(via TheNewswire)
Pursuant to the terms of the Agreement, the Company has granted the landowners a 2.5% NSR royalties, of which 1.3% can be bought back for
Spin-Out of
The Company also announces that its board of directors has approved, in principle, a strategic reorganization of the Company’s assets, pursuant to which the Company would proceed with a restructuring transaction (the “Spin-Out”), whereby it would spin out the common shares of its subsidiary
The decision to undertake the Spin-Out was prompted by the Company’s recent success in demonstrating, in addition to the Thor Project’s high level of prospectivity for gold, the broad untested potential for significant gold mineralization within the
The Spin-Out remains subject to the continued consideration and discretion of the Company’s management and board. It is currently anticipated that the Spin-Out will be effected by way of a plan of arrangement, and the Company will retain up to 19.9% of the SX Iceland Shares issued and outstanding at closing. However, the final terms of the Spin-Out and determination to proceed remain subject to further tax and securities considerations, and the Company expects to provide a further update to shareholders over the ensuing fiscal quarters.
Elbow Creek Project Results
With significant gold and silver values in multiple zones, the
Mineralization is low-sulfidation epithermal veining and brecciation hosted in basalt flows and rhyolite dikes. The mineralization identified has multiple samples assaying from 0.1 to 137 g/t gold and 0.1 to 1,515 g/t silver (Table 1) from float and sub-cropping alteration. Individual zones have been mapped intermittently over 800 meters and 1,700 meters in length and 1 to 6 meters in width at surface.
Table 1: Rock chip samples from outcrop and rock grab samples of float
Sample No. | Au (g/t) | Ag (g/t) | As (ppm) | Hg (ppm) | Sb (ppm) | Te (ppm) |
95166 | 0.329 | |||||
95167 | 0.108 | |||||
95168 | 0.164 | |||||
95169 | 0.524 | |||||
95170 | 0.514 | |||||
95171 | 0.262 | |||||
95172 | 32.570 | |||||
95173 | 1.597 | |||||
I0708051 | 0.381 | |||||
I0708054 | 0.740 | |||||
HD 1 | 3.170 | 2.80 | 72 | 0.012 | 1 | 9.0 |
AB-00022 | 137.500 | 1515.00 | 25 | 0.550 | 8 | >500.0 |
AB-00023 | 5.610 | 2.17 | 1910 | 0.124 | 93 | 1.2 |
AB-00025 | 0.105 | 0.45 | 83 | 0.036 | 3 | 2.2 |
AB-00026 | 2.790 | 21.70 | 110 | 0.020 | 2 | 16.4 |
AB-00029 | 0.129 | 2.13 | 27 | 0.023 | 1 | 3.0 |
AB-00030 | 0.767 | 15.95 | 26 | 0.089 | 2 | 23.3 |
AB-00031 | 0.158 | 1.10 | 151 | 0.005 | 1 | 0.5 |
AB-00060 | 0.126 | 0.24 | 1270 | 0.001 | 5 | 2.1 |
AB-00063 | 0.782 | 1.21 | 33 | 0.107 | 2 | 0.1 |
AB-00070 | 0.132 | 2.12 | 71 | 0.001 | 2 | 3.5 |
AB-00071 | 0.217 | 3.31 | 12 | 0.008 | 1 | 10.1 |
AB-00072 | 2.330 | 62.80 | 23 | 0.015 | 1 | 36.5 |
AB-00073 | 3.510 | 33.60 | 24 | 0.028 | 1 | 22.7 |
AB-00074 | 1.395 | 1.16 | 115 | 0.034 | 5 | 0.8 |
AB-00075 | 0.538 | 1.06 | 136 | 0.019 | 5 | 0.7 |
AB-00100 | 0.219 | 0.22 | 39 | 0.009 | 3 | 1.0 |
AB-00101 | 1.190 | 3.02 | 4 | 0.001 | 2 | 39.6 |
AB-00114 | 0.110 | 4.86 | 2 | 0.019 | 0 | 3.1 |
AB-00119 | 0.183 | 0.89 | 121 | 0.001 | 8 | 3.6 |
AB-00121 | 0.507 | 4.45 | 91 | 0.020 | 8 | 10.4 |
AB-00123 | 0.256 | 0.97 | 59 | 0.001 | 4 | 2.8 |
AB-00142 | 0.105 | 0.56 | 76 | 0.079 | 17 | 6.6 |
AB-00145 | 0.105 | 0.90 | 74 | 0.129 | 19 | 7.6 |
AB-00147 | 6.070 | 148.00 | 18 | 0.060 | 11 | 119.0 |
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Photo 1: Sample AB00020 assays 137.5 g/t gold, 1515 g/t silver. Field of view = 12 cm.
