TORONTO, Aug. 23, 2021 (GLOBE NEWSWIRE) -- 79North Inc. (CSE: JQ; OTCQB: SVNTF; FRA: 6120) (“79North” or the “Company”) is pleased to provide an update on the progress of the drilling program at the Carbonara gold zone of the Nassau Gold Project, Suriname (Exhibits 1 and 2) and the first drill core photos (Exhibits 3 to 8).
The Carbonara gold zone consists of three new gold occurrences named Brodino, Arrabiata, and Puttanesca which outlined extensive gold mineralization with grades up to 4.52 grams gold per tonne in rock chip samples over a strike length of 1,600 metres, and open along strike. The gold occurrence is hosted in a high silica alteration zone that includes massive, fine-grained quartz, quartz vein stockworks, and breccias with disseminated pyrite and locally goethite in fractures. The silica alteration zone appears to be a secondary, hydrothermal replacement of a layered sedimentary rock such as siltstone or argillite which is in contact with a large, northwest-trending foliated, fine-grained magnetic mafic rock. Diamond drilling commenced July 27th. Gold assays of the drill core depicted herein are pending.
Drill hole NP-21-01 started to intersect silicified rocks of gold zone at the Brodino Occurrence (Exhibit 2) however, because of a loss of water circulation, and caving of the saprolite, the hole was terminated at 72 metres before it reached the target depth of 100 metres and will have to be re-drilled. Drill hole NP-21-02 was drilled in a magnetic discontinuity (Exhibit 2) and intersected fine-grained sedimentary rocks with minor silicification and disseminated pyrite. Drill hole NP-21-03 at the Arrabiata Occurrence, was terminated at 38 metres because of caving of the saprolite. That hole was re-located as NP-21-04 to drill in the opposite direction beneath surface rock samples of high silica alteration that contain up to 4.52 grams gold per tonne. This drill hole has intersected a very thick sequence of high silica target rocks starting at approximately 31.0 metres (Exhibits 3 to 8). The drill hole is currently at 68 m in the mineralized zone and still in progress. This is the first time we have seen a long section of the alteration zone. The alteration zone consists of massive silica, silica breccias, and banded silica rocks that appear to be silicious mylonite. Pyrite, pyrite box works, and iron oxide concentrations are variable. In addition, this is the first time we have seen hydrothermal chlorite, sericite, and arsenopyrite, which is a mineral association common to many gold deposits in the Guiana Shield. Moreover, the Arrabiata Occurrence appears to be the source of alluvial gold in a northeast-trending drainage that has recently been mined by artisanal gold miners.
Jon North, Ph.D., P.Geo., and CEO of the Company, commented “This initial look at the silica alteration zone at the Arrabiata gold occurrence shows us an intersection of at least 37 metres of very intense silicification that resembles the surface outcrop of gold bearing material that contains up to 4.52 grams gold per tonne. We look forward to reporting the assays from these drill holes and the results of the remaining drill holes. We think that the Carbonara gold zone is another gold deposit in a regional goldfield that includes the nearby Merian Mine of Newmont Corporation (www.Newmont.com) and Rosebel Mine of Iamgold Corporation (www.Iamgold.com)”.
About the Nassau gold project
The Company’s 70%-owned Nassau gold project is located 20 kilometres south of Newmont Corporation’s Merian gold mine and 60 kilometres east of Iamgold Corporation’s Rosebel gold mine. The Nassau gold project has similar geological stratigraphy and structures as both the Rosebel and Merian gold mines (see Press Release August 11, 2020 https://79north.ca/wp-content/uploads/2020/12/11-August- commencement-of-exploration-at-Nassau-gold-project-FINAL.pdf).
Summary for non-technical readers
The Carbonara gold zone is a new gold discovery that is contained in a quartz vein-like body that is at least 1,600 metres long and several metres wide and appears to be the source of the alluvial gold in the extensive artisanal gold mining of the area. The gold zone is mostly concealed by jungle, but the gold grade of the new zone based on three widely spaced outcrops is up to 4.52 grams gold per tonne. This is the first time this newly discovered gold zone has been evaluated by diamond drilling.
About 79North Inc.
