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Eskay Mining Provides Update on Drilling; Discusses Property Wide SkyTEM Data

TORONTO, ON / ACCESSWIRE / August 23, 2021 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased…

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TORONTO, ON / ACCESSWIRE / August 23, 2021 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to provide an update on its 2021 drill program and an overview of its property wide SkyTEM results.

Summary:

  • To date, approximately 13,500 m of diamond drilling, in approximately 62 holes, has been completed representing 45% of the minimum 30,000 planned meters. With approximately two months left in the drill campaign and four rigs generating approximately 300 m of core daily, Eskay believes it will be able to complete over 30,000 meters of drilling this year.
  • To date, drilling has focused on the TV and Jeff precious metal rich VMS targets and areas proximal. Drilling has recently commenced at the C10 target and surrounding areas targeting coincident IP/SkyTEM geophysical anomalies and historic high-grade Au drill intercepts.
  • A majority of drill holes completed at TV and Jeff have encountered stockwork and massive sulphide mineralization visually similar to mineralized intercepts encountered in drill holes completed in 2020. In places, precious metal minerals including electrum, pyrargyrite and tetrahedrite have been observed in core (Figure 1). Based on observations of what is clearly replacement style sulphide mineralization, Eskay believes that mineralization encountered to date formed within close proximity to the paleo-seafloor and is associated with syn-volcanic faults. The Lower Zone at TV includes a massive sulphide lens (Figure 2) which likely formed in a black smoker environment on the sea floor.
  • Field prospecting and geologic mapping have yielded significant new observations. Perhaps most importantly, crews have recently identified sulphide mineralization in mudstone and rhyolite belonging to the Upper Hazelton Group which sits stratigraphically above the currently drilled TV deposit. TV mineralization occurs in Lower Hazelton Group rocks, especially volcanic rocks belonging to the Betty Creek Formation. Eskay believes these Upper Hazelton rock units have potential to host precious metal rich VMS deposits like those at the nearby Eskay Creek Mine. The Company will soon be drilling holes in these newly discovered mineralized areas to test this concept.
  • Soil sampling programs are currently underway over multiple new SkyTEM and BLEG anomalies.
  • With the southern part of the survey now complete, property wide SkyTEM results indicate the presence of numerous untested volcanogenic massive sulphide ("VMS") targets within three north-south trending anticlines spanning Eskay's 526 sq km land holdings (Figure 3). Many SkyTEM anomalies coincide with strong stream sediment ("BLEG") anomalies identified from samples collected in 2020 (Figure 4). SkyTEM targets from the TV-Jeff area northwards were discussed at length in a Company news release dated July 13, 2021. Targets highlighted by SkyTEM in areas south and west of TV-Jeff include:
  • The C10-Spearhead region where high BLEG Au values are coincident with what is discernibly the eastern flank of the Eskay Anticline and the southern end of the Eastern Anticline. Several areas of elevated conductivity are evident in areas underlain by Hazelton Group rocks, the favourable host for precious metal rich VMS deposits in the region. Numerous historic rock chip samples from this area display highly anomalous Au values and a few historic drill holes encountered high-grade gold intercepts. Similar to TV and Jeff, Eskay thinks the region around C10 is highly prospective for discovery of precious metal rich VMS deposits and has recently initiated an aggressive drill program in this area.
  • Two areas along the eastern flank of the Western Anticline are coincident with catchments displaying high BLEG Au values. Although the historic Cumberland VMS prospect is situated in close proximity to these two anomalies, it does not account for these BLEG anomalies. In fact, neither of these targets has any known VMS occurrences, rock chip sampling or drilling. Eskay plans to prospect both areas this season.
  • Eskay has delivered numerous batches of core samples to the laboratory. Assay turn around is projected to be slow due to the intense level of exploration in the region this year.

"Drilling is progressing exceptionally well," commented Quinton Hennigh, director and technical advisor to the Company. "To date, approximately 13,500 m of diamond core has been drilled in approximately 62 holes representing about 45% of the planned minimum meterage for the 2021 program. We are on track to hit our targeted meters over the next two months. The majority of holes completed at Jeff and TV display sulphide mineralization similar to that encountered during the highly successful 2020 drill campaign. Visible precious metal mineralization is evident in multiple holes. Field crews have found good evidence of mineralization above the TV target area, an area that will soon be drilled. Mudstone and rhyolite in this area resemble that which hosts the nearby Eskay Creek deposit. With completion of data collection in the south, we now have SkyTEM over most of the property. Areas of high BLEG Au values appear coincident with SkyTEM features suggesting multiple high priority targets are present. We have already commenced drilling at C10, a prominent very high BLEG Au anomaly along the eastern flank of the Eskay Anticline in a setting much like TV and Jeff. We are extremely pleased with our crew's efficient implementation of this multifaceted exploration program."

Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Eskay Mining Corp:

Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the "Golden Triangle," approximately 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).

All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com .

For further information, please contact:

Mac Balkam
President & Chief Executive Officer
T: (416) 907-4020
E: Mac@eskaymining.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.  

Forward -Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements .  

(Figure 1: Examples of precious metal mineralization encountered in recent drill holes. The Au-Ag alloy, electrum, is labeled Elc. Silver-rich sulphosalt minerals, pyrargyrite and tetrahedrite, are labeled Pyg and Tet, respectively. Pyrite is Pyr and silica is Sil. Assays have not yet returned from these holes.)

(Figure 2: Massive and semi-massive sulphide mineralization encountered in hole TV21-57 completed at the TV target. Such mineralization is likely a fossil sulphide mound associated with black smokers. The photo in the lower right shows a piece of mineralized mudstone found up section from the currently drilled part of the TV system. Eskay believes these rocks may be stratigraphically correlated with those that host the Eskay Creek deposit. This area will be tested by drilling very soon.)

(Figure 3: Property wide SkyTEM data from Eskay Mining's project area. Cool colors are resistive rocks. Warm colors through purples are conductive rocks. The contact between highly conductive Bowser Lake Group sedimentary rocks and the more resistive Hazelton Group volcanic rocks is readily apparent. It is along this contact and areas of Hazelton Group rocks lying below that Eskay Mining considers prospective for precious metal-rich VMS mineralization.)

Map



Description automatically generated with low confidence

(Figure 4: Property wide SkyTEM data with an overlay of anomalous BLEG Au anomalies. Pink denotes Au values greater than 50 ppb, red greater than 30 ppb and less than 50 ppb, and orange greater than 15 ppb and less than 30 ppb. Like TV-Jeff, the highly anomalous C10-Spearhead area appears associated with the east flank of the Eskay Anticline. Note two anomalous areas occurring along the eastern flank of the Western Anticline.)

A picture containing diagram

Description automatically generated

SOURCE: Eskay Mining Corp.



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Today’s News

AbraSilver Intersects Additional High-Grade Silver and Gold Mineralization: 109m at 292 g/t AgEq, Including 6m at 1,180 g/t AgEq

Additional 250-Metre Step-Out Hole in Northeast zone Intersects:  21m at 6.0 g/t gold-equivalent in oxides

Toronto – TheNewswire – September 16,…

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Additional 250-Metre Step-Out Hole in Northeast zone Intersects:  21m at 6.0 g/t gold-equivalent in oxides

Toronto – TheNewswire - September 16, 2021: AbraSilver Resource Corp. (TSXV:ABRA) (OTC:ABBRF) ("AbraSilver" or the “Company”)  is pleased to report additional high-grade drill results from the latest diamond drill holes of the Company’s ongoing Phase II drill program, on its wholly-owned Diablillos property in Salta Province, Argentina.

Hole DDH 21-038 was drilled in the Tesoro zone as part of a program to continue to upgrade Indicated Resources to the Measured category, while hole DDH 21-039 was drilled in the Northeast zone approximately 250 metres beyond the open pit resource shell.  Assay results from the two key highlight holes are summarized in Table 1 below, with results from all additional holes included in Table 2.

Table 1 – Drill Result Highlights of Holes DDH 21-038 & 21-039

(Intercepts greater than 2,000 gram-metre AgEq shown in bold text):

Drill Hole

 

From (m)

To (m)

Type

Interval (m)

Ag

 g/t

Au g/t

Cu

%

AgEq1 g/t

AuEq1 g/t

DDH-21-038

 

112

221.3

Oxides

109.3

176.8

1.53

-

291.6

3.89

DDH-21-038

Including

136

142

Oxides

6.0

1,164.3

0.21

-

1,180.1

15.73

DDH-21-038

Including

155

165

Oxides

10.0

179.0

0.99

-

253.3

3.38

DDH-21-038

Including

182.8

208.5

Oxides

25.7

125.0

5.20

-

515.0

6.87

DDH-21-038

Including

214

217

Oxides

3.0

226.6

1.16

-

313.6

4.18

DDH-21-039

 

139

141

Oxides

2.0

84.3

-

1.06

193.3

2.58

DDH-21-039

 

159

160

Oxides

1.0

181.7

0.16

-

193.7

2.58

DDH-21-039

 

168

169.4

Oxides

1.4

12.6

1.30

-

110.1

1.47

DDH-21-039

 

170.5

174.5

Oxides

4.0

67.3

3.82

-

353.8

4.72

DDH-21-039

 

194

215

Oxides

21.0

50.6

5.30

-

448.1

5.97

DDH-21-039

 

234.5

235.5

Oxides

1.0

78.3

1.79

-

212.6

2.83

DDH-21-039

 

243

247

Sulphides

4.0

45.3

2.05

0.83

284.4

3.79

DDH-21-039

 

251

252

Sulphides

1.0

10.2

1.07

-

90.5

1.21

DDH-21-039

 

273

277

Sulphides

4.0

7.1

0.75

0.09

72.6

0.97

DDH-21-039

 

285.5

287

Sulphides

1.5

36.8

3.26

0.75

358.4

4.78

Note:  All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are estimated to be approximately 80% of the interval widths.

