Borealis Drills 4.06 g/t Gold over 21.3 Metres Within 2.25 g/t Gold over 99.1 Metres at Historical Graben Deposit in Nevada
Borealis Drills 4.06 g/t Gold over 21.3 Metres
Within 2.25 g/t Gold over 99.1 Metres at
Historical Graben Deposit in Nevada
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) - Borealis Mining Company Limited (TSXV:
BOGO) (FSE: L4B0) (the "
Company
" or "
Borealis
") is pleased to announce the assay results from
several drillholes at the Graben target completed as part of its ongoing ~3,500 metre drill program at its
Borealis Gold Project in the Walker Lane trend of Nevada.
Drilling at the Graben historical gold deposit has demonstrated large widths of highly consistent gold
mineralization within an extremely silicified and sulfidized body.
Highlights include:
DHBM011 which returned 2.25 g/t Au over 99.1 m including 4.06 g/t Au over 21.3 m;
DHBM013 which returned 2.11 g/t Au over 36.6 m including 8.24 g/t Au over 4.6 m, and 2.06 g/t Au
over 27.4 m further downhole; and
DHBM008 which returned 1.58 g/t Au over 45.7 m.
Kelly Malcolm, CEO of Borealis, comments "We're very pleased to see large widths of strong grades of
gold at the Graben historical gold deposit. These intervals confirm and expand upon known historical
results which indicate a large body of near-surface gold mineralization. We intend to return to the Graben
area early in 2025 to test for additional high-grade ore shoots and attempt to grow the system, especially
to the north where it remains wide open. The Graben zone is particularly intriguing in that Borealis is
already permitted to conduct a 55,000 tonne underground bulk sample, which was proposed to be
completed through a ramp in the adjacent Freedom Flats pit.
Borealis is also busy on many other fronts, including continued oxide-focused RC drilling on the western
portion of the Borealis project, geological mapping and sampling, residual leaching of our existing
permitted heap leach pad, and planning and preparing for crushing our 330 thousand tonne stockpile of
oxide mineralization from prior operations and resumption of mining within our fully permitted mine site."
Please see
Figure 1
for a map of the drillhole locations and surrounding permitted infrastructure,
Figure
2
for a longitudinal section of several of the holes released,
Table 1
for composite assay results, and
Table 2
for drillhole coordinates.
The results in this release are largely related to the Graben historical gold deposit (documented in the
current Borealis NI 43-101 Technical Status Report, filed on SEDAR+). The Graben historical gold
deposit is classified as a high-sulfidation epithermal system. It occurs within Miocene andesite volcanics
below ~130 metres of alluvium and post-mineral sedimentary cover rocks. Gold is closely associated
with pyrite and marcasite, multi-phase hydrothermal breccias, intense silica alteration, and quartz
veining. High-grade pods occur within the large blanket of lower grade mineralization. The Graben
system is situated to the west and northwest of the Freedom Flats pit (
Figure 1
), and may in fact be part
of the same mineralizing system as evident by historic drilling. A number of metallurgical studies have
been conducted on Graben material throughout its history, as detailed in Borealis' current technical
report (filed on SEDAR+), which indicates the material is amenable to flotation and/or oxidation.
Figure 1:
Plan map showing the locations of reported drillholes and surrounding permitted infrastructure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/229699_30f3f609642e4ad2_001full.jpg
Figure 2:
Longitudinal cross section through the Graben historical gold deposit of a portion of today's
results displayed with historical drill results and historical 2011 block model. Section shown is 50 metres
wide. Current drillholes are shown with wider drilltraces and historical drillholes are shown with narrower
drilltraces.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9344/229699_30f3f609642e4ad2_002full.jpg
Table 1:
Composite assay results of the reported drillholes. True widths are estimated to be between 75
and 100% of reported widths, as determined by historical drill results and historical modelling, but
accurate true widths are not known at this time.
