Posted by AGORACOM-JC
at 7:40 AM on Wednesday, March 24th, 2021
Announced Premium Nickel Resources (“PNR”) has completed the Exclusivity Memorandum of Understanding with the Liquidator on the Botswana nickel-copper-cobalt assets formerly operated by BCL Limited (see PNR News Release dated February 16, 2021).
ThreeD Capital owns 6,716,456 shares of PNR, representing a 9.13% ownership in the company.
Furthermore, Sheldon Inwentash, Chairman & CEO of ThreeD Capital is on the Board of Directors of PNR.
TORONTO, March 24, 2021 — ThreeD Capital Inc. (“ ThreeD ” or the “ Company ”) (CSE:IDK) (OTCQB:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce Premium Nickel Resources (“PNR”) has completed the Exclusivity Memorandum of Understanding with the Liquidator on the Botswana nickel-copper-cobalt assets formerly operated by BCL Limited (see PNR News Release dated February 16, 2021).
ThreeD Capital owns 6,716,456 shares of PNR, representing a 9.13% ownership in the company. Furthermore, Sheldon Inwentash, Chairman & CEO of ThreeD Capital is on the Board of Directors of PNR.
More information on this subject can be found in PNR’s press release below:
Toronto, Ontario, March 24th, 2021 – Premium Nickel Resources (” PNR “) is pleased to announce that it has completed the Exclusivity Memorandum of Understanding (“ MOU ”) with the Liquidator which will govern a six-month exclusivity period to complete its due diligence and related purchase agreements on the Botswana nickel-copper-cobalt (” Ni-Cu-Co “) assets formerly operated by BCL Limited (” BCL “), that are currently in liquidation.
On February 10, 2021, the Honourable, Lefoko Moagi, the Minister of Mineral Resources, Green Technology and Energy Security of Botswana, affirmed in Parliament a press release by the Liquidator for the BCL Group of Companies, stating that PNR was selected as the preferred bidder to acquire assets formerly owned by BCL.
PNR will now start an estimated six-month systematic due diligence program. During this period, PNR will complete an environmental assessment, a metallurgical study, a review of legal and social responsibilities, a review of the mine closure and rehabilitation plans and an on-site inspection of the legacy mining infrastructure and equipment that has been under care & maintenance. Concurrent with this due diligence program PNR will negotiate definitive agreements to finalize terms on the prioritized assets to be purchased.
PNR CEO, Keith Morrison commented, “The World, Botswana and the mining industry have changed dramatically since mining first started at the former BCL assets in the early 1970s. The nickel-copper-cobalt resources remaining at these mines are now critical metals, required for the continued development of a decarbonized and electrified global economy. As we move forward, it is our goal to demonstrate the potential economics of redeveloping a combination of the former BCL assets to produce Ni-Cu-Co and water in a manner that is inclusive of modern environmental, social and corporate governance responsibilities. To attain this, extensive upgrades to infrastructure will be required with an emphasis on safety, sustainability and the application of new technologies to minimize the environmental impact and total carbon footprint for the new operations. Our team remains committed to working with the local communities and all of the stakeholders throughout this period and we encourage anyone with questions or feedback to reach out to us directly.”
PNR continues to monitor the global Covid-19 developments and is committed to working with health and safety as a priority and in full respect of all government and local Covid-19 protocol requirements. PNR has developed Covid-19 travel, living and working protocols in anticipation of moving forward to on site due diligence. PNR is ensuring to integrate these protocols with the currently applicable protocols of The Government of Botswana and surrounding communities.
About Premium Nickel Resources Corporation
PNR is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt (Ni-Cu-Co) resources. We believe that the medium to long-term demand for these metals will grow through continued global urbanization and the increasing replacement of internal combustion engines with electric motors. Importantly, these metals are key to a low‑carbon future.
PNR maintains a skilled team with strong financial, technical and operational expertise to take an asset from discovery to exploration to mining.
PNR has focused its efforts on discovering world class nickel sulphide assets in jurisdictions with rule-of-law that fit a strict criteria that comply with PNR’s values and principles which stand up against the highest acceptable industry standards. We are committed to governance through transparent accountability and open communication within our team and our stakeholders.
