Goldstorm Metals Discovers New High-Grade Zone; Drilling 1,766 g/t Silver over 0.45 Meters (Hole EL-24-16) and 7.78 g/t Gold over 1.50 Meters (Hole EL-24-15) at the Electrum Property, Located in the Heart of the Golden Triangle of Northwestern British Columbia
Goldstorm Metals Discovers New High-Grade
Zone; Drilling 1,766 g/t Silver over 0.45 Meters
(Hole EL-24-16) and 7.78 g/t Gold over 1.50
Meters (Hole EL-24-15) at the Electrum
Property, Located in the Heart of the Golden
Triangle of Northwestern British Columbia
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2024) - Goldstorm Metals Corp. (
TSXV:
GSTM
) (
FSE: B2U
) ("
Goldstorm
" or "
the Company
") is pleased to report the results from seven drill
holes of the 2024 diamond drill exploration program (the "
Program
") completed on its 100% owned
Electrum gold - silver property (the "
Property
"), located within the Golden Triangle region of British
Columbia, Canada.
The Property is located immediately north of Scottie Resources' claims, and along a well-defined trend
of former gold-silver producers that includes Ascot's Premier Mine to the south. The project area is road
accessible from Stewart, BC. The Program at Electrum totaled 2,233 meters (m) in seven drill holes that
tested epithermal veins hosting precious and base-metal mineralization.
Electrum Property - Regional Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/229106_a4ea6035f40a49f1_002full.jpg
Ken Konkin P. Geo., President and CEO comments
; "We are extremely pleased to have safely
completed our second drilling program at Electrum. We completed Phase 1 drilling at the Dome
Target and then continued with Phase 2 drilling on the newly discovery LP Zone where we identified
visible native gold at surface. The objective of the Dome drill targeting was to expand known stockwork
mineralization that occurs throughout a topographically distinct dome-shaped knob. During our initial
2023 drill campaign, we discovered significant gold (
Au
) and silver (
Ag
) mineralization related to
quartz stockwork that may be related to intrusive activity. Drill hole EL-24-17 identified a 48-meter
intercept of brecciated volcanic rocks that contained pyrite-filled micro-fractures associated with quartz
carbonate veinlets that returned
0.47 g/t Au with 5.00 g/t Ag over the 48m interval
. This intercept
suggests that the system may be centered further to the southwest of the Dome target. Our best drill
hole results clearly came from the LP Zone. Our reconnaissance crews discovered fine-grained
visible gold associated with narrow shear-hosted quartz-pyrite veins and surficial stockwork system.
We encountered numerous elevated gold grades throughout the holes but the best gold value
obtained was
from EL-24-15, which yielded 7.78 g/t Au and 3.54 g/t Ag over 1.5 meters
from a
quartz-pyrite vein. We also encountered an independent high-grade silver-dominant polymetallic vein
that returned
1,766 g/t Ag and 1.39 g/t Au over 0.45 meters in drill hole EL-24-16.
This is consistent
with the geological evidence of a northern trending high-grade silver system associated with lead-zinc
sulphide mineralization with minor gold values. This polymetallic system appears to be intertwined
with a different hydrothermal pulse of gold-silver mineralization along the same northern trend.
Reconnaissance crews discovered strong gold-silver phases adjacent to strong silver-lead-zinc
mineralization northwards from Electrum, throughout the Fairweather and Delta Claims, on the eastern
part of the 100% owned Crown Claim Group. These precious and base-metal pulses may be
explained as peripheral events to an intrusive-related (porphyry-style?) crystalline belt of rocks
located immediately to the west, that may trend southwards from the Treaty Creek and KSM Deposits.
Crews have also encountered significant copper-gold-silver mineralization on the eastern parts of the
Crown Claim Group along the eastern flank of the Orion Spine; these are significant exploration
targets that warrant further exploration."
Drill Hole Results
Click to view
plan map and cross sections
or view images at the end of this release.
Dome Target, Section A:
EL-24-17:
The hole intersected 48.00 m of 0.47 g/t Au, 5.00 g/t Ag hosted in fine-grained volcanic rocks
containing intervals of dense fracture and breccia textures.
Millimeter scale fractures are sealed with
fine-grained anhedral pyrite. These textures occur alongside quartz carbonate veining throughout the
interval.
LP Zone, Section B:
EL-24-14:
Intersected 4.60 m of 0.50 g/t Au and 6.0 g/t Ag including 0.80 m of 1.48 g/t Au and
9.78 g/t
Ag.
This interval occurs as a moderate hydrothermal breccia hosting semi-massive pyrite in a fine-
grained volcanic. Further down the hole at 210.00 m a separate interval of 2.5 m of 0.55 g/t Au and 0.56
g/t Ag was intersected in an epithermal vein hosted in a porphyritic intrusive unit.