1 AgEq & AuEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices. Refer to Technical Notes below for additional information.

John Miniotis, President and CEO, commented, “Today’s announcement demonstrates further continuity of high-grade gold mineralization for hundreds of metres beyond the open pit resource in the Northeast Zone. Yesterday we announced that M&I Resources at Oculto increased by 37% for gold and 11% for silver. We remain highly encouraged by the results from our ongoing Phase II drill program which clearly demonstrates significant potential for additional mineral growth.”  

 

Figure 1 – Drill Hole Location Map


Click Image To View Full Size

 

Discussion of Drill Hole Results

Hole DDH 21-038 was drilled in the high-grade Tesoro zone in order to upgrade more high-grade Indicated resources to the Measured category. This hole intersected 109.3 metres of 176.8 g/t silver and 1.53 g/t gold from 112 to 221.3 metres, including 25.7 metres of 125.0 g/t silver and 5.20 g/t gold within the oxide zone.   In the silver enriched layer, a significant high-grade interval of 6 metres of 1,164 g/t silver and 0.21 g/t gold was encountered.   These intercepts support the continuity of the shallowly dipping secondary enriched silver layer and the underlying gold dominant layer that extend within the mineralised system.

 

DDH 21-039 was drilled in the Northeast zone approximately 250 metres beyond the open pit resource shell. The hole has numerous intercepts with significant gold and silver mineralisation over substantial widths, including 21.0 metres of 50.6 g/t silver and 5.30 g/t gold from 194 to 215 metres. This is a part of a robust mineralised system associated with silicification and fracturing in the oxide zone extending northeast of the Oculto resources.

 

Systematic drilling is ongoing as part of the Phase II drill program aimed at further expanding the recently announced updated Mineral Resource Estimate (see news release dated September 15, 2021).

        

Figure 2 – Cross Section (Looking East) with Highlighted intercepts in Hole DDH 21-038


Click Image To View Full Size

 

Figure 3 - Cross Section  (Looking East) with Highlighted intercepts in Hole DDH 21-039


Click Image To View Full Size

 

Table 2 – Drill Result Highlights of Holes DDH 21-029 - DDH 21-039

 

Drill Hole

Zone 

From (m)

To (m)

Type

Interval (m)

Ag

 g/t

Au g/t

Cu

%

DDH-21-029

Pedernales

83

87

Oxides

4.0

-

2.46

-

DDH-21-029

 

135

148

Oxides

13.0

-

0.76

0.51

DDH-21-030

Northeast

74

85

Oxides

11.0

30.6

-

-

DDH-21-030

 

92

135.5

Oxides

43.5

36.5

0.70

-

DDH-21-030

 

174

181

Oxides

7.0

42.5

0.17

-

DDH-21-031

Corderos

15

17

Oxides

2.0

5.2

1.43

-

DDH-21-031

 

28

31

Oxides

3.0

28.0

2.34

-

DDH-21-032

Pedernales

68.5

76

Oxides

7.5

-

1.56

-

DDH-21-033

Laderas

33.5

44

Oxides

10.5

30.1

0.42

-

DDH-21-033

 

227

231

Sulphides

4.0

286.1

0.53

4.00

DDH-21-034

Corderos

31

38

Oxides

7.0

13.5

3.51

-

DDH-21-035

Northeast

136

137

Sulphides

1.0

45.2

1.68

1.45

   

156

157

Oxides

1.0

5.6

1.08

-

   

169.5

171.5

Sulphides

2.0

67.6

2.90

0.95

   

174

184

Oxides

10.0

11.7

1.92

-

   

194.5

197.5

Oxides

3.0

7.0

1.00

0.09

   

273

282

Oxides

9.0

18.5

1.04

-

DDH-21-038

Tesoro

112

221.3

Oxides

109.3

176.8

1.53

-

DDH-21-038

 

136

142

Oxides

6.0

1,164.3

0.21

-

DDH-21-038

 

155

165

Oxides

10.0

179.0

0.99

-

DDH-21-038

 

182.8

208.5

Oxides

25.7

125.0

5.20

-

DDH-21-038

 

214

217

Oxides

3.0

226.6

1.16

-

DDH-21-039

Northeast

139

141

Oxides

2.0

84.3

-

1.06

DDH-21-039

 

