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Silver Sands Resources Commences Phase III Drilling at the Virginia Silver Project

Vancouver, British Columbia–(Newsfile Corp. – October 12, 2021) – Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) (“Silver Sands” or the “Company”) is pleased to report the commencement of its fully funded $US900k Phase III exploration program…

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Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) ("Silver Sands" or the "Company") is pleased to report the commencement of its fully funded $US900k Phase III exploration program at its Virginia Silver Project in Santa Cruz Province, Argentina.

Following up on a highly successful Phase I and Phase II program, Phase III comprises a total of 2685 metres in 16 holes targeting 7 different silver vein structures, plus the Santa Rita silver-gold prospect. Phase III drilling will continue to focus on gaps and extensions of principal veins and also includes testing some deeper vein extensions. Previous drilling has tested mineralization at depths from surface to only 150 meters deep. Phase I and Phase II drilling completed in 2020/2021 demonstrated the existence of significant silver mineralization that has not out cropped on the surface especially in the south and the south-east areas of the property.

Drilling will focus on expanding high grade silver mineralization open along strike, and at depth, within the Ely, Martina and Julia vein structures that currently host conceptual open pits at Ely North, Ely Central, Martina and Julia South. The program will also include testing vein structures or mineralization at four other targets plus the Santa Rita silver-gold prospect 15 km to the north of the Virginia discovery. Santa Rita was previously explored by Mirasol in 2005-2007 including 2,048m of drilling. Surface sampling highlights included 340 g/t silver and 1.23 g/t gold and channel sample highlights included 309 g/t silver and 0.63 g/t gold over 4m. New drill targets have been developed at Santa Rita based on a reinterpretation of the exploration and drilling data and structure.

In addition, the next block to the northeast of the Virginia Vein Field will be the focus of the extremely successful Pole Dipole Induced Polarization (PDP IP) survey. The PDP IP follows up the earlier gradient array IP to define and sharpen the linear chargeability anomalies that are yielding responses similar to the known vein structures within the Virginia Vein Field.

Phase III Virginia Vein Field Drill Plan

Ely Central
Ely Central hosts a 580m gap between the Ely South and Ely North conceptual pits. Drilling along a 200m section of this during Phase I and Phase II delivered silver mineralization in all four holes. Two holes will be directed at testing the mineralization: one to depth and one along strike.

Highlights of previous drilling include:

  • 639 g/t Ag over 9.60m
  • 625 g/t Ag over 10.80m, including 1,110 g/t Ag over 5.70m
  • 560 g/t Ag over 9.98m, including 1,578 g/t Ag over 2.87m
  • 233.54 g/t Ag over 9.25m, including 441.71 g/t Ag over 4.5m

Ely North
Ely North Extension hosts a 400m gap to the north of the Ely North conceptual pit. Widely spaced drilling in Phase I and Phase II hit silver mineralization in two holes 350m apart. The discovery of strong veining and silver mineralization in previously untested lower intensity IP chargeability at Ely North Extension opens numerous possibilities within the current mineral resource area. Two holes will test the mineralization at depth and beneath the Phase I and Phase II holes.

Previous drill intercepts included:

  • 476 g/t Ag over 4.0m, including 929 g/t Ag over 1.85m
  • 91 g/t Ag over 7.5m

Julia South
Phase I and Phase II drilling at Julia South / Julia South Extension has a identified a potential 400m shoot of silver mineralization to the south of the Julia South conceptual pit. One hole will test mineralization to depth.

Previous drill intercepts include:

  • 360 g/t silver over 0.4m
  • 259 g/t silver over 0.7m
  • 192 g/t silver over 5.5m, including 372 g/t silver over 1.6m
  • 140.27 g/t silver over 4.2m, including 483 g/t silver over 0.35m
  • 123.43 g/t silver over 8.5m, including 168.34 g/t silver over 3.9m

Martina
Three vein segments have been identified at Martina: NW, SE and SW. Martina NW is a 200m gap to the north of the existing Martina conceptual pit. Phase II drilling returned 190 g/t silver of 5.9 metres. One hole will test below this drill intersection. The geological evidence, as interpreted by the Mirasol team, indicates the Virginia Vein Field is tilted to the east, meaning the silver mineralized shoots will be deeper on the eastern side of the field.

