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$GLI.ca Acquisition of Colt Mesa Copper-Cobalt Property, Utah, Surface Grab Samples Return 0.88% Copper and 2.31% Cobalt $JAX.ca

Posted by AGORACOM-Eric at 8:31 AM on Wednesday, June 13th, 2018

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  • Announced the acquisition of the “Colt Mesa” copper-cobalt property in Garfield County, south central Utah.
  • Colt Mesa mine is associated cobalt, zinc, nickel and molybdenum mineralization
  • Recent sampling (CM-18-01) by Company personnel, on a site visit with the vendor of the property, returned values of 0.88 percent (%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn), +1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface exposure near the adit portal

 

VANCOUVER, British Columbia, June 13, 2018 (GLOBE NEWSWIRE) — Glacier Lake Resources Inc. (TSXV:GLI) – (“Glacier” or the “Company”) is pleased to announce the acquisition of the “Colt Mesa” copper-cobalt property in Garfield County, southcentral Utah. The property is readily accessible by gravel roads from Boulder, the closest community with services and support. Key takeaways:

  • Property covers the past producing Colt Mesa mine, a copper deposit with associated cobalt, zinc, nickel and molybdenum mineralization.
  • Recent sampling (CM-18-01) by Company personnel, on a site visit with the vendor of the property, returned values of 0.88 percent (%) copper (Cu), 2.31% cobalt (Co), 9.31 % zinc (Zn), +1.00 % nickel (Ni), and 0.29 % molybdenum (Mo), over a 0.3 meter chip sample of surface exposure near the adit portal. Tables below,
  • Area recently became open for staking and exploration after a 21 year period moratorium, due to the reduction of the “Grand Staircase Escalante National Monument” by President Trump in December 2017.
  • 1975 grab sampling reported values from 0.07% to 29.50 % copper (Cu), 0.01% to 0.67 % cobalt (Co), 0.03% to 3.30 % zinc (Zn), 0.02% to 0.27 % nickel (Ni), and trace to 0.17 % molybdenum (Mo). The Company cautions investors grab samples are selected samples and are not necessarily representative of the mineralization on the Colt Mesa property.
  • Sedimentary (sandstone) hosted, tabular strata-bound mineralization.
  • Excellent year-round logistics, road accessible. No reclamation issues from historic mining activity.

“The Colt Mesa acquisition broadens our focus on sedimentary hosted copper deposits, with a significant bonus of cobalt and nickel mineralization indicated. There is strong investor interest in the “Battery Metals” sector, including cobalt, nickel and copper. With this new interest coupled with the growth of the EV sector and strong demand for cobalt, the Colt Mesa project is a welcome addition to the Company’s ever growing portfolio of projects,” says Saf Dhillon, president and chief executive officer. “Surface exploration work will start this summer on the Colt Mesa property and drill permitting will be initiated shortly.”

The Colt Mesa deposit was discovered in 1968 and was mined intermittently from 1971 to 1974. While little data survived from the copper mining activities, a 1975 Master Thesis (G.M. Collings, 1975, Geology and Geochemistry of the Colt Mesa Copper Deposit”) completed at the University of Utah, is an invaluable source of information on the geology and mineralization at the Colt Mesa mine.

Tabular, strata-bound copper mineralization lies within a paleochannel at the contact of two distinct sedimentary (sandstone) units. The trackless, room-and-pillar mining was focused on the copper mineralization meaning the mine and surrounding area were never systematically explored for cobalt mineralization.

All of the above samples were taken at surface, near the adits. The underground working was examined (see website for photos), but not sampled. Samples CM-18-01, 02, and 03, were chip sampled from the same location over a width of 1.35 meters, averaging 0.52 % Cu, 1.51 % Co, 6.52 % Zn, 0.79% Pb, and 0.17 % Mo. Sample CM-18-01 and CM-18-03 had conspicuous “cobalt bloom”, whereas CM-18-02 was barren, unmineralized sandstone. Sample CM-18-04 was a select grab sample of bright, copper oxide float from the dump. The Colt Mesa is renowned for brilliant, multicolored copper oxides, attributed to the association with cobalt and molybdenum.’