79North, is led by a team with extensive mineral exploration expertise and a track record of discoveries and exits in South America and globally. 79North currently holds an indirect interest in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield. 79North’s growing portfolio of high-quality targets which have not undergone modern exploration or drilling have a long history of artisanal mining and are strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. 79North has 90,247,241 common shares issued and outstanding and 144,679,276 common shares on a fully diluted basis.
Statement of the Qualified Person
The scientific and technical information contained in this news release has been supervised, reviewed, and approved by Jon North, P.Geo., who is 79North’s Chairman, President, and CEO and a Qualified Person within the meaning of National Instrument 43-101.
Please refer to the technical report of 79North entitled “NI-43-101 TECHNICAL REPORT – NASSAU GOLD EXPLORATION PROJECT, SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA” dated effective May 14, 2020 for further details. The technical report is available in 79North’s SEDAR profile at www.SEDAR.com.
|For further information please visit www.79North.ca or contact: Jon North, President and Chief Executive Officer|
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, including information with respect to the exploration program at the Nassau gold project. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, including related to Covid-19; and the delay or failure to receive board, shareholder, or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 79North assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Exhibit 1. Location of exploration targets of the Nassau gold project, Suriname.
Exhibit 2. Geology, sampling results, and schematic drilling plan of the Carbonara Grid, Nassau Gold Project, Suriname.
Exhibit 3. Contact of high silica alteration zone (white to grey) with drab, brown sedimentary rocks at 31.0 metres in drill hole NP-21-04, core diameter 6.4 cm.
Exhibit 4. Complex silica textures and structures in a somewhat banded silica alteration zone, drill hole NP-21-04, drill core diameter 6.4 cm.
Exhibit 5. Hydrothermal silica breccia with iron oxides and pyrite box works, drill hole NP-21-04, drill core diameter 6.4 cm.
Exhibit 6. Oxidized pyrite (cubic pits) in complex silica-iron oxide alteration, drill hole NP-21-04, drill core diameter 6.4 cm.
Exhibit 7. Hydrothermal quartz-sericite-chlorite assemblage with chlorite pressure shadows about arsenopyrite grains, drill hole NP-21-04 drill core diameter 6.4 cm.
Exhibit 8. Hydrothermal quartz-sericite-chlorite assemblage with chlorite pressure shadows about arsenopyrite grains, drill hole NP-21-04, drill core diameter 6.4 cm.
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Canagold to Host a Webinar on Wednesday, September 22 at 9:00 am PDT / 12:00 pm EDT to Provide a Company Update on the New Polaris Project
VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FRA:CANA) would like to invite interested shareholders…
VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FRA:CANA) would like to invite interested shareholders to join CEO and Director, Scott Eldridge and Vice President, Exploration Tory Gill, P.Geo, for a webinar detailing recent progress in the Company's ongoing drill program at its 100% owned New Polaris project in northwestern British Columbia near Atlin, BC.
The Canagold Resources webinar will take place on Wednesday, September 22 at 9:00 am PDT / 12:00 pm EDT. Management will be available to answer questions following the presentation. Online registration and participation details may be found at the following link:
For those unable to participate, a recording of the webinar will be posted to the Company's web site following the live broadcast.
On behalf of the Board of Directors,
Scott Eldridge, Chief Executive Officer
CANAGOLD RESOURCES LTD.
About Canagold - Canagold Resources Ltd. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America. Canagold shares trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact: Scott Eldridge, CEO, at Cell: (604) 722-5381 Email: firstname.lastname@example.org, or Knox Henderson, VP Corporate Development, Toll Free: 1-877-684-9700 Tel: (604) 416-0337 Cell: (604) 551-2360 Email: email@example.com
SOURCE: Canagold Resources Ltd.
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Marvel Applies For Work Permits At Hope Brook, Contiguous To Falcon Gold – Benton & Sokoman
VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased…
VANCOUVER, BC / ACCESSWIRE / September 20, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to announce its exploration plans on its Hope Brook Project which is strategically located contiguous to Sokoman - Benton Joint Venture, Falcon Gold and First Mining's ground which is optioned to Big Ridge Exploration. The company has filed initial permits for its first phase of exploration which includes high resolution magnetic gradiometry surveys, a proven method to sort the structural complexities in geological terranes. The Company will also be sending prospecting crews to the area to begin baseline prospecting to determine if the magnetic trends highlighted in regional government surveys are due to similar mineralized structures as those hosting the nearby Sokoman / Benton new Lithium discovery.
