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Skeena Shares Up After Announcing Initiation of Exploratory Drilling Program at Eskay Creek

VANCOUVER, BC / ACCESSWIRE / September 7, 2021 / Skeena Resources Limited (TSX:SKE)(OTCQX:SKREF) ("Skeena" or the "Company") is pleased to report that…

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VANCOUVER, BC / ACCESSWIRE / September 7, 2021 / Skeena Resources Limited (TSX:SKE)(OTCQX:SKREF) ("Skeena" or the "Company") is pleased to report that it has initiated a 35,000 metre regional and near mine exploration drilling program at the Eskay Creek gold-silver project ("Eskay" or the "Project") located in the Golden Triangle of British Columbia. One surface-based helicopter supported drill rig is currently active at the Project testing the strike extensions of the 22 Zone. Additional rigs will be added as they become available. Reference images are presented at the end of this release as well as on the Company's website.

Overview

When Eskay Creek was optioned in 2017 and ultimately purchased from Barrick in 2020, the Company's drilling programs almost wholly focused on de-risking the project through category conversion (infill) drilling. To date, very little grassroots exploration has been performed on the property by Skeena. The purpose of the 2021 exploration program is to perform focused and expedited regional and near mine exploration with the goal of adding greater than 1 million ounces of gold equivalent resources to enhance the existing Eskay Creek mine plan. Pragmatic exploration will focus on defining bodies of near surface, bulk tonnage Au-Ag mineralization to provide supplemental feed for the Company's current Prefeasibility Study level contemplated truck and shovel open-pit mine plan. Ranking will favour targets with spatial proximity to the proposed processing facilities.

Although considerable exploration potential exists for additional underground resources, these are not considered in this year's exploration directive due to higher costs per ounce for discovery and delineation and the Company's current focus on open-pit mineralization.

2021 Drill Targets

A total of 35,000 metres has been allocated for the 2021 regional exploration drilling program. Judicious target ranking matrices were developed to maximize the likelihood of enhancing the global project economics and these criteria were derived from the 2021 desktop studies and field-based programs. Overall, allocation of drill metres will be dynamic and results driven as new information becomes available from the 2021 program.

Primary targets include strike and depth extensions of the 22 Zone (refer to attached image) as well as rock and soil anomalies that occur along the main Eskay Trend from the 21A Zone south towards the 22 Zone and Tom MacKay Zones. Detailed targeting within these larger areas is further constrained by deposit specific geological, structural, geophysical, and geochemical considerations known to be critical for emplacement of Eskay Creek style mineralization. The southernmost mineralized occurrence of Contact Mudstone within the Eskay Rift occurs in the 21A Zone. As such, targets located south of this locale are dominantly searching for synvolcanic feeders as well as newly identified mineralization hosted by the Lower Mudstone and Even Lower Mudstone units. Historic drill testing of these target models outside of the currently defined resources is very sparse. Significantly, a two-kilometre-long trend of identified targets located a short distance to the south of the 21A Zone has no historic drill testing.

Secondary targets include the Eskay Porphyry, which has received only limited historical drilling and was never analyzed for gold, as well as favourably altered Lower Mudstone and dacite units located on the east limb of the Eskay Anticline. These lower stratigraphy target areas have never been drill tested and experienced only limited historic exploration activity through the early 1990's.

New Geophysical Datasets

The Company has collected high resolution airborne magnetic tensor gradiometry data across the entire property as well as a detailed three-dimensional DCIP survey over the axis of the Eskay Creek anticline from the Bowser Basin south to the Tom MacKay Zones. The incorporation of these datasets into the larger litho-structural model has allowed for an understanding of the geophysical responses of the known Eskay Creek mineralization and has illuminated the electrical and magnetic responses of Eskay style mineralization that can be applied to other regional targets.

2021 Soils Program

To date, the inherited soils data collected by previous operators has demonstrated strong correlations between proven Au-Ag mineralization exposed at surface and B-Horizon Au soil anomalies. Examples include the 22 Zone, 21A Zone, HW and Tom MacKay Zones. As such, the utilization of soil programs has proven effective in determining the locations and potentially areal extents of mineralized bodies exposed at surface. Historical soils coverage was discontinuous across the property, particularly along the Eastern Limb of the Eskay Anticline. Further to this, data collected prior to Skeena's ownership is poorly documented, generally lacks any quality assurance/quality control checks and is therefore of dubious quality. The 2021 exploration program will be supported by a recently completed soil survey which essentially covers the entire property apart from areas defined as Bowser Basin. The program entailed 116 line kilometres on 100 metre line spacings with 25 metre sample intervals. Given the

surficial footprint criteria for a near surface bulk tonnage target, these soil grid parameters permitted adequate coverage to detect an economic target without unnecessary detail or cost.