ONBEHALFOFTHEBOARDOFDIRECTORS
Charles Riopel Chairman of the Board Premium Nickel Resources Corporation
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of PNR. Forward-looking statements and forward-looking information includes, but is not limited to, statements about the ability of PNR to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of PNR, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. PNR disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Although PNR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
For further information: Jakson Inwentash Vice President Investments [email protected] Phone: 416-941-8900 ext 107
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Posted by AGORACOM
at 8:15 AM on Tuesday, March 23rd, 2021
Graduated from the OTC Pink Sheets (“OTCPK”)
Commenced trading on the OTCQB Venture Marketplace under the symbol “FBSGF”.
Fabled Silver Gold Corp. (TSXV: FCO) (OTCQB: FBSGF) (FSE: 7NQ) (“Fabled” or the “Company”) is pleased to announce that effective March 22, 2021, it has graduated from the OTC Pink Sheets (“OTCPK”) and commenced trading on the OTCQB Venture Marketplace (“OTCQB”) under the symbol “FBSGF”.
Peter Hawley, CEO and President, commented, “Trading on the OTCQB will make the Company accessible to a much broader range of U.S. investors and assist in our goal of increasing liquidity and visibility in the U.S. We look forward to introducing our Parral, Chihuahua, Mexico project, to this new group of investors.”
The Santa Maria project is located in the mining friendly jurisdiction of Parral, Mexico; situated in the centre of the Mexican epithermal silver-gold belt, which has produced more silver than any other area in the world.
The OTCQB Venture Market is the premiere marketplace for early stage and developing U.S. and international companies. Participating companies must be current in their reporting and undergo an annual verification and management certification process.
Posted by AGORACOM
at 8:43 AM on Monday, March 22nd, 2021
Five silver bearing north – south structures were intercepted
North – South structures are mineralized
East – West Santa Maria structure returned 14.7 meters grading 44.92 g/t Ag Eq
Fabled Silver Gold Corp. (TSXV: FCO) (OTC Pink: FBSGF) (FSE: 7NQ) (“Fabled” or the “Company”) is pleased to announce assay results of diamond drill hole 6 from the on-going 8,000 meter drill program on the Santa Maria Property in Parral, Mexico.
Peter J. Hawley, CEO and President, remarks, “This completes the results of the fence of drill holes 4,5 and 6 which are located approximately 125 meters to the east of the previous fence of holes 1, 2 and 3 which have been reported.
“Hole SM20-06 was drilled at -50 degrees and 232.0 meters in length and designed to test the various structures in the brittle oxide zone.
“Drill results demonstrate, while we are traversing eastwards the edge of a broad secondary north – south structure trend is starting to be encountered with intermittent silver mineralization within the structural fabric. As shown below in Table 1, five silver bearing north – south structures were intercepted before intersecting the targeted East – West Santa Maria structure which intersected 14.7 meters grading 44.92 g/t Ag Eq at -150 meters.
“Drill hole SM20-04 which was drilled at -60 below hole SM20-06 intercepted a north – south trending fault which displaced the Santa Maria Structure slightly to the south. This displacement is also quite evident in the first priority east to west northern IP anomaly IPSM-04 which has the same offset as we have encountered.
“Further evidence of the north – south trend is found in hole SM20-05 which has not only intersected the edge of Santa Maria structure but has also intersected three additional north – south trending mineralized structures reporting up to 232.08 g/t Ag Eq over 2.20 meters, 162.64 g/t Ag Eq over 0.55 meters and 1.6 meters grading 46.62 g/t Ag Eq before hitting the edge of the displaced Santa Maria structure at -300 meters vertically reporting 53.21 g/t Ag Eq over 7.2 meters.
“These intercepts add weight to the proposed theory that not only do the north – south structures slightly off set the east to west structures but they are more importantly mineralized.
“Re-logging of previously drilled hole SM-17-10 shows it intersected the north – south structures between hole SM20-04 and 05 at right angles to the structure not along the structure and returned1.40 g/t Au, 862 g/t Ag, 934.02 g/t Ag Eq.