159

160

Oxides

1.0

181.7

0.16

-

DDH-21-039

 

168

169.4

Oxides

1.4

12.6

1.30

-

DDH-21-039

 

170.5

174.5

Oxides

4.0

67.3

3.82

-

DDH-21-039

 

194

215

Oxides

21.0

50.6

5.30

-

DDH-21-039

 

234.5

235.5

Oxides

1.0

78.3

1.79

-

DDH-21-039

 

243

247

Sulphides

4.0

45.3

2.05

0.83

DDH-21-039

 

251

252

Sulphides

1.0

10.2

1.07

-

DDH-21-039

 

273

277

Sulphides

4.0

7.1

0.75

0.09

DDH-21-039

 

285.5

287

Sulphides

1.5

36.8

3.26

0.75

  

Collar Data

Hole Number

UTM Coordinates

Elevation

Azimuth

Dip

Depth

DDH 21-029

E721265

N7203694

4,242

0

-60

161

DDH 21-030

E720274

N7199678

4,248

180

-60

275.5

DDH 21-031

E721307

N7204118

4,180

0

-60

150

DDH 21-032

E721316

N7203694

4,232

0

-60

194

DDH 21-033

E720493

N7200250

4,244

0

-60

235

DDH 21-034

E721269

N7204130

4,173

33

-60

74

DDH 21-035

E720760

N7200161

4,265

180

-60

286

DDH 21-038

E720206

N7199294

4,263

0

-60

320

DDH 21-039

E720402

N7199880

4,252

180

-60

314

 

About Diablillos

The 80 km2 Diablillos property is located in the Argentine Puna region - the southern extension of the Altiplano of southern Peru, Bolivia, and northern Chile - and was acquired from SSR Mining Inc. by the Company in 2016.  There are several known mineral zones on the Diablillos property, with the Oculto zone being the most advanced with approximately 90,000 metres drilled to date.  Oculto is a high-sulphidation epithermal silver-gold deposit derived from remnant hot springs activity following Tertiarty-age local magmatic and volcanic activity. Comparatively nearby examples of high sulphidation epithermal deposits include: Yanacocha (Peru); El Indio (Chile); Lagunas Nortes/Alto Chicama (Peru) Veladero (Argentina); and Filo del Sol (Argentina)

 

Table 3 - 2021 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

Category

Tonnage

(000 t)

Ag

(g/t)

Au

(g/t)

Contained Ag

(000 oz Ag)

Contained Au

(000 oz Au)

Measured

8,235

124

0.98

32,701

259

Indicated

32,958

54

0.70

57,464

744

Measured & Indicated

41,193

68

0.76

90,165

1,002

Inferred

2,884

34

0.7

3,181

66

 

Effective September 8, 2021. The resource estimate is N.I. 43-101 compliant. Full details of the Mineral Resources are available in a Company news release dated September 15, 2021.  The full technical report, which is being prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI-43-101”) by Mining Plus, will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days of the news release dated September 15, 2021.

QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company’s geologists in accordance with industry practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to measure sample representivity. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

 

All samples are received by the SGS offices in Salta who then dispatch the samples to the SGS preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in Lima, Peru where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are reanalyzed using four acid digestion with an ore grade AAS finish.

 

Qualified Persons

David O’Connor P.Geo., Chief Geologist for AbraSilver, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.

 

Technical Notes

All results in this news release are rounded. Assays are uncut and undiluted. Intervals are drilled widths, not true widths. AgEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices.  No metallurgical testwork has yet been completed on the recovery of copper.

 

About AbraSilver

AbraSilver is a well-funded silver-gold focused advanced-stage exploration company. The Company is rapidly advancing its 100%-owned Diablillos silver-gold project in the mining-friendly Salta province of Argentina, which has a Measured and Indicated resource base of over 160Moz on a silver-equivalent basis or 2.3Moz on a gold-equivalent basis.  The Company is led by an experienced management team and has long-term supportive shareholders including Mr. Eric Sprott and SSR Mining.  In addition, AbraSilver owns a portfolio of earlier-stage copper-gold projects, including the Arcas project in Chile where Rio Tinto has an option to earn up to a 75% interest by funding up to US$25 million in exploration.  AbraSilver is listed on the TSX-V under the symbol “ABRA” and in the U.S. under the symbol “ABBRF”.

