Flynn Gold Limited (ASX: FG1, “Flynn Gold” or “the Company”) is pleased to provide the first drilling results from its 100%-owned Firetower Project located in northwest Tasmania.
Highlights
Commenting on the drilling, Managing Director and CEO Neil Marston said
“High-grade gold-cobalt-tungsten has been recorded in the first results from drilling at the Company’s Firetower Project in northwest Tasmania. Our drilling has been successful in testing for depth extensions of the main mineralised zone.
“The 4-hole drill program completed in December 2023 tested depth extension targets generated from our recent review of the project.
“Previous drilling at Firetower has been generally shallow and across a limited strike length, with very few holes extending beyond 150m from the surface. Several previous drill holes ended in mineralisation.
“These early results demonstrate the depth continuity of mineralisation and highlight the significant potential for high-grade mineralisation to continue at depth and along strike.
“Importantly Flynn already has permits in place to undertake a follow-up drilling program to test for further mineralisation.”
Firetower Polymetallic (Au-Co-W-Cu) Mineralisation
The polymetallic Au-Co-W-Cu mineralisation at Firetower is currently defined by historic drilling over a strike length of 200m and remains open along a highly prospective 6km-long trend between the Firetower West and Firetower East prospects (Figure 1). The mineralisation, which partly outcrops, is currently drill-tested to approximately 150m depth and remains open down-dip.
Figure 1: Firetower Project Geology and Gold Prospects
Latest Firetower Drilling
One diamond drill hole and three diamond extension tails on existing holes were drilled at the Firetower Prospect for a total of 496.0m. The location of these 4 drill holes is shown in Figure 2. Table 1 contains full details of these drillholes.
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Flynn Gold’s large, high-grade gold footprint in Tasmania provides a compelling investor proposition that leverages a continuing gold bull market.
Flynn Gold (ASX:FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines. The region has established mining districts, excellent infrastructure such as rail and ports, and a skilled workforce, with a stable political and regulatory environment. These features are a big positive for the company’s projects in this region.
The company has nine 100 percent owned tenements in Northeast Tasmania which are highly prospective for gold and tin/tungsten with three major projects — Golden Ridge, Portland and Warrentinna. In Northwest Tasmania, it has the Henty zinc-lead-silver and the Firetower gold and critical minerals projects.
Flynn Gold’s exploration at its Golden Ridge project has focused on an 9-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Apart from Tasmania, the company is building a strategic lithium and gold portfolio in Western Australia, targeting hard-rock lithium pegmatites and intrusive related gold deposits in the Pilbara region and Yilgarn Craton. Its five lithium-gold projects in Western Australia are strategically located in districts hosting large gold and lithium deposits or in regions that are relatively under-explored for lithium. Of these, three lithium-gold projects are in the Yilgarn region: Forrestania, Lake Johnston and Koolyanobbing. The remaining two are in the Pilbara region: Mt Dove and Yarrie.
The company is focused on three high-grade gold projects in Tasmania — Golden Ridge, Warrentinna and Firetower. The under-explored Northeast Tasmania region is interpreted to be part of the Western Lachlan Orogen, a geological extension of the rich Victorian Goldfields which boast of historical gold production of over 80 million ounces (Moz). The company’s landholding across nine 100 percent owned tenements in the region has provided it with significant potential for gold and tin discoveries.
Targeted for intrusive related gold system (IRGS) style mineralization, the Golden Ridge project is located 75 kilometres east of Launceston in Northeast Tasmania. Previous gold exploration at the Golden Ridge Project has been very limited with shallow historical workings located over an 9-kilometre-long granodiorite-metasediment contact zone. Flynn Gold’s exploration has focused on the Brilliant and Trafalgar prospects, with diamond drilling programs completed at both locations between June 2021 and August 2023. In addition, a limited reconnaissance RC drilling program in late 2022 to test for gold mineralisation at the Link Zone confirmed the presence of shallow gold mineralisation between the Brilliant and Trafalgar prospects, highlighting the significant gold potential of the granodiorite-metasediment contact zone.