“The two fences of drill holes 125 meters apart completes this drill section and adds new structural details to the interpretation on the newly interpreted East – West Santa Maria structure which is clearly defined from surface down to -350 meters vertically, which is the deepest hole ever drilled on the property. The structure remains very conformable and intersected exactly where predicted, which bodes very well for the expansion of Santa Maria and increasing the present NI 43-101 resources on the property with only 5 drill holes drilled to date.
“We expect to see the effect of the North – South structural fabric to become more intense as we move to the next fence of holes a further 200 meters to the east and expected to be in the middle of what is interpreted to be the center of the broad North – South structure intersecting the Santa Maria Structure. If this is the case this will set the stage for further investigation of this area.”
Posted by AGORACOM
at 4:38 PM on Thursday, March 18th, 2021
99.99% of the lithium leached in solution after 5 minutes at low temperature and without applying pressure.
completed EV battery characterization for 5 car makers
Pilot Testing Next
St-Georges Eco-Mining Corp. (CSE:SX)(OTC:SXOOF) (FSE:85G1) (CNSX:SX.CN)is pleased to provide an update on the initial testing phase of an array of electric vehicles batteries it received at its testing installations in Québec.
The Company has completed EV battery characterization for the following car makers: Tesla, General Motors (GM), Ford, Toyota, and Nissan. The batteries were sourced from industry aggregators. The Company’s chemists and metallurgists created synthetic powder clones of the metal’s components allowing the testing’s acceleration.
This is in line with the results obtained previously by the Company’s metallurgical team that was able to leach more than 99% of the cobalt and the nickel contained in the batteries. Furthermore, the aluminium foil used to hold the different metals in the batteries’ core remains intact and can be recycled.
The Company expects to confirm these results via a series of pilot tests as it now is in possession of car makers’ specific testing protocols. Testing will be documented and independently confirmed. The Company expects to initiate the next phase, metals purification, in April. The Company hopes to be able to reduce processing time and increase acid re-usage.
EVSX and St-Georges have also identified some of the key equipment required from industrial equipment manufacturers. They expect to be able to receive the electrolysis equipment during the month of May, allowing the manufacture of lithium hydroxide.
The Company had already disclosed on February 22, 2021, that additional tests to optimize the process of recovery of critical elements were to be conducted using synthetic compounds to move the development along faster. Work is ongoing at multiple locations, speeding up delivery and further protecting intellectual property.
Posted by AGORACOM
at 8:43 AM on Tuesday, March 16th, 2021
Chilean Metals Inc. to change its name to “Power Nickel Inc.” to reflect its focus on development of its James Bay High-Grade Nickel Copper Cobalt Palladium “Nisk” Project.
Chilean Metals’ subsidiaries currently holding the Company’s Chilean assets will be separated and spun out as a new public company with all of its existing Chilean assets and sufficient capital for one-year of operations
Chilean Metals will create a new subsidiary Consolidation Gold and Silver Inc. to be spun out as a separate public company where it will hold the option agreement on the Golden Ivan project and sufficient capital for one-year of operations
Shareholders of Chilean Metals will participate in both new public companies and retain their current ownership interest in each Company
Chilean Metals Inc.(the “Company” or “Chilean Metals”) (TSXV:CMX)(OTC PINK:CMETF)(Frankfurt:IVVI) is pleased to announce that the board of directors has approved the Company’s plans to change its name to Power Nickel Inc. and to spin-off two independent public companies to carry forward with its existing Chilean and British Colombia mining assets.
Proposed Transaction Highlights
Chilean Metals to be renamed Power Nickel Inc. and will focus its efforts on the exploration and development of the Nisk project. On February 1, 2021 Chilean Metals completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corporation (CRE)(CRECF)(F12). These estimates at the Nisk project are of a historic resource and the Company’s geologic team has not completed sufficient work to confirm a NI 43-101 compliant resource. Therefore, the estimates cannot, and should not be relied upon.
Table ‑1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.
The information regarding the NISK-1 deposit was derived from the technical report titled “Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec” dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.