 

For further information please visit the AbraSilver Resource website at www.abrasilver.com, our LinkedIn page at AbraSilver Resource Corp., and follow us on Twitter at www.twitter.com/abrasilver

  

Alternatively please contact:

 

John Miniotis, President and CEO

john@abrasilver.com

Tel: +1 416-306-8334

   

Cautionary Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of 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. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. 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 forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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 news release

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

IAMGOLD Reports Assay Results from the Lac Gamble Drilling Program on the Rouyn Gold Project, Québec; Drilling Underway on Augmitto – Cinderella Areas

Toronto, Ontario–(Newsfile Corp. – September 16, 2021) – IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") announces assay results…

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Toronto, Ontario--(Newsfile Corp. - September 16, 2021) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") announces assay results from its 2021 exploration diamond drilling program completed on the Lac Gamble zone at the Rouyn Gold project ("Rouyn Project") optioned from Yorbeau Resources Inc. ("Yorbeau"). The project is located 4 km south of Rouyn-Noranda, Québec, and approximately 45 kilometers southwest of IAMGOLD's Westwood operation.

The Company is reporting assay results from seven (7) diamond drill holes, totaling 1,826 metres completed as part of the winter 2021 drilling program. Drilling activities are also currently progressing on the Augmitto and Cinderella areas, located approximately 1 to 3 kilometres west of the Lac Gamble zone, and results will be reported when received, validated and compiled.

The assay results reported herein are provided in Table 1, below, and include the following highlights (a longitudinal section illustrating the drilling program on the Lac Gamble zone is attached to this news release):

Lac Gamble - Main Zone:

•      Drill hole GA-21-779:7.7 metres grading 2.5 g/t Au

includes :4.7 metres grading 3.5 g/t Au


 
•      Drill hole GA-21-780:5.0 metres grading 5.5 g/t Au


 
•      Drill hole GA-21-782:3.2 metres grading 16.1 g/t Au

includes :1.2 metres grading 40.6 g/t Au

 

Craig MacDougall, Executive Vice President, Growth, IAMGOLD, stated: "Our drilling program at Lac Gamble earlier this year specifically targeted some selected areas for possible extensions, as well as to complete some initial geotechnical drill holes to assess rock quality in the context of a potential underground mining scenario. The results continue to strengthen our understanding of the deposit geology and geotechnical rock quality appears in line with our expectations from the initial assessment. Despite the recent challenges faced by a shortage of available drilling rigs in the region, we continue to make solid progress in our project evaluation."

The diamond drilling program on the Lac Gamble zone had two main objectives: 1) complete an initial geotechnical drilling campaign to collect preliminary data to assess rock quality of the host rock units with respect to an underground mining method; and, 2) test for potential extensions down plunge along the western boundary of the zone.

The geotechnical drill program consisted of four (4) holes for 720.5 metres and the data obtained appears to be in line with the anticipated geotechnical conditions to support a potential underground mining development scenario.

The expansion drilling program targeted potential down-plunge extensions to the west for which three (3) diamond drill holes totaling 1,105 metres were completed. Unfortunately, due to the late start of the drilling program caused by a regional lack of drill rig availability, a planned larger program could not be completed during the optimal winter season.

All drill holes successfully intersected the targeted sheared Cadillac-Piché corridor, which hosts the mineralized Lac Gamble zone. The zone is associated with alteration varying from several metres to greater than 10 metres in width, exhibiting variable carbonatization, fuchsite, silicification, crosscut by a network of white quartz and brown tourmaline stockwork veins and breccias. Gold mineralization occurs as small specks of visible free gold associated with minor sulphides in quartz-tourmaline veinlets. Hole GA-21-782 has demonstrated the zone could extend further in its western extensions at depth.

Next Steps

The ongoing global COVID-19 pandemic continues to impact the local availability of exploration services. However, exploration drilling has resumed at the Rouyn Project in June and a planned 9,000 metre diamond drilling program is in progress to evaluate the resource potential of other selected targets, including the Cinderella and Augmitto areas located further west of the Lac Gamble zone and if timing permits to the east at the Astoria east zone.

The assay results from the drilling programs will be integrated with the existing geological, geochemical and structural information to support the development and refinement of preliminary deposit models on the property to support a future potential maiden resource estimate.

About the Rouyn Gold Project

The Rouyn Gold Property is located about 4 km south of Rouyn-Noranda, Quebec. With a long history of mining, the city of Rouyn-Noranda offers many advantages for mining and exploration, including political and social stability, good access and infrastructure, skilled mining personnel, and one of the most mining-friendly jurisdictions in the world.

The property covers a 12-kilometre stretch of the Cadillac-Larder Lake Break and contains four known gold deposits along the 6-km Augmitto-Astoria corridor situated on the western portion of the property. Two of the four deposits, Astoria and Augmitto, benefit from established underground infrastructure and have been the subject of technical reports that include resource estimates that were previously filed in accordance with Regulation NI 43-101.

