Capella Provides Further Exploration Update on the Savant Gold Project, Ontario
Capella Provides Further Exploration Update on the Savant Gold
Project, Ontario
VANCOUVER, BC
,
Aug. 15, 2022
/CNW/ -
Capella Minerals Ltd.
(TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the
"Company") is pleased to advise that Prospector Metals Corp. ("Prospector") (TSXV: PPP) has today provided the market with a further
update on its ongoing exploration activities at the Savant Gold Project ("Savant") in
Ontario, Canada
.
Prospector is currently earning-in to a 70% interest in Savant in return for a combination of annual cash and share payments to Capella
together with the sole funding of
CAD 2M
of staged work commitments prior to
November 15, 2024
.
Highlights from Prospector's latest exploration update include:
Assay results have now been received for the outstanding 439 rock (grab
1
) samples taken as part of the May/June field campaign at
Savant. Assays received for the first 155 samples were previously reported upon by the Company on
June 28, 2022
.
Prospector has identified a second, previously-unrecognized structural corridor (the Snowbird-Shoal Deformation Zone; "SSDZ"),
which is host to numerous high-grade gold occurrences including Snowbird and Horseshoe (Figure 1). New sampling from around the
Snowbird and Horseshoe occurrences included two samples containing 99.6 grams per tonne gold ("g/t Au") and 60 g/t Au; metallic
screen assay results are pending.
Prospector had previously reported further high-grade gold assays from samples taken from a significant, first-order deformation zone
named the Wiggle Deformation Zone ("WDZ")(see also Figure 1). The Wiggle Creek prospect currently contains at least 1.3km strike
of known gold-bearing structure and remains open in all directions.
A new LiDar survey was completed in
June 2022
and data are currently being processed.
1
Grab samples are select samples and not necessarily representative of gold mineralization on the Savant property.
Link to Prospector's full News Release:
https://prospectormetalscorp.com/news/2022
Eric Roth
, Capella's President and CEO, commented: "Prospector's summer field program at Savant has so far successfully delineated
two key gold-bearing structural corridors - the Wiggle and Snowbird-Shoal Deformation Zones – both of which appear to be important
regional conduits for gold mineralization. The interaction between these structural corridors and undrilled fold hinges in iron formation
(favourable sites for gold deposition, such as at the past-producing Lupin and Homestake gold mines) confirm the district-scale potential of
Savant. I look forward to keeping the market updated on progress at Savant, including timing to the drill testing of priority targets".
Figure 1. Key target areas and assay results from the Savant project (Prospector Metals Corp. News Release dated August 15, 2022).
(CNW Group/Capella Minerals Limited)
Figure 1
. Key target areas and assay results from the Savant project (Prospector Metals Corp. News Release dated
August 15, 2022
).
Quality Assurance / Quality Control ("QA/QC")
All Savant grab samples were sent to ALS Canada Ltd. (ALS) in
Thunder Bay, ON
, for preparation and analysis. ALS meets all
requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using
ALS's Au by fire assay and AAS, 50 g nominal sample weight or Au by fire assay and gravimetric finish, 50 g nominal sample weight, and
by a 48-element four acid ICP-MS analysis (ME-ICP61). Check samples were analyzed by metallic screen.
Qualified Persons and Disclosure Statement
The technical information in this news release relating to the Savant gold project has been prepared in accordance with Canadian
regulatory requirements set out in NI 43-101, and approved by
Eric Roth
, the Company's President & CEO, a Director, and a Qualified
Person under NI 43-101. Mr. Roth holds a Ph.D. in Economic Geology from the University of
Western Australia
, is a Fellow of the
Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30
years of experience in international minerals exploration and mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth
, Ph.D., FAusIMM
President & CEO
About Capella Minerals Ltd
Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a
focus on high-grade copper(-zinc-cobalt) and gold deposits. With respect to its base and battery metals projects, the Company's current
focus is on: i) the advancement of its advanced exploration stage Hessjøgruva project in central
Norway
, ii) the discovery of further high-
grade VMS-type deposits in district-scale land positions around the past-producing Løkken (Løkken Verk District) and Kjøli / Kongensgruve
(northern Røros District) copper mines, and iii) the evaluation of newly-staked claims in the former Vaddas-Birtavarre copper-cobalt mining
district of northern
Norway
.
The Company's precious metals focus is on the discovery of high-grade gold deposits on the Katajavaara-Aakenus JV in
Finland
, its 100%-
owned Southern Gold Line Project in
Sweden
, and its active Canadian Joint Ventures with Prospector Metals Corp (TSXV: PPP) at Savant
(
Ontario
) and Yamana Gold Inc. at Domain (
Manitoba
). The Company also retains a residual interest (subject to an option to purchase
agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in
Santa Cruz
,
Argentina
.
Cautionary Notes and Forward-looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking
information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or
are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future
results of operations, performance and achievements of Capella, including the timing, completion of and results from the exploration and
drill programs described in this release. Although the Company believes that such statements are reasonable, it can give no assurances
that such expectations will prove to be correct. All such forward-looking information is based on certain assumptions and analyses made
by Capella in light of their experience and perception of historical trends, current conditions and expected future developments, as well
as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks
and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-
looking information. Important factors that could cause actual results to differ from this forward-looking information include those
described under the heading "Risks and Uncertainties" in Capella's most recently filed MD&A. Capella does not intend, and expressly
disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law.
Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
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SOURCE
Capella Minerals Limited
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For further information:
Capella Contacts: Eric Roth, Email: [email protected]; Karen Davies, +1.604.314.2662
CO: Capella Minerals Limited
CNW 09:00e 15-AUG-22