Martina SE lies in a 450m gap to the south of the Martina conceptual pit. Shallower Phase I drilling returned values of 198 g/t silver over 33.5m and 63.97 g/t silver over 16.05m. One hole will test below these drill intersections. Martina SW is a northeast trending structure, parallel to the Ely Vein. Limited Phase I and Phase II drilling located 30 to 85 g/t silver over narrow widths. One hole will test the vein.

Magi
Magi has been traced intermittently for 770m on the east side of the Virginia Vein Field. Limited drilling has returned highlights of 40.73 g/t silver over 16.7m. One hole will test the vein along strike.

Margarita
Margarita is a 500m long vein in the south of the Virginia Vein Field. Historic channel sampling returned highlights of 1,486 g/t silver over 1.4m with samples ranging from 3,170 g/t silver to 67 g.t silver. A Phase I drill hole appears to have been drilled into the footwall of the vein, so one hole will test the vein from the hanging wall side.

Roxanne
Roxanne remains an enigma as drilling to date has been unable to locate the elusive source of a 590m linear series of surface float samples that averaged 1,039 g/t silver, ranging from 2,880 g/t silver to 103 g/t silver. Corresponding high chargeability suggests a linear structure. One hole will test below a drill intersection of 21.84 g/t silver over 2.6m.

Maos
Maos has been traced intermittently 200m along strike in the northeast of the vein field. Historic sampling returned anomalous silver values in linear subcrop and angular float. With the vein field dipping to the east, the favourable silver mineralization is expected to lie at depth beneath surface. Two drill holes will trace the vein down dip toward the high-grade silver mineralization.

Phase III Santa Rita Silver/Gold Targets

The gold rich Santa Rita zones lie 15km to the north of the Virginia Vein Field. Early exploration located three zones, Santa Rita Main, Santa Rita Central and Santa Rita East. Exploration largely focussed on Santa Rita Main, an open ended 3500m long by 500m wide NW trend containing mapped veins of multi‐ounce silver epithermal mineralisation generally less than 10m wide. Surface sampling highlights include 340 g/t silver and 1.23 g/t gold and channel sample highlights include 309 g/t silver and 0.63 g/t gold over 4m. Subsequent limited diamond drilling returned highlights of 86.3 g/t silver over 3.4m, within the upper levels of the epithermal system.

Santa Rita East forms a 2.7 km long zone of intermittently outcropping veins occurring along an 8 km NW orientated major fault within the same EW orientated structural corridor as Santa Rita Main. Santa Rita Central and Santa Rita East show a marked increase in gold results with associated high silver hosted within well-formed epithermal veins. Santa Rita Central highlight values range from 1.77 to 0.12 g/t gold and 158 to 18 g/t silver, while Santa Rita East highlight values range from 5.86 to 2.57 to g/t gold and 91 to 21 g/t silver, indicating gold values are increasing to the east.

Reinterpretation of the geophysics and drilling suggests that 40% of the 2,048m drilled at Santa Rita Main was drilled into the footwall and failed to intersect the main structure. Vein quartz and alteration suggest the drill holes targeted the upper levels of epithermal veining, with the high-grade gold and silver values expected to be deeper within the vein. Three drill holes are planned to cross the vein structure from the hanging wall and test the structure at depth.

"With two highly successful drill programs already completed, Phase III drilling has the potential to significantly expand on our previous discoveries and build on the known silver resource at the Virginia Vein Field, " commented Silver Sands CEO Keith Anderson. "Much of this program is designed to test extensions and gaps in areas where we have already encountered high grade silver mineralization along strike from known conceptual open pits. Other targets have the potential to develop new conceptual open pits by expanding on previous drilling and sampling. As well we're extremely excited to test new high priority silver/gold targets at Santa Rita based on a reinterpretation of previous exploration and drilling data. This will be the first time we've drilled a target where there has been significant gold mineralization."

