Tag: Exploration

Release – Eskay Mining Reaches Drilling Goal as the 2022 Exploration Campaign Nears Completion

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on ESKYF

October 7, 2022

TORONTO, ON / ACCESSWIRE / October 7, 2022 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK) (OTCQX:ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has completed 29,500 m of diamond core drilling substantially fulfilling its planned meterage for the 2022 property wide exploration campaign. Over the past four months, drilling has been conducted at multiple volcanogenic massive sulfide (“VMS”) targets including Jeff, Jeff North, Scarlet Ridge, Scarlet Valley, and Tarn Lake. Drilling has now been completed and the Company is currently demobilizing.

“As the 2022 exploration season is drawing to a close, we have met all of our primary objectives,” commented Dr. John DeDecker, Eskay Mining’s VP of Exploration. “We have now drill tested the full extent of the TV-Jeff trend, conducted systematic mapping and extensive rock chip sampling of the Scarlet Ridge-Tarn Lake trend, and conducted exploratory drilling at three highly prospective and previously undrilled targets, Scarlet Ridge, Scarlet Valley and Tarn Lake. Our prospecting and mapping teams have also conducted reconnaissance level work at Spearhead, Vermillion, Tet, SIB-Lulu, Excelsior, and Harrymel Valley, laying the groundwork for an expansive push to drill test numerous additional targets in 2023. “

Step-out drilling of the Upper Massive Sulfide Zone has confirmed that semi-massive and massive sulfide mineralization overlies the entire stockwork zone at TV thus significantly expanding the along-strike and down-dip extent of this important body of mineralization.

Maiden drilling at Scarlet Valley and Tarn Lake yielded core displaying intense stockwork and replacement-style sulfide mineralization and hydrothermal alteration focused along east-west trending andesite dikes. Replacement-style mineralization and hydrothermal alteration of volcaniclastic debris flow breccia at Scarlet Valley provide an encouraging sign that the VMS feeder structures may have fed laterally extensive replacement-style mineralization along favorable stratigraphic horizons.

Highlights from TV Drilling:

  • Drilling at TV, the last to be undertaken this season, focused on extensions of the Upper Massive Sulfide Zone discovered in 2021. Drill holes TV22-105, 107, 109, 110, 111, and 113 target areas east and up-section from the large stockwork zone defined by drilling in 2021 (Figure 1). All of these holes have intercepted semi-massive to massive sulfide over intervals ranging from 4-18 meters and tens of meters of additional footwall replacement-style and stockwork sulfide mineralization hosted by andesite and dacite breccia, and silicified mudstone (Figures 2-4).
  • Extensions of the Upper Massive Sulfide Zone overlie intensely silicified mudstones in the stockwork zone, consistent with a near-seafloor position.
  • Handheld XRF analyses of massive and semi-massive sulfides hosted by carbonaceous mudstone display strongly anomalous concentrations of pathfinder elements Ag, As, and Sb; stockwork mineralization displays strongly elevated levels of pathfinder elements As and Sb; and readings from massive sulfide display very high concentrations of pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.

Highlights from Tarn Lake Drilling:

  • Drilling at Tarn Lake focused on a large gossanous outcrop associated with visible sulfide and sulfosalt mineralization hosted within Eskay rhyolite (Figure 5). Sulfide mineralization is focused around east-west trending andesitic dikes that are interpreted to have exploited the same syn-volcanic structure that fed VMS forming fluids. Nine drill holes were completed at Tarn Lake.
  • Hole TN22-10 intercepted approximately 10 m of semi-massive replacement style mineralization (Figures 6 and 7), and ubiquitous disseminated sulfide mineralization associated with sulfide stockwork (Figure 7).
  • Early results show pervasive stockwork and disseminated sulfide mineralization in all drill holes completed at Tarn Lake. Handheld XRF readings display very high concentrations of pathfinder elements Ag, As, and Sb within stockwork and semi-massive and massive sulfide mineralization. Handheld XRF cannot reliably measure Au concentrations.
  • Rhyolite-hosted sulfide mineralization at Scarlet Knob, situated approximately 1 km to the northeast of Tarn Lake, is likely structurally offset from the Tarn Lake VMS system, displaced along a dextral shear zone.

