- First pass drilling intersected several mineralized structures at Wallace, notably 2.9 g/t gold over 4.3 meters (including 10.1 g/t gold over 1.0 metres) at the Crown-10 target and 1.8 g/t gold over 2.1 meters (including 6.7 g/t gold over 0.6 meters, with visible gold) at the Hi-Grade target
- Nine drillholes, totalling 2,528 metres, tested five targets associated with high-grade gold showings and gold anomalies in surficial sediments, including the previously reported 50.3 g/t gold from a rock grab sample taken at the Crown-10 prospect
The Company's first pass drilling program at Wallace (Figure 1) was designed to test high-grade quartz veins within five different structures in the core of a regional scale fold, in rocks equivalent to the prolific Balmer assemblage in the
The exploration model at Wallace is based on the Red Lake gold deposit in
The Crown-10 Target consists of a north-south shear structure up to 5 metres in width that is exposed for approximately 200 metres along strike. The structure cuts gabbro and granodiorite, and is intruded by ultramafic or lamprophyric dikes, indicating it is a deep-seated structure and a potentially significant fluid conduit. Channel samples returned assays up 26.4 g/t gold over 0.6 metres and 5.2 g/t gold over 2.0 metres, including 8.5 g/t gold over 1.2 metres. Three drillholes, totaling 861 metres and spaced roughly 60 metres apart, tested the structure beneath surface gold showings to a vertical depth of approximately 150 metres. The northern-most drillhole, CR-22-003, returned the most significant intercept: 2.9 g/t gold over 4.3 metres, including 10.1 g/t gold over 1.0 metres.
The Hi-
Two drillholes, totalling 562 meters, were completed to test the main surface showing and the unexposed potential extension indicated by the black spruce bark gold anomaly in an adjacent overburden-covered area, with the latter target yielding the most significant results. Drillhole HG-22-002 intersected two shear-hosted quartz veins, from 156.4 to 159.2 metres and from 178.0 to 182.6 metres downhole, with the upper vein returning 1.8 g/t gold over 2.1 metres, including 6.7 g/t gold over 0.6 metres from an interval containing numerous specks of visible gold. The presence of stacked quartz veins with localized high-grade gold indicates the significant exploration potential of this previously untested structure.
(1) Numbering reflects order in which drillholes were planned, rather than sequence of drilling | |
(2) Represents drillcore length; true widths are presently unknown | |
(3) Weighted-average composites; NSV, no significant values |
Four drillholes, totalling 1,105 metres, tested an array of subparallel structures in the western portion of the project area. Although poorly exposed, the structures contain localized high-grade gold and are intruded by ultramafic or lamprophyric dikes, indicating they are relatively deep-seated structures and thus potentially significant fluid conduits. The Willi Target returned the most significant intercept, yielding 0.8 g/t gold over 6.4 metres, associated with laminated quartz veins and disseminated pyrite in strongly sheared granodiorite, in the immediate hangingwall of a sheared interval containing several ultramafic dikes.
Field exploration is ongoing at Wallace to expand detailed mapping, further delineate the prospective structures identified to date, and also evaluate the potential for parallel structures and sites of large-scale dilation suitable to host significant vein systems. With the success in delineating gold-bearing structures through overburden-covered areas at the Hi-Grade target, surficial geochemistry grids are being expanded into similarly prospective ground.
The first-pass drilling in 2022 identified several targets that merit follow-up drilling, currently in planning for Q3-Q4 2022, and the Company anticipates that ongoing field exploration will identify compelling new targets in this highly prospective area.
Sample handling, preparation and analysis are monitored through the implementation of formal chain-of-custody procedures and quality assurance-quality control (QA-QC) programs designed to follow industry best practices. Drillcore is logged and sampled in a secure facility located in
Technical information in this news release has been reviewed and approved by
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
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Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about exploration plans and the timing and results thereof, are forward-looking statements. Although
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