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Figure 1. Key Zones

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Ely Central Target

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Ely North Target

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Martina NW Target

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Martina SW Target

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Julia South Extension Target

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Legend

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Figure 2. Highlighted New Zones from Phase I and Phase II Programs

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About Virginia

The Virginia Project is an advanced exploration stage project. Located in the mineral-rich Deseado massif, lying within the mining-friendly state of Santa Cruz in the Patagonia region of Argentina. Virginia is a low to intermediate sulphidation epithermal silver deposit. Through initial discovery in 2009 to four drill programs between 2010 and 2012, Mirasol Resources was able to define an initial indicated mineral resource of 11.9 million ounces of silver at 310 g/t Ag and a further inferred 3.1 million ounces of silver at 207 g/t Ag within seven outcropping bodies. The mineral resources are contained within seven conceptual open pits - Naty, Julia North, Julia Central, Julia South, Ely North, Ely South and Martina. Phase I and II drilling identified the potential for four additional conceptual open pits - Ely Central, Ely North Extension, Julia South Extension and Martina NW.

The resource estimate is documented in a Mirasol Resources technical report entitled: "Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina -- Initial Silver Mineral Resource Estimate" with an effective date of Oct. 24, 2014, and a report date of Feb. 29, 2016.

Several additional vein structures within the property package remain highly prospective, as Mirasol concentrated the bulk of its earlier exploration effort on the resource area at the expense of continuing exploration on the underexplored additional veins. Several of these structures have highlight silver values in excess of 1,000 g/t Ag and have a high probability of hosting additional silver resources.

Silver Sands has the option to earn-in 100% of the Virginia Project. Upon completion of the option Mirasol Resources will retain a 3% NSR royalty, of which 1% can be bought back by Silver Sands for US$ 2 million.

About Silver Sands Resources Corp.

Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.

On Behalf of the Board of Directors

Keith Anderson
Chief Executive Officer, Director

For further information, please contact:

Keith Anderson
Chief Executive Officer, Director (604) 786-7774

Qualified Person Statement: Silver Sand's disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Eng., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

QAQC: Silver Sands applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Argentina for analysis. Assay results from channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

Forward-Looking Statements: The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

 

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Today’s News

Golden Valley Enters into Option Agreement with Eldorado Gold

Val-d’Or, Québec–(Newsfile Corp. – October 15, 2021) – Golden Valley Mines and Royalties Inc. (TSXV: GZZ) ("Golden Valley" or the "Corporation"), announces…

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Val-d'Or, Québec--(Newsfile Corp. - October 15, 2021) - Golden Valley Mines and Royalties Inc. (TSXV: GZZ("Golden Valley" or the "Corporation"), announces that it has entered into an option agreement (the "Option Agreement") with Eldorado Gold (Québec) Inc. ("Eldorado"), a wholly owned subsidiary of Eldorado Gold Corporation, enabling Eldorado to earn up to an additional 50% interest in the Claw Lake Gold Prospect, the Cook Lake Prospect, the Murdock Creek Prospect, all located in Ontario and the Perestroika Prospect, located in Québec (the "Properties").

Golden Valley and Eldorado are currently parties to a Joint Venture Agreement (the "Existing JV") pertaining originally to an aggregate of nine properties (the "Existing Properties") in which Golden Valley has a 70% undivided beneficial interest, and Eldorado has a 30% undivided beneficial interest. Under the new Option Agreement, the Existing JV will be terminated upon the satisfaction of certain conditions precedent (including the amendment of certain historical royalty agreements pertaining to the Properties), which were satisfied concurrently with the execution of the Option Agreement. Further, Golden Valley has the option to be assigned, from Eldorado for nominal consideration, all of the right, title and interest of Eldorado in and to five of the remaining Existing Properties (Munro Prospect, Recession Larder Prospect, Matachewan Prospect all in Ontario, and the Bogside Prospect in Quebec; Denovo Prospect in Ontario was previously dealt with in a transaction with Highgold Mining Inc.), other than the Properties.

Eldorado may earn an additional 40% in the Properties (the "40% Option") by funding expenditures on the Properties for a minimum of $10,500,000 over a period of 5 years from the termination of the Existing JV and making annual payments to $50,000 per annum to the Corporation ("Annual Payment") with the first Annual Payment being made on termination of the Existing JV and each subsequent Annual Payment being made on the anniversary thereof until Eldorado exercises the 40% Option. Upon exercise of the 40% Option by Eldorado, the parties will be deemed to have formed a joint venture in accordance with the terms set out in the Option Agreement and will use commercially reasonable efforts to enter into a formal joint venture agreement within 60 business days of the exercise of the 40% Option.