Highlights from Scarlet Valley Drilling:

  • Drilling at Scarlet Valley (Figure 8) targeted a large east-west trending gossan associated with intense stockwork sulfide mineralization. Mineralization is focused along east-west trending andesite dikes that crosscut volcaniclastic debris flow breccia. Debris flow breccia in the western part of Scarlet Valley contains rhyolite clasts, while debris flow breccia to the east is dominated by andesite clasts. Both andesite and the debris flow breccia exhibit replacement-style sulfide mineralization (Figures 9-13), in some cases, sulfide replacement being intense.
  • Core from hole SV22-05 displays intense silicification and sulfide replacement of volcaniclastic debris flows, a promising sign that permeable sedimentary horizons may host lateral extensions of replacement-style mineralization.
  • Handheld XRF analyses of sulfide minerals in drill core display high concentrations of pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.

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,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

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: Section of TV showing locations of 2022 drill holes. Drilling focused on targeting along-strike, up-dip, and down-dip extensions of the stockwork zone and massive sulfide horizons discovered in 2020-2021.

(Figure 2: TV22-109 56.84-63.80 m showing an intercept of ~6 m of massive sulfide underlain by a fault hosted by carbonaceous mudstone. Most massive sulfide at TV is fault bounded on the bottom, with a few meters of mixed and broken massive sulfide and carbonaceous mudstone before the stockwork zone is intercepted. Handheld XRF analyses of the massive sulfide show very high concentrations of the Au pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.TV22-109 101.12-110.87 shows a typical intercept of the replacement-style mineralization hosted by andesite breccia.)

(Figure 3: TV22-111 52.0-61.13 m showing a mudstone-hosted massive sulfide intercept. Sulfide mineralization begins ~10 m above the massive sulfide horizon, and is characterized by ~20% pyrite hosted within sheared peperitic andesite and dacite. The massive sulfide is underlain by faulted mudstone and andesite breccia, both of which contain appreciable sulfide mineralization. Handheld XRF analyses of the massive sulfide show very high concentrations of the Au pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.)

(Figure 4: TV22-110 78.04-87.91 showing stockwork sulfide mineralization hosted by intensely silicified mudstone. Handheld XRF analyses of sulfides hosted by silicified mudstone invariably show very high concentrations of the Au pathfinders Ag, Sb, and As. Handheld XRF cannot reliably measure Au concentrations. TV22-110 123.79-131.20 showing a sheared andesite breccia hosting replacement-style sulfide mineralization.)

(Figure 5: Map showing the drill traces for Tarn Lake shown with drone imagery of gossanous rhyolite focused around east-west trending andesite dikes.)

(Figure 6: TN22-10 90.83-100.0 m showing semi-massive replacement style sulfide mineralization hosted by Eskay rhyolite. This interval shows consistently high concentrations of the pathfinder elements Ag, As, and Sb.)

(Figure 7: TN22-10 94.50-94.60 showing a close-up of semi-massive replacement-style mineralization hosted by rhyolite breccia. This type of sulfide mineralization shows the highest pathfinder element concentrations. TN22-10 123.85-123.95 showing stockwork sulfide and vesicle-hosted disseminated sulfide mineralization. This style of mineralization is ubiquitous at Tarn Lake. Accurate handheld XRF analyses of disseminated mineralization is impossible given the small size of the disseminations and consequent mixed analyses of sulfide and host silicate material. Analyses of larger stockwork veins throughout the Tarn Lake drill holes shows the presence of Ag, suggesting that disseminated sulfides may host Ag as well.)

Figure 8: Map showing the drill traces for Scarlet Valley shown with drone imagery of gossanous rhyolite-bearing volcaniclastic debris flow deposits focused along east-west trending andesite dikes.

Figure 9: SV22-05 at approximately 21.5 m showing moderate sulfide replacement of both the groundmass and clasts of a volcaniclastic debris flow breccia. This observation shows that sulfide mineralization occurred after the deposition of the debris flow breccia. Volcanic clasts are andesitic in composition.

