Bonanza Mining Corporation announces Completion of the Shag Property IP Survey , Commencement of a Shag Seismic Survey and Exchange acceptance of the Frog Property National Instrument 43-101 Report
Bonanza Mining Corporation
Suite 2201 – 8 Smithe Mews
Vancouver, B.C.
V6B 0A5
Trading Symbol: TSX-V: BNZ Telephone: 604-619-0225
Fax: 604-980-6264
Bonanza Mining Corporation announces Completion of the Shag Property IP Survey ,
Commencement of a Shag Seismic Survey and Exchange acceptance of the Frog Property National
Instrument 43-101 Report
October 18, 2021 – Vancouver, British Columbia: Bonanza Mining Corporation (“Bonanza”) (TSX-
V: BNZ) is pleased to report that a recently prepared Frog property National Instrument 43-101 report has
been accepted for filing by the TSX Venture Exchange and can be viewed on Bonanza’s SEDAR profile.
As well, the previously announced IP survey on the Shag property has been completed and a report on the
results of the survey is expected to be completed by early November . The geophysical contractor also
conducted a ground magnetic survey o n Bonanza’s ShagMag property located approximately 12 km
southeast of the Shag property IP survey location. The Shag and ShagMag properties are situated in the
Rocky Mountains of southeastern British Columbia approximately 24 km due east of Radium Hot Springs
and 35 km northeast of the town of Canal Flats and can be readily accessed by good logging roads from
both of those towns.
A Shag property 2D vibroseis seismic survey consisting of one seven kilometer long seismic line along
the Albert valley forest service road where the IP survey was conducted has been completed. This survey
was planned to provide information to a depth of 4,000 feet to 5,000 feet below the Albert river valley
and outline the various sedimentary units within and below the lead – zinc – silver prospective Cathedral
formation.
There are two active mines in the area : Baymag Inc. mines magnesite at its Baymag mine on the Cross
River approximately 20 km north of Shag and CertainTeed Corp. mines gypsum at its Kootenay West
mine approximately 45 km southwest of Shag, near Canal Flats, British Columbia.
There are numerous lead/zinc occurrences similar to Shag in the southern Rocky Mountains, including the
past producing Monarch and Kicking Horse lead –zinc mines near Field, British Columbia that are hosted
by the Cathedral formation.
The Shag property contains twenty separate lead, zinc and silver stratabound MVT style mineral
occurrences hosted within three separate horizons in middle Cambrian age dolostone rocks. Since its
discovery in 1977 there ha ve been numerous historical exploration programs conducted on the property
including soil and rock sampling surveys, IP and VLF-EM geophysical surveys, geological mapping and
four separate diamond drilling programs.
The Geological Survey of Canada has conducted a regional airborne magnetic survey over southeastern
British Columbia and southwestern Alberta that outlined a 30 km wide magnetic low anomaly that trends
northeasterly for approximately 200 km from Canal Flats, British Columbia to Red Deer, Alberta.
This anomaly is a major basement fault zone that trends under the Shag p roperty and is named the Red
Deer lineament. The style of lead -zinc mineralization on the Shag property is a similar style as the MVT
lead-zinc mineralization at Pine Point, Northwest Territories where numerous deposits were located and
mined in Devonian age carbonate rocks along a similar basement fault zone named the Great Slave Shear
Zone.
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The ShagMag property covers a local magnetic high anomaly measuring 3 km long NS and 2 km wide
EW within the 30 km wide regional magnetic low and it was also outlined by the regional airborne
magnetic survey and may be due to an intrusive body, as shown on the attached map.
Cominco Ltd. found that IP surveys were the most effective geophysical technique for locating lead-zinc
deposits within the Pine Point mining district and is the reason why Bonanza has chosen to conduct an IP
survey along the Albert river valley on the northern portion of the Shag property.
There are three zinc -lead mineralized horizons on the Shag property that occur in the Eldon and
Waterfowl formations which are higher in the stratigraphic section than the Cathedral formation that hosts
the pas t producing Monarch and Kicking Horse mines along strike near Field , British Columbia and
which is the most prospective formation in the district.
On the Shag property only the uppermost beds of the prospective Cathedral formation are exposed in the
Albert river valley where the IP survey was conducted and where the seismic line is located. T he main
purpose of these surveys is to locate zinc -lead mineralization targets in the Cathedral formation for drill
testing in 2022. As well, deeper drilling along the previously, shallowly drilled BM, C -4 and Red Bed
horizons is also planned for 2022 and an application for a drill permit is being prepared.
Qualified Person
Technical information in this news release has been approved by Chris topher Graf, P. Eng., the Vice -
President Exploration, as well as a Director of Bonanza and a Qualified Person for the purposes of
National Instrument 43-101.
For further information, please contact:
Bonanza Mining Corporation
Suite 2201 – 8 Smithe Mews
Vancouver, B.C. V6B 0A5
Attention: Alfredo De Lucrezia, President,
CEO and Director
Tel: (604) 619-0225
Email: [email protected]
Cautionary Statements
This press release contains "forward-looking information" within the meaning of applicable securities
laws. Readers are cautioned to not place undue reliance on forward -looking information. Actual results
and developments may differ materially from those contemplated by these stateme nts. The statements in
this press release are made as of the date of this press release. The C ompany undertakes no obligation
to update forward-looking information, except as required by securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press
release.
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