Drilling at Trafalgar consisted of 14 holes for 5,218.3 metres with multiple vein intersections grading >100 grams per ton (g/t) gold reported. The best intersections recorded in drilling at Trafalgar were 16.8 g/t gold over 12.3 metres (from 108.7 to 121 metres), including 0.7m at 152.5 g/t gold and 23.7 g/t gold over 4 metres (from 23 to 27 metres), including a high-grade zone of 0.5 metre at 169.8 g/t gold.
Soil sampling at the Golden Ridge project has been progressively undertaken since an initial sampling trial using the UltraFine+ technique was initiated in May 2022. The results of this soil sampling have highlighted the known prospect areas, as well as several new target areas at Grenadier and Big Penny, with gold anomalism not associated with historical workings.
Phase 3 drilling has commenced at the Trafalgar high-grade gold prospect confirming the continuity of multiple sub-parallel high-grade gold veins.
New high-grade gold discoveries have also been made at the Link Zone and Trafalgar North prospects.
At the Link Zone, mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation with underground grab sampling of mineralised veins in the adit recorded high-grade gold assays including 64.4 g/t gold, 37.6 g/t gold and 15.9 g/t gold.
At Trafalgar North, a high-grade gold vein zone has been discovered in trenching 250 m north of the historic Trafalgar mine with 17 out of 36 grab rock chip samples assayed over 10 g/t gold, including 99.4 g/t gold, 76.6 g/t gold and 67.1 g/t gold. Drilling at Trafalgar North commenced in July 2024.
The Warrentinna project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project is located in northeast Tasmania and covers an area of approximately 37 sq km immediately adjacent to Flynn’s existing Lyndhurst Project. The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high-grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6 kilometres.
Initial drilling by Flynn in September/October 2023 at Warrentinna consisted of two diamond drill holes, designed to test the continuity and extension of orogenic style gold mineralisation identified in historical drilling. The holes are also designed to provide stratigraphic and structural information critical to advancing understanding of the project.
The Portland gold project comprises three adjacent tenements: Portland, Telegraph and Cameron Tin. The project falls within the region mined historically from 1870 to 1917 and has similarities to Victorian geology with high-grade “Fosterville-style” gold mineralization confirmed. Geochemical surveys and costean sampling programs at Portland confirmed the presence of anomalous gold zones. Drilling at the Grand Flaneur prospect in 2022 and the Popes prospect in 2023 have both confirmed the presence of gold mineralization.
The company has two projects in the Northwest Tasmania region: the Firetower project and the Henty zinc project.
The project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project spans more than 62 sq kms and represents an advanced gold plus battery metals project, which includes three notable prospects: Firetower, Firetower East and Firetower West. The Firetower project lies in the highly mineralized Mt Read volcanic sequence which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell (3 million tons contained copper, 3.1 Moz contained gold), and the Henty gold mine (1.64 Moz gold @ 12.5 g/t gold).
Resampling of the historic core at Firetower has confirmed the significant potential for gold and critical minerals - cobalt, tungsten and copper. The results have made it clear this project represents an exciting polymetallic opportunity. The company completed a diamond drilling program in late 2023 to target both the gold and polymetallic minerals potential.
The drilling program was successful in testing for depth extensions of the main mineralised zone with the results demonstrating the continuity of polymetallic mineralisation and highlighting the significant potential for high-grade mineralisation to continue at depth and along strike.
The project is a 130 sq. km land holding under two 100 percent owned exploration licences and provides the company with a dominant position in a rich base metals field with proximity to an existing zinc/lead concentrate producer (MMG’s Rosebery mine).
The Henty Project has a significant pipeline of exploration targets with the Mariposa and Grieves Siding prospects ready for resource drilling
Flynn holds five gold-lithium projects in the resources-rich state of Western Australia, strategically located near large gold and lithium deposits or in regions that are relatively under-explored for lithium.
The five projects include: Mt. Dove and Yarrie in the Pilbara region; and Koolyanobbing, Forrestania and Lake Johnston in the Yilgarn.
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises four granted licences and one tenement application covering 190 sq. kms. The project is located near the large Hemi gold deposit (De Grey Mining, ASX:DEG) and the large lithium mines at Pilgangoora and Wodgina. The company has completed two soil sampling programs at Mt Dove, which have identified lithium and gold anomalies. The follow-up exploration, which is likely to include aircore drilling, intends to test lithium and gold anomalies identified during the soil sampling program completed in 2022 and 2023.
