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Inflection Resources Ltd. (CSE: AUCU OTCQB: AUCUF FSE: 5VJ) (the "Company" or "Inflection") is pleased to announce that its Australian subsidiary has been awarded an additional exploration license in New South Wales. The newly acquired, 100%-owned Dandaloo project adjoins the Company's Trangie project and is not included as part of the AngloGold Ashanti Agreement
Summary Highlights:
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Inflection has acquired a strategic exploration license it considers prospective for copper-gold porphyry-style mineralization located directly southeast and east of its flagship Trangie Project in New South Wales, Australia;
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The Dandaloo project area was previously explored by an Australian subsidiary of Goldfields Limited ("Goldfields") in the late 1990s where shallow scout drilling reportedly identified occurrences of copper mineralization in the form of bornite and chalcopyrite associated with a prominent aeromagnetic feature. The initial drilling was apparently not followed up; and,
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The new exploration license consolidates and expands Inflection's footprint in the highly prospective northern extension of the Macquarie Arc, Australia's premier porphyry copper-gold province.
Alistair Waddell, Inflection's President and CEO, states: " The granting of this exploration license represents a significant opportunity to expand our copper-gold footprint around our Trangie Project. The historical descriptions of bornite and chalcopyrite within an essentially untested magnetic feature are exactly the type of targets we seek in the covered extension of the Macquarie Arc. Given our recent success at Trangie in the discovery of porphyry-style mineralization, we are perfectly positioned to unlock the potential of these historical drill holes. The fact that these compelling intercepts were never followed up presents an excellent exploration opportunity adjacent to our flagship Trangie Project."
Dandaloo Project:
Inflection applied for and was awarded the Dandaloo exploration license it considers highly prospective for copper and gold, located immediately southeast and east of the Trangie Project in New South Wales (Figure 1). The newly acquired ground contains a compelling aeromagnetic high (Figure 2) with historical references of bornite and chalcopyrite mineralization associated with magnetite-bearing quartz veins in two air-core drill holes, which are indicators of potential porphyry copper-gold type mineralization.
Review of historical data reveals that Goldfields conducted scout drilling in 1997, testing a prominent magnetic high evident in regional aeromagnetic data. Two of these historical holes (TACD010 and TACD020) reportedly intercepted visible bornite and chalcopyrite mineralization – high-temperature copper sulfides often associated with porphyry copper systems. Significantly, this promising mineralization located at depths between 80 and 170m was never followed up with additional drilling due to surface agricultural activities at the time and an apparent shift in exploration focus, leaving the target untested for 28 years.
The magnetic signature at Dandaloo has some similarities to the zone of magnetite enrichment at Trangie, where Inflection's drilling is defining a gold-copper porphyry system.
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Figure 1: Location map showing Dandaloo Project relative to the Trangie and other Inflection exploration licenses and the projects included as part of Phase II of the AngloGold Ashanti Agreement.
Next Steps:
The Company has commenced land access discussions and permitting for a program of air core drilling. This program will involve the completion of an initial 6 to 10 drill holes to test the upper part of the basement sequence. This is a cost-effective and efficient drilling technique to collect lithological and geochemical data from the top of the prospective basement will provide valuable vectors for potential deeper drill holes. Inflection will draw upon its technical expertise of the geochemical and alteration footprints of other Ordovician alkalic porphyry copper deposits in New South Wales to analyse the data collected in this program.
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Figure 2: Aeromagnetic map (RTP 1VD) showing location of the historical Goldfields drilling and all Inflection drill holes.
About Inflection's New South Wales Projects:
The Company is systematically exploring for large copper-gold and gold deposits in the northern interpreted extension of the Macquarie Arc, part of the Lachlan Fold Belt in New South Wales . The Macquarie Arc is Australia's premier porphyry copper-gold province that hosts Newmont Corporation's Cadia deposits, Evolution Mining's Northparkes and Cowal deposits plus numerous exploration prospects including Boda, a discovery made by Alkane Resources. The Company has an ongoing exploration partnership with AngloGold Ashanti which covers four projects in northern New South Wales.
Qualified Person and Sampling Quality Control:
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Carl Swensson (FAusIMM), a "Qualified Person" ("QP") as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Swensson is not independent by reason he is a director of the Company's subsidiary and a shareholder of the Company. The historical data referenced in the release has not been verified by the Company, is not NI-43-101 compliant and cannot be relied upon.
The historical exploration data collected by Goldfields referenced in this news release can be found on the online database, MinView , compiled by the Geological Survey of New South Wales.
About Inflection Resources Ltd. Inflection is a copper-gold focused mineral exploration company listed on the Canadian Securities Exchange under the symbol "AUCU", on the OTCQB under the symbol "AUCUF" and on the Frankfurt Stock Exchange under the symbol "5FJ", with projects in New South Wales and the Northern Territory, Australia. For more information, please visit the Company website at www.inflectionresources.com .
NewQuest Capital Group. Inflection is part of the NewQuest Capital Group which is an entrepreneurial, discovery-driven investment group that builds value through the incubation and financing of early-stage mineral exploration projects globally. Further information about NewQuest can be found at www.nqcapitalgroup.com .
On behalf of the Board of Directors
Alistair Waddell
President and CEO
alistair@inflectionresources.com
For further information, please contact:
Brennan Zerb
VP Investor Relations
+1 (778) 867-5016
Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration expenditures, amount of drilling, commencement and cost of exploration programs in respect of the Company's projects and mineral properties and timing thereof, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's exploration plans. the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated June 12, 2020 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at www.sedarplus.ca . Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements, except as otherwise required by law.
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