The Lac Gamble zone is located between the Augmitto and the Astoria deposits. The exploration target potential at Lac Gamble is interpreted to be between 400,000 and 600,000 ounces of gold at a grade between 7.0 and 8.5 g/t Au. The potential quantity and grade of the exploration targets referred to are conceptual in nature and insufficient exploration work has been completed to define a mineral resource. The property may require significant future exploration to advance to a resource stage and there can be no certainty that the exploration target will result in a mineral resource being delineated. The exploration targets are consistent with similar deposits in the area, deposit models or derived from initial drilling results.

IAMGOLD holds a purchase option with Yorbeau for the Rouyn Project. Under the terms of the purchase option agreement, IAMGOLD can acquire a 100% interest in the project by completing remaining scheduled cash payments totaling C$1.5 million and remaining exploration expenditures totaling approximately C$3.7 million by December 2022 (as of June 30, 2021). By the end of the expenditure period, the Company must complete a resource estimate in accordance with NI 43-101, after which the Company, at its election, can purchase a 100% interest in the project, subject to a 2% net smelter return, by paying Yorbeau the lesser of C$15 per resource ounce or C$30 million.



Figure 1 - Rouyn Gold - Lac Gamble zone longitudinal section and highlighted 2021 assay results

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6077/96696_ec7ee8c324025a3f_001full.jpg

Table 1 : Rouyn Project Drilling Results - 2021 Lac Gamble Drilling program
Hole No.UTM NAD83 Zone 17AZDIPDepthfromToIntervalTrue Width (1)Au (2) (3)NOTE

EastingNorthingElevation(°)(°)(m)(m)(m)(m)(m)(g/t)
GA-21-777 644,630 5,339,756 3,285 180-45201.00105.90107.001.101.011.12Main Zone







159.00160.501.501.375.87Footwall zone
GA-21-778 644,318 5,339,793 3,287 182-72285.00254.20255.301.100.832.70Main zone
GA-21-779 644,801 5,339,806 3,284 180-45183.00142.30150.007.707.122.49Main zone
Including (3)





142.30146.954.654.303.45
GA-21-780 644,800 5,339,770 3,282 180-45141.0096.0098.002.001.855.65Hangingwall zone







108.15113.104.954.595.47Main zone
GA-21-781 644,634 5,339,784 3,288 180-45195.50No significant results
GA-21-782 644,297 5,339,900 3,281 190-81492.00437.35439.502.151.471.23Hangingwall zone







443.50446.653.152.1616.09Main zone
Including (3)





445.50446.651.150.7940.60
GA-21-783 644,260 5,339,810 3,286 180-73328.00261.00261.850.850.643.20Hangingwall zone







282.00285.303.302.491.56Main zone

 

Notes:

  1. True widths of intersections are estimated at 64 to 93% of the core interval.
  2. Drill hole intercepts are generally calculated with a lower cut of 1.0 g/t Au and may contain lower grade interval of up to 3 metres in length.
  3. Assays are reported uncut but high grade sub-intervals are highlighted.

Technical Information and Quality Control Notes

The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

The Qualified Person ("QP") responsible for the supervision of the preparation and review of this information is Marie-France Bugnon, P. Geo., General Manager Exploration. Ms. Bugnon is considered a QP for the purposes of NI 43-101 with respect to the technical information being reported on. The technical information has been included herein with the consent and prior review of the above noted QP. The QP has verified the data disclosed, and data underlying the information or opinions contained herein.

The design of the drilling program and interpretation of results is under the control of IAMGOLD's and Yorbeau's geological staff, including QPs employing strict protocols consistent with NI 43-101 and industry best practices. The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program. Drill core (NQ size) is logged and samples are selected by geologists and then sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to 1.5 metres in length depending on the geological observations.

Half-core samples are packaged and transported in sealed bags to AGAT laboratories in Val d'Or, Québec, and Mississauga, Ontario. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150 mesh. AGAT prepare analytical pulps at their facilities located in Val-d'Or and processed the pulps at their Mississauga laboratory which is ISO / IEC 17025:2005 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that return assay values over 3.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams per tonne are processed with a protocol involving fine grinding of the entire sample, followed by metallic screen analysis of the entire pulverized material. Insertion of duplicate, blanks and certified reference standards in the sample sequence is done in all drill holes for quality control.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are generally identifiable by, but not limited to, the use of the words "may", "will", "should", "would", "continue", "expect", "expected", "budget", "forecast", "anticipate", "estimate", "believe", "intend", "appear" "plan", "schedule", "guidance", "outlook", "potential", "plans", "targeted", "focused", or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, differences in the mineral content within the material identified as mineral resources or mineral reserves from that predicted, the failure to accurately estimate mineral resources or mineral reserves, unexpected increases in capital expenditures, operating expenditures and exploration expenditures, changes in development or mining plans due to changes in logistical, technical or other factors, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets and other risks disclosed in IAMGOLD's most recent Form 40-F/ Annual Information Form on file with the United States Securities and Exchange Commission at https://www.sec.gov/edgar.shtml and Canadian securities regulatory authorities at www.sedar.com, which are incorporated herein. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

About IAMGOLD

IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America and West Africa. Within these regions the Company is developing high potential mining districts that encompass operating mines, construction, development, and exploration projects. The Company's operating mines include Westwood in Canada, Rosebel (including Saramacca) in Suriname and Essakane in Burkina Faso. A solid base of strategic assets is complemented by the Côté Gold construction project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in the Americas and West Africa.

