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Snowline Gold Intersects 13.9 Grams Per Tonne Gold Over 6.0 M Including 45.0 Grams Per Tonne Gold Over 1.5 Metres Among Widespread Gold Hits at Its Jupiter Zone, Einarson

Three drill holes fanned from the "discovery" hole J-21-011 returned similar high gold grades, highlighted by 13.9 g/t Au over 6 m and broader intervals…

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  • Three drill holes fanned from the “discovery” hole J-21-011 returned similar high gold grades, highlighted by 13.9 g/t Au over 6 m and broader intervals of gold mineralization
  • Values of 45.0 g/t (1.59 oz/ton) Au over 1.5 m and 31.1 g/t Au (1.1 oz/ton) over 1.5 m associated with apparently “barren” quartz and in host mudstones show variable styles of gold deposition
  • Multiple mineralized structures observed, system open in all directions
  • Assays pending for nine additional holes at Jupiter across 1.1 km on surface, including J-21-020 which carried visible gold.

VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / SNOWLINE GOLD CORP. (CSE:SGD) (OTCQB:SNWGF) (the “Company” or “Snowline“) is pleased to announce additional assay results from Phase I drilling at the Jupiter zone on its district-scale Einarson gold project in the Yukon Territory, Canada. A set of three holes drilled radially from the same pad as J-21-011 (see Snowline’s August 25, 2021 news release) all hit significant gold mineralization, indicating a broad zone comprising multiple gold-bearing structures and rock units.

Drillhole

From

To

Width (m)

Au (g/t)

J-21-010

57.0

62.5

5.5

5.15

108.5

121.5

13.0

3.45

including

112.5

115.0

2.5

9.57

166.6

176.1

9.5

5.01

including

170.1

171.6

1.5

17.67

179.0

185.0

6.0

10.64

including

183.5

185.0

1.5

31.10

J-21-012

50.0

56.0

6.0

13.90

including

54.5

56.0

1.5

45.00

J-21-013

80.5

107.5

27.0

2.59

including

85.0

86.0

1.0

11.10

and

94.0

96.0

2.0

11.20

123.4

134.0

10.6

4.02

including

128.5

131.0

2.5

13.78

Text Box: Table 1 - Drill highlights from holes 10, 12 and 13 at Jupiter. True widths are not yet known but are expected to be between 50 to >90% of reported intervals. Note that J-21-012 was only partially assayed.

“These results build on our discovery hole, demonstrating the presence of a robust gold system at Jupiter,” said Scott Berdahl, CEO and director of Snowline. “We were excited this summer to get the excellent results from J-21-011. To follow that up with multiple broad gold intercepts with high grades across multiple holes indicates the significance of this mineralizing system. Combined with our observation of gold in various forms-including native gold-this suggests a large, fertile fluid system that readily precipitated gold in the Jupiter area. We look forward to seeing more drillhole assay results from encouraging intersections observed in broad step-outs as the Jupiter discovery continues to take shape.”

Figure 1 – Drill section showing holes J-21-010 to J-21-013, with gold assays represented as yellow bar plots downhole. A preliminary schematic interpretation suggests mineralized zones (red) dip roughly east-northeast, though this basic interpretation is unlikely to capture structural complexity suggested by fold and fault structures observed in drill core, and the continuity between holes remains to be seen. Hole J-21-012 was drilled towards the viewer and is truncated where it pierces 50 m in front of section. It was only assayed in a few select intervals below this point. Hole J-21-013 projects slightly backwards from the section. True widths of reported intersections are not yet known but are expected to be between 50 to >90% of reported intervals.

Hole J-21-010 intersected extensive gold mineralization, including five distinct gold zones with grades above 8.9 g/t Au, to a maximum of 31.1 g/t Au over 1.5 m in quartz at the base of an interval of mineralized mudstone (Figure 3). Averaging all gold values from surface to the base observed mineralization, including unmineralized intervals and assuming no gold content in the top 6.5 m of overburden and unsampled material, yields 1.17 g/t Au over 185 m.

Hole J-21-012 was thought to be mostly barren due to a paucity of gold-associated minerals and was only partially sampled. Limited sampling, however, returned a zone of 13.9 g/t Au over 6.0 m, including 45.0 g/t Au over 1.5 m of altered mudstones cut by quartz-carbonate veins (Figure 4).