Figure 1. Location of Marvel's Hope Brook gold property contiguous to First Mining and the Sokoman-Benton joint venture.
Most recently, Sokoman/Benton made headlines announcing the first High Grade Discovery of Lithium bearing pegmatites at their Golden Hope project. It is important to note this discovery is less than 10 km away from our ground and appears to be the same structural corridor. The 35 grab and chip samples are noted in the Sokoman/Benton NR (September 16th 2021) were collected over a 2 km distance. Their sampling program confirmed the presence of lithium pegmatites, and the first significant occurrence of Lithium documented in the province of Newfoundland and Labrador, Canada.
Karim Rayani Chief Executive Officer commented, "Marvel and our sister company Falcon Gold have made a lot of noise as of late not only in acquiring sizable land positions tied on to major structures but also following the structures to find what we believe are hidden gems that have been overlooked and passed by. Sokoman-Benton's new Lithium discovery is less than 10 km away and is a testament to our business model."
Marvel's Hope Brook 19,075 hectare property is hosted within the Exploits subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to two major structures linked to significant gold prospects (Cape Ray; Matador Mining) and deposits (Hope Brook; First Mining) in southern Newfoundland. Rock lithologies and structures on the property are also related to those associated with Marathon Gold's Valentine gold deposits, Sokoman's Moosehead gold project and New Found Gold's Queensway gold project. Marvel's land position straddles both the eastern and western extents of recent land acquisitions by the Sokoman/Benton JV partnership, with Marvel now controlling areas of considerable structural complexity marked by large-scale fold and fault structures, which provide important structural controls (traps) for gold mineralization within this area.
Within this immediate area, the most significant deposit is the Hope Brook Gold Mine, which was in production from 1987 to 1997, producing 752,163 ounces of gold. The Hope Brook deposit is now owned by Coastal Gold Corp., which has outlined an additional 6.33 million tonnes at an average grade of 4.68 grams per tonne gold for 954,000 ounces of gold in the indicated and inferred categories.
The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Great Burnt property claim group particularly regarding historical exploration, neighbouring companies, and government geological work.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook - Au Prospects)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
President/Chief Executive Officer, Director
Tel: 604 716 0551
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law
Neither 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.
SOURCE: Marvel Discovery Corp.
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Southern Silver Completes Final Payment to Acquire 100% Interest in the Cerro Las Minitas Silver Project
Vancouver, British Columbia–(Newsfile Corp. – September 20, 2021) – Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver")…
Vancouver, British Columbia--(Newsfile Corp. - September 20, 2021) - Southern Silver Exploration Corp. (TSXV: SSV) (the "Company" or "Southern Silver") purchased a 60% indirect working interest in the Cerro Las Minitas project (the "CLM Project") located in Durango, Mexico from Electrum Global Holdings LP ("Electrum") in September 2020 subject to a security pledge. The Company has now made the final payment to Electrum of US$2 million and issued 7,971,878 common shares equal to US$2 million (based on the prior 20-day VWAP) and now holds a 100% interest in the CLM Project free of such security pledge. As consideration for the acquisition, Southern Silver has paid Electrum an aggregate US$15 million in a combination of cash and common shares.
Benefits to Southern Silver Shareholders:
- Simplifies ownership structure of the CLM Project
- Establishes full control over project timeline and removes perceived joint venture discount
- Provides 100% ownership of a premier, polymetallic deposit in Mexico with substantial resource growth potential (with a focus on targeting high grade silver targets)
- 150% increase in attributable resources to current resource of Indicated: 134Mozs AgEq and Inferred: 138Mozs AgEq (1)
- Highly accretive to Southern Silver shareholders
- Electrum remains a supportive cornerstone investor
- Southern Silver becomes a more attractive takeover target
- Enhances the market profile of the Company relative to its peer group
Acquiring Electrum's 60% interest provided Southern Silver with an additional 49.9 million ounces of silver and 1.35 billion pounds of combined lead and zinc to its account based on the current National Instrument 43-101 (2019) Mineral Resources estimate of the CLM Project. Additionally, Southern Silver has become more attractive on a corporate level with the Company's market profile being enhanced by having sole ownership of one of the largest and highest grade, undeveloped silver projects in the world.