IAMGOLD employs approximately 5,000 people. IAMGOLD is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD (www.iamgold.com) is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is one of the companies on the JSI index1.

1 Jantzi Social Index ("JSI"). The JSI is a socially screened market capitalization-weighted common stock index modeled on the S&P/TSX 60. It consists of companies which pass a set of broadly based environmental, social and governance rating criteria.

For further information please contact:

Indi Gopinathan, VP, Investor Relations & Corporate Communications, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883

Philip Rabenok, Manager, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942

Toll-free: 1-888-464-9999 info@iamgold.com

Please note:

This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile's website at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le https://www.iamgold.com/French/accueil/default.aspx.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96696

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Today’s News

Anaconda Mining Intersects 1.81 g/t over 30 metres at Stog’er Tight and Initiates Mineral Resource and Reserve Update at Point Rousse

TORONTO, ON / ACCESSWIRE / September 16, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce assay…

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TORONTO, ON / ACCESSWIRE / September 16, 2021 / Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) (OTCQX:ANXGF) is pleased to announce assay results from a recent geotechnical and environmental drill program at Stog'er Tight (the "Stog'er Tight Drill Program") to support an enhanced Environmental Registration document to be submitted to regulators in the fourth quarter of 2021. The Stog'er Tight Drill Program included 704 metres of diamond drilling in eight (8) holes for geotechnical purposes to support detailed pit design as well as 123.5 metres of diamond drilling in four (4) holes for water well installations to obtain relevant environmental data to support ongoing environmental assessment work (Exhibit A). Despite their primary purpose, several of these holes encountered mineralization including the following highlights (see Table 1 below for further details):

  • 1.81 grams per tonne ("g/t") gold over 30.0 metres (56.0 to 86.0 metres), including 10.00 g/t gold over 1.0 metre in diamond drill hole BN-21-496;
  • 0.98 g/t gold over 6.0 metres (47.5 to 53.5 metres) in diamond drill hole BN-21-498; and
  • 0.54 g/t gold over 10.0 metres (51.0 to 61.0 metres) in diamond drill hole BN-21-497.

Also at Point Rousse, Anaconda recently conducted 795 metres of delineation drilling in 24 holes at the Argyle Gold Mine (the "Argyle Drill Program") in advance of the next phase of mining to better outline the geometry of the deepest portions of the Mineral Reserve. This drilling encountered numerous mineralized intersections and resulted in local modifications to the deposit geometry. The Argyle Drill Program included the following highlights (see Table 2 below for further details):

  • 5.72 g/t gold over 7.0 metres (30.0 to 37.0 metres) in diamond drill hole AE-21-184;
  • 2.16 g/t gold over 13.0 metres (66.0 to 79.0 metres) in diamond drill hole AE-21-185;
  • 5.25 g/t gold over 6.0 metres (28.0 to 34.0 metres) in diamond drill hole AE-21-169; and
  • 1.04 g/t gold over 8.0 metres (29.0 to 37.0 metres) in diamond drill hole AE-21-174.

Selected intersections from holes BN-21-496 to BN-21-507 from infill drilling at Stog'er Tight are shown in Table 1 below and selected intersection from holes AE-21-169 to AE-21-192 from delineation drilling at Argyle are shown in Table 2 below. The results of both the Stog'er Tight and Argyle Drill Programs will be used to update the Mineral Resources and Reserves at Point Rousse, anticipated in Q4 2021.

"As we continue to mine at Argyle and move forward with development work at Stog'er Tight, we see an opportunity for optimization and continued mining operations at Point Rousse in the coming years. The advancement of geotechnical and environmental work at Stog'er Tight allows for the optimization of the Mineral Resource and open pit design. Similarly, the delineation drill results at Argyle have provided an opportunity to better optimize the pit design and mining techniques. With this information we have commenced preparing an updated Mineral Resource and Reserve estimate for our Point Rousse operation, that includes a new Mineral Resource for Stog'er Tight, supporting potential extended life of the mining operations. At the same time, we continue to develop other exploration targets throughout Point Rousse and Tilt Cove and are actively drilling a 6,000 metre diamond drill program and completing a 100-line kilometre geophysical survey to test the broader prospectivity of the Point Rousse Project."

