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Murchison Confirms Widespread Nickel-Copper-Cobalt Surface Mineralization at Its PYC Target with Grades up to 1.27% Nickel Equivalent (2.59% Copper Equivalent)

TORONTO, ON / ACCESSWIRE / August 16, 2021 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR) is pleased to announce that it has received…

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TORONTO, ON / ACCESSWIRE / August 16, 2021 / Murchison Minerals Ltd. (“Murchison” or the “Company”) (TSXV:MUR) is pleased to announce that it has received assay results from its June prospecting program at the PYC target area on the 100%-owned HPM (Haut-Plateau de la Manicouagan) property in Quebec. These results, shown in Figure 1, confirm widespread nickel-copper-cobalt surface mineralization across the entirety of the traced 1.7 km strike length of sulphide mineralization (see June 29, 2021 release). The results are from grab samples and short backpack drill core samples, featuring assays as high as 1.27% Nickel Equivalent or 2.59% Copper Equivalent (0.79% Ni, 0.14% Cu, 0.15% Co) from 0.83 metres of backpack drill core. The assay results also confirm mineralization south-east of the PYC target at the newly discovered Dix showing, which assayed as high as 0.90% Nickel Equivalent or 1.83% Copper Equivalent (0.44% Ni, 0.39% Cu, 0.10% Co) from 0.45 metres of backpack drill core. (Note: the backpack drill core samples are being treated as grab samples only used to collect non-weathered sample material.)

The prospecting results confirm that the PYC target is highly prospective for hosting large-tonnage nickel-copper-cobalt mineralization within a large, semi-massive, pyrrhotite body. The prospecting included the collection of 49 litho-geochemical samples, with 38 of the samples exceeding 0.3% Copper Equivalent (see Figure 1 and Table 1). Murchison has applied for permits to conduct a fall drill program to extensively test PYC.

Murchison’s VP Exploration John Shmyr comments: “We are very excited by the results we are seeing at HPM, and the team cannot wait to complete more work on the project – it has amazing potential that is now being realized. If the mineralization at PYC continues at depth, then we may be looking at a sulphide body with significant tonnage potential. We look forward to commencing our first drill program on the project since 2009.”

The thickness of the PYC mineralization has yet to be confirmed by drilling but was systematically tested with backpack drilling at one location where it was determined to be approximately 59 metres wide. The mineralization was split between two parallel limbs (28 metres and 31 metres wide) that were separated by 30 metres of unmineralized gabbro, but other locations appear to consist of a single, thicker horizon. The depth extent of the mineralization is currently unknown, but preliminary geophysical modelling suggests it extends to at least 300 metres depth, basically the detection limit of the EM survey. Murchison has submitted an 8 kg preliminary metallurgical sample collected from PYC during the prospecting program to the Saskatchewan Research Council (SRC) for QEMSCAN analysis and preliminary flotation tests to determine the host mineral of the nickel mineralization as well as a preliminary flowsheet for the recovery of the contained nickel, copper, and cobalt. Murchison expects to receive these results soon.

The PYC target is located approximately 8 km from existing power and rail infrastructure. Until completion of this field program, PYC had only been tested with two short drill holes in 2001 (hole 151-03) and 2009 (hole 09-701-01). These two holes respectively intersected 18.5 metres (ending in mineralization) and 12.0 metres of disseminated to semi-massive sulphides grading 0.26% nickel, 0.13% copper and 500 ppm cobalt and 0.27% nickel, 0.20% copper and 500 ppm cobalt. Historic grab samples collected by Falconbridge in 1999 at PYC assayed as high as 0.76% Ni and 0.93% Cu.

Figure 1 – Prospecting Assays Results mapped at PYC and DIX

Table 1 – PYC Prospecting Assay Highlights

*Copper Equivalent (CuEq) and Nickel Equivalent (NiEq) values are based on the following metal prices from Aug 9th, 2021: $8.60/lb Ni, $4.24/lb Cu, and $23.76/lb Co.