The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts outside the current resource area. Chilean is focused on expanding its current high-grade nickel-copper PGE mineralization historical resource prepared in accordance with NI 43-101, identifying additional high-grade mineralization, and developing a process to potentially produce nickel sulphates responsibly for batteries for the electric vehicles industry.
Shareholders of Chilean Metals will receive shares in the two public companies proposed to be separated out by the plan of arrangement, at ratios to be determined by tax and valuation considerations
One public company is proposed to hold all the historic assets in Chile as follows:
The 5600-hectare Tierra de Oro (TDO) property located about 70 Kms south of Copiapo. Historically about $6,000,000 has been spent exploring TDO with the most recent drill program completed and reported in January 2021 which highlighted a 2-metre section that returned 716 grams of silver and .45% copper.
The 4300-hectare Zulema property located about 50 Kms southwest from Copiapo and adjoining the Candelaria Mine1 property (Over 950 Million Tonnes Copper, Gold & Silver according to NI- 43101 2018 report on Lundin Mining site)) An exploration program at the property in 2018 highlighted a garnet magnetite skarn with multiple lenses of Copper- Magnetite mineralization. Within the skarn, copper ranged from 0.12- 1.19% Cu and between 0.05 – 0.99g/t Au.
The 9,000-hectare Palo Negro and Hornitos properties located in Region 3 about 30 Kms west of the Candelaria mine. The properties are currently the focus of a number of geophysical programs including magnetics and IP over portions of the property which have previously been highlighted to be of interest.
Assets also include a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, previously sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine2 in Chile’s First Region.
Consolidation Gold & Silver Inc. will hold the previously purchased option to acquire the Golden Ivan project in the Golden Triangle. The Golden Triangle is host to numerous past and current mining operations and the region has reported mineral resources that total up to 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper. Recent mineral development activity within the local area includes Ascot Resources recently funded Premier Gold mine3 (2.3 Million oz gold), which has received $105 million in project construction financing for the development of renewed operations at the historic exploited Premier Gold deposit. Other notable active projects in the local area include the neighbouring Silverado project, and Red Mountain, and Homestake projects amongst many others.4 Further to the north Pretivm’s Bruce Jack mine5 (4.2 million oz gold), and the neighboring KSM and Eskay deposits also have significant gold, silver, and copper resources that are yet to be realized.
The property hosts two known mineral showings (Gold Ore, and Magee), and a portion of the past-producing Silverado Mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be Polymetallic veins that contain quantities of Silver, Lead, Zinc +/- Gold +/- Copper. Numerous additional mineral occurrences, showings and past-producing mines are located in the immediate areas surrounding the property, further supporting the presence of widespread mineralization in the areas.
The property is relatively underexplored. In 2018 Precision Geophysics completed an 88-line kilometre combined magnetic and gamma-ray spectrometry survey on behalf of the vendor (who optioned to Chilean Metals) Granby Gold Inc. Standard magnetic and radiometric data products were prepared and additional interpolate structural analyses were performed on the collected data. A number of areas of coincident magnetic and radiometric anomalism have been identified, additionally ‘structurally prepared’ zones are identified from the structural analysis interpolates. Such characteristics are widely regarded as favorable indicators of widespread hydrothermal alteration aka Porphyries and may aid in vectoring toward any causative source intrusions that may be located on the property. Three preliminary target areas of merit are established as a result of the survey and will be the focus of initial explorations at the site.
Shareholders of the three entities should benefit from increased focus on core opportunities that appeal to each different investor base. As Chilean Metals grew through the acquisition of Nisk and Golden Ivan, it is anticipated that the two new public companies could similarly benefit on a go-forward basis.
Company CEO and Director Mr. Terry Lynch stated, “The result of this proposed transaction will be three stand-alone companies with attractive assets focused on specific opportunities to grow and create value for their shareholders. The driving force behind the change is to communicate in a very clear way our focus on the NISK Battery Metals project. It is rare to find a project with a historical resource that we believe has a credible chance to become a mine. The electrification movement in Automobiles and Industry is growing more and more every day and this growth will be very supportive to the price curves in Nickel, Copper, Cobalt, and Palladium. We look forward to concentrating our efforts on NISK and moving it from Historical resource through the mine development process as quickly as possible.
