This program was designed to follow up along strike from an intersection in an exploration hole completed late 2020 as part of a Queensland Government Collaborative Exploration Initiative, one of those holes PVRD196, located in Zone 5, intersected 8.42 m @ 7.07% Pb, 5.98% Zn and 9 g/t Ag between 161.10 and 169.52 m down hole, outside of the current Mineral Resource, with an estimated true thickness of 7.0 m.
The first two holes, PVRD199 and 200 did not deviate as expected, from the same drill pad PVRD201 intersected the target as expected. Five holes (PVRD202 to 206) were drilled on the next drill pad, located 145 m further to the west. PVRD202 unexpectedly intersected mineralisation immediately below the amphibolite dyke in the RC pre-collar. The amphibolite dyke is a sub-horizontal sheet interpreted to be post mineralisation, this intersection is however the first on the project with banded ironstone in contact with the amphibolite. PVRD202, 203 and 204 intersected their targets as expected with PVRD202 intersecting the upper and lower limbs of a targeted fold. PVRD205 didn't deviate as anticipated and failed to intersect the target. PVRD206 intersected a low-grade attenuated limb at the target depth. The third drill and final drill pad was located approximately 300 m to the west of the first pad and is located on the eastern edge of the current Mineral Resource in Zone 5. Here PVRD207 and 208 intersected the target as expected, with PVRD207 intersecting the upper and lower limbs of the targeted fold.
Preparation for 2022 Exploration Drill Program
In addition to restarting the resource development drilling program on the Pegmont Pb-Zn deposit the Company is planning on drilling two exploration areas; Killer Bore and the
Ten drill sites have been pegged at the Killer Bore high grade zinc project. Heritage clearance will now be obtained in preparation for drilling in early 2022. The holes are designed to confirm and expand the historic intersections in three holes: AND041 3.0 m @ 15.44% Zn, ANP418 4 m @ 8.26% Zn and DDH01KB001 4.0 m @ 10% Zn.
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Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may be deemed to be 'forward looking statements' or 'forward-looking information' within the meaning of the applicable
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the preliminary economic assessment and general economic, market or business conditions.
In addition, forward looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate; the limitations and assumptions within drilling, engineering and socio economic studies relied upon in preparing the 2019 Pegmont PEA and receipt of regulatory and other approvals and/or consents in respect of the Offering in particular. There can be no assurance that the Offering will be completed on their terms or at all.
The reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible under the Company's profile at www.sedar.com.
There is no certainty that any forward looking statement will prove to be accurate and investors should not place undue reliance upon forward looking statements. The Company does not undertake to provide updates to any of the forward looking statements in this release, except as required by law.
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