Hole J-21-013 was drilled towards the east, away from the target area and surface geochemical anomaly. However, it too hit extensive gold mineralization, including a 27.0 m interval averaging 2.59 g/t Au and a separate interval of 13.8 g/t Au over 2.5 m (Figure 5).

Figure 2 – Plan map of the Jupiter zone with newly received assays in the context of the broader soil and rock geochemical anomaly. Holes are labelled with significant assay results received to date. Results for nine holes are still pending. Collar sites are shown as circles with drill traces shown as solid black lines. Snowline’s 2021 drill campaign is the first ever drill testing of the recently identified Jupiter zone on the district-scale Einarson gold project.

Figure 3 – Visually unimpressive core from J-21-010 returned impressive grades. The 6 m interval shown from 179 m to 185 m downhole averaged 10.6 g/t Au in altered Narchilla formation siltstones with disseminated arsenopyrite. The final 1.5 m from 183.5 m to 185 m downhole, which has a larger quartz component and likely pierces a fold hinge, returned 31.1 g/t Au. True widths are not known but based on core angles are estimated at 70-90% of downhole intervals for this section.

Figure 4 – Hole J-21-012 lacked the gold-associated mineral arsenopyrite but did not lack gold. The 6-metre interval from 50 to 56 m downhole averaged 13.9 g/t Au, including 1.5 metres of 45.0 g/t Au from 54.5 m hosted largely in altered siltstones. The lack of arsenopyrite is an encouraging sign from a metallurgical standpoint. True width of this interval is not known but is estimated at 70 to 90% or more of the downhole interval.

Figure 5 – Gold bearing fold hinges in J-21-013. The 2.5 m interval from 128.5 m to 131.0 m downhole averaged 13.8 g/t Au, near the base of a 10.6 m interval averaging 4.02 g/t Au. The true width and the overall geometry of this intercept is not known, but it is estimated to be between 50-70% of the downhole interval. This image was shown in a previous Snowline release (August 25, 2021) as evidence of promising mineralization observed visually in forthcoming holes. The company eagerly awaits results from additional promising holes that have assays pending.

At Jupiter, anomalous gold concentrations are found in and around fault zones, in local fold hinges, in quartz veins and disseminated within sulphide-bearing mudstones of the Narchilla Formation. Gold is commonly associated with acicular to fine grained “sooty” arsenopyrite and varying amounts of pyrite, though it is also observed in quartz carbonate veins with low sulphide content and as rare instances of native gold. Multiple vein generations demonstrate that multiple fluid events affected the rocks. Gold mineralization usually occurs within larger zones of clay alteration that partially bleach the colours of the host mudstones. A distinct olive-green coloured clay alteration is associated with many mineralized zones. The diversity in styles and settings of gold mineralization along with host-rock alteration observed over more than a kilometer are evidence of a large, fertile hydrothermal fluid system that readily deposited gold.

Drillhole ID

Coordinates (NAD83 Zn9)

Orientation (True)

Interval* (metres)

Grade (Au g/t)

Easting Northing

Azimuth

Dip

From

To

Width

J-21-005

381494

7089921

250

-50

44.0

45.0

1.0

0.98

J-21-010

381905

7089136

300

-50

57.0

62.5

5.5

5.15

69.0

73.5

4.5

1.31

97.0

101.0

4.0

1.26

108.5

121.5

13.0

3.45

including

112.5

115.0

2.5

9.57

remainder

10.5

2.00

136.0

137.5

1.5

6.96

166.6

176.1

9.5

5.01

including

170.1

171.6

1.5

17.67

remainder

8.0

2.64

179.0

185.0

6.0

10.64

including

183.5

185.0

1.5

31.10

remainder

4.5

3.82

From surface:

0.0

185.0

185.0

1.17

J-21-012

381906

7089138

230

-50

21.0

24.0

3.0

1.16

50.0

56.0

6.0

13.90

including

54.5

56.0

1.5

45.00

remainder

4.5

3.53

J-21-013

381908

7089135

90

-70

80.5

107.5

27.0

2.59

including

85.0

86.0

1.0

11.10

and

94.0

96.0

2.0

11.20

remainder

24.0

1.52

123.4

134.0

10.6

4.02

including

128.5

131.0

2.5

13.78

From surface:

