Stakeholder Gold Corp. (“Stakeholder Gold” or the “Company”) (TSXV: SRC) is pleased to announce discovery of the new “Trail Hill” Midas-style gold-silver zone in its first core drill hole on the Goldstorm property in Nevada. The property is located 17 km northwest of the Midas Mine of Klondex Mines Ltd., and 18 km northeast of the … Continued
Stakeholder Gold Corp. (“Stakeholder Gold” or the “Company”) (TSXV: SRC) is pleased to announce discovery of the new “Trail Hill” Midas-style gold-silver zone in its first core drill hole on the Goldstorm property in Nevada. The property is located 17 km northwest of the Midas Mine of Klondex Mines Ltd., and 18 km northeast of the Twin Creeks Mine of Newmont Mining Corporation. The drilling program was stopped after one hole due to inclement weather at the site.
Stakeholder completed drill hole G-2017-1 at Goldstorm targeting Midas-style gold-silver mineralization in the Clayton fault-bounded Zone. The Clayton Zone was first delineated in a drill hole in 2010. Drill hole G-2010-1 contained a 2 metre section of quartz-naumannite-electrum-bearing mineralization from 65 to 67 metres depth, approximately 60 metres below the ground surface. The section assayed 5.5 grams per tonne (“g/T”) gold across the 2 metre core length and included a 1 metre interval that assayed 9.29 g/T gold and 72.6 g/T silver.
G-2017-1 was collared in the Trail Hill Zone, west of G-2010-1 in previously undrilled rocks and is oriented to the northeast at approximately minus 57 degrees. A 10 metre wide zone of quartz-pyrite mineralization in quartz-silica-pyrite (“QSP”) altered basaltic rocks also crops out at the top of Trail Hill just west of the new drill hole. G-2017-1 intersected a wide package of mostly highly altered and transversely fractured basaltic flows and laharic debris flow rocks containing oxidized QSP alteration and quartz flooding mineralization, from a core depth of approximately 6 m to 138.1 m, where it was cut off by a post-mineral fault.
Gold-silver mineralization was found in the Trail Hill basal limonitic “feeder” fault breccia between 137.68 m and 138.1 m, which is being re-assayed. The interval between 135.7 m and 137.68 m was lost in drilling. A 1.34 m sample from 137.68 m to 139.02 m, assayed 0.060 g/T gold and 37 g/T silver. The rocks in the drill hole above this interval mostly assayed less than 0.05 g/T gold–the detection limit for this gravimetric assay technique, but local anomalous gold and silver, to 120 ppb and 3.36 ppm, respectively, and widespread, very anomalous arsenic values occur in this thick upper section of altered rocks. The gold and 37 g/T silver assays of the basal feeder were highly encouraging, given the substantial width and strength of the mineral system intersected in the drill hole. No anomalous gold values have been found to date at the surface above the electrum-bearing Clayton zone of quartz veining, with the high-grade mineralization found only 60 m below the surface. Background arsenic values approximate 20 ppm As, and the rocks drilled in the Trail Hill section showed frequent 50 to 159 ppm values of arsenic. These data are interpreted as indicating that any main boiling zone for gold-silver mineralization in the Trail Hill Zone at Goldstorm would be at greater depth than reached in this drill hole.
The Clayton veins zone also was tested by G-2017-1; it was intersected between 292.56 m and 355.7 m, between the Collar fault and the basal Clayton fault. This zone of faulting and hydrothermal brecciation is approximately 40 m wide where intersected in the drill hole. New zones of fault-controlled silica-pyrite mineralization with local bladed calcite veining were found in this zone, and scattered anomalous gold assays of up to 39 ppb gold over 1.52 m core length were recorded in the hole in a complex series of fault zones and hydrothermal breccias with millimeter-thin pyrite veining. The mineralogical character of this zone and its higher-level, sub-chalcedonic silica suggest that gold mineralization should be deeper in the system. The Clayton zone was intersected in the hole at elevations between 1,960 m and 1,905 m due to unexpected flattening of the drillhole.
The target for drilling is the vein system below the 1,830 m elevation level. This is the approximate level of the paleo-water-table extant 15.4 million years ago in the Miocene Epoch when the gold mineralization has been interpreted to have occurred at Goldstorm and at the Midas and Hollister mines. See Figures 3 “Midas Gold Trend Gold Zones Depth Comparison Section Looking Northerly” and 4 “Midas Mine Ore Zones – Long Section, Projected Goldstorm Holes” attached to view the exploration model and the limiting spatial characteristics envisioned for this gold-silver system. Stakeholder is presently having drill samples analyzed for mercury to investigate depth relations and geochemistry of the mineral system.
Link to: Midas Gold Trend Gold Zones Depth Comparison Section Looking Northerly
Link to: Midas Mine Ore Zones – Long Section, Projected Goldstorm Holes
Phase 2 drilling will now test the Trail Hill and Clayton vein systems below the 1,830 m elevation level, and also will test the Prochnau vein system on the property. The Prochnau vein system has, to date, only been tested by air track holes extending to less than 50 m of depth.
The drill core was logged by an independent QP consulting geologist, sawed in half by an independent third-party services company and submitted under chain-of-custody procedures to a certified laboratory in Elko, Nevada. At the laboratory, the samples were processed using 50-gram aliquots for fire assay analyses for gravimetric gold and silver. Geochemical analyses of pulps were run after using a 4-acid dissolution technique. Stakeholder expects to receive additional assays and geochemical analyses in the coming weeks.
“The Trail Hill Zone identifies by structure, pathfinder minerals and location as a significant target. Key characteristics reflect similar structural manifestations above gold and silver mineralization at the significant Midas and Hollister mines which are bounded by elevation at the approximate height of the paleo-water-table of the Miocene Epoch. Follow-up in the near term will include a new test of the Trail Hill Zone at depth,” stated Rick Redfern.
The Company’s combined ground position now encompasses 3,806 contiguous acres. The enhanced land position surrounds both the Clayton Veins and the Prochnau Veins systems, and includes their respective strike extensions. Success with drilling would open up the prospect of considerable expansion on strike and depth extensions.
Richard R. Redfern, C.P.G. and M.S. (Geology), Geological Consultant for Stakeholder Gold, is the Qualified Person for the Company, as defined by NI 43-101, who has reviewed and approved the contents of this press release.
About Stakeholder Gold
Stakeholder Gold Corporation is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of the Corporation during 2017 is to explore the Goldstorm property in Elko County, Nevada (USA). Stakeholder is also exploring on its 100% owned Ballarat Gold Project located in the White Gold District of the Yukon Territory, Canada.
For further information on the content of this release or about Stakeholder Gold, please contact:
Christopher J. Berlet BSc (Mining), CFA
President & CEO
416 548 – 9749
Forward Looking Information
This news release contains forward-looking information. All information, other than information of historical fact, constitute “forward-looking statements” and includes any information that addresses activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation’s strategy, plans or future financial or operating performance.
When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation’s annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.