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Anaconda Mining Intersects 2.21 G/T Gold Over 11.0 Metres and 1.61 G/T Gold Over 14.7 Metres as Part of Feasibility Study Work at the Goldboro Gold Project

TORONTO, ON / ACCESSWIRE / September 29, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results…

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TORONTO, ON / ACCESSWIRE / September 29, 2021 / Anaconda Mining Inc. (“Anaconda” or the “Company”) (TSX:ANX)(OTCQX:ANXGF) is pleased to announce results from diamond drilling conducted as part of geotechnical studies and water well installations at the Company’s 100%-owned Goldboro Gold Project (“Goldboro”, or the “Project”). Despite their primary purpose, several of these holes encountered mineralization within the open pits contemplated in the recently announced Preliminary Economic Analysis (“PEA”) and therefore will enable the optimization of pit designs as part of the Feasibility Study. The drill programs included 3,445.5 metres of diamond drilling in eighteen (18) holes (BR-21-257 to 269 and BR-21-285 to 289) for exploration and geotechnical purposes to support detailed pit design and 1,308.2 metres of diamond drilling in ten (10) holes (BR-21-270 to 277 and -279 to 280) for water well installations near the potential open pits and within planned infrastructure to obtain relevant environmental data to support ongoing environmental assessment work ( Exhibit A ).

Selected composited highlights (core length) from the development drilling include:

  • 2.21 grams per tonne (“g/t”) gold over 11.0 metres (196.5 to 207.5 metres) in diamond drill hole BR-21-259;
  • 1.61 g/t gold over 14.7 metres (64.9 to 79.6 metres) including 5.49 g/t gold over 1.5 metres in diamond drill hole BR-21-285;
  • 1.71 g/t gold over 9.5 metres (91.2 to 100.7 metres) including 9.78 g/t gold over 1.0 metre in diamond drill hole BR-21-285;
  • 16.09 g/t gold over 1.5 metres (87.3 to 88.8 metres) in diamond drill hole BR-21-271;
  • 1.33 g/t gold over 4.5 metres (144.5 to 149.0 metres) in diamond drill hole BR-21-259; and
  • 1.20 g/t gold over 5.0 metres (156.0 to 161.0 metres) in diamond drill hole BR-21-259.

Selected intersections from the geotechnical and exploratory drilling and water well installations are shown in Table 1 below.

“Our recent drilling at Goldboro includes results from both exploration and development activities to advance the ongoing Feasibility Study anticipated in the fourth quarter of 2021, which demonstrate that mineralization continues in areas of the conceptual open pits not previously drilled. As we continue to advance geotechnical and environmental work, we have now initiated a further 10,000 metres of infill drilling for the eastern pit as part of the recently announced 20,000 metre program and will also complete a further 5,000 metres west of the existing Mineral Resource to determine the potential to expand west towards the past producing gold mine at Dolliver Mountain, once related geophysical work has been completed.

We are excited with the results of the recent PEA for Goldboro, which has demonstrated the potential for a long mine life of over 17 years comprising both surface and underground mining, generating an after-tax NPV (5%) of $547 million and an after-tax IRR of 24.4% using a US$1,550 gold price. We are approaching the development of Goldboro in a disciplined, phased approach, with Phase I focused on the surface mining component of the long-term mine plan, which is the subject of an ongoing Feasibility Study expected to be released in Q4 2021. We envision the advancement of a Phase II feasibility study focused on underground mining within a couple of years of the commencement of surface mining, with potential timing of underground development broadly in line with the long-term mine plan contemplated by the PEA.”

~ Kevin Bullock, President and CEO, Anaconda Mining Inc.