The Yarrie Project comprises two tenements and one application covering 385 sq. kms. Very limited historical exploration has been undertaken for lithium, gold and copper on the project. The project is highly prospective for iron ore, being close to historic mining operations and existing rail infrastructure.
The Forrestania project consists of one exploration licence and five exploration licence applications over a 320 sq km area. It is located near the Mt Holland lithium deposit (Wesfarmers (ASX:WES)/ SQM (NYSE:SQM) JV) and the high-grade nickel deposit at Flying Fox (IGO Limited (ASX:IGO)).
Results from the company’s auger soil sampling program, completed on E77/2915, outlined four high-priority lithium anomalies of up to 4,200 metres in length and 500 metres in width.
Koolyanobbing comprises one exploration licence and two applications targeting gold and lithium mineralization over an 82 sq. km. area in the Marda-Diemals greenstone belt.
In addition to the above-mentioned projects, Flynn has secured an option agreement to purchase two exploration licences at the Parker Dome project in Western Australia, which is considered highly prospective for lithium. The Parker Dome project covers 42 sq. kms. and is situated 50 kilometres north of the world-class Mount Holland lithium project in Western Australia.
Results from soil sampling have identified multiple, large-scale, high-priority lithium anomalies. The licences are fully permitted allowing for an immediate commencement of drilling.
Clive Duncan has over four decades of experience at big box hardware chain Bunnings, including as chief operating officer and company director. He has rich experience in corporate and business development, including mergers and acquisitions, business integrations, corporate government, strategy development and marketing. He has completed post-graduate studies at Harvard University and London Business School and is a member of the Australian Institute of Company Directors. He is a long-term significant shareholder of Flynn Gold’s predecessor companies.
Neil Marston was appointed managing director in May 2023 and has been the company CEO since August 2022. He has more than 30 years of experience in the mining and minerals exploration sector and is a proven ASX-listed company leader, with a strong governance and corporate finance background. Previously, he held several senior roles including managing director at Bryah Resources (ASX:BYH) and Horseshoe Metals (ASX:HOR).
Sam Garrett has more than 30 years of exploration management, project assessment and operational experience with multinational and junior mining and exploration companies, including Phelps Dodge and Cyprus Gold. He has a background in copper and gold exploration with strong exposure to iron ore, base metals and specialist commodities. He is associated with discoveries at Mt Elliott (copper), Havieron (copper-gold), and Tujuh Bukit (gold). Moreover, he co-founded Flynn Gold and its predecessor Pacific Trends Resources.
John Forwood is a director and chief investment officer of Lowell Resources Funds Management (LRFM). He is qualified as a lawyer and geologist and has more than 20 years of resources financing experience, including with ASX-listed Lowell Resources Trust (ASX:LRT), as a director of RMB Resources, and as manager of Telluride Investment Trust.
Highlights
The combined Exploration Target range is listed in Table 1:
Table 1 – Combined Exploration Target for Trafalgar, Brilliant and Link Zone
Flynn Gold’s Managing Director and CEO, Neil Marston states: “Following several successful drill campaigns testing the gold mineralisation at Golden Ridge, we are pleased to report an initial JORC-compliant Exploration Target for the Trafalgar, Brilliant and Link Zone prospects.
“The Exploration Target is open in all directions and encompasses less than 30% of the known gold anomalism at Golden Ridge which highlights the substantial future growth potential of this exciting project.
“This is a significant step toward our next goal of defining a maiden JORC Mineral Resource for the project. There is potential to significantly increase the tonnage and grade at Golden Ridge with in-fill and expansion drilling, which will be a major focus for the Company during 2025.”
Exploration Target
The Golden Ridge Project is located within EL17/2018 in North-east Tasmania (see Figure 7).
Flynn has calculated JORC compliant Exploration Targets for the Trafalgar, Brilliant and Link Zone prospects at Golden Ridge dated 8th November 2024. Table 2 below provides a summary of the Exploration Targets for each prospect:
Table 2 - Exploration Targets for Trafalgar, Brilliant and Link Zone prospects at the Golden Ridge project.
