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Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling Metals" or the "Company") is very pleased to report the commencement of a maiden drilling program on the Silver-Copper-Lead-Zinc Sail Pond project ("Sail Pond" or the "Project") located on the Great Northern Peninsula of Newfoundland, Canada. The drilling program will comprise of an initial 7,500 metres with one drill and is expected to take approximately 4 months to complete. Initial drill holes will target the South Zone, where previous exploration campaigns have identified extremely high-grade mineralization with grab sample results up to 4,526.1 gt Ag, 0.9 gt Au, 14.9 % Cu, 7.5 % Pb, 5.0 % Sb, and 9.6 % Zn (see Sterling Metals press release dated January 6, 2021). In addition, the Company is pleased to announce the results and interpretation of a gravity survey completed over the South Zone, which will assist with drill targeting
Mathew Wilson, CEO of Sterling Metals, commented "we want to thank everyone who has helped Sterling get to this point. Since acquiring this project in October of last year, each data point generated has progressively given us greater confidence in our Sail Pond asset. With our fully funded 7500m program, and the plan and funds to expand well beyond this first program, we look forward to seeing what lies beneath this at surface 12km, district scale, high grade project."
Drill Program
Sterling Metals has contracted Logan Drilling Group International out of Stewiacke, Nova Scotia, and Mercator Geological Services out of Dartmouth, Nova Scotia to complete its upcoming initial 7,500 metre program. Assays will be sent to Eastern Analytical in Springdale, approximately 3 hours south of the Sail Pond project. Compilation and interpretation work completed by GoldSpot Discoveries Corp (as announced by Sterling on May 13, 2021) has identified 18 priority drill target locations and a total of 12,485 metres of drill targets. The drill program has been designed to target known surface mineralization as well as geophysical and structural targets in areas that have not been subjected to significant surface exploration.
Gravity Survey Results
A small gravity survey was completed in March over the South Zone of Sail Pond. GoldSpot Discoveries Corp (SPOT) has completed their interpretation of the data and have presented compelling results. A linear trend consisting of gravity-high anomalies has been identified, as shown in Figure 1, which correlates very well with both metal-in-soil anomalies and high-grade grab samples. The gravity high lies between the contacts of several geological units, namely the Table Head and Table Cove Formations and the Table Cove and Watts Bight Formations. The gravity high correlates quite well with induced polarization ("IP") data, with the bulk of the gravity anomaly lying within a large zone of resistivity and adjacent to a zone of conductivity. The strongest gravity anomalies also lie within a zone of chargeability. Three-dimensional inversion of the gravity data shows that the anomalies deep steeply to the East, while the mapped geology shows that it dips to the West. The difference in the dip of the gravity anomaly compared to the geology indicates that the gravity anomaly is likely not formational, i.e., it is potentially associated with a mineralized body. Sterling's initial drillholes will test these anomalies, which indicate the potential of galena-bearing sulfides at depth. Sterling will also expand the gravity survey to cover the entire geochemical trend on the Project and utilize this data to further optimize its targets during the drilling program.
Figure 1: Filtered, interpreted, gravity data (in mG) on the South Zone of the Sail Pond project overlain by Lead-in-soil data. Note the very strong correlation of the gravity highs (warm colours) with the high-grade lead values.
Financing Change
Further to the Company's press release of April 1, 2021, the Company has paid certain eligible persons (the "Finders") an aggregate of 8,290 broker warrants (each, a "Broker Warrant"). Each Broker Warrant entitles the holder thereof to acquire one common share at a price of $0.65 per Common Share until March 31, 2023. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Qualified Persons
Kelly Malcolm, P.Geo., Technical Advisor to Sterling Metals, and a Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Minerals Projects, has reviewed and approved the technical information presented herein.
About Sterling Metals
Sterling Metals (TSXV:SAG)(OTCQB:SAGGF) is a mineral exploration company focused on Canadian exploration opportunities. The company is currently exploring for silver and base metals at the Sail Pond project in Northwestern Newfoundland. Sterling has the option to acquire 100% of the 13,500 Ha Project by spending $500,000 by October 2021 and an additional $1,000,000 by October 2023.
For more information, please contact:
Mathew Wilson, President & CEO
Tel: (416) 643-3887
Email: info@sterlingmetals.ca
Website: www.sterlingmetals.ca
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.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Sterling Metals Corp.
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Figure 1. Image of regional total magnetic intensity showing the Broken Hill orebody (Line of Lode), Impact’s granted licences and licence applications and the new tenements acquired. Note the Thackeringa Fault and Farmcote shear zone, both interpreted as deep-seated long-lived crustal lineaments, and the interpreted sub-basin in the new tenements. Widespread copper occurrences attest to the prospectivity of the region for copper. Impact’s rock chip locations are also shown.
Figure 2. Image of the first vertical derivative of regional magnetic data as in Figure 1. A detailed interpretation of this data has resulted in the identification of numerous target areas for large copper deposits.
Figure 1. Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Transaction, dark grey licenses will be run, and are owned, independently by Cobre.
Figure 2: Schematic illustrating of the target model compared with typical settings for known KCB deposits.