Table 1. Table of selected composites from the Goldboro Drill Program

Hole ID** From (m) To (m) Interval (m)* Gold (g/t) Visible Gold
BR-21-258

153.6

155.1

1.5

0.98

 
BR-21-259

33.6

34.1

0.5

48.00

 

and

44.4

45.9

1.5

1.05

 

and

60.0

62.7

2.7

0.97

 

and

140.5

141.0

0.5

4.67

 

and

144.5

149.0

4.5

1.33

 

and

156.0

161.0

5.0

1.20

 

and

169.0

170.0

1.0

2.15

 

and

179.0

180.0

1.0

1.10

 

and

183.5

186.5

3.0

2.35

 

and

196.5

207.5

11.0

2.21

 
BR-21-260

164.0

164.5

0.5

4.03

 

and

294.5

296.0

1.5

2.38

 

and

325.0

327.0

2.0

3.17

 

and

331.5

332.5

1.0

1.45

 
BR-21-264

16.0

17.5

1.5

0.88

 

and

34.0

36.6

2.6

0.59

 

and

77.0

77.5

0.5

6.05

 

and

93.0

94.0

1.0

0.57

 

and

106.5

107.0

0.5

2.05

 

and

142.9

143.4

0.5

1.24

 

and

153.9

155.0

1.1

2.05

 
BR-21-265

67.2

68.2

1.0

0.51

 
BR-21-266

55.0

55.5

0.5

18.40

 

and

116.0

117.0

1.0

5.91

 
BR-21-269

119.0

121.0

2.0

4.71

 

and

177.0

177.5

0.5

8.50

VG

and

192.3

192.8

0.5

2.07

 

and

211.5

214.0

2.5

0.58

 

and

243.9

245.9

2.0

1.09

 

and

257.0

259.0

2.0

0.51

 

and

271.6

273.1

1.5

1.28

 
BR-21-271

87.3

88.8

1.5

16.09

 
BR-21-285

25.0

27.0

2.0

1.88

 

and

32.0

36.0

4.0

0.57

 

and

46.0

47.0

1.0

1.05

 

and

64.9

79.6

14.7

1.61

 

including

77.6

79.1

1.5

5.49

 

and

91.2

100.7

9.5

1.71

 

including

95.1

96.1

1.0

9.78

 

and

108.4

113.9

5.5

0.60

VG

including

108.4

108.9

0.5

4.58

VG

and

192.6

198.7

6.1

0.52

 

including

198.0

198.7

0.7

2.12

 
BR-21-289

26.5

27.0

0.5

30.30

VG

*Intervals are reported as core length only. True widths are estimated to be between 70% and 90% of the core length.

**Drill holes BR-21-268 and BR-21-277 to BR-21-284 did not contain alteration or mineralization and were not sampled for gold assay. These holes were logged for geotechnical and water monitoring information only. Other drill holes not listed in the table may have contained intercepts of gold but are not considered significant and are not highlighted in the table above. All drill hole results are reported using fire assay only. See notes on QAQC procedures at the bottom of this press release.

Mineral Resource Statement for the Goldboro Gold Project (Previously Reported)

Resource Type

Gold Cut-off

(g/t)

Category

Tonnes

(‘000)

Gold Grade

(g/t)

Troy Ounces

Open Pit

0.44

Measured

6,137

2.73

538,500

Indicated

5,743

2.99

551,300

Measured + Indicated

11,880

2.86

1,089,900

Inferred

1,580

1.75

89,000

Underground

2.60

Measured

1,384

7.36

327,700

Indicated

2,772

5.93

528,600

Measured + Indicated

4,156

6.41

856,200

Inferred

3,726

5.92

709,100

Combined*

0.44/2.60

Measured

7,521

3.58

866,200

Indicated

8,515

3.95

1,079,900

Measured + Indicated

16,036

3.78

1,946,100

Inferred

5,306

4.68

798,100

Mineral Resource Estimate Notes

  1. Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). Mineral Resources that are not mineral reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  2. Open Pit Mineral Resources are reported at a cut-off grade of 0.44 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 96%.
  3. Underground Mineral Resource is reported at a cut-off grade of 2.60 g/t gold that is based on a gold price of CAD$2,000/oz (~US$1,550/oz) and a gold processing recovery factor of 97%.
  4. Assays were variably capped on a wireframe-by-wireframe basis.
  5. Specific gravity was applied using weighted averages to each individual wireframe.
  6. Mineral Resource effective date February 7, 2021.
  7. All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.
  8. Excludes unclassified mineralization located within mined out areas.
  9. Reported from within a mineralization envelope accounting for mineral continuity.