Figure 10: SV22-05 at approximately 37 m showing progression from a mineralized volcaniclastic debris flow breccia with a carbonaceous mudstone groundmass, to an intensely clay altered and silicified debris flow breccia with patchy sulfide replacement. Volcanic clasts are andesitic in composition.

Figure 11: SV22-05 from approximately 55-57.5 m showing variably intense sulfide replacement of the host volcaniclastic debris flow breccia. This rock is intensely silicified and variably clay altered, with the lighter colored rock being more intensely clay altered.

Figure 12: SV22-05 at approximately 84.8-87 showing an andesite dike adjacent to a faulted mudstone (top row), followed by a volcaniclastic debris flow breccia with large perlitic andesite clast and other andesitic fragments. Sulfide mineralization is hosted by fine fractures within the andesite, but is more widespread in the more permeable debris flow breccia, highlighting the potential for such horizons to host lateral extensions of replacement-style mineralization.

Figure 13: SV22-05 at approximately 155.8 m showing intense clay alteration and sulfide replacement of an andesitic hyaloclastic breccia. Clasts fit together well, precluding a sedimentary origin. Sulfide minerals are preferentially replacing the cores of larger breccia fragments, and infilling between hyaloclastic fragments.

SOURCE: Eskay Mining Corp.



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Garibaldi Resources Corp (GGIFF) – On the Right Path

Posted on by cpatches


Friday, September 23, 2022

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2022 diamond drill program. The 2022 diamond drill program at the company’s E&L nickel-copper-cobalt project is testing targets from the 2021 Geotech deep penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey. These include several large-scale low resistivity ZTEM anomalies that are within a plane that contains massive and disseminated sulphide zones.

Off to a promising start. The first deep hole completed at Nickel Mountain in 2022, EL-22-97b, intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The mineralization is hosted by gabbro and peridotite 205 meters down-trend of the previous deepest mineralized intercept at E&L on Nickel Mountain. The drill hole targeted the down plunge extension of the eastern zone of the E&L Intrusion, coincident with a large-scale low resistivity/elevated conductivity ZTEM anomaly.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Defense Metals Corp. (DFMTF) – Diamond Drilling Nearing Completion

Posted on by cpatches


Friday, September 23, 2022

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Drilling nearing completion. Defense Metals released results for the first two drill holes, representing 720 meters of drilling, associated with the company’s ongoing 2022 diamond drill program. To date, 15 drill holes, representing 4,800 meters of drilling, have been completed. In aggregate, the company expects to complete 5,000 meters of drilling in 18 holes to upgrade existing resource categories. The company is completing remaining pit slope geotechnical and hydrogeological holes. The initial results were favorable and demonstrate continuity of mineralization over significant widths. Investors should expect a steady flow of assay results from the company in the weeks and months ahead.

Encouraging drill results. Hole WI22-64 returned a broad mineralized intercept of high-grade dolomite carbonate in the upper portions of the hole, and mixed mineralized xenolithic dolomite carbonate and syenite at depth averaging 1.78% total rare earth oxide (TREO) over 192 meters, including 3.13% TREO over 73 meters. The partial assays reported for WI22-64, one of the deepest holes drilled to date, are from surface to a depth of 284 meters. Results for the remaining 101 meters to the end of hole at 384.5 meters are expected shortly. Hole WI22-62 collared 120 meters to the north of WI22-64, intersected a 109-meter interval of mineralized dolomite carbonatite returning 1.39% TREO over 167 meters, including 2.29% TREO over 48 meters.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Garibaldi Intersects Semi-Massive Nickel Sulphides

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on GGIFF

VANCOUVER, BC, Sept. 22, 2022 /CNW/ – Garibaldi Resources ( TSXV: GGI) (the “Company” or “Garibaldi“) is pleased to announce that diamond drill-hole EL-22-97b has intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The mineralization is hosted by taxitic and orbicular-textured gabbro and pyroxene peridotite 205 meters down-trend of the previous deepest mineralized intercept at E&L on Nickel Mountain. The drill hole targeted the down plunge extension of the eastern zone of the E&L Intrusion, coincident with a large-scale low resistivity / elevated conductivity ZTEM anomaly identified last season by Geotech’s deep-penetrating ZTEM survey.

