- Drilling in the
FAD Main Zone returned: - 11.53 g/t AuEq* over 25m in hole GH21-04 comprised of 1.96 g/t Au, 92.61 g/t Ag, 1.26 % Pb, and 7.45 % Zn
- And; 13.41 g/t AuEq* over 1.8m comprised of 3.2 g/t Au, 204 g/t Ag, 6.86% Pb, and 7.62 % Zn
The Company has also expanded the exploration team with the addition of Geologist, Gary Edmondo who will oversee and manage the FAD exploration project.
Paycore owns 100% interest in the high-grade, polymetallic, FAD project located in one of the most prolific gold belts in the world, the Eureka gold district of
Drill results from the
Figure-1 below is a cross-section demonstrating the relative location of drill holes for both the oxide and
Hole ID | From (m) | To (m) | Core (m) | Estimated | Au | Ag | Pb (%) | Zn (%) | Cu (%) | AuEq* (g/t) |
GH21-01 | 737.0 | 740.5 | 3.5 | 90 - 100 | 10.4 | 153.8 | 1.8 | 8.4 | - | 18.1 |
GH21-02 | 711.7 | 748.3 | 36.6 | 90 - 100 | 5.1 | 185.5 | 4.5 | 6.0 | - | 13 |
Including | 725.4 | 733.0 | 7.6 | 90 - 100 | 9.7 | 242.0 | 7.1 | 9.6 | - | 21.6 |
GH21-03 | 673.9 | 688.2 | 14.3 | 90 – 100 | 2.3 | 50.9 | 0.7 | 3.7 | - | 5.3 |
PC22-02 | 39.6 | 67.7 | 28.0 | 90 – 100 | 1.0 | 25.7 | 1.0 | 4.3 | 0.09 | 4.5 |
And | 86.7 | 110.6 | 23.9 | 90 – 100 | 2.3 | 23.8 | 0.4 | 4.1 | 0.09 | 5.3 |
GH21-05 | 687.3 | 697.4 | 10.1 | 90 – 100 | 6.0 | 267.0 | 4.9 | 15.9 | 0.2 | 21.1 |
GH21-04 | 683.4 | 708.4 | 25.0 | 90 - 100 | 1.96 | 92.61 | 1.26 | 7.45 | - | 11.53 |
And | 720.24 | 722.07 | 1.8 | 90 - 100 | 3.2 | 204 | 6.86 | 7.62 | - | 13.41 |
*USD values used to calculate AuEq; Au |
Hole ID | From (m) | To (m) | Core (m) | Estimated | Au | Ag | Pb (%) | Zn (%) | Cu (%) | AuEq* (g/t) |
PC22-02 | 39.6 | 67.7 | 28.0 | 90 – 100 | 1.0 | 25.7 | 1.0 | 4.3 | 0.09 | 4.5 |
And | 86.7 | 110.6 | 23.9 | 90 – 100 | 2.3 | 23.8 | 0.4 | 4.1 | 0.09 | 5.3 |
"The assay results from hole GH21-04 further confirm high-grade mineralization on the
To date, all holes have intersected high-grade poly-metallic (Au, Ag, Pb, Zn) mineralization and demonstrate significant expansion potential. Hole GH21-04 was drilled in the core of the
The FAD deposit currently has a mineralized footprint of approximately 1.5 x 1.5 km and is open in multiple directions. Outside of the core deposit area, little to no exploration has been completed and there are multiple extensions which are largely untested. Additionally, near-surface oxide mineralization (shown in Table-2), was overlooked by previous operators. It has the potential for widespread mineralization proximal to the historic high-grade underground mine that last operated more than 100 years ago.
Paycore has completed drilling for eight holes to-date and announced assays for six holes. Assay results are pending for the remaining two holes and will be announced upon receipt. The Company has completed the phase-one drill program consisting of approximately 3,900 metres of drilling. The phase-two program has already commenced and will be ongoing.
Paycore is a corporation incorporated under the Business Corporations Act (
Overseen by an experienced board and management team that includes
All samples were submitted to either ALS Minerals (ALS) of
The scientific and technical data contained in this news release pertaining to the FAD Property was reviewed and approved by
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning (i) the proposed business objectives of the Company, (ii) the impact, and anticipated results, of ongoing drill program and results on the Company, (iii) the possible economics of the FAD Property, and the Company's understanding of the FAD Property, (iv) the development potential and timetable of the FAD Property, (v) the estimation of potential mineral resources, and (vi) the timing and amount of estimated future exploration on the FAD Property. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the FAD Property. Specifically, factors that could cause the actual performance and results of the Company to differ materially from those in forward-looking statements include, without limitation, changes to commodity prices, metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the
SOURCE
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