Figure 2 – Gossan defining surface mineralization at PYC

Figure 3 – Example of sulphide mineralization from PYC observed in backpack drill core

PYC Fall 2021 Drill Plan

Murchison plans to conduct a fall drill program to delineate the PYC target once permits have been received.

The proposed drill plan considers the following:

  • Drill hole spacing of 100 m (along strike) by 100 m (along dip).
  • The Maxwell Model EM plates.
  • The existing drill hole, 151-03, which was terminated in mineralization, thus all drill holes were planned beyond this horizon.
  • The 2021 prospecting program mapped the outcropping expression of the known mineralization.

The PYC target is currently defined by two drill holes, 151-03 and 09-701-01; the drill program is designed to test the subvertical Maxwell Model EM plates associated with 151-03 (Figure 4). The proposed drill program may be extended to the northwest and southeast flexures observed in the EM plates.

Figure 4 – Long-section view looking northeast and plan view of the PYC Maxwell Model EM plates, the proposed drill hole targets, and drill hole 151-03 displaying assay nickel concentrations.

The 18 proposed drill holes are planned along nine fences, spaced 100 m apart, over a strike length of 800 m. The upper-most hole in each fence was designed to intersect the Maxwell Model EM plate 50 m below the topography. The lower hole in each fence is designed to intersect the Maxwell Model EM plate 100 m below the upper hole to provide maximum coverage along the fence. In areas where the Maxwell Model EM plate does not extend at least100 m below the upper designed hole, the along-dip spacing was reduced to 50 m. Six of the fences use along-dip spacing of 100 m, and the remaining three fences use along-dip spacing of 50 m. One hole is proposed below the existing 151-03 hole at a 50 m spacing. The program totals 3,550 m with drill holes ranging between 120 m and 345 m in length.

Figure 5 – Oblique view looking north-northeast of the PYC Maxwell Model EM plates, the proposed drill holes, and drill hole 151-03 displaying assay nickel concentrations.

The Maxwell Model EM plates that formed the basis of the targeting suggest that the conductive body is sub-vertical, but at the decimeter-scale the plates undulate dip direction from NE (75° at the shallowest) to SW (62° at the shallowest). The conductive body likely has a reasonably constant strike and dip that needs to be confirmed through drilling. The proposed drill plan will provide guidance for the start-up, but the drill program will be dynamic in nature.

The Company will re-evaluate the Barre de Fer prospect (1.5 km north-east of PYC) to create an initial mineral resource estimate for the historically drilled nickel-copper-cobalt mineralization. Barre de Fer has exceptional drill intercepts, including 43.15 metres grading 1.74% Ni, 0.90% Cu and 904 ppm Co in hole HPM-08-03 drilled in 2008. (2.45 % NiEq or 4.94% CuEq)

Local Infrastructure

The HPM project is located east of the Manicouagan Crater, the site of a major meteorite impact estimated to be 215 million-years-old. The extensive water reservoir supports five hydro-power installations. The existing Quebec Cartier rail line, located 8 kilometres west of the PYC project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.

Qualifying Statement

The foregoing scientific and technical disclosures on the HPM project have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.

About Murchison Minerals Ltd. (TSXV: MUR)

Murchison is a Canadian‐based exploration company focused on the exploration and development of the 100%-owned Brabant Lake zinc‐copper‐silver project in north‐central Saskatchewan. The Company also owns 100% of the HPM nickel‐copper‐cobalt project in Quebec and holds an option to earn 100%-interest in the Barraute VMS (Volcanogenic Massive Sulphide) exploration project also located in Quebec, north of Val d’Or. Murchison currently has 108.9 million shares issued and outstanding.

