ABUNDANT VISIBLE GOLD PANNED NEAR HISTORICAL WORKINGS OF MINERAL MOUNTAIN’S NEWLY ACQUIRED KING OF THE WEST DEPOSIT
VANCOUVER, BC, April 25, 2022
7858-ACRE LAND POSITION HOSTS 5 LARGE-SCALE GOLD TARGETS
VANCOUVER, BC, April 25, 2022 /CNW/ – (“Mineral Mountain” or the “Company) ( ) (OTCQB: MNRLF) (M8M-FRANKFURT) is pleased to report that during a recent reconnaissance mapping program conducted along the 3.5-km-long King of the West Trend, an approximately 30-kg sample of weathered mineralized banded iron formation (“BIF”) collected from an historic open cut at the King of the West deposit and described in the Company’s News Release dated June 28, 2021 recovered an impressive number of gold grains of variable sizes (see attached photo below). In addition, several grab samples of mineralized mill tailings were collected and panned, with all yielding recoverable native gold grains. The purpose of this sampling exercise was to verify the historical reports of high-grade gold mineralization produced from the historical workings.
Following the completion of two (2) helicopter-borne EM, magnetic and resistivity surveys completed by the Company, a regional structural geological interpretation of the electromagnetic and magnetic data and subsequent field mapping, a total of five large bodies of banded iron formation (BIF), all carrying economic concentrations of gold mineralization were outlined from the surveys and are considered to have many similarities to the Homestake Mine deposit (see Figure 2). Each of the BIF bodies have sufficient volume and scale of mineralized iron formation to host large gold resources and are high priority, underexplored gold targets. The most advanced gold target, the Standby Mine gold system (Target 1), will be described in detail in a subsequent release. The following is a description of Targets 2 to 5:
The Cochrane Mine contains a historic non-compliant resource of 268,000 ounces grading 6.3 g/t Au from surface to a depth of 165 meters. This strongly mineralized structure, along with several adjoining structures with known gold mineralization, plunges onto MMR claims and the company controls as much as 1,500 meters of the down-plunge extent on these favorable ledge-type targets. The deepest hole at Cochrane, located just 100 meters from the boundary with MMR claims, yielded 5.03 m @ 10.04 g/t Au, 2.44 m @ 10.25 g/t Au and 2.74 m @ 10.87 g/t Au. Application to drill the down plunge extension of the Cochrane deposit is in progress.
The recently staked King of the West Trend contains several small historic high-grade gold producers over a 3.5 km strike within iron formation that have never been previously evaluated as a single gold system. The King of the West Mine was worked from 1900 and 1935, reportedly producing >1,500 ounces of gold at an average grade of ~7 g/t Au from a number of shallow open cuts and subsurface workings to a maximum depth of just 45 meters. An ore shoot exposed at surface in a small open cut sampled by Homestake Mining Co. geologists in 1926 averaged 8.15 g/t Au over a width of 9.1 meters. This mineralization was followed from surface to a depth of 90 meters through shallow rotary drilling and found to consist of two parallel ore shoots 3 to 6 meters in thickness grading 4.7 to 7.8 g/t Au. Results of three rotary drill holes known to Mineral Mountain include 6.1 m @ 5.88 g/t Au, 3.05 m @ 8.02 g/t Au and 9.14 m @ 5.85 g/t Au. The nearby Yellow Bird Mine 200 meters northwest of King of the West produced at least 1,900 ounces of gold in the 1890’s from shallow open cuts in iron formation. A vertical channel sample collected in the 1920’s from the main working shaft yielded 10.67 m @ 13.33 g/t Au. The King of the West and Yellow Bird area is marked by a strong arsenic soil anomaly extending for 400 meters along strike, arguing for a significant mineralized corridor between the historic workings. The Black Eagle prospect located southeast of King of the West was tested with two drill holes in 1978, producing mineralized intercepts up to 1.83 m @ 11.8 g/t Au. Iron formation is continuous between the mines. A detailed surface mapping and sampling program is planned for the King of the West Trend in the summer of 2022, to be followed by an additional airborne EM and electromagnetic geophysical survey to assist in subsurface geological interpretations of these intriguing gold targets. Applications to drill all three historical deposits along the trend are in progress.