2021 Mapping Program

In parallel with the soil program, a regional mapping and lithogeochemical sampling program was conducted over selected areas of the property with the secondary goal of populating a database of rock samples for lithogeochemical characterization. The mapping has assisted in developing a broader litho-structural understanding of the Eskay Rift, whilst the collection of in situ samples supported the litho-geochemical framework.

Eskay Creek Feasibility Study Update

Skeena is also pleased to report that it has awarded the Feasibility Study contract for Eskay Creek to Ausenco Engineering Canada Inc. ("Ausenco"), supported by SRK Consulting (Canada), and AGP Mining Consultants. The Feasibility Study is on track to be completed in Q1 2022.

About Skeena

Skeena Resources Limited is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a Prefeasibility Study for Eskay Creek in July 2021 which highlights an open-pit average grade of 4.57 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to full Feasibility by Q1 2022. Additionally, the Company continues exploration programs at the past-producing Snip gold mine.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.
President & CEO

Contact Information
Investor Inquiries: info@skeenaresources.com
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com

Qualified Persons

Exploration activities at the Snip Project are administered on site by the Company's Exploration Managers, Raegan Markel, P.Geo. and John Tyler P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration and Resource Development, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

Quality Assurance - Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently securely stored on site. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Company's Qualified Person, Paul Geddes, P.Geo, Vice President Exploration and Resource Development.

Drill core samples are submitted to ALS Geochemistry's analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 1 kg is pulverized. Analysis for gold is by 50 g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 50 g fire assay fusion with gravimetric finish. Analysis for silver is by 50 g fire assay fusion with gravimetric finish with a lower limit of 5ppm and upper limit of 10,000 ppm. Samples with silver assays greater than 10,000 ppm are re-analyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48 multi-element geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) and also for mercury using an aqua regia digest with Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) finish. Samples with sulfur reporting greater than 10% from the multi-element analysis are re-analyzed for total sulfur by Leco furnace and infrared spectroscopy.

Cautionary note regarding forward-looking statements

Certain statements made and information contained herein may constitute "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

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

SOURCE: Skeena Resources Limited



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Today’s News

Avrupa Reports New Drill Results and Extends Massive Sulfide Mineralization at Sesmarias North, Alvalade Project, Portugal

 

 

Highlights include:

– SES21-040:  36.45 meters @ 0.72% Copper, 0.36 g/t Gold, 21 g/t Silver, and 0.82% Lead, including:

 

– 11.0…

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Highlights include:

  • - SES21-040:  36.45 meters @ 0.72% Copper, 0.36 g/t Gold, 21 g/t Silver, and 0.82% Lead, including:

 
    • - 11.0 meters @ 1.05% Copper, 0.51 g/t Gold, 39.2 g/t Silver, and 1.64% Lead.

 
  • - SES21-039:  39.2 meters @ 0.44% Copper, 0.71 g/t Gold, 27.1 g/t Silver, 2.07% Zinc, and 0.79% Lead, including overlapping mineralized zones:

 
    • - 17.25 meters @ 1.01 g/t Gold

      - 16.7 meters @ 34.6 g/t Silver

      - 16.7 meters @ 0.58% Copper

      - 9.7 meters @ 1.23% Lead

      - 8.0 meters @ 2.96% Zinc and 7.7 meters @ 3.5% Zinc.

 
  • - SES21-039:  A second significant massive sulfide intercept lower in this hole:  14.8 meters @ 0.45% Copper, 0.29 g/t Gold, and 28.7 g/t Silver.

 

Further highlights include:

 
  • - SES21-039 and SES21-040 extend massive sulfide mineralization for 350 meters to the southeast from the previously-reported SES21-033/036 section;

 
  • - Grades improving to the southeast;

 
  • - 11 drill holes, 5,862 meters completed to date on five sections at SES North and one section in the SES Central sector;

 
  • - Results from 10 holes now reported; results from one hole pending

 
  • - Drilling is underway on a 12th hole at Sesmarias.