Since execution of the agreement in June, 2020, the Company has continued to advance and expand the CLM Project by completing a total of 56 core holes totaling 22,360 metres with drilling recommencing in September 2020. Southern Silver has now tested over 850 metres of strike length along the east side of the Cerro to depths of up to 500 metres, primarily in the South Skarn and Mina La Bocona target areas.
Results from all drill programs since the date of the current Mineral Resource Estimate (2019) will be incorporated into a current mineral resource report on the CLM Project to be released within the next few weeks. As well, the Company continues to proceed with completing a Preliminary Economic Assessment (PEA) for issuance in Q1, 2022.
The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)
- Indicated - 134Moz AgEq: 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
- Inferred - 138Moz AgEq: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn
Lawrence Page, Q.C., Southern Silver's President and Director, stated: "Electrum was a great joint venture partner, assisting with funds and expertise to allow Southern Silver to achieve the milestone 2019 Resource. Now Southern Silver, as the sole owner of the CLM Project, has explored new zones to establish resources not yet included in the Resource published in 2019. We anticipate that the aggregate Resource, soon to be presented and published, will significantly enhance the magnitude and value of the CLM Project. Electrum remains as a significant and supportive shareholder."
Equity Raises and Warrant Exercises: During the past twenty-one months the Company has raised $35,500,000 in equity raises, warrant and option exercises which has allowed the Company to fund the purchase of the 60% working interest and exploration costs at CLM. $15.5M remains in treasury to fund exploration and PEA costs at CLM and exploration costs at the Oro porphyry copper-gold project located in southern New Mexico, USA.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an exploration and development company with a focus on the discovery of world-class mineral deposits. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project located in the heart of Mexico's Faja de Plata, which hosts multiple world-class mineral deposits such as Penasquito, San Martin, Naica and Pitarrilla. We have assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.
- The 2019 Cerro Las Minitas Resource Estimate was prepared following CIM definitions for classification of Mineral Resources. Resources are constrained using mainly geological constraints and approximate 10g/t AgEq grade shells. The block models are comprised of an array of blocks measuring 10m x 2m x 10m, with grades for Au, Ag, Cu, Pb, Zn values interpolated using ID3 weighting. Silver and zinc equivalent values were subsequently calculated from the interpolated block grades. The model is identified at a 175g/t AgEq cut-off, with an indicated resource of 11,102,000 tonnes averaging 105g/t Ag, 0.10g/t Au, 1.2% Pb, 3.7% Zn and 0.16% Cu and an inferred resource of 12,844,000 tonnes averaging 111g/t Ag, 0.07g/t Au, 0.9% Pb, 2.8% Zn and 0.27% Cu. AgEq cut-off values were calculated using average long-term prices of $16.6/oz. silver, $1,275/oz. gold, $2.75/lb. copper, $1.0/lb. lead and $1.25/lb. zinc. Metal recoveries for the Blind, El Sol and Las Victorias deposits of 91% silver, 25% gold, 92% lead, 82% zinc and 80% copper and for the Skarn Front deposit of 85% silver, 18% gold, 89% lead, 92% zinc and 84% copper were used to define the cut-off grades. Base case cut-off grade assumed $75/tonne operating, smelting and sustaining costs. All prices are stated in $USD. Silver Equivalents were calculated from the interpolated block values using relative recoveries and prices between the component metals and silver to determine a final AgEq value. The same methodology was used to calculate the ZnEq value. Mineral resources are not mineral reserves until they have demonstrated economic viability. Mineral resource estimates do not account for a resource's mineability, selectivity, mining loss, or dilution. The current Resource Estimate was prepared by Garth Kirkham, P.Geo. of Kirkham Geosciences Ltd. who is the Independent Qualified Person responsible for presentation and review of the Mineral Resource Estimate. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
Robert Macdonald, MSc. P.Geo, is a Qualified Person as defined by National Instrument 43-101 and supervised directly the collection of the data from the CLM Project that is reported in this disclosure and is responsible for the presentation of the technical information in this disclosure.
On behalf of the Board of Directors
Lawrence Page, Q.C.
President & Director, Southern Silver Exploration Corp.
For further information, please visit Southern Silver's website at southernsilverexploration.com or contact us at 604.641.2759 or by email at firstname.lastname@example.org.
Neither 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.
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97026.drilling tsxv-ssv southern-silver-exploration-corp southern silver exploration corp financing acquisition press-release
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