Figure 1 – West facing section showing drill trace EL-22-97b which intersected two intervals of E&L gabbro 200m down plunge of previous drilling . Both intersections of gabbro contain sections of well mineralized E&L gabbro with disseminated, blebby, and semi massive sulphide. The gabbro sections occur along the plane of the E&L intrusion coincident with a large scale ZTEM resistivity anomaly more than 3 km in depth. (CNW Group/Garibaldi Resources Corp.)

Garibaldi’s 2022 drill program is focused on testing several large-scale low resistivity ZTEM anomalies within the Company’s 100% owned E&L nickel-copper-cobalt massive sulphide project. E&L mineralization also contains gold, silver, platinum group metals platinum, palladium (PGM’S) together with rhodium, iridium, and ruthenium (collectively termed PGEs). The 180 sq. km. claim group is centered in the heart of the Eskay District within the Golden Triangle of Northwest British Columbia.

The latest intercept is in the plane of the E&L Intrusion, and rests immediately below the Eastern Extension mineralization associated with a differentiated sequence of peridotitic and gabbroic rocks. The complex orbicular textures in the gabbros are characteristic of the E&L Intrusion in both the Eastern Extension and the newly identified root zone ~200m below. The target was drilled as a major step-out from the known intrusion to establish whether a low resistivity ZTEM anomaly beneath E&L corresponds to the plane of additional mineralized segments of the intrusion within the plane of prospective geology. The discovery of mineralized taxitic and orbicular-textured gabbros and pyroxene peridotite expands the potential scale of mineralization well below the previously drill tested 600 x 650 meter plane of the mineralized E&L Intrusion. Most importantly, drill hole EL-22-97b demonstrates the potential for mineralization coincident with the plane of the E&L intrusion at depth within the anomalous zone identified by the ZTEM survey.

Exploration Highlights:

  • Hole EL-22-97b extends E&L mineralization more than 205 meters down trend from previous drilling. The drill hole was collared 383m downslope from EL-20-91 and 92, and 216m east of and below the adit, cutting through the plane of the E&L Intrusion, allowing for more efficient drilling operations and providing an optimal Bore-hole Electro-Magnetic (BH-EM) platform for surveying.
  • E&L intrusion rock types were intercepted from 440 – 480m, and 589 – 609m with semi-massive sulphides occurring at 472.2 and 597.3m. Portable XRF measurements taken on these sulphide grains returned 2.8% Ni and 1.1% Ni, respectively. *
  • The sulphide-bearing rocks of the intrusion plunge for more than 800 meters and remain open beneath the E&L Intrusion.
  • These intercepts of mineralized E&L type rocks are in the plane of the E&L Intrusion, and coincide with the footprint of the previously modelled ZTEM anomaly, which extends for more than 3 km.
  • The drill hole was designed to test the plane of the E&L Intrusion at depth below previous drilling and successfully intercepted two intervals of E&L gabbro, which contain sections of disseminated, blebby and semi massive sulphides.
  • The hole has been lined from top to bottom with PVC to facilitate Borehole Electromagnetic surveys.

Jeremy Hanson, Garibaldi VP-Exploration, stated: “We are very encouraged by the results from EL-22-97b,  we took a 200m step-out down plunge and intercepted multiple intervals of mineralized E&L type intrusive rocks with disseminated and semi-massive nickel bearing sulphides. Typically, when we find disseminated and semi-massive sulphides, massive sulphides are not too far away.” 

Dr. Peter Lightfoot, Technical Advisor to Garibaldi, stated: “The complex assemblage of taxitic and orbicular-textured gabbros together with olivine pyroxenite encountered in drill hole EL-22-97b indicates that the E&L mineral system extends to depth along the predicted planar path. Significant exploration step-outs to test this plane will greatly improve our efforts to locate extensions of mineral zones using borehole EM methods.”