EL-24-16:
Intersected 1.50 m of 1.02 g/t Au and 94.95 g/t Ag at 39.0 m down hole, observed as a
hydrothermal breccia interval hosting galena and semi-massive pyrite.
Deeper in the hole at 172.85 m
down hole, 0.45 m of
1.39 g/t Au 1,766.00 g/t Ag
was intercepted in a polymetallic quartz vein with 2-
3% coarse-grained galena + sphalerite (0.63% Pb and 1.08% Zn) in a fine-grained intermediate
volcanic host.
Section C:
EL-24-13:
The top of hole intersected 5.00 m of 0.53 g/t Au and 3.65 g/t Ag. This interval was expressed
as a dense vein zone, hosted in volcanics, which includes a background crackle texture sealed with fine-
grained anhedral pyrite. Within the interval, 1.50 m of 1.04 g/t Au and 7.31 g/t Ag occurred at 7.00 m
downhole.
In separate intervals, 4.50 m of 0.52 g/t Au and 4.27 g/t Ag was intercepted at 83.50 m
associated with stockwork veining in fine grained volcanics; and 1.00 m of 1.13 g/t Au and 10.78 g/t Ag
at 136.00 m was intercepted in epithermal veins mineralized with sphalerite and galena hosted in a
porphyritic intrusive.
EL-24-15:
Intersected 6.00 m of 0.65 g/t Au and 5.00 g/t Ag with 1.78% Zn beginning at 12 m down
hole.
This interval was observed with minor stockwork and vuggy veining ending in a volcanic breccia
with a sphalerite cement. In separate intervals, 1.00 m of
2.55 g/t Au and 187.00 g/t Ag
with 0.24% Pb
and 0.16% Zn was intercepted at 34.85 m associated with discrete polymetallic epithermal veins; and
1.50 m of
7.78 g/t Au
and 3.54 g/t Ag at 129.00 m also related to epithermal veining.
Table 1: Drilling Results for the Electrum Property in Press Release November 6, 2024
Hole ID
Zone
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
EL-23-02 EXT
Dome
451.00
461.10
10.10
0.48
2.03
472.50
484.50
12.00
0.54
2.20
Including
472.50
474.00
1.50
2.50
3.89
Including
481.50
483.00
1.50
0.50
1.79
520.50
537.00
16.50
0.48
4.37
Including
521.95
523.00
1.05
1.67
4.84
Including
534.00
535.50
1.50
1.21
3.49
EL-24-12
Dome
171.50
203.00
31.50
0.43
3.71
Including
183.50
192.50
9.00
0.59
7.29
401.00
402.50
1.50
2.86
8.70
443.00
444.50
1.50
1.63
28.02
EL-24-13
LP
5.00
10.00
5.00
0.53
3.65
Including
7.00
8.50
1.50
1.04
7.31
83.50
88.00
4.50
0.52
4.27
136.00
137.00
1.00
1.13
10.78
EL-24-14
LP
50.20
54.80
4.60
0.50
6.00
Including
50.20
51.00
0.80
1.48
9.78
210.00
212.50
2.50
0.55
0.56
EL-24-15
LP
12.00
18.00
6.00
0.65
5.00
Including
16.00
16.70
0.70
1.57
3.82
34.85
35.85
1.00
2.55
187.00
129.00
130.50
1.50
7.78
3.54
EL-24-16
LP
39.00
40.50
1.50
1.02
94.95
172.85
173.30
0.45
1.39
1,766.00
EL-24-17
Dome
99.00
147.00
48.00
0.47
5.00
Including
109.50
110.65
1.15
1.14
3.29
Including
127.50
129.00
1.50
1.26
7.61
173.50
178.50
5.00
0.49
1.48
All assay values are uncut and intervals reflect drilled intercept lengths.
HQ diameter core samples were sawn in half and typically sampled at standard 1.5 m intervals.
True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the
mineralized body orientation and true widths.
Table 2: Drill data for holes in Press Release November 6, 2024
Hole ID
Zone
UTM E NAD 83
UTM N NAD 83
Elevation (m)
Azi (ᵒ)
Dip (ᵒ)
Depth (m)
EL-23-02 EXT
Dome
433760
6237852
798
50
-80
303
EL-24-12
Dome
433760
6237852
798
51
-61
518
EL-24-13
LP
433476
6238003
897
50
-45
301
EL-24-14
LP
433475
6238002
898
50
-60
238
EL-24-15
LP
433474
6238004
897
35
-53
183
EL-24-16
LP
433476
6238002
897
70
-53
240
EL-24-17
Dome
433693
6237761
770
40
-45
450
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is the
Company's President and CEO, Ken Konkin, P.Geo. He has read and approved the scientific and
technical information that forms the basis for the disclosure contained in this news release.