The Standard Mine Target in the northeastern part of the district contains extensive prospect workings with a poorly documented history, including the Standard shaft sunk to a depth of at least 76 meters. These workings explore a major anticlinal fold accumulation of amphibolite-grade iron formation located adjacent to the regional Homestake shear zone. Limited historic records suggest crosscuts extending away from the shaft cut a thick body of iron formation 12 to 18 meters wide containing ore up to 6.2 g/t Au. Grab samples collected from the extensive spoil piles at the shaft by MMR personnel have ranged up to 13.41 g/t Au and a LIDAR survey has revealed in excess of 250 significant prospect pits and shafts extending along the iron formation for at least two kilometers in the target area. MMR’s aeromagnetic survey reveals the presence of a broad positive magnetic anomaly that potentially delineates a large body of fold-thickened iron formation (most of which is blind to the surface) that is considered to be a high priority gold target. Faulting and shear-related folding in the northeast portion of the district within the Homestake shear zone is complex and recent work suggests that older Homestake mine stratigraphy may be exposed in this area. It is even possible that the iron formation at the Standard Mine Target represents the Homestake iron formation itself.
The Mary Anne prospect, located just 550 meters southwest of the Cochrane Mine on MMR claims, contains surface gold mineralization that has seen comparatively little exploration. Two channel samples collected from two open cuts at the Mary Anne prospect separated by 61 meters of strike by Noranda included 1.83 m @ 5.07 g/t Au and 2.74 m @ 7.99 g/t Au. A single Noranda drill hole in 1988 intercepted this same horizon at a depth of just 70 meters (1.52 m @ 5.29 g/t Au). The Mary Anne and Cochrane targets are connected through a large syncline that has never been drill tested, although the continuation of mineralization within iron formation between the mines is likely. Structurally thickened iron formation in synforms such as the Mary Anne-Cochrane fold is the preferred host environment for major gold deposits in the Black Hills.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of and a Qualified Person for this project. All exploration activities at the Standby Gold Zone and the Company’s other activities in the Rochford District are carried out under the strict supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project
Mineral Mountain’s Chief Geologist, Jeff Hrncir, says, “Mineral Mountain’s recent advances in studying the geology of the Rochford District have greatly enhanced the exploration potential of the company’s district-scale land holdings and led to the identification of numerous very high-quality drill targets. Prior to Mineral Mountain’s efforts in the past year, the last serious mapping was performed over 50 years ago without the aid of geophysical tools and without the benefit of an understanding of iron formation-hosted gold deposits in general. A new structural synthesis and mapping approach developed by Mineral Mountain’s technical team has highlighted the potential of the western part of the district for near-surface high-grade gold mineralization. The potential of targets like the King of the West Trend and Cochrane-Mary Anne systems are demonstrated by the numerous high-grade gold intercepts from surface to maximum depths of just a few hundred meters. The fact that significant free gold can be panned from any number of historic mine workings along a 3.5-km-long trend that has only seen sparse drilling to a maximum depth of just 150 meters is astonishing. The emergence of the Standard Mine Target is also a major development, as the vast majority of Black Hills gold production has come from the Homestake iron formation (~44 Moz Au). Further studies are planned to confirm the age of the iron formation at the Standard shaft, however the preliminary work suggests this iron formation is equivalent to the Homestake Formation and not only outcrops for several kilometers, but has been imaged through geophysics in several blind highly prospective folds that will be drill-tested.”
On Behalf of the Board of Directors
“Nelson W. Baker”, President and CEO
Forward looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation 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 a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information 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 information.
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