Drill Highlights:
FAD Main Zone drilling in hole PC22-10 include:- 27.4 meters of 10% zinc, 1% lead, 79 g/t silver and 8.0 g/t gold from 707.8 – 735.2 meter depth.
- Including 13 meters of 16% zinc, 1% lead, 110 g/t silver and 11.1 g/t gold, from 713.2 to 726.2 meter depth.
- AND 7.4 meters of 4.6% zinc, 6.1% lead, 318 g/t silver and 1.8 g/t gold, from 745.6 to 753 meter depth in hole PC22-10.
"Hole-10 is a 200 meter step-out and drilled down-dip from the historic resource which contains 3,540,000 tonnes grading 8.0 % zinc, 3.80% lead, 196.46 g/t silver, and 5.14 g/t gold. Drilling to-date in the Southeast Lobe has demonstrated the lateral mineralization outside of the historic resource that was defined by Hecla Mining Company in their 1966 and 1974 feasibility studies" stated
"Hole PC22-10 was drilled in the Southeast Lobe to test lateral consistency between wide spaced historic rotary drill-holes which delineate the historic resource and mineralized footprint. These drill results in the Southeast Lobe further confirm high-grade mineralization outside of the historic resource and adds further confirmation for significant thickness of mineralization within the Southeast lobe. Hole PC22-10 also demonstrates lateral down-dip consistency to the Southeast Lobe. Specifically, historic drill holes RDH-7, RDH-7A, RDH-510 and RDH-2, when included with Paycore drill holes GH21-02, PC22-07, PC22-08A and PC22-10, provide a nominal spacing of about 35 meters between holes and demonstrate a down-dip extent of 200 meters of consistent mineralization. The current overall dimensions of the
Table 1: Drill Highlights 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 |
PC22-08A | 738.8 | 753.6 | 14.8 | 90 - 100 | 7.1 | 376.3 | 10.3 | 6.3 | - | 20.37 |
Including | 738.8 | 744.6 | 5.8 | 90 - 100 | 15.9 | 248.4 | 3 | 9.4 | - | 25.94 |
PC22-10 | 707.8 | 735.2 | 27.4 | 90 - 100 | 8 | 79 | 1 | 10 | - | 15.15 |
including | 713.2 | 726.2 | 13 | 90 - 100 | 11.1 | 110 | 1 | 16 | - | 22.2 |
AND | 745.6 | 753 | 7.4 | 90 - 100 | 4.5 | 318 | 6.1 | 4.6 | - | 11.5 |
*USD values used to calculate AuEq; Au |
Hole PC22-10 is a 200-meter step-out and down-dip from the historic resources. The drill intercepts illustrated in Table 1 for hole PC22-10 occur within a 58.4 meter zone of mineralized rock which consists of 5.6% zinc, 1.3% lead, 91 g/t silver, and 1.5 g/t gold from 694.6 to 753 meters depth. The hole intersected the Southeast Lobe 23-meters Northeast of hole GH21-02 and 40 meters Northeast of hole PC22-07 which are referenced in Figure-1, along with Paycore's original drill highlights in Table-1. PC22-10 deviated from the intended target between historic holes RDH-7 and RDH-7B which both contain thick intercepts of mineralization (30 and 35 m of mineralization respectively) and are located approximately 45 meters to the North and to the East of PC22-10.
* 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-1 is a plan-view of FAD mineralization illustrating historic and Paycore drill intercepts from surface which are located within and proximal to the
Figure-1 also demonstrates the overall dimensions of the mineralization on the
Paycore recently acquired additional historic drill and underground geology data which will be used to support future drill and exploration programs. Paycore is in the process of digitizing all of the recently acquired historic data. The information acquired includes drill logs, assay certificates, surveys, historic surface and underground geologic mapping, drill hole location maps, and other data that will be invaluable for vetting, modeling, and resource work on the FAD mineralization.
The upcoming drill program will focus on infill and step-out drilling on the
Figure 2 below illustrates Paycore's property and the property boundary between Paycore and i-80 Gold. Historic mining, exploration and drilling has focused largely on the prospective geology associated with the Ruby Hill Fault. The FAD deposit and
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
Cautionary Statements
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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