In order to earn and acquire an additional 10% undivided interest in the Properties (the "Additional Option"), Eldorado will contribute all joint venture expenditures on behalf of the parties, and deliver to Golden Valley, a preliminary economic assessment (PEA) report in respect of the Properties.

Upon the exercise of the Additional Option by Eldorado, Golden Valley will have a 20% undivided beneficial interest in the Properties and Eldorado will have an 80% undivided beneficial interest in the Properties.

Description of the Properties:

Claw Lake Prospect

The Claw Lake Prospect is located within Cabot Township of the Larder Lake Mining Division of Ontario. The property itself consists of 55 contiguous claims that total 1195 hectares on NTS Map Sheet 41P/11. The Claw Lake Prospect is located approximately 18 kilometres northwest of the town of Shining Tree.

The principal geological feature covered by the property is the Claw Lake Stock. The Claw Lake Stock is described by M.W. Carter in OGS Report 240, Geology of the Shining Tree Area 1987, as an irregular lens-shaped body, elongated in the direction of the regional trend of the volcanic rocks into which it intrudes. It is 3.6 kilometres long by 1.2 kilometres wide at its widest (central) part and consists of massive and porphyritic facies. The predominant massive facies comprises quartz diorite and trondhjemite. The quartz diorite is a medium-grained, greenish grey rock consisting of quartz, altered plagioclase and interstitial micro pegmatite with accessory pyrite and ilmenite. The trondhjemite forms minor facies of the stock and is pink and medium-grained. It consists of quartz, plagioclase, potassic feldspar, and quartz-orthoclase micro pegmatite, with muscovite, biotite, and accessory calcite, apatite, and pyrite. The porphyritic facies form a phase of the stock and also occurs as dykes. This facies consists of either a dark green quartz diorite or a pale buff trondhjemite.

There are numerous historic mineral showings within the Claw Lake Stock:

The Rapids Vein has been reported to carry 0.58 opt Au across 0.46 m from an unknown type of sample, 0.16 opt Au over 0.6 m from a DDH sample (Carter, 1986; OGS GR 240) as well as 0.33 opt Au, 0.207 opt Au and 0.211 opt Au from grab samples (Mullan, 1992; AFRO ID: 2.14863) and 2434 ppb Au over 0.82 from DDH JCL 93-04 (Mullan, 1994; AFRO ID: W9480-00072).

The Draw Vein has been reported to carry 0.13 opt Au over a surface sample length of 18.0 m (Carter, 1986; OGS GR 240).

The Big Vein is documented as carrying 0.05 opt Au from an unknown type of sample (Carter, 1986; OGS GR 240).

The West Vein has been reported to carry 1.39% MoS2 from a grab sample as well as 1.21% MoS2 over 0.55 m from a chip sample (Carter, 1986; OGS GR 240).

There are also numerous historical showings within the volcanic rock surrounding the intrusion.

The Molybdenite Vein has been reported to carry 0.74% MoS2 from a grab sample (Laird, 1934; OGS ARV43, part 3), 0.96% MoS2 with 0.07 opt Au from a grab sample (Carter, 1986; OGS GR 240) as well as 0.27% MoS2 with 0.05 opt Au over 0.55m from a chip sample (Mullan, 1992; AFRO ID: 2.14863) and 0.36 % MoS2 over 1.37m from DDH 16 (Carter, 1986; OGS GR 240).

The Galena Vein is reported to carry assayed values of up to 0.45 opt Au from the selective sampling of veins. A grab sample of 0.57 opt Au with 0.95 opt Ag and one with 0.21% MoS2 are reported from this area (Carter, 1986; OGS GR 240). A sample from DDH #9 carried 0.05 opt Au from this showing (Longley, 1946; Claw Lake Gold Mines).

The Hillside Vein is documented as yielding a best assay of 0.79 opt Au with 15.9 opt Ag over 0.76m. A sample from DDH #16 carried 0.01 opt Au over 1.37m (Carter, 1986; OGS GR 240).

