Phase 2 Drilling Program Highlights:
Hole JAS2900-02 intersected 81.55m at 0.89% Cu, 0.25g/t Au from 21.0m, including 21.14m at 2.79% Cu and 0.59% Au.
Extended high-grade copper-gold oxide mineralization by approximately 100m to the north from drill hole JA2800-01, which assayed 48.2m at 1.24% Cu and 0.43 g/t Au.
Phase 1 and 2 drilling has defined an oxide copper-gold mineralized deposit that is laterally extensive for up to 650 metres and has a strike length of more than 550 metres. True thickness varies from 50 to 250 metres.
Mineral domaining and updated geologic block modelling is underway.
Two holes tested a heavy sulphide brecciated skarn zone at CVZ (assays pending).
Eight shallow holes tested a magnetite skarn body north of the Benoni Fault, where a single historic drill hole intersected 23.5m at 1.86% copper and 0.54% cobalt[1] (assays pending)
Exploration permitting is underway for several of the newly acquired mineral concessions. As the permitting is being progressed, the Company will be undertaking sighter metallurgy leach and flotation test work on the copper-gold oxide mineralization at MCZ to assess recoveries, acid consumption and variability characteristics for the different material types within the deposit delineated to date. The metallurgical response of the different material types aims to assess the potential viability of various processing options for the near surface oxide copper and gold mineralization and is an important de-risking milestone for the Company.
Initial review of the newly acquired land package surrounding Jasperoide indicates high potential for the discovery of additional near surface copper skarn deposits similar to the MCZ deposit. Upon receipt of the exploration permits for these areas,
QP Statement
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Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words 'could', 'intend', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the exploration operations of the Company and the timing which could be affected by the current global COVID-19 pandemic. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions and the COVID-19 pandemic, access and supply risks, reliance on key personnel, operational risks, and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks.
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