Sunvest Minerals Corp (TSXV:SSS)(“Sunvest Minerals” or the “Company”) is pleased to announce that crews have successfully mobilized to its Clone Gold Property (the “Property”) located in the BC’s prolific Golden Triangle.
Sunvest Minerals Corp (TSXV:SSS)(“Sunvest Minerals” or the “Company”) is pleased to announce that crews have successfully mobilized to its Clone Gold Property (the “Property”) located in the BC’s prolific Golden Triangle. Phase I exploration work, under the guidance of Ridgeline Exploration Services, of Kelowna, B.C., will consist of geochemical rock, silt and soil sampling as well as detailed geological mapping. The current exploration program aims to generate drill targets in new glacially ablated zones surrounding the Clone and adjacent showings where Sunvest re-sampling of historic drill core returned assays as high as 30.3g/t Au over 4m. The program also aims to identify new exploration targets over a recently acquired land package to the south which shares an extended border with Goliath Resources (TSX-V: GOT) Gold Digger property.
CEO Mike England states “After a long winter and spring spent compiling historic data as well as assessing recent results we are excited to get boots on the property. Since acquiring the Clone Project last September, we have spent countless hours pouring over historic databases in preparation for this program. The team has come a long way and we now have a very solid understanding of the mineralization at Clone’s main area of interest and surrounding areas. While the historic numbers on the property are extremely impressive, we are very excited to prospect the vast areas surrounding these showings that have only recently been exposed as a result of rapid glacial ablation.”
The 2018 Phase I exploration program will be staged out of Stewart, BC. The application of a Multi Year Area Based drill permit was completed in June and the company anticipates receiving permits in the coming months. Phase I will allow the company to get boots on the ground prior to the anticipated Phase II drill program.
Discovered in 1995, Sunvest Minerals’ principal mineralized zone at the Clone Property is located 15 kilometers south of IDM’s Red Mountain Deposit. High-grade gold mineralization at the Clone project is associated with earliest-Jurassic age volcanic and intrusive rocks which formed during approximately the same metallogenic event as the Premier, KSM, Brucejack, Red Mountain and Dolly Varden gold-silver deposits in northwestern British Columbia. Gold mineralization at Clone occurs within quartz-hematite/magnetite structures, with the iron oxides likely remobilized from hematite-rich andesitic volcanics that are common in the Stewart area. Recent rapid glacial retreat in the area has exposed new gossans surrounding historic showings that have not previously been prospected.
Ed Kruchkowski, P.Geo, a qualified person under National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press release as they pertain to the Clone property.
On behalf of the Board:
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).