The 1975 Master Thesis reports: “The ore body is tabular in form and is composed of chalcopyrite, bornite, digenite, covellite and chalcocite”. Sampling of the underground mineralized zone was completed in 1975 with a total of eight samples from the mineralized zone taken as follows:

Again, the Company cautions investors grab samples are selected samples and are not necessarily representative of the mineralization on the Colt Mesa property.

The Colt Mesa area has seen significant exploration for uranium in the 1950s and 1960s, modest exploration for copper and base metals but minimal exploration was focused on cobalt and nickel. The Colt Mesa mine area was sterilized from exploration and development in 1996, when President Clinton created the “Grand Staircase Escalante National Monument”, however, the size was recently reduced by Presidential proclamation in 2017, placing Colt Mesa outside the new boundaries of the restructured national monument.

For more information on the Colt Mesa project go to https://www.glacierlake.ca/colt-mesa/

In consideration for the property, Glacier Lake will issue one million common shares, and make a cash payment of US $120,000, staged over a two (2) year period. The vendors retain a one-and-three-quarters percent (1.75%) Net Smelter Returns (“NSR”). Glacier shall be entitled to purchase one percent (1.00%) of the Royalty at any time through a one-time cash payment of $1,000,000 to the vendors. Completion of the acquisition is subject to the approval of the TSX Venture Exchange. All common shares issued will be subject to a four-month-and-one-day statutory hold period. A finder’s fee may be payable related to this acquisition.

Quality assurance/quality control

All recent surface samples from the Colt Mesa property were hand delivered to the ALS Minerals Ltd. North Vancouver, B.C., laboratory, an 17025:2005 certified facility. All samples were collected by Company personnel and securely stored until delivery to ALS Minerals. At this early stage of exploration, Glacier Lake is relying on the certified standards utilized by ALS Minerals as part of it analysis protocols. No QA/QC anomalies were noted in the analyses.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo, a member of the Glacier Lake advisory board and a qualified person as defined by National Instrument 43-101 — Standards of Disclosure for Mineral Projects.
For additional information please feel free to contact:

Saf Dhillon
President/CEO
Glacier Lake Resources Inc.
Tel:866-687-7059
Dir: 604-688-2922
[email protected]

Please visit our Website at: www.glacierlake.ca

Glacier Lake $GLI.ca Announces New Discovery at Silver Vista Hinting at Pollymetallic System $JAX.ca $AMI.ca $GTT.ca

Posted by AGORACOM-Eric at 7:43 AM on Thursday, November 2nd, 2017

  • New Discovery is called the “Golden Vista Zone”
  • Golden Vista Zone is 22 km northwest of the principal target, the “MR” copper-silver prospect
  • 2cm massive pyrite-galena stringer within siliceous, altered mineralized sediments
  • 16.90 grams per tonne gold (g/t Au), 196.0 g/t (Ag) silver, 12.6 percent (%) lead (Pb), 11.9 percent zinc (Zn)

Glacier Lake Resources Inc. (TSXV:GLI) (“Glacier” or the “Company”) is pleased to report multiple new mineral showings in an area designated as the “Golden Vista Zone”, located on the Silver Vista property, near Smithers, B.C. The highlight is an outcrop select grab sample including a 2 centimetre massive pyrite-galena stringer within siliceous, altered mineralized sediments, returning 16.90 grams per tonne gold (g/t Au), 196.0 g/t (Ag) silver, 12.6 percent (%) lead (Pb), 11.9 percent zinc (Zn).  Investors are cautioned that these samples are selective samples and are not necessarily representative of the mineralization hosted on the property.

