(via TheNewswire)
All assays received from Phase 2 reverse-circulation ("RC") drill program, with 11 of the final 12 drill holes at the Red Cloud and Stealth targets intercepting oxide gold at vertical depths ranging from 4.6 metres (“m”) to 182.9 m down-hole;
Multiple holes, including the deepest hole in the program (CM-23-040 drilled to 182.9 m in
Gap Zone ) ended in oxide gold mineralization, suggesting a second untested mineralized detachment plane is present at depth;Red Cloud and Stealth remain open along strike to the northwest and southeast, and both 2023 drill holes testing the
Gap Zone between the two targets returned gold assays, including 1.40 g/t Au over 4.6 m from 45.7 m in drill hole CM23-040, suggesting mineralized continuity along the entire 1.2 kilometre (“km”) strike extent drilled to date;Track-mounted “Grasshopper” RC drill rig currently mobilizing to Gold Basin for 2,000 metres of priority follow-up drilling given the highly successful Phase 2 program, testing the open southeasterly strike at Red Cloud;
March 2023 ground gravity survey conducted over Cyclopic, Red Cloud and a portion of Stealth defined two additional high-priority drill targets:Shallow Cyclopic analogue target equidistant between Cyclopic and Stealth, undetected by previous conventional exploration due to shallow alluvial cover – may be tested in the 2,000 metre follow-up program
Deeper Iron Oxide Gold (“IOG”) target underneath Cyclopic which hosts strong coincident density and magnetic anomalies – to be tested later in Q3 or Q4 2023 by deeper core drilling.
2023 Phase 2 Resource Definition Drill Program
A total of 5,004.8 metres were drilled in 41 RC drill holes in Phase 2 with a focus on resource definition at the Red Cloud (24 holes), PLM (10 holes), Stealth (7 holes), and portions of the undrilled gap in between Red Cloud and Stealth.
Of the 41 holes drilled, 36 returned near-surface oxide gold intercepts, including 13 holes with gram*metre values exceeding 20, and 7 holes with gram*metre values exceeding 50. See Table 1 for a summary of significant Phase 2 oxide gold assays.
Table 1: Significant drill hole intersections from the Q1 2023 drill program. All intersections are interpreted to be true width.
Target | Released | Hole ID | From (m) | To (m) | Intersection (m) | Au (g/t) |
PLM | 2023-03-22 | CM23-002 | 0 | 24.4 | 24.4 | 2.22 |
PLM | 2023-03-22 | incl. | 19.8 | 21.3 | 1.5 | 14.3 |
PLM | 2023-03-22 | CM23-004 | 0 | 4.6 | 4.6 | 1.12 |
PLM | 2023-03-22 | CM23-005 | 21.3 | 29.0 | 7.7 | 0.43 |
Red Cloud | 2023-03-22 | CM23-011 | 0 | 24.4 | 24.4 | 0.54 |
Red Cloud | 2023-03-22 | and | 35.1 | 42.7 | 7.6 | 0.6 |
Red Cloud | 2023-03-22 | CM23-012 | 3.0 | 56.4 | 53.4 | 0.48 |
Red Cloud | 2023-03-22 | CM23-014 | 57.9 | 64.0 | 6.1 | 0.56 |
Red Cloud | 2023-03-22 | CM23-015 | 0 | 47.2 | 47.2 | 1.07 |
Red Cloud | 2023-03-22 | incl. | 29.0 | 47.2 | 18.2 | 1.41 |
Red Cloud | 2023-03-22 | and | 67.1 | 86.9 | 19.8 | 0.38 |
Red Cloud | 2023-03-22 | and | 100.6 | 105.2 | 4.6 | 0.69 |
Red Cloud | 2023-03-22 | CM23-016 | 12.2 | 50.3 | 38.1 | 0.67 |
Red Cloud | 2023-03-22 | incl. | 30.5 | 42.7 | 12.2 | 1.46 |
Red Cloud | 2023-03-22 | CM23-017 | 0 | 59.4 | 59.4 | 0.84 |
Red Cloud | 2023-03-22 | incl. | 54.9 | 56.4 | 1.5 | 19 |
Red Cloud | 2023-03-22 | CM23-018 | 0 | 53.3 | 53.3 | 1.37 |
Red Cloud | 2023-03-22 | incl. | 9.1 | 32.0 | 22.9 | 2.44 |
Red Cloud | 2023-03-22 | and | 77.7 | 83.8 | 6.1 | 0.44 |
Red Cloud | 2023-03-22 | CM23-019 | 0 | 67.1 | 67.1 | 0.59 |
Red Cloud | 2023-03-22 | CM23-020 | 54.9 | 61.0 | 6.1 | 2 |
Red Cloud | 2023-03-22 | CM23-022 | 4.6 | 62.5 | 57.9 | 1.82 |
Red Cloud | 2023-03-22 | incl. | 10.7 | 25.9 | 15.2 | 4.12 |