 

TheNewswire - September 21, 2021 - Avrupa Minerals Ltd. (TSXV:AVU) (OTC:  AVPMF) (FSE:8AM) is pleased to report that drilling continues to expand and upgrade polymetallic, massive sulfide mineralization at the Sesmarias Copper-Zinc Prospect within the Alvalade Project (Alentejo, Portugal).  The program is a joint venture between Avrupa Minerals and Minas de Aguas Teñidas, S.A. (MATSA) and is operated by Avrupa through the JV entity PorMining Lda.  To date, the Company has completed 11 diamond drill holes on six different fences, totaling 5,862 meters, and is drilling a 12th hole testing potential massive sulfide mineralization on Section 0350S.

 

Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, “With continued drilling in the SES North sector, we have now intersected significant massive sulfide mineralization over 350 meters in strike length to the southeast from previously-reported intersections in SES21-033 and 036.  The SES21-039 intercept is the longest, to date, in the joint venture, and shows improving copper, zinc, and gold grades, as we move south along the strike of massive sulfide mineralization originally discovered in SES008.  The SES21-040 intercept contains the best copper results, to date, with 11 meters of 1.05% copper within a longer interval of polymetallic mineralization.  As we move south towards the SES Central (Discovery) sector, we look forward to the potential of continued improvement of grades.”

  

SES North Results and Sections  

 

To date, the Company completed ten drill holes in the SES North sector during this phase of drilling (SES20-031 through SES21-040), and one further hole in the SES Central sector (SES21-041), totaling 5,862 meters.  The Company reports results for SES21-037 through 040 in this release.

 

Drilling at SES21-042 is now underway on the 350 S section to test for possible mineralization above SES21-040.  Following the completion of SES21-042, the Company plans to drill further on the 350 S section to test for potential downdip massive sulfide mineralization below the SES21-040 intercept.  That hole will be collared approximately 40 meters northeast of the SES21-040 location.

 

Through all phases of drilling and exploration at Sesmarias, the Company has drilled copper-zinc massive sulfide mineralization in various lenses over a strike length of 1.7 kilometers.  Through interpretation of various programs of geophysical work and re-logging of historical drilling in the district, including holes with massive sulfide mineralization present, the strike length for possible massive sulfide mineralization may easily be extended to the north for a further 800-1000 meters.  All indications suggest that potential for further mineralization to the south is open, as well.  For now, the Company will continue to work on extending and upgrading the mineralization at SES North towards the SES Central sector, as well as defining massive sulfide occurrence in the Central sector.

 

Through detailed logging of the new core from this phase of drilling, as well as detailed re-logging of all the Sesmarias area historic core, we have established that the Sesmarias massive sulfide system is heavily folded and strongly modified by several phases of post-mineralization faulting.   However, through all this structural modification, the Company continues to intersect the target mineral horizon in all of the Sesmarias drilling.  The identification and separation of the different lenses of massive sulfide mineralization is strictly related to the location of mineralization on a specific limb of successive and adjacent folds (see sections below).  This supports the previous identification of the 2 Lens, the 8 Lens, the 10 Lens, and others at Sesmarias, as they are situated on different fold limbs and will project to the surface as separate lenses.  This geometry explains the historic situation of the numerous massive sulfide lenses that make up the Lousal deposit, just seven kilometers north of Sesmarias.  We expect a similar targeting story for Monte da Bela Vista, a further 2 kilometers beyond Lousal, as the complicated geology in all three target areas appears to be similar, if not directly related.

 


Click Image To View Full Size

 

Figure 1.  Plan view of Sesmarias North drilling, with drillhole locations and cross section lines.

 

Figure 1a.  Surface expression of the 8 Lens Target Zone (red dashed lines) and projected surface expression of mineralization in the SES North sector.  Drilling is underway on the Section 350 S, where we have discovered a new lens (in purple) for the northern sector with significantly higher copper grade than previous holes in the northern sector.

  

Following is a summary of new results for SES North mineralization from Section 000 to Section 350 S.  Results are reported in order of drilling.

 

Meters

From

To

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

3.9

476.85

480.75

0.28

1.70

0.77

0.48

24.4

Table 1.  SES21-037 intercept information.  Section 000.  Possible bottom of lens on this section.

