- Drilling in the
FAD Main Zone : - 12.5 meters of 22.0% zinc, 1.5% lead, 155.5 g/t silver and 1.06 g/t gold in hole PC22-07 from 660 – 672.5 metres depth, and;
- 44.8 meters of 6.3% zinc, 3.7% lead, 231.6 g/t silver and 2.03 g/t gold from 705 to 749.8 m depth.
"The base metals present in the FAD deposit represent those that are essential for a carbon neutral future. As the world progresses with the increased use of electrification of vehicles and alternative uses for these green metals, base metals deposits are becoming a critical focus for development in the very near future." Stated
"Hole PC22-07 was drilled into the South-East Lobe which is outside of the
FAD is a carbonate replacement deposit ("CRD") which essentially means that the deposit is comprised of base metals such as zinc, lead, and silver (plus or minus other metals such as copper). CRD's typically contain little to no gold mineralization in the system. The CRD system at FAD is very unique given that it is located directly next to a big
Paycore owns a 100% interest in the high-grade, polymetallic FAD project located in one of the most prolific gold belts in the world, the Eureka gold district of
Drill results from the
Hole ID | From (m) | To (m) | Core (m) | Estimated | Au | Ag | Pb (%) | Zn (%) | Cu (%) | AuEq* (g/t) |
GH21-01 | 737.0 | 740.5 | 3.5 | 90 – 100 | 10.4 | 153.8 | 1.8 | 8.4 | - | 18.1 |
GH21-02 | 711.7 | 748.3 | 36.6 | 90 – 100 | 5.1 | 185.5 | 4.5 | 6.0 | - | 13.0 |
Including | 725.4 | 733.0 | 7.6 | 90 – 100 | 9.7 | 242.0 | 7.1 | 9.6 | - | 21.6 |
GH21-03 | 673.9 | 688.2 | 14.3 | 90 – 100 | 2.3 | 50.9 | 0.7 | 3.7 | - | 5.3 |
PC22-02 | 39.6 | 67.7 | 28.0 | 90 – 100 | 1.0 | 25.7 | 1.0 | 4.3 | 0.09 | 4.5 |
And | 86.7 | 110.6 | 23.9 | 90 – 100 | 2.3 | 23.8 | 0.4 | 4.1 | 0.09 | 5.3 |
GH21-05 | 687.3 | 697.4 | 10.1 | 90 – 100 | 6.0 | 267.0 | 4.9 | 15.9 | 0.2 | 21.1 |
GH21-04 | 683.4 | 708.4 | 25.0 | 90 – 100 | 1.96 | 92.61 | 1.26 | 7.45 | - | 11.53 |
And | 720.24 | 722.07 | 1.8 | 90 – 100 | 3.2 | 204 | 6.86 | 7.62 | - | 13.41 |
PC22-07 | 660 | 672.5 | 12.5 | 90 - 100 | 1.06 | 155.5 | 1.5 | 22.0 | - | 16.4 |
And | 705 | 749.8 | 44.8 | 90 - 100 | 2.03 | 231.6 | 3.7 | 6.3 | - | 10.4 |
*USD values used to calculate AuEq; Au |
Hole ID | From (m) | To (m) | Core Length (m) | Estimated | Au | Ag | Pb (%) | Zn (%) | Cu (%) | AuEq* (g/t) |
PC22-02 | 39.6 | 67.7 | 28.0 | 90 – 100 | 1.0 | 25.7 | 1.0 | 4.3 | 0.09 | 4.5 |
And | 86.7 | 110.6 | 23.9 | 90 – 100 | 2.3 | 23.8 | 0.4 | 4.1 | 0.09 | 5.3 |
To date, all holes have intersected high-grade poly-metallic (Au, Ag, Pb, Zn) mineralization and demonstrate significant expansion potential. Assay results from hole PC22-07 further confirms the high-grade nature of the FAD mineralization. Hole PC22-07 was drilled in the South-East Lobe which is a 200 m step out from the historic
*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 – Hecla Mining Company |
The FAD Mineralization currently has a known mineralized footprint of approximately 1.5 x 1.5 km and is open in multiple directions. Outside of the core deposit area, little to no exploration has been completed and there are multiple drill intercepts which have not yet been tested and are underexplored. Drilling in the South-East Lobe has already proven the lateral extents to the
Additionally, near-surface oxide mineralization was overlooked by previous operators. It has the potential for widespread mineralization proximal to the historic high-grade underground mine that last operated more than 100 years ago.
Paycore will also test the Jackson-Holly Fault in the upcoming drill program which is along strike of the new i-80 Gold discovery next door. The Jackson Fault extends from i-80's property, through Paycore's Property and is underexplored and under drilled within the Complex.
Paycore has completed over 10,264 metres of drilling to-date and announced assays for seven holes. Assay results are pending for the remaining three holes and will be announced upon receipt and review.
Paycore is a corporation incorporated under the Business Corporations Act (
Overseen by an experienced board and management team that includes
All samples were submitted to either ALS Minerals (ALS) of
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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