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Photo 2: Breccia with multiple fragments of banded quartz-sulfide veins encased in fine-grained silica-sulfide (Sample AB00147). Field of view = 10 cm.
Although one area had previously been defined as an area of interest in the 1990s, the Company’s geologists, led by our exploration geologist,
The 2023 field season used similar prospecting methods, which led to two additional areas of alteration with veins and breccia fragments containing significant values in gold and silver. In concert with values obtained from panning gold downstream of sub-cropping alteration, pXRF results, and petrographic analysis (Tables 2 and 3), the assay results suggest significant potential for bonanza-type gold mineralization as described below. Trace elements generally observed in low sulfidation systems in other parts of the world are generally depressed in Icelandic systems. Arsenic, antimony, and mercury are considered to be mostly background values, which bodes well for a relatively clean mining scenario if one develops. On the other hand, tellurium is highly anomalous; it could become a significant byproduct as a critical mineral if values remain high throughout and it can be recovered economically.
It should be noted that the results from the pXRF are spot values that can generally be significantly higher than a whole rock assay. Furthermore, most of the samples tested by the pXRF are from brecciated material with clasts of highly mineralized material cemented with less mineralized quartz. Although the pXRF results are partially corroborated by assays of the entire sample in Table 2, there are no corroborative assay results for Table 3.
Table 2: pXRF results from field XRF compared to laboratory assays of whole rock.
pXRF Sample | Au (ppm) | Ag (ppm) | ALS Assay | Au (g/t) | Ag (g/t) |
AB-00020 | 328 | 2211 | AB-00020 | 137.500 | 1515.00 |
Table 3: pXRF results compared with a petrologic review of a thin section of the same sample.
pXRF Sample | Au (ppm) | Ag (ppm) | Panda Petro | Description |
23,700 | 1160 | Banded quartz veining layered with pyrite-chalcopyrite-electrum (20:1:1 ratio) (likely source of panned gold downstream) |
The sample from Table 3 was not assayed. It can only be verified from thin-section work completed by PANDA Geoscience and others. The electrum present at ~1% suggests significant free gold in the sample.
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Photo 3: Sample 2084 (WPT 58): Pyrite, chalcopyrite, and electrum within quartz in the pyrite-rich material. Field of view = 0.6 mm, reflected light.
During the 2023 field season, the Company’s geologists identified additional potential areas of alteration and collected another 91 rock and soil samples. In addition,
Completion of the Spin-Out is subject to a number of conditions, including but not limited to the approval of the CSE and, if applicable, court and disinterested shareholder approval, as well as other closing conditions and the final approval of the board of directors of the Company. The Spin-Out cannot close until the applicable regulatory, court, and shareholder approvals are obtained. There can be no assurances that the Spin-Out will be completed as proposed or at all.
In the event that the Company determines to proceed with the Spin-Out, further details will be provided in a disclosure document to be prepared and filed in connection therewith. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Spin-Out, any information released or received with respect to the foregoing matters may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Ongoing Comprehensive Business Model Analysis
The Company continues its ongoing comprehensive business model analysis. The evaluation process includes reviewing different scenarios, from the spin out of additional assets to the monetization of other business segments.
Quality Assurance and Control
For samples collected by Iceland Resources (AB samples series) the Quality Assurance and Quality Control was conducted under the supervision of
Iceland Resources QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream.
Field samples were logged and bagged in the field under supervision using standard sampling methods, relocated to Iceland Resources’ facility in
Analytical testing is performed by ALS Minerals
Qualified Persons and QA/QC
Peter Lincoln Grieve MAIG (
ON BEHALF OF THE BOARD OF DIRECTORS
‘Herb Duerr’
President & CEO
1.About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel & PGEs on the Manicouagan and Julie Projects on Quebec’s
Visit the Company website atwww.stgeorgesecomining.com
For all other inquiries:public@stgeorgesecomining.com
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