First Hole Completed at Thor Gold Project
First Hole Completed at Thor Gold Project
Reykjavik, September 15, 2020 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE:
85G1) is pleased to disclose that it has completed its first reverse circulation drill hole at the Thor project
in the vicinity of Reykjavik in Iceland . The hole was positioned to test a previous sur face sample that
assayed 37.4 g/t gold and 69.3 g/t silver. The hole was successfully ended at 124 meters.
The exploration team lead by Pr Helen Salmon and supported by Herb Duerr an d lead field geologist
Gary McLearn, had identified earlier in August a new target zone outside the his torically explored area
following the grab sample results from sample 008 that yielded 69.3 g/t silver, 0.216% Copper & 37.4 g/t
Gold. (See Company’s Press Release from August 21, 2020).
Because of high grades in past mining and the presence of visible gold in past work, a decision to sample
the hole on 30 cm intervals was made by management. Our contract geologist may have observed visible
grains of gold and possible accessory silver min erals near the bottom of the hole . As such, management
has decided to do a standard 50 assay ton fire assay with atomic absorption finish for both gold and silver.
Any samples assaying over 0.8 g/t gold will be automatically reassayed. If the samples are inconsistent,
the lab will be instructed to do metal screening for particulate gold on reject material.
The current surface exploration campaign conducted one drill hole via reverse circulation using a standard
hammer drill bit of 5.5 inches (~14 cm) in size. The drilling was conducted under the constant supervision
of the Company’s field geologist, and all the material of every 30cm of depth wa s collected in plastic
buckets sealed , identified with a code, and carried t o S t-Georges’ secure w arehousing facilities in
Reykjavik. From there, the geologists will prepare a representative sample for every bucket. Based on the
visual a nalysis cond ucted while logging the material so far, the Company expects to send over 400
samples to be assayed to ALS Global Laboratories (ISO/IEC 17025 accredited) in Loughrea, Ireland. The
Company intends to request a rush treatment for the assay of these samples.
The hole completed went from surface to a depth of 12 4 meters on an azimuth of 110 degrees. The drill
rig cased the hole to 2 meters depth encountering approximately 1.5 meters of overburden at the surface.
The mineralization encountered is compatible with the type often favorable for gold on the Thor project
consisting of quartz veining adjacent to basalt with apparent abundant pyri te and accessory sulphides .
Visible gold and silver may have been identified in the field by the Company’s field geologist. These
sections are still being logged and sampled and prepared to be sent to the laboratory. See Figures 1, 2 & 3.
Figure 1. Mineralization floating on top of drilling mud
Figure 2. Mineralization from quartz veining
Figure 3. Mineralization close up from Fig. 2
St-Georges’ President & CEO, Vilhjalmur Thor Vilhjalmsson, commented: “(…) We are encouraged by
the current pace of the explorati on work on the Thor Gold P roject. The team has worked with the
constraints of the COVID-19 quarantine and additional precautions imposed by the new government
regulations, and still ended-up delivering within the aggressive target dates we had put forward (…) We
are particularly pleased with the field team le d by Gary. We have given the team much leeway and
trusted their professional expertise. Gary took a bold decision in choosing an underexplored location for
the only deeper drill hole we were authorized for to date under our agreement with Melmis. For what we
know so far, it was worth the risk (…) we expect to close the transaction with Melmis this month , and we
will keep the drilling contractor busy for the foreseeable future on the Thor Gold Project (…)”.
About Thor Gold
The Thormodsdalur Gold Pr oject is located about 20km east of the city cente r of Reykjavík and
south-east of the Lake Hafravatn. The project was discovered in 1908. The property produced a
gold concentrate from 1911 to 1925 , which shi pped to Germany for processing. Over 300
meters of tunnels explored and mined one or more quartz v eins and wall rock below open cuts at
the surface.
Studies between 1996 and 2013 identified the project mineralization as a low sulfidation system
hosted by basi c to intermediate flows of Pliocene to Miocene ag e. The host cont ains banded
chalcedony and ginguro within a fault z one up to 5 meters in width. To date, the iden tified gold
trend has a known strike length of 700 meters determined by drill intercepts. Petrographic
analysis of the vein material identi fied gold occurri ng in its free form and as part o f an
assemblage with pyrite and chalcopyrite. Petrographic and XRD studies show an evolution of the
vein system from the zeolite assemblage to quartz-adularia and lastly, to minor calcite.
Thirty-two holes have been drilled within the license area, for a total of 2439 meters. Gold values
vary from less than 0.5 g/t t o a maximum of 415 g/t. (These values were obt ained from selected
random intervals and cannot be con strued to be representative of any particu lar thickness or
overall length.) Historically, the best interce pts from the diamo nd drilling are 33 .5m of 8.0 g/t
Au (true thickness) and 5.2m of 35.4 g/t Au (true thickness).
Gary McLearn, A professional geoscientist (Ontario APGO #2900) and an Independent Qualified
Person as def ined by National Instrument 43 -101, has prepared, supervised the preparati on or
approved the scientific and technical disclosure in the news release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Vilhjalmur Thor Vilhjalmsson”
Vilhjalmur Thor Vilhjalmsson
President and CEO
About St-Georges
St-Georges is developing new technologies to solve some of the most common environmental problems
in the mining industry.
The Company controls d irectly or i ndirectly, through r ights of f irst refusal, all of the active mineral tenures in
Iceland. It also ex plores for nickel on the Julie Nic kel Project & for industrial minerals on Quebec’s North Shore
and for lithium and rare metals in Northern Queb ec and in th e Ab itibi region. He adquartered in Montreal, St -
Georges’ stock is listed on the C SE under the symbol SX, on the US OTC under the Symbo l SXOOF and on the
Frankfurt Stock Exchange under the symbol 85G1
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or
the accuracy of the contents of this release.