PHASE 1 PROGRAM HIGHLIGHTS
All five nickel-copper-cobalt sulphide targets tested have confirmed mineralization
9.3m of 0.43% Ni, 0.17% Cu and 0.05% Co at PGE Central (HSP-22-09)
12m of 0.28% Ni, 0.46% Cu and 0.05% Co at Chamber South (HSP-22-02)
2m of 1.31% Cu and 0.15% Ni at
Fully funded phase 2 program for 2023
HSP TARGETS EVALUATION SUMMARY
Chamber South encountered alternating layers of moderately southwest dipping massive sulphide/oxides interlayered with anorthosite. Increasing levels of sulphides and base metals down hole in both 01 and 02 indicate potential to improve with depth. Drilling at Chamber South was the only pad to drill from the optimal direction intercepting surface structures and will be a priority drill target for phase 2.
Chamber North drilling intercepted anomalous disseminated nickel, copper, and cobalt mineralization over the vast majority of the holes. The best intercept was in HSP-22-05 with 73m of 0.046% Ni, 0.033% Cu and 0.009% Co. The large size of Chamber North (28 Ha or 70 acres) has comparable metal equivalents to porphyry grade mineralization. As disseminated sulphides of the concentrations seen in the drill holes are not typically able to create strong EM anomalies, further trench testing east-west across foliation will help to determine the location of any higher-grade sulphides and better test the massive sulphide layers seen at surface.
The drill targeting missed the surface mineralization based on the dip calculations obtained from drilling but identified a new high-grade nickel copper bearing sulphide structure at depth up to 1.3% Cu and 0.4% Ni. Given the high grades, large EM anomaly and relatively low sulphide content in the intervals, this target is highly prospective. Drilling intercepted narrow bands of massive sulphide pseudobreccia averaging 25cm wide. These holes contain the highest concentration of base metals in the sulphides from the drill program. The drill holes confirm the mineralization has similar apparent orientations as seen on the rest of the project, and therefore will be tested from the west drilling east in phase 2.
The PGE target zone covers a large area over 3km along the northern contact and is dispersed over four targets including Central, North, South and Catalytic.
PGE Central showed some of the highest sulphide content with up to 45% sulphides. One highlight was the 10-metre massive sulphide breccia at 0.34% Ni, 0.31% Cu and 0.05% Co from 51 metres. Armed with a better understanding of the mineralized trend orientation, this target is a high priority for the phase 2 program.
PGE North failed to return significant grades as reported in the Company's news release dated
PGE South remains untested as priority was given to the two northern PGE targets. Like PGE North, this target remains prospective and will be tested once more geological knowledge is derived from PGE Central.
PGE Catalytic is also an untested target between Central and North. Catalytic is a different as it covers a mafic dyke visible in total magnetic intensity with Cu, Ni and PGE mineralization along both it's east and west margins. The Dyke can be traced for 3.5 km.
The interior anorthosite hosts the GEM zone that was not tested in the 2022 drill program. This zone is slated for mechanised surface trenching in 2023. Mineralization at GEM is disseminated but contained high nickel and copper grades (0.4% Ni 0.2% Cu - See news release dated
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Forward-Looking Information:
This press release may include 'forward-looking information' (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties, future production, reserve potential, and events or developments that the Company expects. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance, they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether because of new information, future events or results, or otherwise) other than as required by applicable securities laws. There are several risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
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