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District commenced drilling the Tomtebo Property in mid-April where 750 m in two holes (TOM22-037B and -038) have been completed. Drill core samples from these two holes have recently been sent to ALS Geochemistry in Mala,
Highlights
Footwall polymetallic mineralization encountered at Steffenburgs zone: Hole TOM22-038 intersected intermittent disseminated, stringer, and impregnated with lesser semi-massive to massive mineralization over approximately 61.5 m (210.0 to 271.5 m). The significance of this footwall mineralization will be determined by geochemical assay results and with continued step out drilling at depth.
Polymetallic sulphide lens extended 40 m below hole TOM21-025 at the Steffenburgs zone: Hole TOM22-038 intersected massive sulphide mineralization over approximately 2.7 m (271.5 to 274.2 m). This was an approximate 40 m step out below hole TOM21-025 which returned 14.3 m at 14.2% ZnEq1 from 210.0 to 224.3 m.
Drill rig has been moved to the Gruvberget Property: drilling at the Tomtebo Property has been paused until whole rock geochemistry and borehole electromagnetic (BHEM) survey results are utilized to better target the mineralization beneath hole TOM22-038.
'The base of the sea-floor massive sulphide lens was intersected at about 271.5 m in TOM22-038. There is only 2-3 m of the massive sulphide lens in this hole. However, the down-hole contact is a distinct fault marked by intense foliation, a mafic dyke and pyrrhotite veins. This means that the middle to upper part of the original VMS lens has been faulted off. Furthermore, the 2-3 m of massive sulphide that remains, contains relics of the volcanic host rocks, which indicates that the part of the massive sulphide lens preserved is only the very basal part where the mineralization has intensely replaced the volcanic rocks directly below the sea floor. The major part of the massive sulphide body above this basal zone is not present in this drill hole. Importantly, these geological relationships indicate that originally at this location the massive sulphide lens was significantly thicker and the relatively thin intersection is caused by truncation by a fault. We have intersected this same fault in several other drill holes and will now be able to improve our interpretation of the 3D geometry of the fault so that we can better target the extension of the massive sulphide lens. At present we are uncertain in which direction the fault has displaced the massive sulphide body. However, we can be certain that the fault has not removed part of the massive sulphide body; it has displaced it some 10s to 100s m and to find this displaced part of the body will be one new target for future drilling.'
'Hole TOM21-037B was drilled as an aggressive 665 m step out northeast from the historic
'Lastly, we have moved the drill rig from our Tomtebo Property to our Gruvberget Property where drilling has recently begun. This move was earlier than originally planned due to time and budget constraints, however, this will allow us to carry out whole rock geochemistry and BHEM survey to better guide us beneath the polymetallic sulphide lenses at the Steffenburgs zone.'
About
The advanced exploration stage Tomtebo Property is located in the
Contact:
Tel: (604) 288-4430
Cautionary Statement Regarding 'Forward-Looking' Information
This news release contains certain statements that may be considered 'forward-looking information' with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved' and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking statements in this news release relating to the Company include, among other things, statements relating to the Company's planned exploration activities, including its drill target strategy and next steps for the Tomtebo Property; the company's interpretations and expectations about the mineralization of the
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and satisfy the exploration expenditure requirements required by the definitive purchase agreement between the Company and the vendor of the Tomtebo Property (the 'Tomtebo Purchase Agreement') by the times specified therein and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data regarding the Tomtebo Property; the Company's ability to raise sufficient capital to finance planned exploration (including incurring prescribed exploration expenditures required by the Tomtebo Purchase Agreement, failing which the Tomtebo Property will be forfeited without any repayment of the purchase price); the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the Company's dependence on one material project, the Tomtebo Property; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of gold, silver and copper; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks and risk related to the outbreak of epidemics or pandemics or other health crises, including the recent outbreak of COVID-19. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
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