  

Meters

From

To

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

6.0

356.85

362.85

0.72

       

Incl.

5.0

356.85

361.85

0.64

1.57

0.98

0.6

33.1

And

 

6.25

372.9

379.15

     

0.6

 

2.8

376.35

379.15

0.75

       

Table 2.  SES21-038 intercept information.  Section 070 S.  Overall zone of mineralization defined by mixed stockwork and semi- to massive sulfide material.

 

Meters

From

To

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

39.2

348.0

387.2

0.44

2.07

0.79

0.71

27.1

Gold-Zinc zone

17.25

351.0

368.25

     

1.01

 

Incl.

6.0

351.0

357.0

     

1.58

 

8.0

357.0

365.0

 

2.96

     

Incl.

2.0

363.0

365.0

 

4.7

     

Polymetallic zone

16.7

370.5

387.2

0.53

   

0.51

34.6

Incl.

16.2

363.0

379.2

 

2.85

     

13.7

370.5

384.2

   

1.09

   

Incl.

7.7

370.5

378.2

 

3.5

     

9.7

370.5

380.2

   

1.23

   

8.0

379.2

387.2

0.58

       

Table 3a.  SES21-039 upper intercept information.  Section 120 S.  Longest intercept, to date, in this phase of drilling.  Contains overlapping zones of Au-Zn and polymetallic mineralization.

  

Meters

From

To

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

14.8

419.0

433.8

0.45

 

0.59

0.29

28.7

Incl.

2.8

431.0

433.8

0.7

       

2.0

423.0

425.0

   

1.42

   

1.0

430.0

431.0

   

1.24

   

Table 3b.  SES21-039 lower intercept information.  Section 120 S.

  

Meters

From

To

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

36.45

479.4

515.85

0.72

 

0.82

0.36

21.0

Incl.

Best overall zone

4.0

485.4

489.4

1.32

 

3.86

0.67

71.4

And

Best copper zone

11.0

483.4

494.4

1.05

 

1.64

0.51

39.2

And

 

2.0

509.4

511.4

1.38

 

1.82

   

And

Additional zinc zone outside of main zone

8.05

510.4

518.45

 

0.72

     
 

Table 4.  SES21-040 intercept information.  Section 350 S.  Long intercept contains best copper results, to date, in this phase of drilling.  Copper grades appear to increase towards the south.

       

Following are the summary cross sections for 8 Lens mineralization in the Sesmarias North sector.  Further information will be posted on the Avrupa Minerals website.

 


Click Image To View Full Size

 

Figure 2.  Section 000:  Simplified geological section, showing massive sulfides and stockwork zone in SES008, SES21-033, SES21-036, and SES21-037.   While the section shows the apparent bottom of the 8 Lens, further work to potentially open up the mineral horizon below SES21-037 and expand downdip will be contemplated in the future.  However, at this time, new drilling will be concentrated towards the south where copper and zinc grades appear to be rising and the size of the lens appears to be increasing.


Click Image To View Full Size

 

Figure 3.  Section 070 S:  Simplified geological section showing location of massive sulfides in SES21-038, as well as SES20-031 crossing the top of the Lens 8 pod.  Targeting for further mineralization on this section clearly lies downdip from the SES21-038.

   


Click Image To View Full Size

 

Figure 4.  Section 120 S:  Simplified geological section showing two intercepts of massive sulfide mineralization in SES21-039.  Intercepts appear to lie in separate limbs of ancillary folding on the northeast limb of the main syncline identified in the SES North sector drilling during this phase of the program.  Results, combined with those of SES21-038 (above) and SES21-040 (below) suggest potential vectoring to the southeast at SES North towards higher grade copper and zinc mineralization.

   


Click Image To View Full Size

 

Figure 5.  Section 350 S:  Simplified geological section, showing massive sulfides and stockwork zone in SES009 and SES21-040, along with ongoing drilling at SES21-042, represented by a dashed line.  The Company plans to aim for a depth of approximately 600 meters for 042.  The hole intercepted strong mineralization on the southwest limb of the main syncline for the first time in the northern sector at Sesmarias.

 

The continuing work program is fully funded by Minas de Aguas Teñidas, S.A. (“MATSA”).  MATSA can initially earn a 51% interest in the Alvalade Experimental Exploitation License property by completing funding requirements set out in the joint venture agreement between the companies. MATSA may then increase their interest in the Project to 85% by preparing a bankable feasibility study.  Avrupa previously described the details of the agreement in news releases dated October 1, 2019 and November 20, 2019.