The combined Exploration Target only encompasses areas where Flynn has drill-tested vein mineralisation at locations shown in Figure 1 and does not include areas of anomalous soil geochemistry, which the Company considers to be highly prospective for gold mineralisation and intends to drill-test in the future.
The drill-tested Trafalgar, Brilliant and Link Zone prospects define a significant zone of gold mineralisation extending over a strike length of approximately 3km, which is contained within a broader 9km zone of gold anomalism that trends along the contact between the Golden Ridge granodiorite and the Mathinna supergroup metasediments (Figures 1 - 3).
Potential gold vein extensions at Trafalgar and Brilliant ,defined by anomalous gold-in-soil geochemistry along strike of and surrounding the Exploration Target veins, were not included in the Exploration Target calculation.
Work is currently in progress to in-fill these areas with soil sampling and trenching prior to exploration drill-testing.
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Highlights
This new drilling program will test beneath the historical Golden Ridge Adit, where recent underground sampling of veins recorded results of up to 64.4g/t gold1. The adit is located in the Link Zone prospect area, situated between the Brilliant and Trafalgar prospects at Golden Ridge.
Flynn Gold Managing Director and CEO, Neil Marston commented:
“We are delighted to have commenced our latest drilling program at the Golden Ridge Project in north-east Tasmania.
“This drilling program, which is co-funded under the State Government’s Exploration Drilling Grant Initiative, will see Flynn Gold drilling at the Link Zone beneath the historic Golden Ridge adit, where sampling of mineralised veins earlier this year yielded grades of up to 64 g/t gold.
“This diamond drill program is the first to test this adit, which lies between the historic Brilliant and Trafalgar mines – where we have successfully focused our drilling to date.”
Golden Ridge – Project Background
The Company’s flagship Golden Ridge Project is situated within EL17/2018 in North-east Tasmania (see Figure 1).
Figure 1 – Location of Flynn Gold tenements in NE Tasmania.
Exploration by the Company at Golden Ridge has identified extensive intrusive-related type gold mineralisation (IRGS) extending over a 9km-long zone along the southern contact margin of the Golden Ridge Granodiorite and enclosing meta-sediments (see Figure 2).
The Company’s ongoing work at Golden Ridge is continuing to identify and test multiple exploration targets, confirming the potential for a large-scale gold discovery.
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Highlights
Exploration – Golden Ridge Project, NE Tasmania
TFDD019
TFDD020
Exploration – Other Projects, NE Tasmania
Corporate
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Flynn is an Australian mineral exploration company with a portfolio of 100% owned exploration projects in Tasmania and Western Australia (see Figure 1).
The Company has eight 100% owned tenements in north-east Tasmania which are highly prospective for gold as well as tin/tungsten. The Company also holds the Henty zinc-lead-silver project on Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in north-western Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. In addition, Flynn holds a binding Option Agreement to acquire two exploration licences at Parker Dome (Forrestania), Western Australia.
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HIGHLIGHTS
Table 1 Project Mineral Inventory
Note 1:
The cutoff grade is considered appropriate for a large-scale open pit operation and in the case of LJN4, is applied to a depth of 400m below surface. It should be noted that the pit resource does not consider any restraining factors which may influence the final pit design in the feasibility study.
The mineralisation deeper than 400m below surface shows strong continuity and therefore is amenable to underground mining. On the basis of a gold price of A$3600/oz and economic modelling of an underground operation, a cutoff grade of 1.5g/t Au is considered appropriate and has been applied to this portion of the model. As above, constraints applied to a pit design at Feasibility may lead to an increase in the resource available for underground extraction.
The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. M Edwards of Blue Cap Mining. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code.
Managing Director George Sakalidis commented:
“The LJN4 resource has been the Company’s primary drilling focus over recent months with the completion of infill drilling and some extension drilling at depth in the northern part of LJN4, which consists of thick strongly altered zones mainly associated with intensely fuchsite altered ultramafic rock types.
Two deeper holes are being planned testing for deeper extensions of the main ultramafic-hosted lodes, which are still open at depth and one deeper hole beneath the southern breccia- silica-pyrite lode. The LJN4 deposit sits within a regional structure called the Chatterbox Shear Zone that extends over 12km in length within the Magnetic tenements and remains as a prospective target zone where RC drilling has been recently completed.