QA/QC
Diamond drill core samples were prepared at MSA Labs' Preparation Laboratory in Terrace, BC and
assayed at MSA Labs' Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are
monitored by the submission of blanks, certified standards and duplicate samples inserted at regular
intervals into the sample stream by Goldstorm Metals personnel. MSA Laboratories quality system
complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is
independent of the Company.
About the Electrum Project
The Electrum Property is located directly between Newmont Corporation's Brucejack Mine,
approximately 20 kilometers (km) to the north, and the past producing Silbak Premier mine, 20 km to the
south.
Mineralization at Electrum is controlled by two major fault lines that locally host bonanza gold grades,
along with broader stockwork zones, within a complex geological model. Similar to the nearby Brucejack
Mine, gold and silver mineralization occurs as coarse electrum in several generations of quartz-
carbonate veins and vein breccias hosted within a deformed volcanic-sedimentary sequence.
Intermediate-to-low sulphidation gold and silver mineralization is present in many of the veins,
accompanied by pyrite, sphalerite, galena and chalcopyrite. Precious metal mineralized veins have been
traced on surface over lengths of several tens of meters to more than a hundred meters, pinching and
swelling along strike.
Much of the work at Electrum to date has tested extensions of known epithermal
veins that have returned several high silver and gold values from limited underground mining and trench
exposures.
Drilling by previous operators encountered gold-silver mineralization at depths of more than 200 meters
from surface with several holes intersecting relatively wide zones containing narrow quartz-sulfide
stockwork veins that returned moderate precious metal values. These intercepts are located beneath
surface exposures that were subsequently blasted, trenched and bulk sampled in an area referred to as
the New Blast Zone in 2016 by Tudor Gold (2016 Assessment Report on the Electrum Property, Skeena
M.D., BC.171029).
Here, a 3.8 tonne bulk sample that was collected from a 5-meter-wide zone
averaged 2.82 g/t gold, 539.0 g/t silver, 1.96 % lead and 1.97 % zinc. Localized veins, found within some
of the wider drill intervals, contain electrum and silver sulfosalt minerals that have returned much higher
silver and gold values over narrow widths.
In addition to high grade gold and silver mineralization targets, Electrum hosts untested geophysical
anomalies at depth beneath the main vein zones, as well as an area at the south end of Electrum that
shows evidence of potential porphyry-style mineralization.
About Goldstorm Metals
Goldstorm Metals Corp. is a precious and base metals exploration company with a large strategic land
position in the Golden Triangle of British Columbia, an area that hosts some of the largest and highest-
grade gold deposits in the world. Goldstorm's flagship projects Crown and Electrum cover an area that
totals approximately 16,469 hectares over 7 concessions, of which 6 are contiguous.
The Crown Project
is situated directly south of Seabridge Gold's KSM gold-copper deposits and Newcrest Gold's
Brucejack/Valley of the Kings gold mine.
Electrum, also located in the Golden Triangle of BC, is situated
directly between Newmont Corporation's Brucejack Mine, approximately 20 kilometers to the north, and
the past producing Silbak Premier mine, 20 kilometers to the south.
ON BEHALF OF THE BOARD OF DIRECTORS OF
GOLDSTORM METALS CORP.
"
Ken Konkin
"
Ken Konkin
President and Chief Executive Officer
For further information, please visit the Company's website at
https://goldstormmetals.com/
or
contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail:
or
Carsten Ringler
Head of Investor Relations and Communications
Phone:
+49 151 55362000
E-Mail:
Neither 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 release.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. All statements in this news
release, other than statements of historical facts, including statements regarding future estimates,
plans, objectives, timing, assumptions or expectations of future performance, including without
limitation, the statement regarding the expectation geologists are expected to complete a compilation
study this winter once all assay results are received. Such statement is forward-looking and contains
forward-looking information.
Generally, forward-looking statements and information can be identified by the use of forward-looking
terminology such as "intends" or "anticipates", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking
statements are based on certain material assumptions and analysis made by Goldstorm and the
opinions and estimates of management as of the date of this press release, including that geologists
will complete a compilation study this winter once all assay results are received.
These forward-looking statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of Goldstorm
to be materially different from those expressed or implied by such forward-looking statements or
forward-looking information. Important factors that may cause actual results to vary, include, without
limitation that geologists will not complete a compilation study this winter or at all.
Although management of Goldstorm has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such information may not be appropriate for other
purposes. Goldstorm does not undertake to update any forward-looking statement, forward-looking
information or financial outlook that are incorporated by reference herein, except in accordance with
applicable securities laws.
Electrum Project - Section Areas - Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/229106_a4ea6035f40a49f1_003full.jpg
Electrum Project - Section A
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/229106_a4ea6035f40a49f1_004full.jpg
Electrum Project - Section B
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/229106_a4ea6035f40a49f1_005full.jpg
Electrum Project - Section C
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/229106_a4ea6035f40a49f1_006full.jpg