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

The Stog'er Tight Deposit is located three (3) kilometres east of the Pine Cove Mill, adjacent to existing road networks, and has been defined over a strike length of 1,250 metres to date. Anaconda produced a total of 17,102 ounces of gold from 349,942 tonnes of ore from the Stog'er Tight Mine between June 2018 and January 2020. Gold from Stog'er Tight was recovered through the Pine Cove Mill with an average head grade of 1.75 g/t gold at an overall recovery of approximately 87%.

Preliminary environmental studies have been initiated at the expanded Stog'er Tight Deposit, including environmental baseline work associated with Camp Pond, which is anticipated to be impacted by potential development west of the Stog'er Tight Mine. The Company also continues to gather baseline data, including the installation of water monitoring wells, to support the submission of an enhanced Environmental Registration document to regulators in the fourth quarter of 2021. In addition, fish and fish habitat data is being collected to support the development of a Fisheries Act Authorization application and a fish habitat offsetting plan, which is also expected to be submitted in the fourth quarter.

Table 1: Highlighted composited assays from the Stog'er Tight Drill Program including diamond drill holes BN-21-496 to BN-21-507

Hole ID

From (m)

To (m)

Length (m)

Gold (g/t)

BN-21-496

56.0

86.0

30.0

1.81

including

58.0

59.0

1.0

10.00

BN-21-497

43.0

44.0

1.0

0.94

and

51.0

61.0

10.0

0.54

BN-21-498

47.5

53.5

6.0

0.98

BN-21-499

9.0

10.0

1.0

1.90

and

30.4

32.4

2.0

1.06

BN-21-500

17.2

21.0

3.8

0.88

and

23.0

24.0

1.0

0.61

BN-21-501

32.0

33.0

1.0

0.61

and

41.0

42.0

1.0

0.94

BN-21-502

16.0

17.0

1.0

1.40

BN-21-506

14.3

15.3

1.0

1.44

Table 2: Highlighted composited assays from the Argyle Drill Program including diamond drill holes AE-21-169 to AE-21-192

Hole ID

From (m)

To (m)

Length (m)

Gold (g/t)

AE-21-169

28.0

34.0

6.0

5.25

AE-21-170

60.0

61.0

1.0

0.54

and

87.0

88.0

1.0

1.19

AE-21-174

29.0

37.0

8.0

1.04

AE-21-176

1.0

2.0

1.0

0.80

and

8.0

10.0

2.0

8.52

including

9.0

10.0

1.0

16.50

AE-21-177

1.0

2.0

1.0

2.45

and

8.0

9.0

1.0

0.96

AE-21-179

7.0

9.0

2.0

7.65

including

8.0

9.0

1.0

14.90

AE-21-181

1.0

2.0

1.0

0.97

and

5.0

6.0

1.0

0.73

AE-21-182

31.0

48.0

17.0

0.43

and

55.0

60.0

5.0

4.04

including

57.0

59.0

2.0

9.16

AE-21-183

36.0

41.0

5.0

1.82

AE-21-184

30.0

37.0

7.0

5.72

AE-21-185

66.0

79.0

13.0

2.16

AE-21-186

37.0

38.0

1.0

0.56

and

52.0

53.0

1.0

1.96

AE-21-189

53.0

70.0

17.0

0.81

including

59.0

63.0

4.0

1.71

AE-21-190

57.0

65.0

8.0

0.61

AE-21-191

2.0

3.0

1.0

0.70

AE-21-192

5.0

10.0

5.0

2.02

Footnotes:

1 - Diamond drill holes BN-21-496 to BN-21-507 and AE-21-169 to AE-21-192 were drilled consecutively. Any drill hole numbers not shown in the table above have no significant assays.
2 - Interval expressed as core length only; true thickness is estimated to be 80-100% of interval length due to local drilling conditions that does not always allow for drilling orthogonally to the apparent dip of mineralization.

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.

All samples and the resultant composites referred to in this release were collected using QA/QC protocols including the regular insertion of certified standards and blanks within each sample batch sent for analysis and completion of check assays of select samples. Diamond drill core and percussion samples were analyzed for Au at Eastern Analytical Ltd. in Springdale, NL ("Eastern"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods. Eastern is a fully accredited firm within the meaning of NI 43-101 for provision of this service.

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. 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 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, 2019, 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. Anaconda 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
kbullock@anacondamining.com
Reseau ProMarket Inc.
Dany Cenac Robert
Investor Relations
(514) 722-2276 x456
Dany.Cenac-Robert@ReseauProMarket.com

Exhibit A. A map showing the location of the drill results for holes BN-21-496 to BN-21-507 from the Stog'er Tight Drill Program.

SOURCE: Anaconda Mining Inc.



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