The Lady Julie Gold Project Pre-Feasibility Study was released to the ASX on 7 March 2024. The project now envisaged and advanced planning is at a scale to provide more credibility to the wider industry and offer more substantial value to shareholders.
Most of the background work has now been completed to take this to feasibility study level of accuracy. The submission of a Mining Proposal and application for Mining Leases are key steps in the regulatory approval process.”
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HIGHLIGHTS
Tesoro Managing Director, Zeff Reeves, commented:
“The results from hole ZDDH0356 continue to highlight the huge latent growth potential of the Ternera Gold Deposit. The discovery of this significant new gold zone, located outside the existing MRE, open to the south and at depth, reinforces our confidence in both our geological model and the development potential of the broader project.
Additional drilling is planned as part of the current program to further define and expand this exciting new zone. These results, coupled with recent intercepts from the north, demonstrate that Ternera remains open in all directions, offering an exceptional opportunity to significantly expand the resource base.”
Figure 1: El Zorro Gold Project – Ternera Area. Drill locations in the current program, with new results highlighted in gold. Previously announced results shown in white (refer ASX Announcements 23 March 2021, 25 June 2021, 3 November 2021, 8 November 2022, 18 September 2023, 13 June 2024, 2 July 2024 and 28 October 2024). Section location for Figure 2 shown at A-A’ - Datum PSAD56 19S.
TERNERA CONTINUES TO DELIVER
Tesoro’s current round of diamond drilling is focused on infill and expansion of the 1.3 Moz Ternera Gold Deposit, targeting high-priority zones within a 1.5 km radius of the existing 1.3 Moz Resource. Results have been received from eight holes, all returning significant gold intercepts.
Key highlights include hole ZDDH0356, which uncovered:
Figure 2 illustrates the continuity of gold mineralisation at Ternera, now extended to over 800m down-plunge with hole ZDDH0356 contributing an additional 100m of continuity.
Figure 2: El Zorro Gold Project – Block Model Section (looking west): Hole ZDDH0356 shows new mineralised zone well outside of existing MRE. Block model shows indicated and inferred material >0.60g/t Au and is colour coded to Au g/t. Holes ZDDH0351 and ZDDH0351A projected onto section were drilled approximately 50m to the east.
NEXT STEPS
Drilling at El Zorro is set to continue over the coming months with two diamond drill rigs currently operational. Assays remain outstanding for thirteen holes, and additional drilling is planned to expand the Resource further.
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Assays have been received from rock chips collected in December 2024 at the St Patrick’s Well Prospect.
“The exciting results from the Augustus geology team’s first visit to the St Patrick’s Well prospect have not only confirmed the validity of previous data collected by MWGM but also defined several new promising vein trends.
“Defining structures related to gold mineralisation on adjacent tenure within similar granitic rocks that also relate to mineralisation within Augustus tenure significantly improves the prospectivity of this underexplored project.
St Patrick’s Well is just one of several priority targets defined at Music Well that will be followed-up with on-ground exploration and drilling”.
Background
Augustus Minerals Limited( ASX: AUG) holds one of the largest exploration packages in the region covering an area of 1,345km2 comprising the Music Well Gold Project (“Project”) located 35km north of Leonora in the Leonora / Laverton Greenstone Belt of Western Australia (Figures 1 and 2).
Figure 1: Regional Tenement Packages and Gold Projects
The outstanding gold endowment of the Leonora-Laverton District is illustrated by the numerous operating gold mines including the Darlot Gold Mine (~12km to the north), the King of the Hills Mine (~20km to the west), the Leonora Gold Camp (~30km to the southwest), and the Thunderbox Gold Mine (~20km to the west).
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Northern Territory Tennant Creek Gold-Copper Projects
This drilling is the second part of the KRR’s larger $2million drill budget to follow up on targets generated from the 2023 geophysics programme targeting prospective IOCG and gold areas at Rover East, Tennant East, Barkly and Kurundi, including multiple targets along strike of geophysical and geological trends associated with other known significant deposits of high-grade Copper and Gold including Rover, Bluebird and Mauretania (KRR ASX releases 8 March 2023, 31 May 2023 and 11 October 2023).
