MINK VENTURES CORPORATION Toronto, Ontario--(Newsfile Corp. - October 17, 2023) - Mink Ventures Corporation (TSXV: MINK) ("Mink" or the "Company") today announced that it has completed a diamond drill hole on an induced polarization (IP) anomaly in the western portion of the South Target Area (STA) at its Montcalm Ni Cu Co project, and begun additional IP surveying. Mink's project is adjacent to Glencore's historical Montcalm Mine, 65 km northwest of Timmins, Ontario. The Montcalm Mine had historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010).
The first phase surface IP survey on the western portion of the STA was completed in March 2023. This survey proved to be very productive and outlined a high chargeability IP target with an estimated strike length of approximately 500 meters. A series of secondary targets were also outlined. The highest priority IP target, designated SW IP Anomaly 1, (See Figures 2,2A, & 3.) is associated with a strong magnetic response and an initial drill hole has just been completed to a depth of 219 meters to evaluate this target. Core logging is underway and assays for base and precious metals are pending.
The Company has initiated additional IP surveying in the eastern portion of the STA, which covers an interesting breccia zone on the contact of gabbroic phase of the Montcalm Gabbro Complex (MGC). The gabbro phase of the MGC hosts the former Montcalm Mine. Mineralization at the mine is often associated and/or peripheral to breccia zones. (See Figure 1 - blue unit & unit 4.) Further drilling in the STA area is planned to evaluate a number of secondary anomalies outlined in the first phase of the surface IP program, and any new anomalies that may be outlined in the current IP program in the eastern STA.
Upon completion of the current drilling and geophysical surveys, Mink Ventures will have expended the required $600,000 in exploration work to fulfill the work commitment in order to earn its 80% interest in the Montcalm Project.
CURRENT RATIONALE FOR MONTCALM PROGRAM
Historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex. Hole MAC9731 in Figure 2). Numerous magnetic targets of this nature are present on Mink's claims both within the Hook Zone and across the STA of the property representing valid exploration targets. The recent surface IP survey in the STA outlined SW IP Anomaly 1, a strong, previously undetected anomaly proximal to a strong magnetic response. This test case of IP surveying proximal to magnetic anomalies demonstrated a reliable technique for outlining new targets possibly representing potential new zones of mineralization. Both disseminated and/or stringer mineralization as well as massive mineralization responds well to IP surveying and Mink's approach at Montcalm utilizing both borehole IP and surface IP surveys rather than EM has proven successful in generating significant new targets.
Mink's claims cover very prospective geology including approximately 10 km2 of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm mine. (See Figure 1 - light blue unit.) Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration.
Qualified Person
Mr. Kevin Filo, P. Geo (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.
Figure 1: Montcalm Gabbro Complex Geology
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Figure 2: Compilation Map - Magnetics, Historic Drill Holes & Target Areas
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Figure 2A: South Target Area Detail of SW IP Anomaly 1
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Figure 3: IP Pseudo-section of SW Anomaly 1 Line 4600W
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About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals (nickel, copper, cobalt) at its Warren and Montcalm Projects, in the Timmins, Ontario Area. Mink's flagship Montcalm project, covers 40 km2 adjacent to Glencore's former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). Its Warren Ni Cu Co project is located 35 km away. Both projects have excellent access and infrastructure with an all-weather access road and power as well as proximity to the skilled labour and facilities of the Timmins Mining Camp. The Company has 17,902,984 shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E:ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, but not limited to, statements with respect to the common shares beginning trading on the TSXV. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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