Nickel Mountain Section

Steve Regoci, Garibaldi CEO stated “This first hole, provides strong support for the proposition that ZTEM responses may represent the expression of a mineralized system. We’re anxious to drill test the deep seated ZTEM targets along the 15km base metal corridor of the NMGC to Mount Shirley for sulphide minerals.”                         

EL-22-97 was initially collared upslope of the adit at 396390 mE 6271118mN, 1567 masl, at 367°/-70° but failed to progress through difficult ground at 232m. The hole was abandoned well before target depth. EL-22-97b was recollared 213m downslope at 396442 mE, 6270938mN, 1463m masl at 342°/-50°. This hole succeeded to target depth and encountered mineralization at the initial area of interest targeted in EL-22-97.

Quality Assurance/Quality Control (QA/QC) 

Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain Project using best industry practice. All core is logged by a geoscientist and selected intervals sampled. HQ and NQ drill core is sawn in half and each sample half is placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples is recorded and maintained for all samples from the drill to the laboratory.

All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, British Columbia, an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity Coupled Plasma (ICP), Fire Assay (FA) and Leco methods. Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold, platinum and palladium were analyzed using a 30-gram fire assay and ICP-AES. Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS. The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by NI-43-101. *XRF measurements were taken with a Niton XL5. XRF measurements analyze a very small, select section of material approximately 0.16cm2 per measurement and results are not representative of the overall rock or material.

Qualified Person & Data Verification

Jeremy Hanson, P.Geo., a qualified person as defined by NI- 43-101, has supervised the preparation of and reviewed and approved of the disclosure of information in this news release. Mr. Hanson has verified the data, including drilling, sampling, test and recovery data, by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.

About Garibaldi

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

We seek safe harbor.

GARIBALDI RESOURCES CORP.

Per: “Steve Regoci”
Steve Regoci, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release                                                                                   

SOURCE Garibaldi Resources Corp.

For further information: GARIBALDI RESOURCES CORP., 1150 – 409 Granville Street, Vancouver, BC V6C 1T2, Telephone: (604) 488-8851, Website: GaribaldiResources.com

Release – Labrador Gold Announces 2.02 G-T Au Over 32 Metres at Big Vein the Longest Mineralized Intersection at Kingsway to Date

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on NKOSF

  • Hole K-22-177 intersected 2.02 g/t Au over 32 metres including 18.08 g/t Au over 0.63 metres and 11.42 g/t Au over 1.05 metres.
  • Mineralization at Big Vein remains open along strike to the southwest and northeast.
  • Drilling also intersected high-grade mineralization at Big Vein southwest grading 12.84 g/t Au over 0.8 metres.

TORONTO, Sept. 08, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.

Highlights of the drilling include an intersection of 2.02 g/t Au over 32 metres from 134 metres that included 18.08 g/t Au over 0.63 metres and 11.42 g/t Au over 1.05 metres in Hole K-22-177 from the north end of Big Vein. The intersection is approximately 75 metres north of the discovery outcrop. In addition, Hole K-22-187 at Big Vein southwest intersected 12.84 g/t Au over 0.8 metres from 341 metres.

The last results from initial drilling at Midway showed an intersection of 5.69 g/t Au over 1.33 metres in Hole K-22-171. Further drilling is planned at Midway to test the continuity of gabbro-hosted mineralization along strike towards Cracker.

“Drilling at Big Vein continues to deliver excellent results with the longest mineralized intersection of 32 metres grading 2.02 g/t gold drilled on the property to date. We are currently testing this intersection down dip. The intersection is approximately 30 metres north of another long intercept of 6.07 g/t Au over 19m in hole K-21-111.” said Roger Moss, President and CEO. “Big Vein has now been drilled over a strike length of approximately 520 metres and remains open both to the northeast and southwest. Two rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions.”