0.0

134.0

134.0

0.86

Jupiter likely represents an epizonal orogenic gold system. It is one of ten target zones prospective for orogenic and/or Carlin-style gold mineralization currently recognized on Snowline Gold’s 70%-owned, district-scale Einarson project. Adjacent projects Rogue and Ursa are prospective for intrusion-related gold, and sediment-hosted gold and base metal deposits. No resources nor reserves have been estimated for any of these targets, and while current results are encouraging, they do not guarantee that economically viable ore bodies will be encountered at Jupiter or elsewhere. Readers are cautioned that without assay results, the true significance of the intersections reported herein is uncertain.

FORTHCOMING RESULTS

The Company awaits assay information on an additional nine holes from Jupiter, including J-21-020 which contained visible gold, and other holes with encouraging zones of alteration, quartz-carbonate veins and/or sulphide mineralization.

In addition to the remaining drillhole results from the Jupiter zone, the company also awaits assay information for its four holes drilled at the Valley zone on the nearby Rogue project. All four holes at Valley intersected trace amounts of visible gold in drill core. Valley is a reduced-intrusion related gold target following a bulk-tonnage exploration model. Gold is hosted in large networks of centimetre-scale sheeted quartz veins within and around a felsic intrusion.

In hole V-21-001, sheeted quartz veins were observed across its 161 m length. Thirty-one of the many veins observed in this hole contained trace amounts of visible gold, with up to five gold grains in a given vein. Visible-gold bearing veins were distributed roughly evenly across the length of the hole.

QA/QC AND QUALIFIED PERSON

On receipt from the drill site, drill core was systematically logged for geological attributes, photographed and sampled. Smaller sample lengths were used to isolate zones of interest, otherwise a default 1.5 m downhole sample length was used. The holes in this release were not sampled top to bottom. Core was cut in half lengthwise, with one half collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analysis completed in Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. An aqua regia digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 51-element analysis on 50 g samples (ALS code: Au-ME-TL44). Any sample returning >50 ppb Au was re-analysed for gold content by fire assay with an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish on 30 g samples (ALS code: Au-ICP21). Over-limit samples of >10 g/t Au were analyzed by fire assay with a gravimetric finish again on a 30 g sample (ALS code: Au-GRA21). Where more than one gold assay exists for a sample, assays reported herein prioritize these methods in reverse order.

Information in this release has been prepared and approved by Scott Berdahl, P. Geo., Chief Executive Officer of Snowline and a Qualified Person for the purposes of National Instrument 43-101.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >106,000 ha. The Company is exploring its flagship 72,000 ha Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold‘s Eagle Mine. Snowline’s first-mover land position provides a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

ON BEHALF OF THE BOARD

Scott Berdahl, MSc, MBA, PGeo
CEO & Director

For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
[email protected]

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company reviewing its newly acquired project portfolio to maximize value, reviewing options for its non-core assets, including targeted exploration and joint venture arrangements, conducting follow-up prospecting and mapping this summer and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE: Snowline Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/667877/Snowline-Gold-Intersects-139-Grams-Per-Tonne-Gold-Over-60-M-Including-450-Grams-Per-Tonne-Gold-Over-15-Metres-Among-Widespread-Gold-Hits-at-Its-Jupiter-Zone-Einarson







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Klondike Gold Closes First Tranche Raising $2,242,851

NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) ("Klondike Gold" or the "Company") is pleased to…

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NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) (“Klondike Gold” or the “Company”) is pleased to announce that further to its news release of September 30, 2021, the Company has closed the first tranche (the “First Tranche”) of its non-brokered private placement financing, raising $2,242,851.25 of which $1,935,000 is flow through funds. The Company anticipates to close the balance of the financing in the coming weeks.

In closing the First Tranche, the Company issued 9,675,000 flow-through units at the price of $0.20 per unit, comprising of 9,675,000 common shares which are “flow through” shares for Canadian income tax purposes and 4,837,500 warrants. The Company further issued 1,759,150 non-flow-through units at a price of $0.175 per unit, comprising of 1,759,150 common shares and 879,575 warrants.