The Golden Vista Zone area is approximately 22 kilometers northwest of the principal target, the “MR” copper-silver prospect. Highlights of the recent Golden Vista discoveries include:

  • The mineral showings are in a minimally explored area of the property, with no previously known mineral showings or historic prospects. The new showings resulted from a limited prospecting-geological mapping program, involving a 3-4-person crew, serviced by helicopter from Smithers. In total 28 grab rock samples were taken from outcrop or subcrop locations while prospecting, and 53 soils samples were taken.
  • Target GV-2 is located in a steeply incised stream drainage and comprises three outcrop grab samples, hosting semi-massive sulphides (pyrite-galena) in altered, siliceous, gossanous sediments. Sample #02681 returned 5.37 g/t Au, 110.0 g/t Ag, 5.05 % Pb, and 11.60 % Zn from a pyrite-galena gossan. Sample #02681 assayed 16.90 g/t Au, 196.0 g/t Ag, 12.60% Pb and 11.90% Zn from a 2 cm massive sulfide vein. Sample #16079 is comprised of coarse grained galena in a highly silicified sedimentary unit, which returned 4.47 g/t Au, 34.00 g/t Ag, 1.72% Pb, and 5.02% Zn. The GV-2 zone is a high priority target for follow-up.
  • Target GV-1 was investigated to confirm gold-and-silver soil anomalies from wide spaced (+/- 300 meter spacing) reconnaissance soil sampling completed in 2012-2013, in an area of rugged topography. Soil sample #2668 from this location returned 0.34 g/t Au, 15.45 g/t Ag, 0.29% Pb, and 0.26% Zn. Soil sample #2669, nearby returned 1.68 g/t Au, 28.90 g/t Ag, 0.44% Pb, and 0.36% Zn. Outcrop rock samples from the same location of altered, gossanous sediments returned anomalous gold values of 0.141 g/t Au and 0.118 g/t Au, suggestive that the source of the soil geochemical anomalies may be further up-slope.
  • The GV-1 target alteration zone was projected to the south-east and an outcrop location approximately 350 meters along strike was discovered comprising siliceous, moderately gossanous sediments. Three chip samples were taken at this location, with anomalous gold (0.04, 0.18 and 0.26 g/t Au), and silver, (4.6, 7.1, and 16.3 g/t Ag), and strongly anomalous lead (0.65, 0.12, and 1.11% Pb). These anomalous values and associated metals (arsenic, antimony and mercury) are supportive of structural continuity of the GV-1 alteration/mineralized zones.
  • Target GV-4 was tested by three soil samples with anomalous gold values. Soil sample #16082 returned the highest gold-in-soil value of the fall survey, with 2.75 g/t Au, 3.4 g/t Ag, and 781 ppm (parts per million) Pb.
  • Three other targets are defined by anomalous soil and/or rock geochemistry in the Golden Vista area.  Outcrop exposure is modest and soil sampling remains an effective tool to define buried targets. The Golden Visa discoveries are in an area 1,400 meters by 1,000 meters. Several anomalous gold-in-soil anomalies were not visited during the recent program.
  • A preliminary analysis of the soil and rock geochemistry suggest that the Golden Vista mineralization is representative of an enhanced gold- silver-lead-zinc system. Silver values in the soils are enriched and widespread, with more than 37% of the soil samples returning +1.0 g/t Ag in the soils. The 90% percentile of the 53 soil samples is 0.11 g/t Au, 3.2 g/t Ag and 880 ppm lead (Pb).

Saf Dhillon, President/CEO and Director of Glacier Lake Resources Inc. reports that, “The results of our recent reconnaissance program have exceeded our expectations, with the discovery of multiple showings returning significant precious and base metals. These new showings indicate an exciting new style of mineralization on the Silver Vista property. While our short-term focus will be on a Phase 1 drill program to test the zone of high-grade copper and silver mineralization at the “MR” area, the Golden Vista zones will be an important exploration target for next summer’s field season.”

All samples from the Golden Vista surface program were sent to the ALS Minerals Ltd. North Vancouver, BC laboratory, an 17025:2005 certified facility. All samples were collected by Exploration Facilitation Unlimited Inc. personnel and securely stored until delivery to ALS Minerals. At this early stage of exploration, Glacier Lake is relying on the certified standards utilized by ALS Minerals as part of it analysis protocols. No QA/QC anomalies were noted in the analyses.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo., a member of the Glacier Lake Advisory Board and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Contact information:

Satvir Dhillon, President & CEO
Glacier Lake Resources Inc.
Ph: 604-688-2922
Email: [email protected]