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Sterling Metals Drills up to 1,572 g/t Ag, 5.84% Cu, 29.2% Zn, 0.55 g/t Au, 7.8% Pb, & 2.47% Sb over 0.34 m on the Sail Pond Silver and Base Metal Project

TORONTO, ON / ACCESSWIRE / October 7, 2021 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling Metals" or the "Company") is pleased to report the…

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TORONTO, ON / ACCESSWIRE / October 7, 2021 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) (“Sterling Metals” or the “Company“) is pleased to report the second batch of assays from its maiden drilling program on the Silver-Copper-Lead-Zinc Sail Pond Project (“Sail Pond” or the “Project“) located on the Great Northern Peninsula of Newfoundland, Canada. The company is currently drilling its 40th drill hole on the Project with a focus on the South Zone. Highlights include:

  • 4,413.58 g/t Aq Eq, comprised of 1,572 g/t Ag, 5.84% Cu, 29.2% Zn, 0.55 g/t Au, 7.8% Pb, & 2.47% Sb, over 0.34 m, within a broader interval of 239.27 g/t Ag Eq comprising 0.1 g/t Au, 83 g/t Ag, 0.3% Cu, 0.53% Pb, 0.13% Sb, & 1.48% Zn over 6.86 m in hole SP-21-023 beginning at 65.14 m downhole; and
  • 190.94 g/t Ag Eq over 2.52 m, comprised of 70.27 g/t Ag, 0.29% Cu, 1.46% Pb, 0.02 g/t Au, 0.09% Sb, & 0.38% Zn, in hole SP-21-023 beginning at 115.88 m downhole.

Further significant results from drilling are presented in Table 1. Images of high grade polymetallic drillcore from the Project appear in Figure 1 and drillhole locations are presented in Figures 2 & 3. Details of the Ag Eq calculation appear below under a separate heading.

Mathew Wilson, CEO of Sterling Metals, commented: “The discovery of massive to semi-massive sulfides bearing very high grades is a confirmation of the tremendous potential contained in the Sail Pond Project. This portion of the South Zone is still only a small portion of the 12 km trend. With local drilling confirmation of our surface sample grades now in place, we can be more confident in the district potential of this project, where promising surface sample metal grades are found along the entirety of the trend. As we gain a better understanding of this small area of the entire holding, we advance our understanding of the Project as a whole…”.

Sail Pond Drilling

Sterling’s Phase 1 drilling program was designed to test a number of regional targets defined by soil sampling, trenching, prospecting, and geophysics along ~12 km of prospective strike length. The primary host rock for mineralization identified to date is a thick sequence of highly altered and often brecciated dolostone of the Cambro-Ordovician Saint George Group. Mineralization encountered to date typically consists of tetrahedrite-tennantite, chalcocite, sphalerite, galena, pyrite, and potentially additional sulfosalt minerals. Quartz veining and associated mineralization are ubiquitous throughout the dolostone unit, but included metallic mineralization is best developed in areas of combined brecciation and veining, especially towards the western contact of the host dolostone unit and an underlying argillite sequence. Phase 1 drilling was successful in intercepting mineralization of interest over narrow widths across the Project. Today’s results from Phase 1 drilling represent the first hole from the North Zone (drill hole SP-21-010) and the last hole from Phase 1 on the South Zone (drill hole SP-21-009) and are presented in Table 1. As the Company has increased its understanding of the Project, it appears that several of the Phase 1 drillholes on the North Zone were drilled too far East to intercept the favourable argillite contact that hosts the majority of the South Zone mineralization. Future drill targeting in the North Zone be focused along this highly favourable contact.

Phase 2 drilling is focused specifically on the South Zone of Sail Pond, where Phase 1 drilling identified the highest concentration of sulfides and sulfosalts. The results from today’s Phase 2 drillhole, SP-21-023, which intersected two significant intervals of silver-copper-zinc-lead-antimony mineralization, are set out below in Table 1. Of particular interest is the differing styles of mineralization as shown in Figure 1. The first interval, from 65.14 to 72 m, is centered on a quartz vein hosting approximately 0.34 m of massive to semi-massive sulfide and sulfosalt mineralization, plus breccia-style mineralization in the surrounding wallrock grading an average of approximately 20g/t Ag Eq for the balance of the mineralized section. The second interval, from 115.88 to 118.4 m, is strictly breccia-style and replacement-style mineralization within the dolostone host rock.