All warrants issued in the First Tranche of the financing are exercisable at a price of $0.25 per share until October 22, 2023.

All securities issued in connection with the First Tranche are subject to a four month and one day statutory hold period expiring on February 23, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The Company intends to use the proceeds from the financing to continue exploration and development of the Company’s Yukon properties, as well as for general working capital.

ABOUT KLONDIKE GOLD CORP.

Klondike Gold Corp. is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon Territory, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the famous Klondike Goldfields placer district. To date, multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company is focused on exploration and development of its 586 square kilometer property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, YT within the Tr’ondëk Hwëch’in First Nation traditional territory.

ON BEHALF OF KLONDIKE GOLD CORP.

“Peter Tallman”
President and CEO
(604) 609-6138
E-mail: [email protected]
Website: www.klondikegoldcorp.com

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

Disclaimer for Forward-Looking Information

“This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Klondike in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Klondike disclaims any obligation to update or revise any forward-looking information or statements except as may be required.”

SOURCE: Klondike Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/669603/Klondike-Gold-Closes-First-Tranche-Raising-2242851





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Today’s News

Discovery Harbour Announces Results from First of Five Drill Holes on Caldera Gold Property, Nevada

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

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Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that the first of five drill holes results have been received from the Company’s Caldera drill program. Selected core from each of the five holes has been sent for analysis, with the next results expected in late November. The initial drill hole, CP21-01, has anomalous gold results up to 324 parts per billion gold over 1.4 metres. The drillhole intersected primarily volcanic tuffs, moderate to strong propylitic and argillic / sericitic alteration as well as multiple fault zones.

The Company completed drilling a total of slightly over 1900 metres, testing five low sulphidation epithermal gold targets (see map below) on the Caldera Property. Each hole was deeper than any previous drilling on Caldera and each site was selected to test the boiling zone, typically found at approximately 300+ metres below the paleo-surface, where precious metals are concentrated. The Caldera gold property lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada.

Caldera Gold Project, Completed Drill Holes

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1559/100776_fc1ee2a344e1c8fb_001full.jpg.

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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/100776







newcrest mining limited

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Today’s News

Taranis Discovers New Zone at Thor, Extending Deposit Under Thor’s Ridge with Thor-220 (6.42% Combined Cu+Pb+Zn, 253.8 g/t Ag, 0.61 g/t Au Over 3.96 m)

 

Estes Park, Colorado – TheNewswire – October 25th, 2021 – Taranis Resources Inc. (“Taranis) (TSXV:TRO) (OTC:TNREF) is excited to report on exploration…

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Estes Park, Colorado – TheNewswire – October 25th, 2021 Taranis Resources Inc. (“Taranis) (TSXV:TRO) (OTC:TNREF) is excited to report on exploration progress at its 100%-owned “Thor” silver, gold, zinc, and copper polymetallic deposit located near Trout Lake in southeastern British Columbia. In summer 2021, Taranis drilled a total of ten holes testing the Ridge Target; only the first three (Thor-218, 219 and 220) are discussed here. Details of the remaining drill holes will be discussed as assay results become available to the company.

 

A new discovery was made testing the Ridge Target (henceforth referred to as the Thunder Zone), located north and east of the Blue Bell Zone. The Thunder Zone was discovered on the south side of Thor’s Ridge, underneath a paleo-landslide which has detached a portion of Thor’s Ridge. This paleo-landslide was not a recognized aspect of the area’s geomorphology until 2021 due to its concealment under undisturbed forest growth in the area.

 

Lead-up to Discovery Hole Thor-220

 

Drilling on Thor’s Ridge is a challenging process because of steep terrain and technicalities of the overburden resulting from the paleo-landslide.

 

The 2021 season’s inaugural drill hole (Thor-218, -450) on the Ridge Target was abandoned at a depth of 48.8m due to excessive bit wear. An assessment of the difficult ground conditions indicated that a landslide, clearly visible on Lidar imagery, was responsible for the difficult ground conditions. Subsequent deep penetrating electrical tomography mapping of the area confirmed the presence of a large conductive landslide that ranged in thickness from 30-35 m, fully concealing bedrock at the base of the landslide.