BHID
From (m)
To (m)
Length (m)
Au (g/t)
Au Metal Factor
DHBM011
184.4
283.5
99.1
2.24
221.984
including
245.4
266.7
21.3
4.06
79.596
DHBM013
193.5
230.1
36.6
2.11
77.226
including
221
225.6
4.6
8.24
37.904
and
312.4
339.9
27.4
2.06
56.444
DHBM008
187.5
233.2
45.72
1.58
72.2376
DHBM007
166.7
223.1
56.4
1.15
64.86
DHBM006A
181.8
274.6
92.2
0.6
55.32
DHBM007A
222.7
246.3
23.6
1.9
44.84
DHBM010
189.9
213.7
23.8
0.7
16.66
DHBM006
176
189
13
1.07
13.91
Table 2:
Coordinates and details of today's reported drill results
BHID
X
Y
Z
Length
(m)
Azimuth
Dip
Target
Comment
DHBM004
447080
1320890
6896
61.6
44.2
-54.1
Freedom Flats
Extension
Anomalous mineralization
DHBM005
451317
1324300
7233
47.9
191.3
-59.9
Crocodile Ridge
Anomalous mineralization
DHBM006
446737
1321615
7027
200.3
292.1
-76.3
Graben
Failed to reach main target
DHBM006A
446739
1321621
7027
285.4
290.5
-75
Graben
Re-Drill of DHBM006
DHBM007
446576
1321327
7024
284.1
165.98
-80.16
Graben
Failed to reach main target
DHBM007A
446575
1321343
7024
249.0
152.5
-81.84
Graben
Re-Drill of DHBM007
DHBM008
446820
1322604
7023
267.6
174.79
-80.73
Graben
Majority of target intercepted and
ended in mineralization
DHBM009
446584
1321353
7024
74.1
53
-78
Graben
Failed to reach target
DHBM010
446829
1322389
7035
213.7
0
-90
Graben
Ended in mineralization and failed
to reach target
DHBM011
446520
1321375
7025
318.5
177.9
-77
Graben
Successfully drilled through target
DHBM012
446836
1322371
7035
166.1
0
-90
Graben
Abandoned in cover rocks
DHBM013
446838
1322363
7035
342.9
0
-90
Graben
Majority of target intercepted and
ended in mineralization
Corporate Matters
The Company has engaged OGIB Corporate Bulletin ("
OGIB
") from November 12, 2024 for a term of
nine months, to provide digital marketing services, including content creation, distribution and market
awareness campaigns. OGIB is a subscription service based in Victoria, British Columbia, which
provides research on public companies and is wholly-owned by Keith Schaefer. OGIB received a total
fee of CAD$40,000 in consideration for services to be provided through the term of the engagement. To
the Company's knowledge, neither OGIB nor Mr. Shaefer have any interest, directly or indirectly, in the
securities of the Company.
Upcoming Investor Conferences and Events
December 3-5, Mines & Money, London
Qualified Person and QA&QC
The scientific and technical content of this news release was reviewed, verified, and approved by Kelly
Malcolm, P.Geo., Chief Executive Officer of the Company, and a Qualified Person as defined by
Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
The quality assurance and quality control protocols in place at Borealis include insertion of blank or
standard samples every 10 samples on average, in addition to the regular insertion of blank duplicate,
and standard samples by the analytical laboratory during the assay process. The assay results
presented herein are derived from both diamond drill core and RC drill chips. For diamond drill core,
geologists mark out samples for geotechnicians to saw in half, from which one half is retained at the
Borealis mine site and the other half is submitted for assay. For RC drilling, geologists supervise riffle
splitting of RC return at the drill site. Samples were submitted to both ALS Global's Reno, NV laboratory
and Paragon Geochemical's Sparks, NV laboratory. At ALS, samples were treated with a 30 gram fire
assay with an AA finish, along with a four-acid multi-element analysis (MS-MS61). At Paragon, samples
were treated either with a 30 gram fire assay with an AA finish or a 300-500 gram PhotonAssay for Au,
and four-acid multi-element analysis (48MA-MS).
Borealis Mine
The Borealis mine property, located close to the town of Hawthorne, NV, is fully permitted and equipped
for present mine operations and future expansion, with existing open pits, heap leach pads, modern
infrastructure, and a functional ADR facility which produces doré bars. The project has historically
produced over 600,000 ounces of gold from an open pit heap leach operation. It is an under-explored
property and has not been drilled since 2011. The property possesses high grade expansion potential
with excellent historical drilling results, along with a number of untested regional targets.
About Borealis
Borealis is a gold mining and exploration company focused on exploration and resumption of production
of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted minesite, equipped with active
heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining
operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of
approximately 20 acres each totalling approximately 15,020 acres and one unpatented mill site claim of
about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold
mineralization. Borealis is led by a strong board and management team, many of whom have founded,
managed, and sold highly successful mining and exploration companies.
For further information, please contact:
Kelly Malcolm
President and Chief Executive Officer
Office: (289) 371-3371
This news release may contain certain "forward-looking information" within the meaning of applicable
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"proposed" and other similar words, or statements that certain events or conditions "may" or "will"
occur. These statements are only predictions. Forward-looking information is based on the opinions
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facing the Company and its business and affairs, readers should refer to the Company's
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required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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