As drill density increased in the South Zone, 3D modelling showed that a structural jog or flexure at the contact between the host dolostone and footwall argillite is associated with the zone of highest mineralization intensity. This feature appears to have locally focused fluid flow related to deposition of the polymetallic mineralization and is also marked by an increase in quartz vein thickness and intensity of associated late brecciation and mineralization. This contact and the associated structural flexure are discernible in existing property-wide IP chargeability data, and these factors have recently contributed significantly to definition of new regional drill targets elsewhere on the property along this favourable trend. Several additional Phase 2 drillholes, for which assays are pending, intersected thick sections of quartz veining and breccia showing variably developed polymetallic mineralization.

Table 1: Assay results from the Sail Pond Project, Newfoundland. Core lengths are presented, and true widths are unknown at this time. The silver equivalency calculation used in this press release is described below under separate heading.

*Results for the upper portion of SP-21-008 were disclosed by the Company in a press release dated September 27, 2021

Figure 1: Drill core from the South Zone of the Sail Pond Project showing two distinct styles of mineralization. A: Quartz-vein hosted massive to semi-massive sulfide and sulfosalt mineralization, including tetrahedrite-tennantite, sphalerite, and galena at 65.14 m in hole SP-21-023. The sample returned 4,413.58 g/t Aq Eq comprised of 1,572 g/t Ag, 5.84% Cu, 29.2% Zn, 0.55 g/t Au, 7.8% Pb, & 2.47% Sb, over 0.34 metres. B: Dolostone-hosted breccia-style sulfide and sulfosalt mineralization, including tetrahedrite-tennantite, sphalerite, galena, and chalcocite at 116.58 m in hole SP-21-023. The sample returned 252.56 g/t Ag Eq comprised of 84.2 g/t Ag, .03 g/t Au, 0.27 % Cu, 3.35 % Pb, 0.11 % Sb, & 0.05 % Zn over 0.25 metres. Core size is NQ3 (45 mm diameter)

Figure 2: North Zone and South Zone of the Sail Pond project showing released drill hole locations to date underlain by regional geology.

Figure 3: Vertical cross section showing SP-21-023 as well as previously released SP-21-008 and SP-21-002. Looking towards the southwest at 253 degrees. Assays shown represent results greater than 5 g/t Ag Eq

Silver Equivalent Calculation

Silver equivalent (Ag Eq) values were calculated using the following formula: ((Ag_oz*$USAg_price/oz)+(Au_oz*$USAu_price/oz)+(Cu_lb*$USCu_price/lb)+(Pb_lb*$USPb price/lb)+(Sb lb*$USSb_price/lb)+(Zn_lb*$USZn_price/lb))/$USAg_price/oz.

Silver equivalent grade calculations are based on the current spot metal prices and are provided for comparative purposes only. This approach reflects the polymetallic nature of the mineralization. Recovery factors of 100% have been assumed for all metals. Metallurgical tests will be required to establish recovery levels for each element reported. Metal spot prices as at September 20, 2021 were applied and include: Ag – $US 22.19/oz; Au – $US1,760.50/oz as reported by www.Kitco.com and, Cu – $US4.13/lb; Zn – $US1.37/lb; Pb – $US 0.99/lb as reported by www.Kitcometals.com. The Sb – $US 5.45/lb price applied was sourced from Argus Media, a recognized provider of energy and commodity price benchmarks.

Qualified Person

David Murray, P.Geo., Senior Project Geologist at Mercator Geological Services, an Independent Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Minerals Projects, has reviewed and approved the technical information presented herein.

Laboratory Technical Note

Analytical services were provided by Eastern Analytical Limited (Eastern) of Springdale Newfoundland, which is an independent, CALA-accredited analytical services firm registered to ISO 17025 standard. Drill core was halved by sawing at the Sterling core facility and half-core samples were securely stored at the facility until being delivered to Eastern by commercial transport. Samples were crushed to 80% passing 10 mesh, split to 250g, and pulverized to 95% passing 150 mesh. Au assays were conducted on 30g of pulverized material using the Fire Assay method with an AA finish. Multi-element analyses, including base metals, were conducted on pulverized material using the ICP method for 34 elements. Laboratory over-limits analysis methods were applied as required. A systematic QAQC protocol was employed that includes systematic insertion in the sample stream of certified reference materials and blank samples, plus analysis of duplicate pulp splits.

About Sterling Metals

Sterling Metals (TSXV: SAG) is a mineral exploration company focused on Canadian exploration opportunities. The company is currently exploring for silver and base metals at the Sail Pond project in Northwestern Newfoundland. Sterling has recently fulfilled its obligations to acquire 100% of the 13,500 Ha Project from Altius Resources, Inc.

For more information, please contact:

Sterling Metals Corp.
Mathew Wilson, President & CEO
Tel: (416) 643-3887
Email: [email protected]
Website: www.sterlingmetals.ca

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.

This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

SOURCE: Sterling Metals Corp.

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Today’s News

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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Today’s News

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

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Today’s News

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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