The Beaver Zone was established by a grab sample that carried 0.214 opt Au (Carter, 1986; OGS GR 240). This was followed up by DDH GCW-07-03 that intersected 0.12 g/t Au over 2.0 m. 0.306 g/t Au over 4.28 m that included 1.005 g/t Au over 0.65m. This same DDH also cut 0.133 g/t over 1.0m and 2.110 g/t Au over 1.00m (2007 Golden Valley Drill report; AFRO ID: 2.36537).

Cook Lake Prospect

The Cook Lake Prospect is located within Grenfell and Teck Townships. The property itself consists of 52 claims totalling 1,000 hectares on NTS Map Sheet 42A/1. The centre of the Cook Lake Prospect is located approximately 10 kilometres west of the centre of the town of Kirkland Lake Ontario. The property is readily accessible by road from Kirkland Lake.

The Cook Lake Prospect is situated in the central part of the Abitibi Greenstone Belt within the Kinojevis South Assemblage of volcanic and intrusive rocks. The main structural feature in the area of the Cook Lake Prospect is the roughly east-west trending Cadillac-Larder Lake Fault Zone that lies just south of the Kinojevis South assemblage.

Historical gold production from the Kirkland Lake Mining District is the second highest in Canada following the Timmins area of Ontario. Historic Gold Production (oz) between the period of 1891-2020 47,214,690 ounces of gold from 189,936,097 tons milled at an average grade of 0.249g/t gold (MENDM statistics).

Mapping of the Cook Lake Prospect allowed for the recognition of several volcanic units intruded by a large gabbroic mass. This sequence is in turn crosscut by dykes of syenite porphyry and of diabase.

The rocks of the property are generally unaltered except for a large halo of alteration of probable hydrothermal origin located south of Davis Lake. This alteration is intimately associated with a breccia (possibly phreatic) volcanic facies and is locally associated with stringers of pyrite and pyrrhotite.

In 1929, on the northwest side of Cook Lake, Scott-Kirkland Gold Mines Limited sank shaft #1 to a depth of 32 feet. At this depth, a 22-foot drift encountered a parallel vein, three feet of which gave a gold content of $54.35 (2.63 opt Au) per ton. The average price of gold in 1929 was $20.63 per ounce (Reid, A.; 1929).

On the northwest shore of Davis Lake approximately 1.25 miles north of Shaft No. 1 a second shaft was sunk to a depth of 58 feet. This shaft encountered a dike at a depth of 54 feet. Channel assays at this footage are reported as $13.40 (0.649 opt Au), $34.00 (1.648 opt Au) and $2.60 (0.0012 opt Au). At a depth of 56 feet a vein with an average width of 22 feet, gave gold values of $75.20 (3.645 opt Au) and $133.20 (6.456 opt Au) across 3 feet (Reid, A.; 1929).

Murdoch Creek Fault Prospect

The Murdoch Creek Fault Creek Prospect is located within Lebel, Morrisette and Arnold Townships. The property itself consists of 68 contiguous claims that form an irregular block totalling 1,245 hectares on NTS Map Sheet 32D/04. Access to the western part of the property is via gravel and bush roads that extend north from the village of King Kirkland. The eastern and central portions of the property can be accessed by boat from McTavish and Victoria Lakes at the north end of the Bidgood Mine Road located approximately 1 kilometre east of the village of King Kirkland.

The north and north-western parts of the property are underlain by the volcanic rocks of the lower unit of the Blake River Group. Volcanic rocks of the Upper Unit of the Tisdale Group underlie the south-east part of the property under Victoria Lake. Timiskaming Group sedimentary rocks are found in the extreme south-west portion of the property.

The main structural feature on the property is the Murdoch Creek Fault which strikes across the property in a north-easterly direction. This regional fault structure appears to be a splay of the Kirkland Lake Main Break (Duess, 1995). A subsidiary fault structure, the Misema-Mist Lake Fault, strikes across the southern portion of the property in an east north-easterly direction.

Several alteration zones and mineralized showings are present on the property. More than twenty rock blast sites as well as three small exploration shafts are present at many of these zones and showings. Two surface samples from the Murdoch Creek Fault in the area of the Ronal Red Lake Gold Mines Limited exploration shaft have reported metal values of more than one ounce of gold per ton (Rupert and Lovell, 1970).

