Cirrus Announces Discovery of New Area of Interest on the Cu-Au Chuchi South Property
Cirrus Announces Discovery of New Area of
Interest on the Cu-Au Chuchi South Property
Vancouver, British Columbia--(Newsfile Corp. - January 5, 2022) - Cirrus Gold Corp. (
CSE: CI
) (the
"
Company
" or "
Cirrus
") provides an update on the recent Cu-Au exploration work carried out on the
Chuchi South Property (the "Property").
In September 2021, two geologists and a prospector spent nine days on the Chuchi South Property. The
team was able to assess the geology in additional areas and collect approximately 160 grab samples.
The September field programme resulted in:
1
.
The expanded understanding of a subparallel
copper zone 50 m north of the COHO Zone.
This
zone is related to irregular monzonite to syenite dikes and strong K-feldspar and epidote alteration
in the diorite.
2
.
The expanded understanding of a
copper exploration zone 300 m north of COHO.
This zone is
in a very strongly magnetic gabbro and pyroxenite host which is lithologically distinct and easily
traced as a magnetic high. Some veins had been previously sampled by the vendor, but additional
veins and disseminated copper sulphides were noted, as well as one shear with a solid 3 cm
chalcopyrite vein. Many of the veins are irregular quartz breccia veins with chalcopyrite and local
sphalerite concentrated in the centre and epidote margins.
3
.
Finally, the field team also unearthed a
new exploration area of interest.
It occurs in the west
part of the property, close to monzonite where veinlets and fractures of chalcopyrite mineralization
extends for 350 m. This mineralization is very similar to the zone 300 m north of COHO with quartz-
epidote-chalcopyrite veins being very common, some of which are quite rich (determined by visual
review).
Figure 1.0
To view an enhanced version of Figure 1.0, please visit:
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Readers are encouraged to read the additional information and Figure on the Property located below
in this Press Release
.
James Walchuck, CEO of Cirrus, stated: "The results of the 2021 field exploration programme were
more than just successful for Cirrus. The Company thanks our Geological team for the great work in
assessing and increasing the knowledge base of the known zones located on the Property as well as
discovering a new zone to explore. Given the Property's proximity to known deposits and combined with
analogous geology we are highly encouraged with the Property and look forward to further exploration on
it."
The Company will continue to review and assess the information it has currently on hand. Once the
Company receives the grab sample assays and adds that information to what it already has it will then
outline the next steps for the exploration of the Chuchi South Exploration Project.
Additional Information and Figures on the Chuchi South Property
The Chuchi South Property consists of 13 mineral tenures covering approximately 31.2 km
2
. The Mt.
Milligan copper gold Mine is 32 km to the southeast and is in analogous geology, as is the Chuchi Lake
deposit located 3 km north of the Property.
The Mt. Milligan Mine has Proven and Probable
Reserves of 170,576 Mt containing 2.148 Moz Gold and 837 Mlbs Copper as well as Measured
and Indicated Resources of 125,103 Mt containing 1.396 Moz Gold and 521 Mlbs Copper
(Centerra Gold Inc. 2020 Year-End Mineral Reserve and Resources Summary). In a non-43-101
compliant report from the BC Gov. Minfile Geologic Database (Minfile) it is reported that the Chuchi
Lake Deposit contains a "geologic resource estimate" of 50 Mt of at least 0.21 g/t gold and 0.21%
copper.
The reader is cautioned that the presence of Cu-Au deposits proximal to the Property does
not indicate that similar deposits occur on the Property.
The Chuchi South Property overlies the southeastern exposed portion of the Early Jurassic Hogem
Batholith. There are five BC Minfile occurrences within the Property (Fig. 1):
The
Creek
Occurrence
is within the Hogem Batholith and consists of chalcopyrite and pyrite veinlets
with associated potassium feldspar and epidote alteration. A drill hole is reported to have returned 8 m
@ 0.71 g/t Au and 1.27% Cu.
The
Skook Occurrence
is an alteration system with several small showings proximal to a crowded
porphyry phase of the Hogem Batholith. A 1 m chip sample ran 13.4 g/t Au, 16.6 g/t Ag and 2.3% Zn;
other samples have anomalous Cu as well.
The
GG Occurrence
is a small zone of quartz vein float containing sphalerite, galena, chalcopyrite and
pyrite. It is hosted by volcanics adjacent to the Hogem Batholith.
The
Rig Breccia
occurs at the approximate contact between the Hogem Batholith and the surrounding
volcanics. It is described as a gouge zone with sulphides; a 3 m chip sample returned 0.11 g/t Au, 2.5 g/t
Ag, 0.12% Cu, 0.61% Zn and 0.03% Pb.