 

Minas de Aguas Teñidas, S.A. (MATSA) is a private Spanish mining company, which owns and operates three mines in the province of Huelva (Andalusia, Spain):  Aguas Teñidas, Magdalena, and Sotiel.  MATSA also holds 1,312 km2 of exploration permits in the south of Spain and 1,106 km2 in Portugal. Focused on innovation and the most advanced technology to develop modern and sustainable mines, MATSA is a 50:50 joint venture company of Mubadala Investment Company, a sovereign investor managing a global portfolio aimed at generating sustainable returns for its shareholder, the Government of Abu Dhabi, and Trafigura, one of the world’s leading commodity trading houses.

 

Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model.  The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, now optioned to MATSA in an earn-in joint venture agreement.  Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal and Kosovo.  The Company continues to seek and develop other opportunities around Europe.

 

For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.

   

On behalf of the Board,

 

“Paul W. Kuhn”

                               

Paul W. Kuhn, President & Director

  

This news release was prepared by Company management, who take full responsibility for its content.  Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.  He has reviewed the technical disclosure in this release.  Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.

 

Information about the Lousal Mine comes directly from published academic documents prepared by the geological survey of Portugal (LNEG), theses from the University of Lisbon, private company documents authored by mine geologists employed at one time by the Lousal Mine, and copies of original mine records.  The information is considered accurate, but NOT compliant to present-day NI 43-101 regulations and standards.

 

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.

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

Multiple Hard Rock Gold Workings Discovered on Egyptian Licences

 

21 September 2021 – TheNewswire – Altus Strategies Plc (AIM:ALS), (TSXV:ALTS), (OTC:ALTUF) announces the discovery of numerous hard rock artisanal…

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21 September 2021 – TheNewswire - Altus Strategies Plc (AIM:ALS), (TSXV:ALTS), (OTC:ALTUF) announces the discovery of numerous hard rock artisanal gold workings from field reconnaissance at the Company’s Gabal om Ourada (346 km2) and Wadi Dubur (175 km2) projects (“Projects”), located in the Eastern Desert of Egypt. The Company’s 100% owned subsidiary, Akh Gold Ltd (“Akh Gold”), holds gold exploration licences totalling 1,565 km2 (“Licences”) in Egypt. The Licences were granted this year as part of a competitive international bid round undertaken by the Egyptian Mineral Resources Authority (”EMRA”).

 

Highlights:

  • - 37 hard rock artisanal gold workings discovered across two Projects in Egypt

    - Longest working mapped for over 370 m, with five others mapped for over 100 m

    - Less than 50% of Company’s Licences have been visited to date

    - The discoveries validate the Company’s target generation process

    - A full technical and operational team has been established in Cairo

    - Comprehensive exploration programmes are anticipated to commence in Q4 2021

 

Steven Poulton, Chief Executive of Altus, commented:

“We are pleased to report that our Egyptian field team has discovered numerous hard rock artisanal gold workings from initial reconnaissance at the first two of our four Projects in the Eastern Desert of Egypt.

 

“Reconnaissance has focused on areas identified by our in-house target generation techniques that integrate remote sensing and historical data. The field programmes have validated the power of this approach and underscored the prospectivity of the Licences. At least 37 hard rock workings have been discovered to date, the largest of which has been mapped for over 370 m in length. Many of the gold workings have undergone extensive mechanised activity, indicating the potential for significant mineralisation. Further reconnaissance will commence shortly across the two remaining Projects, which cover the majority of the 1,550 km2 area held by Altus in Egypt.

 

“We have rapidly established a high calibre technical and operational team in Egypt, allowing us to aggressively advance our field programmes. I look forward to updating shareholders on the results of this work in due course.”