Red Cloud | 2023-03-22 | incl. | 41.1 | 48.8 | 7.7 | 3.52 |
Red Cloud | 2023-03-22 | CM23-023 | 16.8 | 68.6 | 51.8 | 0.45 |
Red Cloud | 2023-03-22 | CM23-024 | 0 | 44.2 | 44.2 | 0.88 |
Red Cloud | 2023-03-22 | incl. | 25.9 | 33.5 | 7.6 | 1.92 |
Red Cloud | 2023-03-22 | CM23-025 | 0 | 50.3 | 50.3 | 1.35 |
Red Cloud | 2023-03-22 | incl. | 16.8 | 36.6 | 19.8 | 2.55 |
Red Cloud | 2023-03-22 | CM23-026 | 0 | 56.4 | 56.4 | 0.37 |
Red Cloud | 2023-03-22 | CM23-028 | 10.7 | 36.6 | 25.9 | 0.36 |
Red Cloud | 2023-03-22 | CM23-029 | 0 | 42.7 | 42.7 | 2.44 |
Red Cloud | 2023-03-22 | incl. | 21.3 | 39.6 | 18.3 | 5.53 |
Red Cloud | 2023-03-22 | incl. | 21.3 | 27.4 | 6.1 | 11.72 |
Red Cloud | 2023-04-27 | CM23-030 | 16.8 | 54.9 | 38.1 | 0.43 |
Red Cloud | 2023-04-27 | incl. | 16.8 | 30.5 | 13.7 | 0.95 |
Red Cloud | 2023-04-27 | CM23-031 | 64.0 | 67.1 | 3.0 | 1.84 |
Red Cloud | 2023-04-27 | and | 88.4 | 103.6 | 15.2 | 0.54 |
Stealth | 2023-04-27 | CM23-038 | 33.5 | 47.2 | 13.7 | 0.50 |
2023-04-27 | CM23-040 | 45.7 | 50.3 | 4.6 | 1.40 |
Priority Ground Gravity Survey Targets
A 2 km by 2 km ground gravity survey was completed in
G1 is situated equidistant between the Cyclopic and Stealth Deposits and represents an analogue to the exploration signature and structural model of known gold deposits at Gold Basin. Newly detected high-anglefeeder structures which crosscut the gold-bearing Cyclopic Detachment Fault were identified, and in the locus of G1, associated with a strong 300-m-long density anomaly comparable in intensity to that of the Cyclopic Deposit. These prospective structures and associated surficial geochemical response were masked by shallow alluvial cover; however, a historical drill hole skimming the southeastern margin of G1 intersected up to 2.40 g/t Au at 47.2 m down-hole. The G1 target may be tested in the upcoming 2,000 metre follow-up RC drill program.
GM1 is a deeper undrilled IOG target associated with a 500-metre-diameter density anomaly coinciding with a strongly magnetic zone identified in the 2021 droneborne magnetics survey. Themagnetic anomaly is interpreted to represent disseminated magnetite alteration, as the 2022 IP survey indicated a low concentration of pyrite. All these physical characteristics are signatures of IOG systems. The GM1 target warrants a deeper core drilling program, planned for Q3 or Q4 2023.
Click Image To View Full Size
Figure 1:
Ground gravity survey, with G1 (Cyclopic analogue) and GM1 (IOG signature) targets.
Quality Control/Quality Assurance (“QA/QC”)
Gold Basin
Samples were collected every 5 feet (1.52 m) and are reduced on-site using a triple-tier Gilson splitter, producing a 2 kilogram (“kg”) to 3 kg assay sample and a 3 kg to 5 kg twin sample that can be used for met testing or re-assay work. Coarse blank material, standard reference pulps, and split duplicates are inserted into the sample stream on a 1-in-20 sample basis such that each 23-sample group contains one blank, one duplicate, and one reference pulp. Three standard reference pulps at three different gold grades (0.154 ppm, 0.778 ppm, and 2.58 ppm) are being used. One 1.52 m drill interval in every four intervals is weighed in order to monitor recovery.
Assay samples are placed in shipping sacks together with the field inserts upon completion of each hole. After four holes are completed, all assay samples are transported in their respective shipping sacks ALS in
Upon arrival in
ALS is accredited to ISO/IEC 17025:2017 standards for specific preparation and analytical procedures. For more information about ALS Geochemistry, please visit the company’s webpage at:https://www.alsglobal.com/geochemistry.
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