The seven historic mines on the Kirkland Lake Main Break produced in excess of 24 million ounces of gold and over 4 million ounces of silver from an area stretching for about 7 km of strike (MENDM statistics).

Historical gold production from the Kirkland Lake Mining District is the second highest in Canada following the Timmins area of Ontario. Historic Gold Production (oz) between the period of 1891-2020 47,214,690 ounces of gold from 189,936,097 tons milled at an average grade of 0.249g/t gold (MENDM statistics).

Perestroika Prospect

The Perestroika Prospect is located within Courville Township, Quebec, approximately 10 kilometres southwest of the town of Barraute. The property itself consists of 8 contiguous CDCs covering a total area of 325.43 hectares on NTS map sheet 32C/05 and 32C/06.

Previous reported exploration work on the property dating back to 1937-38 established the presence of gold mineralization associated with a corridor of intense deformation and alteration within the WNW-trending Uniacke Deformation Corridor (inferred as the eastern extension of the prolific Destor-Porcupine Deformation Zone). Two mineralized outcrops were located, prospected, stripped, sampled and drill tested over the period from 1937 to 1997 prior to Golden Valley Mines acquisition of the property. The showings are referred to as the Central Stripped Area - "Uniacke Shear" and the West Stripped Area - "Glasnost Zone."

Drilling in 1996-97 (96PER-03) on the "Uniacke Shear" identified two separate shear zone systems (North and South Shear respectively), with the southern shear associated with two low-grade mineralized zones intersecting 5.79 metres averaging 1.48 g/t Au and 4.86 metres averaging 2.13 g/t Au with higher grade, quartz vein hosted gold mineralization assaying up to 11.05 g/t Au. Drilling at the "Glasnost Showing" located approximately 250 metres west, verified previous high-grade assay results and returned an intersection of 0.46 metres grading 33.56 g/t Au from a hematized and quartz fractured felsic porphyry dike hosting 5% pyrite (GM 54860).

The most recent drilling activity on the property was completed in 2009 by Golden Valley Mines and Royalties. The objective of the two (2) hole, 495-metre diamond drilling program was to test for the depth extension of the mineralization within the "Uniacke Shear" (GPS-09-01) as well as to test for the southeast strike extension of the "Glasnost Showing" (GPS-09-02) under an overburden covered area of the property on section 800W (see attached figure for details). Also, special consideration was given to detailed logging and sampling to establish a better control of the system of mineralization related to lithological units (i.e., felsic porphyritic rocks), shearing, alteration (i.e. hematite) assemblages, sulphide types and percentages (i.e. pyrite), and quartz veining (i.e. orientation, morphology, timing). Often the complex, erratic, and localized nature of gold is a common feature of many vein-style gold deposits. This style of mineralization is often referred to as being nuggety or possessing a high-nugget effect. Accordingly, diamond drilling in this program utilized large diameter coring technologies.

The drilling conducted on section 800W has confirmed and expanded the historical gold mineralization. Both GPS-09-01 and GPS-09-02 intersected the projected "Uniacke Shear" zone mineralization, up and downdip to include an intersection of 2.40 metres averaging 3.48g/t Au (GPS-09-02). The downdip strike extent of this shear-zone related mineralization and the historical mineralized zones intersected in 96PER-03 appears to may have been truncated and possible offset by a felsic to intermediate intrusion (granodiorite to diorite) at depth on this section 800W drilled. A possible parallel mineralized zone in GPS-09-02 was intersected within porphyritic quartz-diorite unit from 75.4 to 82.5 metres that was not tested by 96PER-03. A visible gold occurrence at 78.75 to 79.15 metres is hosted by late quartz-ankerite veins with up to 7% pyrite and traces of chalcopyrite. This 0.40 metre interval graded 9.94 g/t Au within a wider intersection of 1.30 metres averaging 4.09 g/t Au from 77.85 to 79.15 metres (GM 64981).