The
SRM Occurrence
consists of chalcopyrite, pyrite and pyrrhotite in veins and quartz breccia near the
contact between volcanics of the Chuchi Lake Succession and the Hogem Batholith. A 5 m drill intercept
ran 0.97 g/t Au and 0.70% Cu.
Two geologists and a prospector spent six days on the Property for Cirrus in September 2020,
conducting geological reconnaissance/sampling and local detailed mapping. 47 grab samples were
collected. While samples were taken from the historical mineral occurrences (Minfiles), attention
focussed on the COHO Zone, midway between the GG and SRM occurrences, where the property
vendor had previously obtained good mineralization. An airborne magnetic survey was flown over the
Property in October, 2020. With the new geologic information and airborne magnetic survey, an altered
and mineralized diorite zone, approx.30 m in width and 350 m in strike was outlined. This zone remains
open to the east and west.
The COHO Zone contains Cu-Au ± Pb ± Zn mineralization in quartz-carbonate-sulphide veins
associated with an east-west fault zone. The fault is marked by a steep prominent valley and a magnetic
low. There are fine quartz-chalcopyrite-pyrite-malachite veinlets and fracture coatings that extend south
from the main east-west fault. The host rock is diorite of the Hogem Batholith. Fresh diorite north and
south of the mineralized zone is moderately to strongly magnetic. In the mineralized/altered diorite,
magnetite has been altered and the rock has a low magnetic susceptibility. The altered and mineralized
diorite has a width of ~30 m and strike length of at least 350 m, but is open to the east and west, where
swamp and overburden prevent further delineation. Seventeen grab samples were collected in this area
in 2020. Gold ranged from 0.019 to 16.15 g/t, with eight samples having in excess of 1 g/t. Copper
assayed from 1,350 ppm to 46,100 ppm (0.14 to 4.61%), with sixteen samples containing more than
0.5% Cu. Anomalous lead and zinc is also present.
Figure 2.0
To view an enhanced version of Figure 2.0, please visit:
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Qualified Person
Dr. Tom Setterfield, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of
Disclosure for Mineral Projects, has read and approved all technical and scientific information contained
in this news release.
About Cirrus Gold Corp.
Cirrus is engaged in the business of mineral exploration and the acquisition of mineral property assets in
Canada. Its objective is to locate and develop economic precious and base metal properties of merit
and to conduct its exploration program on the Chuchi South Property. The Chuchi South Property
consists of thirteen mineral claims covering an area of 3,118.7 hectares located approximately 185 km
northwest of the City of Prince George, within the Omineca Mining Division, British Columbia.
For more information, please refer to the Company's prospectus dated July 7, 2021, available on
SEDAR (
www.sedar.com
).
On Behalf of the Board of Directors
James Walchuck
Chief Executive Officer, President and Director
For further information, please contact:
James Walchuck
Chief Executive Officer, President and Director
(778) 372 9888
CIRRUS GOLD CORP.
2710 - 200 Granville Street
Vancouver, British Columbia V6C 1S4
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information
(collectively, "forward-looking statements") within the meaning of applicable Canadian securities
legislation. All statements, other than statements of historical fact, included herein including, without
limitation, statements regarding the commencement of trading of the Company's common shares on
the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement,
and cost of exploration programs in respect of the Company's projects and mineral properties,
anticipated exploration program results from exploration activities, resources and/or reserves on the
Company's projects and mineral properties, and the anticipated business plans and timing of future
activities of the Company, are forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Often, but not always, forward-looking information can be identified by words such as "pro forma",
"plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", "believes", "potential" or variations of such words including negative variations thereof,
and phrases that refer to certain actions, events or results that may, could, would, might or will occur or
be taken or achieved. In making the forward-looking statements in this news release, the Company
has applied several material assumptions, including without limitation, that market fundamentals will
result in sustained precious and base metals demand and prices, the receipt of any necessary
permits, licenses and regulatory approvals in connection with the future exploration of the Company's
properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the
exploration program on the Chuchi South Property, the availability of financing on suitable terms, and
the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to differ materially from
any future results, performance or achievements expressed or implied by the forward-looking
statements.
Such risks and other factors include, among others, statements as to the anticipated
business plans and timing of future activities of the Company, including the Company's option to
acquire the Chuchi South Property, the proposed expenditures for exploration work thereon, the ability
of the Company to obtain sufficient financing to fund its business activities and plans, delays in
obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange),
permits or financing, changes in laws, regulations and policies affecting mining operations, risks
relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the
Company's business, financial condition and results of operations, the Company's limited operating
history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as
those factors discussed under the heading "Risk Factors" in the Company's prospectus dated July 7,
2021 and other filings of the Company with the Canadian Securities Authorities, copies of which can
be found under the Company's profile on the SEDAR website at
www.sedar.com
.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company
undertakes no obligation to update any of the forward-looking statements in this news release except
as otherwise required by law.
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