Posted by AGORACOM-JC
at 5:02 PM on Thursday, March 11th, 2021
Fabled Silver Gold controls 100% of the Santa Maria Gold and Silver property in Mexico. It is a high grade underground mine with a rich mining history and a Silver Equivalent 43-101 with 3.2million ounces Indicated and 1.1m inferred.
Santa Maria, surprisingly, has never been systematically explored with modern methods, until now. FCO is 2000 meters into their first drill program of a planned 8000 meters to support updating the 43-101,and have recently reported on drill holes 4 and 5 from the Santa Maria Property in Parral, Mexico.
The mining friendly jurisdiction of Parral has produced over 250M oz silver. Moreover, multiple major operators in the vicinity, including three toll mills are within a 20 km distance.
Watch this great interview with CEO Peter Hawley as he explains how these results support increasing the resource, as well as identifying new structures that support finding new discoveries.
Posted by AGORACOM
at 8:17 AM on Tuesday, March 9th, 2021
On-going 8,000 meter drill program on the Santa Maria Property in Parral, Mexico
SM20-05 intersected three additional north – south trending mineralized structures
North – South trending fault has displaced the Santa Maria Structure slightly to the south
Next fence of holes a further 200 meters to the East
Fabled Silver Gold Corp. (TSXV: FCO) (OTC Pink: FBSGF) (FSE: 7NQ) (“Fabled” or the “Company”) is pleased to announce diamond drill holes 4 and 5 from the on-going 8,000 meter drill program on the Santa Maria Property in Parral, Mexico.
Peter J. Hawley, CEO and President, remarks, “The fence of drill holes 4,5 and 6 are located approximately 125 meters to the east of the previous fence of holes 1, 2 and 3 which have been reported.
“As expected, as we traverse eastwards the edge of a secondary north – south structure trend is starting to be encountered. Hole SM20-04 drilled at -60 degrees intersected 12.5 meters grading 22.37 g/t Ag Eq at -200 meters vertically in a north – south trending fault which has displaced the Santa Maria Structure slightly to the south. This displacement is also quite evident in the first priority east to west northern IP anomaly IPSM-04 which has the same offset as we have encountered.
“Further evidence of the north – south trend is found in hole SM20-05 which has not only intersected the edge of Santa Maria structure but has also intersected three additional north – south trending mineralized structures reporting up to 232.08 g/t Ag Eq over 2.20 meters, 162.64 g/t Ag Eq over 0.55 meters and 1.6 meters grading 46.62 g/t Ag Eq before hitting the edge of the displace Santa Maria structure at -300 meters vertically reporting 53.21 g/t Ag Eq over 7.2 meters.
“These intercepts add weight to the proposed theory that not only do the north – south structures slightly off set the east to west structures but they are more importantly mineralized. We expect to see this become more pervasive in the next fence of holes a further 200 meters to the east and to be in the middle of what is interpreted to be the center of the North – South structure intersecting the Santa Maria.
“Re-logging of previously drilled hole SM-17-10 shows it intersected the north – south structures between hole SM20-04 and 05 at right angles to the structure not along the structure and returned 1.40 g/t Au, 862 g/t Ag, 934.02 g/t Ag Eq.
“These drill holes plus the results from hole SM20-06, to be announced, adds to the drill sections and interpretation on the newly interpreted Santa Maria structure and clearly defines the structure from surface down to -350 meters vertically, which is the deepest hole ever drilled on the property. The structure remains very conformable and intersected exactly where predicted, which bodes very well for the expansion of Santa Maria and increasing the present NI 43-101 resources on the property with only 5 drill holes drilled to date.”
Peter Hawley continues, “The data being obtained from this fence of drill holes with the mineralized north – south structures now evident should not only help target adding silver ounces to the overall resource but also allow us to interpret and model the behavior of this robust mineralized system for future drilling as we expand outwards from the present resource. We now have two mineralized plumbing systems starting to intersect which bodes well for the future drilling.”