Figure 1: Tennant Creek Projects and recent exploration work (coloured polygons – KRR Tenements).
Last year, KRR allocated a $2million drill budget to follow up on targets generated from its extensive 2023 geophysics programme including targets at the Tennant Creek East, Rover East, Kurundi and Barkly Projects which are along strike of geophysical and geological trends associated with known deposits of high-grade copper and gold including Rover, Bluebird and Mauretania.
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Yukon Metals Corp. (CSE: YMC, FSE: E770, OTCQB: YMMCF) (" Yukon Metals " or the " Company ") is pleased to announce results from its inaugural exploration program on the 11,755-hectare AZ project, located approximately 36km south of Beaver Creek, Yukon. AZ is the largest of Yukon Metals' seventeen properties across 42,500 hectares in the Yukon.
Highlights:
Rory Quinn, President & CEO stated , " Yukon Metals is moving forward with an exciting phase of exploration, including advancing drilling at AZ's Chair Mountain and conducting detailed mapping and sampling to define additional targets. Drilling is planned at three key projects: the Star River gold-silver property, the Birch copper-gold property, and the AZ property, which holds significant potential for copper, precious, and critical metals discoveries."
AZ
In September 2024, Yukon Metals conducted a helicopter-supported mapping and sampling program on its AZ property. A prominent zone of orange iron-stained and altered rocks was followed over 1.2 kilometres on the north and eastern flanks of Chair Mountain. Consistent copper mineralization was found along the prospected area. Of the sixty rock-chip samples taken, 18 samples showing significant copper content, assayed from 0.12-3.49%.
Rock-chip samples were collected in quartz veins within basalt and andesite volcanic rocks in both outcrop and float exposures near the ridge tops. This area is coincident with a major topographic lineament, mapped regionally as a NW trending fault zone, that extends a further kilometer down to Sanpete Creek (a past alluvial gold producer) and the property boundary to the southeast.
Figure 1- Sample K140202 Grading 3.49% Cu
Figure 2- Chair Mountain
Figure 3- Oblique View Overlooking Chair Mountain & 2024 Prospecting Location
| Sample | Cu % | Au ppm | Zn ppm | Type |
| K140202 | 3.49 | 16.10 | Float | |
| K140222 | 1.75 | 0.01 | 30.40 | Float |
| K140207 | 1.22 | 0.01 | 40.60 | Outcrop |
| K140272 | 0.74 | 0.16 | 54.80 | Outcrop |
| K140253 | 0.58 | 27.50 | Outcrop | |
| K140267 | 0.50 | 84.50 | Outcrop | |
| K140268 | 0.42 | 147.00 | Outcrop | |
| K140271 | 0.41 | 0.01 | 86.50 | Subcrop |
| K140273 | 0.39 | 0.02 | 81.50 | Outcrop |
| K140252 | 0.37 | 50.40 | Outcrop | |
| K140254 | 0.36 | 0.01 | 17.40 | Outcrop |
| K140274 | 0.36 | 0.01 | 87.80 | Subcrop |
| K140203 | 0.32 | 0.02 | 27.80 | Subcrop |
| K140216 | 0.23 | 0.01 | 19.60 | Float |
| K140220 | 0.20 | 0.01 | 39.80 | Float |
| K140269 | 0.17 | 0.01 | 35.70 | Outcrop |
| K140212 | 0.14 | 0.12 | 5580.00 | Float |
| K140161 | 0.12 | 85.70 | Float | |
| K140204 | 0.09 | 0.28 | 2230.00 | Outcrop |
| K140205 | 0.03 | 0.11 | 3400.00 | Outcrop |
Table 1- Highlighted significant 2024 rock-chip samples.
Figure 4- Rock-chip samples showing percent copper at Chair Mountain, AZ Property.