 

Hard Rock Workings: Gabal Om Ourada Licence (346 km2)

  • - Four of 12 high priority targets as defined by desktop studies have been visited

    - Numerous historical artisanal hard rock workings discovered

    - Workings traced for up to 375 m, in sheeted systems within breccia or fault zones

    - Quartz-vein style gold mineralisation (orogenic gold) both fault and intrusion hosted

    - Hydrothermal alteration (silica, carbonate, iron oxide and clay) and visible sulphide mineralisation observed

    - Priority targets for follow-up work delineated with numerous other targets to be assessed

 

Hard Rock Workings: Wadi Dubur Licence (175 km2)

  • - Four of 10 high priority targets as defined by desktop studies have been visited

    - Numerous historical artisanal hard rock workings (mechanised and smaller scale)

    - Workings traced for up to 250 m, in sheeted systems within mafic-ultramafic hosts

    - Quartz-vein style gold mineralisation (orogenic gold) both fault and intrusion hosted

    - Hydrothermal alteration with silica and/or carbonate alteration and sulphide (pyrite, galena) mineralisation observed

    - Visible gold identified in hand samples

    - Priority targets for follow-up work delineated with numerous other targets to be assessed

 

Next Phase of Reconnaissance

Field reconnaissance will commence shortly at the Wadi Jundi (696 km2) and Gabal Al-Shalul (348 km2) Projects which together cover 1,044 km2 in the Eastern Desert. On completion of the reconnaissance programmes, detailed exploration, including geological mapping and sampling, is anticipated to commence in Q4 2021, once the necessary field permits are in place.

 

Licences: Background (1,565 km2)

The Licences were awarded to Akh Gold, as part of Egypt’s inaugural and competitive international exploration licence bid round initiated by EMRA in 2020. All four projects, which comprise nine licence blocks, covering 1,565 km2, are situated in eastern Egypt, between 30 km and 100 km of the Red Sea coast. The Licences have been awarded for an initial two-year term, with each Licence renewable for up to two further periods, each of two years duration.

 

Illustrations

The following figures have been prepared by Altus and relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com) or in PDF format by following this link: https://altus-strategies.com/site/assets/files/5361/altus_nr_-_egypt-_21_sept_2021.pdf

 
  • - Location of the Licences in the Eastern Desert of Egypt is shown in Figure 1

    - Location of key deposits within the Arabian Nubian Shield is shown in Figure 2

    - Location of priority targets within Gabal Om Ourada (346 km2) is shown in Figure 3

    - A selection of photos of gold workings at Gabal Om Ourada is shown in Figure 4

    - Location of priority targets within Wadi Dubur (175 km2) is shown in Figure 5

    - A selection of photos of gold workings at Wadi Dubur is shown in Figure 6

  

Figure 1: Location of the Licences in the Eastern Desert of Egypt


Click Image To View Full Size

 

Figure 2: Location of key deposits within the Arabian Nubian Shield


Click Image To View Full Size

 

Figure 3: Location of priority targets within Gabal Om Ourada (346 km2)


Click Image To View Full Size

                   

Figure 4: A selection of photos of gold workings at Gabal Om Ouradat

 

 

 

Figure 5: Location of priority targets within Wadi Dubur (175 km2)

 


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 Figure 6: A selection of photos from gold workings at Wadi Dubur

               

 

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Project Overview: Wadi Jundi (696 km2)

The Wadi Jundi project consists of four licence blocks, covering a total area of 696 km2. The project area hosts a 10 km long north-west trending ophiolite belt comprising a basal serpentinite melange overlain by calc-alkaline basic to acidic volcanics, capped by volcaniclastics, and sediments (schists). The sequence is interpreted to represent a preserved seafloor sequence and is considered highly prospective for volcanogenic massive sulphide (“VMS”) mineralisation. The entire sequence is intruded by syn- to late- tectonic mafic intrusives and late- to post- tectonic granodiorite, granite and monzogranite intrusions and is located just south of the major north-west trending regional crustal scale >1,100 km Najd Fault corridor. Altus believes Wadi Jundi is prospective for orogenic gold mineralisation related to deformed volcanic sequences proximal to granite intrusions, as well as VMS deposits.

 

The project is located approximately 40 km south of the historic El Sid gold mine, which reportedly contributed around 45% of Egypt's gold production during the 20th century, and is 115 km north-west of the Sukari gold mine, which produces approximately 400,000 ounces of gold per year. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Wadi Jundi project. Wadi Jundi is directly accessible by secondary tracks from the Al Kosair-Qena asphalt highway, which runs along the Licence's northern boundary and connects the city of Luxor and coastal town of Quseer.