The "Glasnost Showing" intersected in both the drillholes GPS-09-01 and GPS-09-02 occurs in highly deformed, sheared and mylonitized, quartz-diorite to granodiorite penetrated by quartz-ankerite veins mineralized with visible gold, 2% to 8% pyrite and 0.1% to 0.5% chalcopyrite in the hostrock. In hole GPS-09-01, an intersection of 1.15 metres grading 59.52 g/t Au, including 0.30 metres grading 217g/t Au was intersected from 261.65 to 262.80 metres. In drillhole GPS-09-02, (part of or another parallel zone to the south of the "Glasnost Showing") is hosted in a sequence of variable sheared quartz diorite intrusions penetrated by several feldspar porphyry dykes (quartz-syenite composition) from 140.4 to 143.90 metres. Quartz-ankerite veins cut the intrusive rocks. They host 3% to 4% pyrite. Visible gold occurrences at 143.3m graded 20.69 g/t Au over 3.05 metres within a wider intersection averaging 3.50 metres grading 18.08 g/t Au (GM 64981).

Gold mineralization appears to occur in a highly deformed environment consisting of sheared and mylonitized quartz diorite and granodiorite intrusives, penetrated by a late intrusive phase of altered (hematized and sericitized) feldspar porphyry dikes (quartz syenite composition). The intrusive rocks are x-cut by a stockwork of quartz-ankerite veining (3% to 8%) hosting 2% to 5% pyrite, traces of chalcopyrite and visible gold occurrences. The feldspar porphyries may have created a favourable hydrothermal remobilizing environment as well as the movement of fluids up along deformed sections.

Drilling successfully intersected multiple zones of significant high-grade gold mineralization on the property that is now inferred to occur within a distinctive mineralized trend striking NW-SW for approximately 700 metres.

Qualified Person

Michael P. Rosatelli, P.Geo. (OGQ Special Authorization Permit; PGO #0855), the Vice President of Exploration of Golden Valley is the Qualified Person (as that term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who approved the technical disclosures included in this news release.

About Golden Valley Mines and Royalties Ltd.

Golden Valley Mines and Royalties Ltd. is focused on project and royalty generation and continues to evaluate opportunities to enhance its mining exploration property portfolio. Golden Valley is able to grow its current assets by way of partner-funded option/joint ventures and through its shareholdings in related-entities.

For additional information, please contact:

Golden Valley Mines and Royalties Ltd.

Glenn Mullan, President & CEO
Tel.: 1-819-824-2808 ext.204
Email: [email protected]

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 the Corporation 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 or realities may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Corporation's management on the date the statements are made. Except as required by law, the Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99571

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Today’s News

Kuya Silver Files Amended Technical Report and Amended and Restated Annual Information Form

Vancouver, British Columbia–(Newsfile Corp. – October 15, 2021) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya")…

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Vancouver, British Columbia--(Newsfile Corp. - October 15, 2021) - Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya") reports that it has filed an amended technical report entitled "Independent Technical Report on the Bethania Silver Project" dated effective as of September 15, 2021 with an issue date of September 29, 2021 (the "Amended Technical Report") and an amended and restated annual information form for the year ended December 31, 2020 dated as of October 14, 2021 (the "Amended AIF"). The Amended Technical Report addresses comments raised by the British Columbia Securities Commission (the "BCSC") in the course of a review and the Amended AIF incorporates the executive summary from the Amended Technical Report, as well as updates on the Company's business since the filing of the original annual information form for the year ended December 31, 2020 on April 30, 2021.

The Amended Technical Report was prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

A summary description of the changes to the Amended Technical Report include:

  • Updated to include material developments with the Bethania Project (the "Project") since 2019, including recent remote sensing, surface exploration and the 2021 diamond drilling program. Sections relating to the QA/QC protocols have been strengthened and updated to cover the recent drill program
  • Sections on engineering aspects of the Project have been reviewed and updated by independent Qualified Persons (as defined by NI 43-101), newly engaged by Kuya to contribute to this Amended Technical Report
  • Interpretations, Conclusions, and Recommendations have been updated to take into account recent developments at the Project

Copies of the Amended Technical Report and Amended AIF are available on SEDAR (www.sedar.com) and the Company's website (www.kuyasilver.com).

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Scott Jobin-Bevans (PhD, PMP, P.Geo.), a Qualified Person for the Company as defined in NI 43-101.

About Kuya Silver Corporation

Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.