About the AZ Project
Yukon Metals owns 100% of the AZ base and precious metals project located 35km south of the community of Beaver Creek, Yukon. On behalf of Yukon Metals, prior to closing of the original property transaction, Ron Berdahl staked the area north of the original AZ claims, which covered an additional 7,625 ha in 372 additional claims (see NR issued June 12, 2024). This area covers an additional 4 historic mineral occurrences including Wrangell, California, Nutzotin, and Chair Mountain, listed respectively by the Yukon Geologic Survey as Porphyry Cu-Mo-Au, Intrusion Related Au, Skarn Cu, and Polymetallic Vein Hosted Ag-Pb-Zn +/- Au (Figure 5).
Figure 5- AZ property map with noted historical mineral occurrences.
Chair Mountain
Limited historical work was completed around Chair Mountain, starting in 1987, where the initial prospecting program collected only 11 samples (AR 091955). Follow-up work in 1989 within trenches near Sanpete Creek found quartz veining containing sulfides. Sample #62951 from Trench 89-4 in a 25cm-thick vein sample (true width unknown) assayed 51 ppb Au, 5.6 ppm Ag, 1,400 ppm Cu, 8,880 ppm Pb and >20,000 ppm Zn. Overlimit zinc was never assayed. Sample #62954 from Trench 89-4 assayed 59 ppb Au, 1.2 ppm Ag, 278 ppm Cu, 429 ppm Pb, 13,380 ppm Zn (AR 091955).
Strongly silicified, argillically altered and limonitic basalt flows are noted along the eastern side of Chair Mountain along with minor chalcopyrite occurrences to the north. Limited sampling in 2006 noted rock-chip float samples downstream of the eastern flank of the mountain returning values up to 0.74 g/t Au. Sampling of quartz vein float returned 0.40 g/t Au with copper ranging from 8 to 819 ppm (AR 094599).
Figure 6- Chair Mountain area geology from Israel et. al, 2007 with granite mapping from AR 094599 and the 2024 Yukon Metals field program.
Nutzotin Showing
The Nutzotin area lies 2.5km northwest of Chair Mountain along strike of a large fault mapped by the Yukon Geologic Survey in 2007 (Figure 6) Two skarn showings were uncovered in this area in the late 1960's which reportedly yielded 10.3% copper and 16.4 g/t silver with trace gold. Historical chip sampling over three trenches returned variable copper values, with the best returning 0.6% copper over 12m (AR 095814).
During a 2006 exploration program, a composite grab sample #RC276270 over a granite stock northeast of the skarn showings returned significant copper mineralization of 1,485 ppm. Silt sample #TC276691 downstream of the stock returned 0.183 g/t gold (AR 094599). The stock reportedly shows moderate to strong orange ankeritic alteration and pyritization with abundant quartz veining, noted as commonly chalcopyrite-bearing. A small exploration program in 2012 by Strategic Metals uncovered a new mineralized zone on the northern contact of the stock with soil samples ranging between 134 to 1,105 ppm copper (AR 096422). Limited outcrop exposure, permafrost, and extensive volcanic ash over the soil profile has previously challenged exploration efforts in this area.
AZ Showing
The AZ occurrence was prospected by Ron Berdahl in the early 1990's while working for Noranda. Copper mineralization is noted on the AZ occurrence; Rock float assays returned an average of 10% Cu, 126 g/t Ag and 7.08 g/t Au from four samples in 1993 (YMC press release June 3, 2024). The author further stated, "anomalous copper gold-bearing skarn underneath the float showing suggests a local source for the mineralized float on the property." In this region, small placer operations were active on Sanpete, Pan and Gold Creeks in the 1930's.
Regional Setting
The AZ property occurs in a similar geologic setting to deposits just across the Yukon-Alaska border. The Wrangellia Terrane on the Alaska side is host to several unmined porphyry copper deposits in the Wrangell-St.Elias National Park and Preserve, which occur in or associated with Cretaceous intrusions. The most notable being the Bond Creek and Orange Hill deposits. Historical tonnage and grade estimates, reported by the US Geological Survey (Richter et al., 1975), estimate that the Bond Creek deposit may contain approximately 500 million tons grading 0.3% copper and 0.02% molybdenum, while the Orange Hill deposit may contain approximately 320 million tons grading 0.35% copper and 0.02% molybdenum.
These historical estimates are not NI 43-101 compliant and should not be relied upon. They are presented for historical reference and to highlight the prospectivity of the AZ property with respect to nearby discoveries.
