the foundational metallurgical understanding of the copper deposit utilizing vast library of existing pulps and core from earlier drilling. This program will cover the breadth and depth of the deposit and optimize recovery methods and enhance the overall efficiency and environmental compliance of the mining process.

By advancing this metallurgical study, the Company seeks to deepen its understanding of the Majuba Hill orebody, leading to more informed decisions about the project’s development and ensuring that any future extraction process is both efficient and environmentally responsible. This initiative aligns with the Company’s commitment to leveraging advanced scientific techniques to support sustainable mining practices.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by E.L. "Buster" Hunsaker III, CPG 8137, a non-independent consulting geologist who is a "Qualified Person" as such term is defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101").

About Giant Mining Corp.

Giant Mining Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.

The flagship project is the Majuba Hill copper, silver and gold District located 156 miles (251 km) outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

On Behalf of the Board of Giant Mining Corp.

“David Greenway”

David C. Greenway

President & CEO

 

For further information, please contact:

Joel Warawa

VP of Corporate Communications

E: info@giantminingcorp.com

P: 1 (855) 475-0745

 

 

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www.giantminingcorp.com

 

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Forward-Looking Statements

 

This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Giant Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Giant Mining Corp. management on the date the statements are made. Except as required by law, Giant Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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1 Sourced Online: https://tradingeconomics.com/commodity/copper

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