"Standby Gold Zone" - An exceptional gold system capable of hosting a multimillion ounce resource extending 1800 meters down plunge from the mine workings MMV : TSXV MNRLF : OTCQB M8M : FRANKFURT VANCOUVER ,
"Standby Gold Zone" - An exceptional gold
system capable of hosting a multimillion
ounce resource extending 1800 meters down
plunge from the mine workings
MMV
: TSXV
MNRLF
:
OTCQB
M8M
:
FRANKFURT
VANCOUVER
,
April 22, 2020
/CNW/ - Mineral Mountain Resources Ltd. and Mineral Mountain
Resources (SD) Inc. ("
Mineral Mountain
" or the "
Companies
") (TSXV: "MMV") are pleased to
report that, including historical drilling and the Company's two phases (Phase I and II) of drilling, a
grand total of 45 drill holes totalling 16,361.29 metres have been drilled in the Standby project area.
The Company defined a
200m
average width of the
Standby Gold Zone
surface to a down plunge
depth of 1800 metres and a total vertical depth of about 1000 metres. Based on 3D modelling and
down-hole borehole EM, the Company's database confirms that the
Standby Gold Zone
occurs
within the largest volume of altered iron formation recognized within in the Standby Project to date
(see attached Figure 1).
Upper Tail Gold Mineralization
The Standby Mine Deposit, was mined historically at
an average grade of about 0.350 ounces
per ton
(12.0 grams per tonne)
in the early 1900's to the 425-foot level. (as reported in the
South
Dakota
mining annuals).
The Company, as an aggregate result of Phase I and Phase II drilling in 2018-2020, has now been
extended the Upper Tail gold mineralization to a plunge length of
850 metres
(2,788 feet).
The
Company's 3D mapping software (Leapfrog) database estimates that this Upper Tail
Standby Gold
Zone
measures 200 metres wide by 400 metres high and 850-metres down plunge (open at depth).
The Company has planned a
Standby Gold Zone
maiden inferred gold resource in in-fill drill
program with hole spaced on a 40-m grid interval. The in-fill drilling is designed to test the down
plunge and down dip limits of this Upper Tail
Standby Gold Zone
gold mineralization (see attached
Figure 1).
Phase II Program (
October 2019
-March, 2020)
In
October 2019
, the Company initiated a directional drilling program designed to test the down
plunge extent of the
Standby Gold Zone
by drilling a "pilot hole" semi-parallel to the shear zone
designed to test two historical high grade gold targets, Target 1 and Target 2, to the 1800 metre
down plunge depth. Pilot hole ST19-11 intersected multiple intervals of extensive hydrothermally
altered iron formation
.
Due to the extreme hardness of the alteration zone, including tens of metres
of quartz veining or silicification, progress of pilot hole ST19-011 was slow.
ST19-011 successfully intersected a
6.09-metre down hole interval of up to 80% arsenopyrite
mineralization with quartz between 373.80 -379.89 metres grading 1.81 grams per tonne Au,
including between 373.80 -374.40 metres grading 7.59 grams per tonne Au and between
378.64 -379.89 metres grading 4.21 grams per tonne Au.
Several core Intervals with up to 20 metres of iron sulphides consisting of pyrrhotite and variable
concentrations of arsenopyrite in the Mineral Mountain holes near Target 1 were indicative of
widespread fluid flow carrying auriferous sulphide-rich hydrothermal fluid from deeper sources.
A
photo of a section of the intense alteration with wide intervals of quartz and hydrothermal
chlorite combined with sulphide-rich mineralization including arsenopyrite taken from a core
interval near the Target 1 area is attached below in this release.
Dr.
Robert Brozdowski
. V.P. Exploration for Mineral Mountain, noted "We are pleased with the
results of the Phase II drilling program that provided us with critical information on the distribution of
gold mineralization and associated intense and widespread alteration in the previously completely
unexplored corridor between our Phase I drilling program and the historic 1986 Homestake Mining
Company drill holes, which now allows us to vector on down-dip and down-plunge gold targets in our
recently defined Untested Target Trend, as depicted in Figure 1, and as described in the section
below on Exploration Drilling Planned."
Between October, 2019 and March, 2020, a total of
7 holes totaling 2,551.35
metres were
completed and assayed by the Company. The Company utilized directional drilling methods to test
for deep mineral deposits.
A summary of selected drill holes drilled by Mineral Mountain
including Phase I, Phase II and historical holes are included in Table 1 attached.
Highlights of the Rochford Gold Belt and the Standby Gold Zone
The Rochford Gold Belt has been explored intermittently in the past but never comprehensively or
systematically to depths greater than 425 meters. Mining companies including Getty, Cominco,
Newmont, Noranda, Western Mining including Homestake Mining have conducted gold exploration
based on surface showings.