Hole IDFrom (m)To (m)Interval (m)Au (g/t)Zone
K-22-187157.80158.251.201.08Big Vein SW
328.55328.850.303.27
341.00341.800.8012.84
K-22-184140.26140.590.332.89Big Vein SW
336.25337.891.642.69
K-22-180nsvCSAMT
K-22-17972.0072.760.761.08Golden Glove
K-22-178nsvBig Vein SW
K-22-1778.009.001.001.01Big Vein
93.7494.550.811.11
134.00166.0032.002.02
including142.77143.400.6318.08
and158.95160.001.0511.42
212.00215.003.002.63
245.00248.003.003.60
265.00266.001.001.73
K-22-176nsvGolden Glove
K-22-17563.0065.002.001.48Big Vein
230.00232.002.002.87
K-22-174296.00297.491.493.65Big Vein SW
407.00407.300.303.24
K-22-17311.0012.001.001.04Big Vein
16.0017.001.001.38
50.0051.001.002.23
K-22-172nsvCSAMT
K-22-171194.50198.003.501.44Midway
201.17202.501.335.69
K-22-17011.0012.001.001.10HTC
35.0044.009.001.42
218.00219.001.001.01
K-22-169nsvGolden Glove
K-22-168165.91166.210.301.01Midway
217.90218.400.501.82
K-22-16757.0062.005.001.90Big Vein
K-22-166nsvMidway
K-22-165243.00244.001.001.05Golden Glove

Table 1. Summary of assay results. All intersections are downhole length
as there is insufficient Information to calculate true width.

A total of 52,648 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 3,343 metres of core (11% of the total submitted).

Drilling at Kingsway continues with four drill rigs, two working at Big Vein, one at Golden Glove and one at the CSAMT target. Ongoing detailed till sampling and prospecting continues to generate new drill targets along the Appleton Fault Zone and the gabbro trend north and south of Midway. Drilling will begin on these targets once initial drilling at CSAMT is complete.

The Company has $23.6 million in cash and is well funded to carry out the remaining 47,000 metres of the planned drill program as well as further target generation on the property.

Hole IDEastingNorthingElevationAzimuthDipTotal depth
K-22-187661343.8543492644.15113050374
K-22-184661343.9543496.444.48113045428
K-22-180666592.3544360546.4214045278
K-22-179660543543177645.7932045401
K-22-178661343543492644.35214050404
K-22-177661594543532745.714550826
K-22-176660541543177645.85729045401
K-22-175661598543528751.68312057.5308
K-22-174661343.3543492644.28914045476
K-22-173661599.9543528751.0011205593
K-22-172666591.7544360646.4231045278
K-22-171661254.7543792478.34914045247
K-22-170661599.9543528651.09612045299
K-22-169660627.7543187944.5528055401.44
K-22-168661255.8543793777.43231045264.75
K-22-167661599.3543528651.3213055296
K-22-166661202.7543788077.47314045260
K-22-165660626543188144.59628045398

Table 2. Drill hole collar details

Figure 1. Plan map of significant Big Vein intercepts.
https://www.globenewswire.com/NewsRoom/AttachmentNg/c8630deb-d718-4e9f-bf3d-5431d3789e05

Figure 2. Long section of Big Vein/HTC Zone.
https://www.globenewswire.com/NewsRoom/AttachmentNg/74f1199d-6502-4981-bbfd-7719fb00b48d

Figure 3. Plan map of Kingsway Gold occurrences showing latest drill intersections.
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea032cde-0026-4147-b1c6-b71481e1db5c

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $23.6 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 169,189,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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 .

Forward-Looking Statements: This news 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 .

Defense Metals Corp. (DFMTF) – Another Important Milestone Achieved

Posted on by cpatches


Thursday, September 08, 2022

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

First Nations agreement. Defense Metals entered into a Mineral Exploration Agreement with the McLeod Lake Indian Band that addresses the interests of both parties with respect to mineral exploration activities at the company’s Wicheeda Rare Earth Element project. The agreement provides a framework for communication and cooperation going forward which we think promotes cooperative collaboration and further de-risks the project.

Fostering a collaborative and mutually beneficial relationship. In addition to providing the McLeod Lake Indian Band with input into how exploration activities proceed, the agreement provides economic opportunities for the First Nations community and establishes a path for potential future commercial involvement.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.