 

Once drilling methods were modified, a drill hole (Thor-219, -600) penetrated through the landslide and reached bedrock at a depth of 29.6 m. This hole intersected a new weakly mineralized quartz vein from 56.54 to 59.77 m (0.01% Cu, 0.16 % Pb, 0.57% Zn, 5.72 g/t Ag and 0.37 g/t Au). Of note was a fault on top of the quartz vein that contained slickensided pyrite. The hole emitted a pungent smell of hydrogen sulfide gas, and it is this geological teaser that led to the eventual discovery of the Thunder Zone under the paleo-landslide in hole Thor-220.

 

Despite intersecting only weak mineralization in the Ridge Target, Thor-219 was continued further into the underlying Blue Bell Zone, encountering it at 157.01–157.20 m. Historical underground sampling and previous Taranis drilling had already shown that the Blue Bell Zone “pinched-out” in this area. The assay results from the Blue Bell interval showed the characteristic high-grade of this zone (0.20% Cu, 0.55% Pb, 5.66% Zn, 118g/t Ag, and 0.67 g/t Au/0.19 m). This intercept demonstrates that despite a diminished environment for the hosting of a wide zone of mineralization in the northern terminus of Blue Bell, the metal-bearing hydrothermal fluids that deposited the metals did not wane during deposition.

 

Discovery of a New Zone at Thor (Thor-220)

 

Thor-220 (-900) was cased down through the landslide and entered bedrock at a depth of 30.78 m from the same setup as Thor-219. Shortly after entering bedrock the drill hole intersected Jowett Formation volcanic rocks (48.95–74.52 m) that exhibited prolific quartz veining accompanied by tetrahedrite, sphalerite, galena, and pyrite mineralization. This mineralization was the source of the hydrogen sulfide gas that was noted in Thor-219.

 

Analytical results from Thor-220 show that it has both a deeper high-grade zone but is also encapsulated within lower-grade mineralization that is potentially bulk mineable. The higher-grade mineralization occurs from 68.13-72.09 m with analytical results shown below:

 

Thor-220 Analytical Results

From (m)

To (m)

Thickness (m)

% Cu

% Pb

% Zn

% Combined Cu+Pb+Zn

Silver (g/t)

Gold (g/t)

68.13

72.09

3.96

0.15

2.63

3.63

6.42

253.8

0.61

 

The encapsulating lower-grade interval included 10.30 m (62.49-72.79 m) of 0.07% Cu, 1.07% Pb, 2.13% Zn, 103.42 g/t Ag and 0.35 g/t Au. Taranis has posted a picture of the drill core from this intercept as well as some general images of the landslide on the website at www.taranisresources.com.

 

Implications of the Thunder Zone for Increasing Thor’s Mineral Resource

 

Moving from southeast to northwest, the Thor deposit is comprised of large en-echelon stacked zones known as Broadview, Great Northern, True Fissure and Blue Bell that obliquely transect the Silver Cup Anticline. The Silver Cup Anticline is a large, regional structure which hosts many other silver deposits in the Silver Cup Mining camp. Prior to the discovery of the Thunder Zone, all known zones at Thor were located only on the south side of the Silver Cup Anticline, extending 2.5 km south of the Silver Cup Anticline exposed in Fissure Creek. The Thunder Zone is the first zone to be found at Thor on the north side of the Silver Cup Anticline.

 

Taranis is confident that the Thunder Zone will be comparable to True Fissure, Great Northern, or Blue Bell, and that it is part of a repeating pattern that continues to the north-northwest. The Thunder Zone is a completely blind zone hidden under steep topography and an overlying paleo-landslide. Now that these features relative to the zone have been identified and mapped, following the Thunder zone and any subsequent zones in the sequence will be greatly simplified.

 

The Thor-220 intercept bears close resemblance to other drill holes in the existing deposit in terms of tenor, thickness, and mineralogy. It also establishes a repetitious pattern of mineralization which will simplify discovery of additional zones as exploration activities move under Thor’s Ridge. Thor-220 is the northernmost drill hole that was completed in the Thunder Zone, and also the northernmost drill hole ever drilled at Thor. Testing this zone moving further to the northwest is a high priority for future drilling.

