Sunvest Minerals Corp (TSXV:SSS)(“Sunvest Minerals” or the “Company”) announces it has completed the summer field program at its Clone Gold Property (the “Property”) located in BC’s prolific Golden Triangle.
Sunvest Minerals Corp (TSXV:SSS)(“Sunvest Minerals” or the “Company”) announces it has completed the summer field program at its Clone Gold Property (the “Property”) located in BC’s prolific Golden Triangle. Phase I exploration work, under the guidance of Ridgeline Exploration Services Inc., of Kelowna, B.C. (“Ridgeline”), was aimed at generating drill targets in new glacially ablated zones surrounding the Clone and adjacent showings where re-sampling of historic drill core by Sunvest returned assays as high as 30.3g/t Au over 4m, from 16m to 20m, in hole CL95-11. Other significant intersections which were re-sampled by Sunvest include:
2.1m of 32g/t Au from 12.9m to 15m in hole CL95-04
2.48m of 21.7 g/t Au from 27 to 29.48m in hole CL95-11
3m of 26.6 g/t Au from 38m to 41m in hole CL95-11
The program also aimed 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.
The program consisted of geochemical rock, silt and soil sampling as well as detailed geological mapping. A total of 388 soil, 61 silt and 106 rock samples were collected from the property. Two significant new mineralized veins were discovered on the property. A 1.25-meter-wide quartz vein containing semi-massive chalcopyrite, pyrite and bornite which can be traced on surface for approximately 50m was discovered 7.5 kilometers southwest of the Clone showing along the newly exposed Eastern face of a glacial valley. The second vein discovered is 1 meter in width containing massive sulfide mineralization freshly exposed by recent glacial ablation. This occurrence is located just 1800 meters from the Clone deposit. Analytical results for the soils, silts and rock samples are pending.
The second vein was drill-tested using a small backpack portable drill. Holes 1 through 6 were drilled across the vein to an average depth of 1 meter, while holes 7 and 8 were drilled up to depths of 1.45 and 1.60 meters. Analytical results for the drill core are pending.
Airborne Geophysical Survey
An airborne magnetic survey covering 1592 line-km was also completed. 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. The airborne magnetic survey aims to delineate zones of magnetite enrichment, specifically targeting magnetite-bearing vein structures. The geophysical data are currently being processed and will be released along with the analytical results in the coming weeks.
CEO Mike England stated “The 2018 exploration program on the Clone was very successful in the discovery of two significant new mineralized veins which confirm the presence of widespread mineralization on the Property. The geochemical sampling, geophysical survey and backpacking drilling of the new discoveries has Sunvest very well positioned for a 2019 diamond drilling program to test a number of prospective targets on the Clone.
Quality assurance/quality control procedures:
All 2018 drill core was logged, photographed, cut and sampled by Ridgeline personnel. Prior to shipment to MS Analytical’s sample preparation facility in Terrace, B.C., certified reference material standards, blanks and field duplicates were inserted at a ratio of approximately one in every 20 drill core samples. Samples were prepared in Terrace by crushing the entire sample to 70 per cent passing minus two millimetres, riffle splitting off one kilogram and pulverizing the split to better than 85 per cent passing 75 microns. After preparation in Terrace, the prepared pulps were shipped to MS Analytical’s analytical laboratory in North Vancouver, B.C. The gold assays are determined by FAS-111 fire assay method which reports results in parts per million (equivalent to grams per tonne). Any samples with a fire assay that report gold concentrations equal to or higher than 10.0 g/t Au are analyzed by metallic screen method (Au-SCR24).
Base metal assays are determined by IMS-230 4-acid digestion with ICP-AES/MS finish method, which reports results as parts per million (ppm). All analyses that reach the overlimit of IMS-230 are reanalyzed with an ore-grade method. The analytical results are verified with the application of industry-standard quality control and quality assurance procedures.
Drill core from 1995 were re-sampled by quartering the core with a rock saw. In total 47 samples were submitted to ACT Labs along with 8 control (QA/QC) samples to validate the previous assays and improve the understanding of the Clone mineralization.
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:
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.
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).