For more information, please contact the Company at:

Kuya Silver Corporation
Telephone: (604) 398‐4493
[email protected]
www.kuyasilver.com

Reader Advisory

This news release may contain statements which constitute "forward-looking information," including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking information. Investors are cautioned that any such statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99791

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Today’s News

Sassy Announces Dividend Spinout of 8.83 Million Gander Gold Shares

VANCOUVER, BC / ACCESSWIRE / October 15, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce…

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VANCOUVER, BC / ACCESSWIRE / October 15, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to announce that its Board of Directors has approved the dividend spinout distribution (the "Spinout") to its shareholders of an aggregate of 8,833,333 common shares (the "Gander Shares") in the Company's wholly-owned subsidiary, Gander Gold Corporation ("Gander"). This number of Gander Shares represents the settlement of 100% of the debt outstanding between Gander and Sassy associated with the acquisition of the Company's Newfoundland exploration properties.

The Company currently has 47,537,506 common shares (the "Sassy Shares") issued and outstanding. Accordingly, the planned dividend distribution of 8,833,333 Gander shares would represent a ratio of one (1) Gander share for every 5.3816 Sassy shares owned by a Sassy shareholder as of the record date of February 1, 2022, or alternatively 0.1858 Gander shares for every one (1) Sassy share owned as of the record date. The final spinout ratio is subject to any changes to the Sassy share structure between the date of this announcement and the final record date for the dividend distribution, along with the approval of Gander's imminent application to list on a Canadian stock exchange.

Sassy is in the final stages of preparing the application to list Gander on a Canadian stock exchange. Upon listing, Gander is expected to have 71,395,556 Gander Shares issued and outstanding, with nil share purchase warrants outstanding. Following execution and completion of the Spinout, Sassy will maintain ownership of 35,330,556 Gander Shares, representing approximately 49.5% ownership of Gander. Eric Sprott will beneficially own 10,666,667 Gander Shares, representing approximately 15% ownership.

Comments From Mr. Mark Scott, Sassy President & CEO

"The planned dividend spinout of over 8.8 million Gander shares to our Sassy shareholders represents the first quantifiable delivery of value to our shareholders resulting from our strategic early move into Newfoundland and should represent a material premium to Sassy's share price.

"We have been very effective at managing Sassy's share structure as well as Gander's while building for our investors a compelling portfolio of grassroots properties in Newfoundland covering 2,257 sq. km (8 separate projects), one of the largest land packages on the island. Initial work has been very promising with Gander Gold on track in management's view to become a leading and well-financed Newfoundland discovery opportunity when it comes to trade. I wish to congratulate the Board for their efforts and thank our shareholders for their ongoing support as we work to build sustainable shareholder value in both Sassy and Gander."

Moving Forward

Further updates on the listing of Gander and the spinout will be provided as the Gander listing application proceeds and the record date for the dividend distribution of Gander Shares approaches.

Results are pending from the Company's ongoing early-stage exploration program across its extensive project areas in Newfoundland. Results are also pending from the recently completed 2021 field exploration program, including diamond drilling, at the Company's 100%-owned 146 sq. km Foremore Project in Northwest B.C.'s prolific Eskay Camp.

Subscribe for Updates

Additional photographs and videos from the Company's projects in Northwest B.C. and Newfoundland will be added to the Sassy website over the coming days and weeks. Visit www.SassyResources.com and sign up for news alerts to stay informed as exploration in Newfoundland continues year-round.

About Sassy Resources Corporation

Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its focus is the Foremore Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.'s prolific Golden Triangle, and the Central Newfoundland Gold Belt where Sassy is one of the district's largest landowners.

Caution Regarding Forward Looking Statements

Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information", with respect to a performance expectation for Sassy Resources Corporation. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Sassy carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.

Contact Info:

Mark Scott
Chief Executive Officer & Director
[email protected]

Terry Bramhall
Sassy Resources - Corporate Communications/IR
1.604.833.6999 (mobile)
1.604.675.9985 (office)
[email protected]

In Europe:
Michael Adams
Managing Director - Star Finance GmbH
[email protected]

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Sassy Resources Corporation



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https://www.accesswire.com/668233/Sassy-Announces-Dividend-Spinout-of-883-Million-Gander-Gold-Shares

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