 

While much exploration work remains in order to follow the Thunder Zone under Thor’s Ridge, there are indications the Thunder Zone extends for a considerable distance to the north-northwest. Previous surface sampling by Taranis at a location called ‘SIF North’ (located over 1 km to the northwest of the Thunder Zone) obtained gold values up to 0.60 g/t Au. Westmin Resources, who formerly explored in the vicinity of SIF North, also obtained gold values in trenching up to 3.85 g/t Au in the early 1980s. This gives Taranis high confidence that there is still a substantial amount of mineralization to be found under Thor’s Ridge and on the north side of the Silver Cup Anticline. In this area, the targets are hidden below surface under barren lithocap rocks of the Broadview Formation, and this would explain why they have not been previously discovered.

 

CEO’s Comment

 

John Gardiner, President and CEO of Taranis states, “Thor is a large hydrothermal system that extends for upwards of 2.5 km in strike length, and it is now suspected to have all three parts of an intact hydrothermal system. Since acquiring this deposit in 2006, we have drilled over 250 holes and developed a good understanding of the ore controls and its genesis.

 

The Source is most likely a large intrusive body found under Broadview Creek, the Conduit is the Thor Fault Zone which obliquely crosscuts the Silver Cup Anticline, and finally the Trap is a lithology called the Jowett Formation lying under the Broadview Formation that is a tight caprock. While the Source part of this model remains to be tested with drilling for porphyry-type mineralization, it was the subject of further exploration activity in 2021 including ground geophysical surveys and surface sampling. This area, in addition to the newly discovered Thunder Zone, remain the prime areas of exploration that will contribute to Resource growth in 2022. Taranis is planning a new NI 43-101 Resource Estimate that will replace and significantly expand on its outdated 2013 maiden Resource estimate.

 

The Silver Cup Anticline hosts other deposits in the area, but what makes Thor so interesting is its elevated gold content within the main polymetallic sulfide deposit but also in high-grade monometallic gold zones such as SIF. We now know that the Thor deposit occurs at the junction of a major NNW-trending shear zone and the Silver Cup Anticline. It appears that an underlying buried intrusive Source body has emplaced precious and base metals at that structural junction.

 

Taranis has a unique approach to exploration. First and foremost, permitting and other factors necessitate that exploration in British Columbia be ‘surgical’ in its approach. Key to this approach is a reliable geological model that is testable. Ensuring that each and every drill hole counts towards an expanded Resource pays dividends to our shareholders through cost-conscious discovery with a high success rate. This approach by necessity weighs heavily on experience, long-term planning, and state-of-the-art exploration methods.”

   

Qualified Person and Quality Control

 

Exploration activities at Thor were overseen by John Gardiner (P. Geol.) who is a Qualified Person under the meaning of Canadian National Instrument 43-101. Drill core is logged and sawed onsite, and one-half is retained for reference and further analytical work including specific gravity determinations. The remaining half core is delivered by Taranis via courier to Bureau Veritas Commodities Canada Ltd. (“Bureau Veritas”) in Vancouver, British Columbia. Bureau Veritas is an ISO 9001 certified analytical laboratory. Taranis inserts standards every 10th sample for quality control in addition to the stringent internal checks completed at Bureau Veritas. Samples are dried, crushed, split and pulverized at the Vancouver location, and analyzed for silver, copper, lead, zinc and related trace elements done by modified aqua regia digestion with ICP finish. Gold is analyzed using a 30-gram fire assay with ICP finish.

 

About Taranis Resources Inc.

 

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

 

Taranis currently has 78,328,424 shares issued and outstanding (88,907,190 shares on a fully-diluted basis).

 

TARANIS RESOURCES INC.

Per:        John J. Gardiner (P. Geol.),

President and CEO

 

For further information contact:

 

John J. Gardiner

681 Conifer Lane

Estes Park, Colorado

80517

Phone: (303) 716-5922

Cell: (720) 209-3049

[email protected]

 

 

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This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.

Copyright (c) 2021 TheNewswire – All rights reserved.





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