Additional information about Murchison and its exploration projects can be found on the Company’s website at www.murchisonminerals.com. For further information, please contact:

Jean‐Charles (JC) Potvin, President and CEO
[email protected]

Erik H Martin, CFO
Tel: (416) 350‐3776
[email protected]

CHF Capital Markets
Thomas Do, IR Manager
Tel: (416) 868-1079 x 232
[email protected]

Forward‐Looking Information

Certain information set forth in this news release may contain forward‐looking information that involves substantial known and unknown risks and uncertainties. This forward‐looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward‐looking information. The parties undertake no obligation to update forward‐looking information except as otherwise may be required by applicable securities law.

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

SOURCE: Murchison Minerals Ltd.

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West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options

Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…

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Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (“West High Yield” or the “Company“) announces that its board of directors has approved and authorized the grant of 350,000 stock options (the “Options“) to a consultant of the Company effective October 21, 2021. The Options are granted in accordance with the terms of the stock option plan of the Company. All of the Options vest on their date of grant and every one (1) Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.34 per common share for a period of five (5) years from the Option grant date.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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 OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100621





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Scorpio Gold – Arranges Short-Term Credit Facility with Board

VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V:SGN) reports that certain of the directors…

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VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V:SGN) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company’s activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.

As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.

Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company’s adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.

The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.

ON BEHALF OF THE BOARD

SCORPIO GOLD CORPORATION

Brian Lock
Chief Executive Officer

Brian Lock
Tel: (604) 889-2543
Email: [email protected]

Anthony Simone
Tel: (416) 881-5154
Email: [email protected]
Website: www.scorpiogold.com

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.

The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Goldwedge and Manhattan mines project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. 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, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.

SOURCE: Scorpio Gold Corporation

View source version on accesswire.com:
https://www.accesswire.com/669314/Scorpio-Gold–Arranges-Short-Term-Credit-Facility-with-Board





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Canstar Adopts Advance Notice By-law

 

Toronto, Ontario – TheNewswire – October 22, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”) announces…

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Toronto, Ontario – TheNewswire – October 22, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”) announces that its board of directors approved the adoption of an advance notice by-law (the “Advance Notice By-law”), establishing a framework for advance notice of nominations of directors by shareholders of the Company (“Shareholders”). Among other things, the Advance Notice By-law fixes certain deadlines by which Shareholders must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that must be included in the notice.  

The Advance Notice By-law provides a clear process for Shareholders to follow for director nominations and sets out a reasonable time frame for the submissions of nominees and the accompanying information. The Advance Notice By-law will help to ensure that all Shareholders receive adequate notice of the nominations to be considered at a Shareholder meeting at which directors are to be elected and can thereby exercise their voting rights in an informed manner. The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies.

More specifically, the Advance Notice By-law requires advance notice to the Company in circumstances where nominations of persons for election as a director of the Company are made by Shareholders other than pursuant to a request for a meeting or through a Shareholder proposal, in each case in accordance with the Business Corporations Act (Ontario) (the “OBCA”)

In the case of an annual meeting of Shareholders, notice to the Company must be given not less than 30 or more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of Shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Advance Notice By-law is effective immediately and will be placed before Shareholders for approval, confirmation and ratification at the next annual and special meeting of Shareholders of the Company to be held on November 29, 2021 (the “Meeting”). Pursuant to the provisions of the OBCA, the Advance Notice By-law will cease to be effective unless approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by Shareholders at the Meeting.

 

About Canstar Resources Inc.

Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.

 

For further information, please contact:

Rob Bruggeman P.Eng., CFA

President & CEO

Email: [email protected]

Phone: 1-647-247-8715

www.canstarresources.com

 

Forward-Looking Statements

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

 

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the obtaining of Shareholder approval at the Meeting in respect of the Advance Notice By-law, the expected timing of the Meeting, the Company’s expectation that the Advance Notice By-law will provide the Company’s shareholders, directors and management with a transparent, fair and structured framework under which Shareholders may submit director nominations, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Copyright (c) 2021 TheNewswire – All rights reserved.




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