Figure 7- AZ property in relation to Wrangellia Terrane rocks and Orange Hill/ Bond Creek Historical Deposits.
Methodology
Sampling
Rock samples were sent to ALS Minerals for analysis with sample preparation in Whitehorse, Yukon and analysis in North Vancouver, British Columbia.
Samples were prepared by crushing to 70% passing 2mm, 250g split pulverised better than 85% passing 75 microns (Prep-31A). Pulp samples were analysed for 48 elements by four acid digestion and ICP-MS super-trace analysis (ME-MS61L). All samples were analyzed for gold by fire assay and AAS with a 50g nominal sample weight (Au-AA24). Samples over 10,000 ppm Copper were assayed by method Cu-OG62.
Rock samples taken while prospecting referenced in this release are selective in nature and collected to determine the presence or absence of mineralization and may not be representative of the mineralization hosted on the project.
Figure 8- AZ Project Location Map
Qualified Person
The technical content of this news release has been reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals and a Qualified Person (as defined by National Instrument 43-101).
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets . The Yukon Metals portfolio consists primarily of copper-gold and silver-lead-zinc assets, with a substantial gold and silver component. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10 th most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project - Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
Yukon Metals CORP.
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
For additional information please contact:
Kaeli Gattens
Vice President, Investor Relations & Communications
Yukon Metals Corp.
E-mail: kaeligattens@yukonmetals.com
Website: www.yukonmetals.com
Webinar:
For more context, please join the Company in a live event on Thu, Jan 16, 2025, at 11:00 AM PST / 2:00 PM EST . Q&A will follow the presentation.
Click here to register: https://6ix.com/event/yukon-metals-exploration-update
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information, including information about the metal association and geology of the prospect areas at the AZ project, including Chair Mountain, Nutzotin, Wrangell and California, the accuracy of the copper mineralization, the potential for economic grades of copper, silver and gold, Yukon's potential to generate fresh district-scale mining opportunities, and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking information involves significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking information. Such factors include, among other things: risks and uncertainties relating to Chair Mountain and other properties not being prospective copper-rich, gold-rich or silver-rich geological systems; rock samples analysed not being representative of overall mineralization; the required assumptions of completed helicopter-supported mapping and sampling programs; not having significant scale and a lack of economic grade minerals; the Yukon not having the potential to generate fresh district-scale mining opportunities; and other risks and uncertainties. See the section entitled "Risk Factors" in the Company's listing statement dated May 30, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca for additional risk factors. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with the forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to update or revise the information to reflect new events or circumstances, except as required by law.
References
Davidson, G.,(1987). Assessment report on the Chair Gold 1-12, 15-18 mineral claims (YA94380-YA94391, YA94392-YA94395), NTS 115-K-2 . Prepared for G. Harris, Whitehorse Mining District, Yukon Territory. September 1987. AR # 091955
ISRAEL, S., COBBETT, R. and FOZARD, C., 2007. Bedrock geology of the Miles Ridge area, Yukon (parts of NTS 115F/15, 16 and 115K/1, 2) (1:50 000 scale). Yukon Geological Survey, Open File 2007-7.
Mitchell, A., B.Sc. (2012). Assessment report describing soil and rock geochemical sampling at the Nutz Property, Nutz 1-30 YD110353-YD110382, NTS 115/K02 . Prepared for Strategic Metals Ltd. by Archer, Cathro & Associates (1981) Limited. Whitehorse Mining District, Yukon Territory. February 2012. AR # 095814
Richter, D.H., Singer, D.A., and Cox, D.P., 1975, Mineral resources map of the Nabesna quadrangle, Alaska: U.S. Geological Survey Miscellaneous Field Studies Map MF-655-K, 1 sheet, scale 1:250,000.
Schulze, C., B.Sc., (2007). NI 43-101-compliant report on the 2006 exploration program on the White River Nickel Project: ANT, HAND, WENG, RIVER, WR, PIC, and KLUX claim blocks (115K/02, 115F/15, 115F/16) . Prepared for Xstrata plc (formerly Falconbridge Ltd.) by All-Terrane Mineral Exploration Services. Whitehorse Mining District, Yukon Territory. February 26, 2007. AR # 094599
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