Level 9 only182 St Georges Terrace
Perth, WA 6000
T. +61 (8) 6109 6689
E. i fo@pathfinderresources.com.au
Managing Director
Hugh Callaghan
useNon-Executive Chairman Sufian Ahmad
Non-Executive Director
Stephen Windle
Chief Financial Officer
Agha Pervez
personalCompany Secretary H rry Spindler
Enquiries regarding this announcement can be directed to:
Company Secretary
Ha y Spindler
T. +61 (8) 6109 6689
For
- February 2022
High Grade Sampling Results from
Bloom Lake Project
- High Grade copper and cobalt assays have been recorded from a grab sampling campaign at Pathfinder's 100% owned Bloom Lake Project in Gowganda, North-Eastern Ontario, Canada.
- 14 Samples have been collected from both outcropping veins and from loose material proximal to historical trenches, adits, and shafts.
-
The better results included:
o sample 860478 with 38.4% Cu, 0.447% Co, and 2,670g/t Ag o sample 860470 with 8.92% Cu, 0.47% Co, and 164g/t Ag o sample 860471 with 3.41% Cu, 3.15% Co and 2.84% Ni
o sample 860482 with 3.06% Cu, 1.87% Co, 2.5% Ni and 15.1%
Zn - The sampling campaign has further confirmed the geochemical fingerprint of the veins at Bloom Lake, as high grade copper and cobalt with accessory zinc.
- Minimum expenditure requirements have been met by Pathfinder to maintain the Bloom Lake Project in good standing.
Pathfinder Resources Ltd (Pathfinder, PF1 or the Company) is pleased to announce the results of its 2021 surface sampling program completed at the Bloom Lake project, in Canada.
Results of the 2021 Bloom Lake Sampling Campaign
The 2021 sampling campaign at Bloom Lake tested the narrow outcropping vein system, which has previously had trenches and mini-pits excavated in previous exploration programmes. The location is remote and accessible on a seasonal basis.
All 14 Samples recorded significantly anomalous results which confirmed the veins as having a geochemical footprint of high copper and cobalt values with accessory zinc. Grab samples were selective in nature, and the reported mineralization and assay results may not be representative.
For personal use only
2
Figure 1: Bloom Lake project map with sampling positions
Level 9, 182 St Georges Terrace, Perth WA 6000
T. +61 (8) 6109 6689 E. info@pathfinderresources.com.au
onlyuseA list of the samples noting the locations is attached as Appendix A to this announcement. All samples were submitted to Activation Laboratories Ltd in Timmins, Ontario. ActLabs is accredited to ISO/IEC 17025 ,CALA, CCIL by Standards Council of Canada.
personalGold (Au) results were determined by 30g fire assay, Actlabs method 1A2. A separate sample split was assayed by method 1E3, qua regia digest then multi-elementICP-OES for a full suite of trace elements. Silver (Ag), Cobalt (Co), Copper (Cu) and Zinc (Zn) results were additionally determined by method 8-AR which is also aqua regia ICP-OES but uses dilution appropriate to
determine higher grade materials.
All of the assays are partial because of the aqua regia digest; however, they are close to total for sulphide minerals and are appropriate in the context of exploration grab samples.
Bloom Lake Project Geology and History
The Bloom Lake Project is located peripheral to a cluster of former high- grade silver-cobalt mines at Gowganda, 85km northwest of the town of Cobalt, which operated from 1910 to 1989 and where historic production from this region in the period up to the end of 1969 is reported as having been 60.2 million ounces of silver and 1.3 million pounds of cobalt.
The mineralisation within the Cobalt-Gowganda mine district comprises calcite-quartz vein systems containing native silver and cobalt-nickel-iron minerals that infill vertical fractures within the Nipissing Diabase, a set of sub-horizontal intrusive sills of dolerite-gabbro that act as host rock. The three claim blocks target the Nipissing Diabase and documented mineral occurrences within it.
The properties include mineral showings, old mine shafts and adits, yet little if any modern exploration has taken place for silver-cobalt mineralisation. Within the Bloom Lake claim block, the MDI database refers to grab samples taken in 1998 that yielded 219 to 603 g/t silver, 0.3 to 0.9% cobalt and 11.0 to 14.7% copper.