Despite gold prices hitting
$1,900
US per ounce in 2011, the last historic diamond drilling in the
Rochford
District was completed in 1997. The Company's
Rochford
District mineral lease holdings,
which hosts the
Standby Gold Zone,
represents the largest ever assembled position in the
Rochford Gold belt. The Company has obtained the historical drilling and surface exploration data
and re-assembled it into modern 3D and GIS formats. This provides the Company with an evaluation
advantage with which to facilitate the
Standby Gold Zone
evaluation and detailed drill targeting.
Standby Gold Zone and district positives
Located in the politically stable jurisdiction of
South Dakota
, with the currently operating Coeur
Mining's Wharf Gold Mine, and tremendous infrastructure and skilled labor.
Only 26 kilometres south of the historic Homestake Mine which produced in excess of 42 million
ounces of gold.
Drilling on the
Standby Gold Zone
has defined identical geologic characteristics comparable to
the Homestake Mine, including iron formation hosted gold mineralization characterized by quartz
veining, hydrothermal chlorite alteration and arsenopyrite, focussed along wide vertical
structured shear zones.
Company's Phase I and II drilling has confirmed a very broad gold system which matches or
exceeds the early exploration drilling results of many of the deposits located at the Homestake
mine. These zones of gold are referred to as upper tail mineralization, where only about 10% of
the gold at Homestake was found, with less continuity than the Homestake ore located at
greater depths.
The Company concludes that its deposit has a high likelihood of richer
deeper gold mineralization.
Due to the complex geology at the Homestake mine, only 3 out of 10 drill holes would intersect
ORE GRADE intervals, even within ore zones. Homestake followed the structure and
mineralization of these zones, even low-grade gold intervals accompanied by intense alteration
guided into more robust centroid areas of gold mineralization.
40-meter core drilling centers to compile an initial "inferred" resource, enabling the Company to
more effectively vector into those enhanced deeper gold zones.
Drilling at greater depth can confirm higher grade material by evidence from the Homestake
analog.
The Standby Gold Zone is only 1 of the 5 high priority LEDGE Style targets under the
Company's extensive landholdings.
Gold Mineralization Model for the Standby Gold Zone and Homestake Districts
Folding increased the volume of iron formation available to be mineralized in key corridors
Widespread fluid flow mobilized gold in auriferous sulphide-rich hydrothermal fluid from deep
sources into favourable structural traps (i.e. centroid ore zones)
Iron formation acted as a "chemical trap" for gold and sulphides
High grade gold zones (called Ledges at Homestake) are concentrated within complex hinge
zones within the iron formation. The Company's database indicates this should occur between a
TVD of between 1500-2800-metres.
Gold Corridor
With the completion of the Phase II drill program, the Company integrated pathfinder elements such
as arsenic, and incorporated the intensity of sulphide mineralization, chlorite alteration and quartz
veining into its 3D model. This program has been successful in providing the Company's technical
team with
vectors to a large volume of untested gold-hosting iron formation
that extends down
dip and down plunge beneath the existing historic drill holes and the Mineral Mountain drill holes (see
Figure 1 attached).
This systematic exploration approach, namely seeking gold - associated hydrothermal alteration in
addition to just gold values, had proven very successful for Homestake Mining Company during their
exploration and development programs. This approach resulted in the discovery of the
15-Ledge
gold mineralization within the Homestake Mine complex, and the
Homestake North Ledge
discovery
several kilometers northwest of the mine complex.
Subsequent to in-fill drilling Exploration Drilling Planned
Using different permitted drill sites, the Company has devised a plan to drill 4 holes totaling
5500 m
designed to intersect the expanding
Standby Gold Zone
down plunge between ST20-014 and
Homestake's high grade gold intersection recorded in SM87-3A ( circa 1987) grading
10.29 gpt Au
over
3.05 m
, a down plunge distance of about
900 m
. All 4 drill holes will conventionally cross-cut
over several hundred meter widths of the Standby Gold Zone corridor and not along the plunge
length.
"The
Standby Gold Zone
corridor represents an exceptional
gold-dominant system
that hosts the
largest volume of replacement style gold mineralization in iron formation along the entire Rochford
Gold Belt" says
Nelson W. Baker
, President and CEO of Mineral Mountain Resources Ltd. "Much
more drill testing is required to test this potential Tier 1 gold system".
The Company further advises that it is in direct discussions with interested institutions and groups
regarding financing for our 2020 drilling season.
Qualified Persons
The technical information in this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101 and reviewed and approved by
Nelson
W. Baker
, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified
Person for this project. All exploration activities at the
Standby Gold Zone
are carried out under the
strict supervision of
Kevin Leonard
, P.Geo., also a Qualified Person for this project.