 

Project Overview: Gabal Al-Shaluhl (formerly Bakriyah) (348 km2)

The Gabal Al-Shaluhl project consists of two licence blocks, covering a total area of 348 km2. The project area is dominated sedimentary formations and a 13 km long northwest striking ophiolitic serpentinite melange, intruded by syn- to late- tectonic gabbro intrusives and major late- to post-tectonic granodiorite and granite intrusions. The geology is structurally complex, located near the boundary between two separate structural blocks with a large number of intersections between regional-trending faults and fold hinges, interpreted as favourable sites for orogenic gold style mineral occurrences. Altus believes Gabal Al-Shaluhl is prospective for orogenic gold mineralisation related to granite intrusions.

 

The project is located approximately 60 km south of the historic El Sid gold mine, and 115 km north-west of the Sukari gold mine. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Gabal Al-Shaluhl project. Gabal Al-Shaluhl is accessible by secondary tracks from a major E-W asphalt road 30 km to the south, which connects to the Red Sea coastal town of Marsa Alam.

 

Project Overview: Gabal Om Ourada (formerly Abu Diwan) (346 km2)

The Gabal Om Ourada project consists of two licence blocks, covering a total area of 346 km2. The project area hosts a north-west trending belt of serpentinised ophiolite and associated tectonic melange, schists, andesite and porhyryitic subvolcanic rocks, intruded by multiple syn- to late-tectonic granodiorite and late- to post-tectonic granite intrusions. Basement gneisses and mylonitic schists of the Meatiq Dome, a metamorphic core complex, outcrop in the south-west of the area and are separated from the younger rocks by a series of deep-seated north-west trending sinistral shear zones and north-east trending thrusts that are part of the crustal scale (>1,100 km long) Najd Fault Corridor. Altus believes Gabal Om Ourada is prospective for orogenic gold mineralisation hosted in an ophiolite belt proximal to a granite intrusion.

 

The project is located approximately 30 km north-east of the historic El Sid gold mine, and 160 km north-west of the Sukari gold mine. Mineralisation hosted at El Sid and Sukari is not necessarily indicative of mineralisation hosted at the Gabal Om Ourada. Gabal Om Ourada is directly accessible by asphalt road from the Red Sea coastal city of El Quseir, located 30 km to the south-east.

 

Project Overview: Wadi Dubur (175 km2)

The Wadi Dubur project consists of one licence block, covering a total area of 175 km2. The project area contains a north-west to west trending curvilinear fault belt comprised of regionally mapped thrust faults and strike-slip flexures. The (standalone) project block consists of an ophiolite melange, minor schists, syn- to late- tectonic gabbro and diorite intrusives on the flank of a major 25 km x 28 km syn- to late-tectonic granitic body. Altus believes Wadi Dubur is prospective for orogenic gold mineralisation hosted in a north-west trending ophiolite belt.

 

The project is located 5 km west of the historic Atud gold mine and approximately 40 km north-west of the Sukari gold mine (operated by LSE and TSX listed Centamin Plc). Mineralisation hosted at Atud and Sukari is not necessarily indicative of mineralisation hosted at the Wadi Dubar project. Wadi Dubur is directly accessible by asphalt road from the Red Sea coastal town of Marsa Alam, 60 km to the east.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.

 

For further information you are invited to visit the Company’s website www.altus-strategies.com or contact:

 

Altus Strategies Plc

Steven Poulton, Chief Executive

Tel: +44 (0) 1235 511 767

E-mail: info@altus-strategies.com

SP Angel (Nominated Adviser)

Richard Morrison / Adam Cowl

 

Tel: +44 (0) 20 3470 0470

SP Angel (Broker)

Grant Barker / Richard Parlons

 

Tel: +44 (0) 20 3470 0471

Shard Capital (Broker)

Isabella Pierre / Damon Heath

 

Tel: +44 (0) 20 7186 9927

Yellow Jersey PR (Financial PR & IR)

Charles Goodwin / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

E-mail: altus@yellowjerseypr.com

 

About Altus Strategies Plc

Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company’s differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.

 

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Directors or estimates of future performance constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.

 

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.

 

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.