ForThis announcement has been approved by the Board of Pathfinder Resources Ltd. or further information, please contact:
Hugh Callaghan | Managing Director
Phone: +61 8 6109 6689
Email:info@pathfinderresources.com.au
www.pathfinderresources.com.au
3 | Level 9, 182 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6109 6689 E. info@pathfinderresources.com.au | |
For personal use only
Competent Persons Statement
The information in this release that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves has been reviewed by Dr. Stephen Windle, a Competent Person who is a Fellow of the Australian Institute of Geoscientists. Dr. Windle has relied on information provided by Mr Joerg Kleinboeck, the owner and principal of JMK Exploration Consulting., who have been engaged by Pathfinder Resources Ltd as consultant geologists. Mr Kleinboeck has been engaged by Pathfinder (formerly Winmar Resources) since 2018, and acted as Competent Person for a previous Bloom Lake information release in August, 2018.
Dr. Windle is a director of Pathfinder Resources limited. Dr Windle has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Windle consents to the inclusion in this report of the matters based on information in the form and context in which it appears.
Forward Looking Statements
Information included in this release constitutes forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. The Company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
4 | Level 9, 182 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6109 6689 E. info@pathfinderresources.com.au | |
Appendix A - Full list of Samples
only | Au | Ag | Co | Cu | Ni | Pb | Zn | Bi | ||||||||
Easting | Northing | Rock Type | Mineralization | Description | ppb | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ||||
524462 | 5289431 | Nipissing Diabase | 2-3% chalcopyrite, cobalt bloom, and malachite | sample taken from upper south wall of shaft | 18 | 2.8 | 391 | 4440 | 37 | 17 | 39 | 17 | ||||
524566 | 5289423 | Nipissing Diabase | 2% bornite, chalcopyrite, malachite | sample taken from rock pile beside shaft | 25 | 164 | 4700 | 89200 | 878 | 20 | 16 | 630 | ||||
524570 | 5289422 | Nipissing Diabase | cobalt bloom along weathered surfaces | Sample taken from rock pile beside shaft | 733 | 66.7 | 31500 | 34100 | 2840 | 84 | 15 | 9000 | ||||
524591 | 5289450 | Nipissing Diabase | 2-3% chalcopyrite, cobalt bloom, and malachite | sample taken from small pit within 260 deg orientated | 9 | 1.6 | 258 | 1920 | 46 | 5 | 18 | 7 | ||||
524595 | 5289448 | Nipissing Diabase | 2-3% chalcopyrite, cobalt bloom, and malachite | sample taken from small pit within 260 deg orientated | 8 | 27.8 | 340 | 21000 | 108 | 9 | 19 | 139 | ||||
524564 | 5289443 | Nipissing Diabase | cobalt bloom along weathered surfaces | sample taken from small pit | < 5 | 2.5 | 1490 | 212 | 278 | 36 | 108 | 11 | ||||
For personal use | 524564 | 5289443 | Nipissing Diabase | 2-3% chalcopyrite | sample taken from outcrop | 7 | 2.2 | 97 | 138 | 16 | 71 | 47 | 9 | |||
524251 | 5288430 | Nipissing Diabase | no visible mineralization | sample taken of calcite vein within a small pit | 12 | < 0.2 | 20 | 142 | 43 | 14 | 58 | < 2 | ||||
524434 | 5288824 | Nipissing Diabase | no visible mineralization | 8cm wide calcite vein in deep 3mx3m pit, veins orientated | 8 | 0.2 | 65 | 48 | 29 | 6 | 30 | < 2 | ||||
524477 | 5289626 | Nipissing Diabase | 1% bornite and chalcopyrite | vertical calcite vein in trench orientated at 280 deg, vein is | 29 | 2670 | 4470 | 384000 | 436 | 32 | 2260 | < 2 | ||||
524476 | 5289625 | Nipissing Diabase | 1% bornite and chalcopyrite | sample taken along north-side of trench | 12 | 120 | 1120 | 47800 | 149 | 133 | 452 | 5 | ||||
524477 | 5289628 | Nipissing Diabase | 1% chalcopyrite, cobalt bloom | sample taken along south-side of trench | 43 | 133 | 18900 | 11700 | 2770 | 52 | 143 | 59 | ||||
524474 | 5289615 | Nipissing Diabase | 2-3% bornite, chalcopyrite, along with cobalt bloom | sample taken of exposed vein in trench | 92 | 446 | 13500 | 55400 | 1660 | 20 | 77 | 74 | ||||
524480 | 5289627 | Nipissing Diabase | 2-3% bornite, chalcopyrite, along with cobalt bloom | sample taken from rock pile | 32 | 142 | 18700 | 30600 | 2550 | 374 | 15100 | 39 | ||||
5 | Level 9, 182 St Georges Terrace, Perth WA 6000 |
T. +61 (8) 6109 6689 E. info@pathfinderresources.com.au | |
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