Quality Control
Drill core samples are transported, handled and stored with chain of custody procedures. Core is
sawn or split in representative halves with one half submitted to the laboratory for analysis and the
second half saved for archival purposes. Typical core samples are 0.5 to 1.5 m in length. Gold (Au)
assays are by 30 g fire assay with atomic absorption finish with a lower limit of 0.005 ppm and
upper limit of 10 ppm. The 48 element geochemical package, including silver (Ag), uses a 4 acid
digestion followed by Induced Coupled Plasma with Atomic Emission Spectrometry (ICP-AES) and
Mass Spectrometry (ICP-MS). When gold values are greater than 10 ppm then the sample is
reanalyzed using fire assay with a gravimetric finish. All over limits are also analyzed using the
screened metallic method.
The laboratory for the
Standby Gold Zone
is ALS located in
Reno, Nevada
. ALS is a certified
laboratory that uses standard reference material and duplicate sampling to ensure quality control.
Mineral Mountain routinely sends a set of 4 blind standards as well as one blank sample with every
shipment of core. The results of the analysis of the standard material are continuously reviewed to
ensure quality assurance
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources
(SD) Inc. has a strong technical team, which collectively has well over a 100 years of experience in
the Homestake area, who are focused on systematic exploration employing advanced "state of the
art" technologies and, on the development of its 100%-owned
Standby Gold Zone
is situated only
26 kilometres south of the largest and richest iron-hosted gold deposits in the world, the Homestake
Mine, which having produced over 42 million ounces of gold, is located in the Black Hills of
South
Dakota, U.S.A.
The Rochford Gold Project is protected by a large, contiguous block of unpatented
and patented mineral claims totaling over
7,500 acres
that is 100% controlled by the Company.
Since 2013 Mineral Mountain has spent over
$13 million
US primarily directed to land acquisition and
maintenance, compilation, airborne surveying, 3 D modelling, database management and 2 phases
of diamond drilling.
The contiguous land package covers five major gold trends of structurally
thickened iron formation comparable geologically to
the Ledge
-type gold deposits developed
historically at the Homestake Mine.
3D modelling of the Company's airborne survey in 2013, combined with surface geological mapping,
and the compilation of historic drilling, identifies and/or highlights
3 high priority
large magnetic
anomalies that are considered to have large volumes of gold-bearing iron formation, including the
Company's flagship gold project in the
Rochford
District, the
Standby Gold Zone
property
.
The Company now owns the largest land position in the
Rochford
District and, in addition, has the
largest and most comprehensive database for the district in modern day exploration history, which
has now has been compiled and synthesized in modern GIS and 3D imaging software! The
Rochford
District is vastly under-explored and has the potential to host a Tier 1 gold system.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker"
, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward looking information
This release includes certain statements that may be deemed to be "forward-looking information"
under Canadian securities laws. All statements in this release, other than statements of historical
facts, that address events or developments that the Company expects to occur, constitute forward
looking- information. Forward looking information consists of statements that are not historical
facts and are generally, but not always, identified by the words "expects", "plans", "could" or
"should" occur. Although the Company believes the expectations expressed in such forward-
looking information are based on reasonable assumptions, such information does not constitute
guarantees of future performance and actual results may differ materially from those in forward-
looking information. Factors that cause the actual results to differ materially from those in forward-
looking information include gold prices, results of exploration and development activities,
regulatory changes, defects in title, availability of materials and equipment, timeliness of
government approvals, continued availability of capital and financing and general economic,
market or business conditions. The Company cautions the foregoing list of important factors is not
exhaustive. Investors and others who base themselves on the Company's forward-looking
information should carefully consider the above factors as well as the uncertainties they represent
and the risk they entail. The Company believes that the expectations reflected in the forward-
looking information are reasonable, but no assurance can be given that these expectations will
prove to be correct. Please see the public filings of the Company at
www.sedar.com
for further
information.
Table 1: Summary of MMV Phase I & II and Historical Standby Drill Results (CNW Group/Mineral
Mountain Resources Ltd.)
Figure 1: Standby Gold Trend showing Upper Tail and Larger Untested Target Trend (CNW
Group/Mineral Mountain Resources Ltd.)
Intense quartz – sulphide – chlorite alteration over wide intervals, example from near Target 1 area
(CNW Group/Mineral Mountain Resources Ltd.)
SOURCE
Mineral Mountain Resources Ltd.
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http://www.newswire.ca/en/releases/archive/April2020/22/c6114.html
%SEDAR: 00029624E
For further information:
Brad Baker, Vice-President Corporate Development & Director, (778)
383-3975, [email protected], Or visit our website: www.mineralmountainresources.com
CO: Mineral Mountain Resources Ltd.
CNW 09:00e 22-APR-20