 

Market Abuse Regulation Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

Glossary of Terms

The following is a glossary of technical terms:

“ANS” means Arabian-Nubian shield

“EMRA” means the Egyptian Mineral Resources Authority

“km” means kilometres

“m” means metres

“NI 43-01” means National Instrument 43-101 Standards of Disclosure of Mineral Projects of the Canadian Securities Administrators”

“Qualified Person” means a person that has the education, skills and professional credentials to act as a qualified person under NI 43-101

“VMS” means Volcanogenic Massive Sulphide

 

**END**

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

Pershimex Confirms the Presence of Gold Mineralization in the Surface Crown Pillar of the Former Pershing-Manitou Gold Mine

VAL-D’OR, Québec, Sept. 21, 2021 (GLOBE NEWSWIRE) — Pershimex Resources Corporation ("Pershimex" or the "Company") (TSX VENTURE: PRO) is pleased…

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VAL-D’OR, Québec, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Pershimex Resources Corporation ("Pershimex" or the "Company") (TSX VENTURE: PRO) is pleased to announce its most recent results of the additional channel sampling work carried out on the surface crown pillar of the former Pershing-Manitou gold mine as part of the resource estimation work in accordance with National Instrument 43-101 undertaken in early 2021 by Solution 3DGéo Inc. (“3DGS”).

The mineralized system which was exposed by stripping in early summer 2021 and visible gold can be observed in more than thirty locations on the outcrop. A total of three channels (A1-A2-A3) were positioned directly in the heart of the orebody in the vertical projection of the interpreted mineralized zones in order to validate the continuity up to the surface of the high-grade mineralization intercepted by drilling at a depth of approximately 15 m.

The longest and most easterly channel is the A3 (see figure). This is located near the PM-20-04 drill hole and returned 11.7 g/t Au over 6.5 meters including 3 ounces of gold/ton (93.4 g/t Au) over 0.5 meter. The A2 channel, which is centrally located, returned 11.6 g/t gold over 4.0 meters including 1.86 ounces of gold/ton (58 g/t Au) over 0.5 meter. The A1 channel, which is the most westerly and closest to the old mine shaft, returned 6.2 g/t of gold over 5.5 meters including 27 g/t Au over 0.5 meter.

Results table

Channel NumberGrade
(g/t Au)
Length
(m)
Metal Factor
(g/t Au *m)
A16.25.534.1
Including270.5 
A211.6446.4
Including580.5 
A311.76.576.1
Including93.40.5 

These channel samples were necessary for the resource estimation work currently underway. Although the interpretation of mineralized zones already considers the geology of the outcrop and the geometry of the mineralized zones, the quantitative validation of high grades interpolated at the surface, based on drilling data, minimizes the uncertainties and risks inherent in the method used to estimate the resource.

This will therefore make it possible to specify, with a much greater level of confidence, the position of a volume of mineralized rocks of 5,000 tons representative of the high-grade mineralized zones interpreted by 3DGS. The definition of such a volume will allow us to apply for a bulk sampling permit from the Ministère des Ressources Naturelles du Québec. The restoration plan was already submitted last June and the Company is currently in the process of drafting answers to the questions requested by the ministry. The bulk sampling of 5,000 tons will mainly allow us to know the real gold content, to confirm the methods of analysis and to generate a possible income with the sale of the ounces of gold that will be produced. The results of the full resource estimate including the surface pillar of the former Pershing-Manitou mine will be available and made public in the coming weeks.

Robert Gagnon, President and Chief Executive Officer of the Company, said: "This channel sampling campaign on the surface crown pillar of the former Pershing-Manitou gold mine will allow us to model a block of 5,000-tons of mineralized material with an optimal gold content. As soon as the resource estimation work is completed and made public, we will initiate the bulk sampling permit application process with the Ministère des Ressources Naturelles du Québec in order of being one of the first junior exploration companies in Quebec to take advantage of the new amendment to section 69 of the Mining Act, which since March 2021, authorizes exploration companies to carry out bulk sampling not exceeding 5,000 tons."

This press release was prepared by Robert Gagnon, Professional Geologist, and President of Pershimex, a qualified person under National Instrument 43-101. The channel samples measuring all 0.5 meter in length were shipped and analyzed by the ALS CHEMEX laboratory in Val-d'Or, using the pyroanalysis method. Gravimetric recoveries for contents greater than 10 grams were necessary.

For more information, please contact:

Robert Gagnon, President        
Tél.: (819) 825-2303

Warning

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 the information contained in this press release.

Facts stated in this press release that are not historical facts are "forward-looking statements" and readers are cautioned that such statements are not guarantees of success and that future developments and results may differ from those projected in such forward-looking statements. 

A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c0ca081-d40a-46dd-9243-86b704a57e9f


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