Posted by AGORACOM
at 8:08 AM on Tuesday, March 9th, 2021
Main Shear Confirmed Along 2 km Strike Length
Drilling at Stover continues to intersect broad zones of gold mineralization
3.0 m grading 4.0 g/t Au within a broader intersection of 49 m grading 0.7 g/t Au
Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce additional assay results from its ongoing 10,000 metre drill program along the eastern portion of the Baltimore deformation zone (the “BDZ”) on its 100% owned Goudreau Project in Northeastern Ontario.
Highlights of drill results are from the Stover zone and newly identified extension zones, where the Company is reporting assay results from an additional eight drill holes completed in February of this year. Drilling is ongoing, with two diamond drill rigs currently testing the Stover zone and 28 other high priority targets on the eastern 4 kms of the 18 km length of the BDZ on Manitou property.
Highlights:
Drilling at Stover continues to intersect broad zones of gold mineralization down plunge of previously announced, shallow drill hole intersections, with highlights including:
3.0 m grading 4.0 g/t Au within a broader intersection of 49 m grading 0.7 g/t Au (starting at 291 m down hole) in hole MTU-21-10, located approximately 200 metres down-plunge of hole MTU-20-56, which intersected 15 m grading 1.5 g/t Au, including 5.3 m at 2.7 g/t Au; and
36.5 m grading 0.5 g/t Au (starting at 186.9 m down hole), including 4.4 m at 1.8 g/t Au in hole MTU-21-07, located 150 m up plunge of MTU-21-10.
Identified significant gold mineralization over widths of up to 12 m in step-out holes located 1.2 kms east and 600 m west of the Stover zone along the “Main shear”;
The Main shear has now been drill confirmed along 2 km of strike length.
All gold zones encountered along the BDZ to date remain open in all directions; additional drilling to test for higher grade shoots is ongoing. A second diamond drill is completing follow-up hole in the vicinity of the step-out drilling to determine the extent of gold mineralization in these new areas.
Aggressive step-down drill-hole underway with hole MTU-21-12, which targets the Stover zone 200 m down-plunge from the deepest intercept to date. Hole MTU-21-12 is an aggressive step-down drill hole which targets the mineralized zone at a vertical depth of approximately 450 metres.
“Our exploration thesis for the BDZ is that the orogenic gold environment proven up by our neighbours to the west is intact, with the main gold bearing sections beginning at depths of several hundred metres below surface. The deeper we have drilled on the Stover zone, the more confirmation we are getting in this regard. I am very optimistic about the ongoing hole MTU-21-12, which is testing 200 metres below our most recent, highest grade intersection to date,” stated Richard Murphy, President and CEO of Manitou Gold. “I am also looking forward to the results of our ongoing geophysical surveys, which are covering the western ten kilometres of the BDZ on Manitou Property. I expect that we will be ramping up our exploration drilling to test new targets in this area.”
Stover Zone
Today’s results from the Stover zone includes two drill holes collared 50 m and 200 m down-plunge of previously released drill holes, (see news release dated December 16, 2020 & news release January dated January 12, 2021) which intersected up to 39.9 m at 0.5 g/t in hole MTU-20-49, 0.8 g/t Au over 18.0 m, including 3.3 g/t Au over 2.1 m in hole MTU-20-52 and 15 m grading 1.5 g/t Au, including 5.3 m at 2.7 g/t Au in hole MTU-20-56.
Hole MTU-21-07 returned 36.5 m at 0.5 g/t Au (starting at 186.9 m down hole), including 4.4 m at 1.8 and Hole MTU-21-10 intersected 49 m at 0.7 g/t Au (starting at 291 m down hole), including 3.0 m at 4.0 g/t Au.
The new results demonstrate the down-plunge continuity of mineralization and validate the interpretation of steeply westerly plunging shoots. Drill results to date demonstrate the continuity of mineralization over a distance of 200 metres along strike and 350 metres down plunge.
The company is now completing an aggressive step-down drill hole which targets the mineralized zone at a vertical depth of approximately 450 metres and 200 metres down plunge of the deepest intercept to date.
