Highlights of today's exploration update:
FAD Main Zone exploration drilling- Definition drilling near historic non-43-101 resource as well as step-out drilling to test the ~1km down-dip extension of the favourable host rock which hosts mineralization at FAD. Initial 16,000 meters of drilling planned.
- Paycore drilling has confirmed existing mineralization and step-out continuity. Drilling has delineated a mineralized footprint of approximately 420 meters in strike length, up to 390 meters wide, with an average thickness of 34 meters using mineralized intervals.
- Jackson-Fault exploration drilling (new target)
- New mineralized discovery corridor with little drilling in over 50 years. Under-explored and yet to be tested by Paycore.
- Multiple high-grade carbonate replacement discoveries along the Jackson Fault. Most recently, the high-grade CRD discovery made on the adjacent i-80 Gold property called "Hill Top".
- Historical data analysis and drill core relogging program
- Historic drill core was discovered this past year which is currently being analyzed for assay sampling.
- The additional geological data recently acquired along with the historic drill core are believed to support the necessary requirements for an NI 43-101 compliant resource estimate.
- Digitization of historic data is underway.
"We recently announced the completion of the
Drilling will commence next month targeting approximately 16,000 meters on the
FAD Exploration Program:
Paycore Drill highlights from
- 44.8 meters at 6.3% Zn, 3.7% Pb, 232 g/t Ag, and 2 g/t Au from 705 to 749 m depth in hole PC22-07
- 36.6 meters at 6% Zn, 4.5% Pb, 185.5 g/t Ag, and 5.1 g/t Au from 711 to 748 m depth in hole GH21-02
- 14.8 meters at 6.3% Zn, 10.3% Pb, 376 g/t Ag, and 7 g/t Au from 738.8 to 753.6 m depth in hole PC22-08A
- 27.4 meters at 10% Zn, 1% Pb, 80 g/t Ag, and 8 g/t Au from 707.8 to 7355.2 m depth in hole PC22-10
- 10.1 meters at 15.9% Zn, 4.9% Pb, 0.2% Cu, 267.0 g/t Ag, 6.0 g/t Au from 687.3 to 697.4 m in hole GH21-05
(Press releases dated
Poly-metallic (Zn, Pb, Ag, and Au) mineralization in the
The Ruby Hill Fault is associated with the past producing
To date, the exploration work has focused on the
Drill Highlights from the near-surface oxide target, "Upper FAD" include:
- 28.0m of 4.3% Zn, 1.0% Pb, 25.7 g/t Ag, 1.0 g/t Au, from 39.6m to 67.7 m in hole PC22-02
And: 23.9m of 4.1% Zn, 0.4% Pb, 23.8 g/t Ag, 2.3 g/t Au drilled at 86.7 m from surface. - 4.6m of 6.3% Zn, 1% Pb, 2.5 g/t Au, 119 g/t Ag, from 62.5 to 67.4 m depth in hole PC22-03
And: 6.1m of 0.5% Zn, 1.9% Pb, 19.1 g/t Ag, and 1.54 g/t Au, from 121.9 to 128m depth.
Both of the two drill holes previously announced intersected mineralization within the first 130m from surface. The Upper FAD oxide target is a large 1.5 km by 1.5 km target which has historic production from the original
1* The historical drilling and estimates contained in this release have not been verified as current mineral resources defined by a national insturment 43-101. A "qualified person" (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. |
¹ Source: 1974 Feasibility Study, option B – Hecla Mining Company |
Figure-2 is a plan-view of FAD mineralization illustrating historic and Paycore drill intercepts from surface which are located within and proximal to the
The current overall dimensions of the
The historical drilling outside of this resource area intercepted high-grade poly-metallic mineralization and was not included in the resource due to wider-spread drill spacing. Definition drilling is planned to complete the necessary requirements for a resource estimate in accordance with NI 43-101. Figure 3 was generated by Hecla's historic drilling (not shown) and Paycore drilling illustrated in the colour green. The small gaps between the historic mineralized footprint and the South-East Lobe need infill drilling in order define continuity.
Jackson Fault Exploration Drilling (New Discovery Corridor)
The Jackson Fault has become a priority target with several new discoveries associated with the fault, particularly within the Ruby Hill district of Eureka. Jackson is a 10km long structure which hosts numerous historic Carbonate Replacement Deposits ("CRD's") most of which are located to the south of the Ruby Hill district. There are nearly 3km of this fault system on the FAD Property with little to no exploration completed in the last 50 years due to it being under-cover and not well understood (see Figure 4 illustrating the Jackson Fault, labeled). The fault is located in a new discovery corridor which is associated with multiple carbonate replacement deposits recently discovered on the adjacent property owned by i-80 Gold Corp.
Paycore is in the process of generating drill targets on the Jackson Fault. Review of the historical data and drill core completed by Hecla Mining identified a single hole that intercepted the Jackson Fault. Hole 729 (see Figure 4 above) is the only hole in the historic data-base which intercepted the highly prospective and under-explored Jackson Fault and confirmed CRD style mineralization associated with the fault, similarly of the
Programs along the Jackson Fault will include:
- Assessment of additional targets based on geology, sampling, historic data, and historic drilling.
- IP/MT geophysical surveys to identify the location and orientation of the Jackson fault under cover to the North of FAD and along the 2.8 km of the fault zone that transect through Paycore ground. IP and MT surveys will provide an initial assessment of sulfide mineralization.
- Surface Mapping and sampling to identify zones of alteration and mineralization in outcrop along the trace of the Jackson Fault in areas of bedrock exposure.
- Drilling off-set holes proximal to the historic DDH729 drill hole which is the only hole in the historic data base that intercepted the Jackson Fault
- Drilling based on generated targets in Figure 5 below.
Figure 5: Proposed Drill targets in the
Historical Program: Data analysis and drill-relogging program
The Company has collected historical data over the last twelve months, some as recent as this past
Seventeen historic core holes drilled from surface have been located and are currently being logged. There are portions of the historic holes that have been previously sampled and intervals of the core that have never been cut or assayed previously.
The core drill-holes in Figure 4 above (labeled "Collar Location") were drilled by Eureka Consolidated Mines and Hecla Mining Co in the 1940's to 1960's. Core holes 725, 726, 729, and 791 were drilled within or exploring for extensions to
Logging and sampling of holes 729 and 791 are complete, with holes 725 and 726 currently in progress. All logging will include check sampling of available material in mineralized zones to confirm historic assay work. Sampling of additional core intervals will be completed in zones where there is alteration, sulphide mineralization, and Carlin-style mineralization. Assays will be announced upon completion.
About Paycore
Paycore is a corporation incorporated under the Business Corporations Act (
Overseen by an experienced board and management team that includes
Quality Assurance (QA) / Quality Control (QC) Procedures
All samples were submitted to ALS Minerals (ALS) of
Qualified Person
The scientific and technical data contained in this news release pertaining to the FAD Property was reviewed and approved by
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning (i) the proposed business objectives of the Company, (ii) the impact, and anticipated results, of ongoing drill program and results on the Company, (iii) the possible economics of the FAD Property, and the Company's understanding of the FAD Property, (iv) the development potential and timetable of the FAD Property, (v) the estimation of potential mineral resources, and (vi) the timing and amount of estimated future exploration on the FAD Property. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the FAD Property. Specifically, factors that could cause the actual performance and results of the Company to differ materially from those in forward-looking statements include, without limitation, changes to commodity prices, metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the
SOURCE
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