The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Drill Program and any other programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.

Qualified Person and Technical Report Notes

A Technical Report prepared in accordance with NI 43-101 for the Goldboro Gold Project has been filed on SEDAR ( www.sedar.com ). Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The Mineral Resource estimate was independently prepared under the supervision of Mr. Glen Kuntz, P.Geo. (Ontario) of Nordmin Engineering Ltd., a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included a site visit to inspect drilling, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition, a random selection of the drill hole database results was compared with original records.

All samples and the resultant composites referred to in this release are collected using QA/QC protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, NL, for Au by fire assay (30 g) with an AA finish.

All assays in this press release are reported as fire assays only. For samples analyzing greater than 0.5 g/t Au via 30 g fire assay, these samples will be re-analyzed at Eastern Analytical Ltd. via total pulp metallics. For the total pulp metallics analysis, the entire sample is crushed to -10mesh and pulverized to 95% -150mesh. The total sample is then weighed and screened to 150mesh. The +150mesh fraction is fire assayed for Au, and a 30 g subsample of the -150mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Total pulp metallics assays for drillholes sited within this press release may be updated in a future news release.

The Drill Program is funded using existing flow through funds but has also benefited from a grant received from the Government of Nova Scotia through a Mineral Resources Development Fund, shared funding exploration grant MRDF-2021-SF-11.

This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Anaconda Mining Inc., a “Qualified Person”, under National Instrument 43-101 Standard for Disclosure for Mineral Projects. A version of this press release will be available in French on Anaconda’s website ( www.anacondamining.com ) in two to three business days.

ABOUT ANACONDA

Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the top-tier Canadian mining jurisdictions of Newfoundland and Nova Scotia. The Company is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project with Measured and Indicated Mineral Resources of 1.9 million ounces (16.0 million tonnes at 3.78 g/t) and Inferred Mineral Resources of 0.8 million ounces (5.3 million tonnes at 4.68 g/t) (Please see The Goldboro Gold Project Technical Report dated March 30, 2021), which is subject to an ongoing Feasibility Study. Anaconda also operates mining and milling operations in the prolific Baie Verte Mining District of Newfoundland which includes the fully-permitted Pine Cove Mill, tailings facility and deep-water port, as well as ~15,000 hectares of highly prospective mineral property, including those adjacent to the past producing, high-grade Nugget Pond Mine at its Tilt Cove Gold Project.

FORWARD-LOOKING STATEMENTS

This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, all-in sustaining costs, NPV and other costs and economic information, possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future development and exploration activities on the Company’s projects; success of development and exploration activities; permitting time lines and requirements; time lines for further studies; planned exploration and development of properties and the results thereof; and planned expenditures and budgets and the execution thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including the risks outlined in this news release, risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Anaconda’s annual information form for the year ended December 31, 2020, available on www.sedar.com . Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

FOR ADDITIONAL INFORMATION CONTACT:

Anaconda Mining Inc. 
Kevin Bullock 
President and CEO
(647) 388-1842
[email protected]

Reseau ProMarket Inc.

Dany Cenac Robert 
Investor Relations
(514) 722-2276 x456
[email protected]

Exhibit A. The location of the drillholes and selected assay composites reported from the Drill Program in relation to the western and eastern pit shells.

SOURCE: Anaconda Mining Inc.

View source version on accesswire.com:
https://www.accesswire.com/666029/Anaconda-Mining-Intersects-221-GT-Gold-Over-110-Metres-and-161-GT-Gold-Over-147-Metres-as-Part-of-Feasibility-Study-Work-at-the-Goldboro-Gold-Project








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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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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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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.

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