Goldstorm Metals Drills 1.13 g/t Gold with 6.02 g/t Silver over 61.5 Meters at the Electrum Property, in Northwestern British Columbia
Goldstorm Metals Drills 1.13 g/t Gold with 6.02
g/t Silver over 61.5 Meters at the Electrum
Property, in Northwestern British Columbia
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Goldstorm Metals Corp.
(TSXV:
GSTM) (FSE: B2U)
("
Goldstorm
" or "
the Company
") is pleased to report that the 2023 diamond drill
exploration program (the "
Program
") has been successfully completed on its 100% owned Electrum
gold and silver property (the "
Property
"), located within the Golden Triangle region of British Columbia,
Canada. Included in this release are the assay results from the first two drill holes.
The Property is located north of, and adjacent to, 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 2,581 meters (m) in 11 drill holes.
The first two drill holes tested broad, intrusive-related stockwork zones of gold-silver mineralization, with
the remaining holes testing multiple shear-hosted, high-grade precious and base-metal veins. Results for
the remaining nine drill holes will be published once they are obtained and evaluated.
Ken Konkin P. Geo., President and CEO comments
; "Our team is very pleased with the results from
the initial two holes that were completed on Goldstorm's maiden exploration drill program at Electrum.
The holes intersected gold and silver mineralization typical of the grades that were reported in the
discovery holes at Tudor Gold's Treaty Creek Project, 35 km to the north, particularly within the gold-
dominant domains of the Goldstorm Deposit.
The originally discovered precious metal mineralization at
Electrum underlies a prominent silicified knob, which was explored by historical drill holes that were
oriented in the opposite direction from the newly discovered zone. Hole EL-23-01 contains significant
gold mineralization with some anomalous silver at the bottom of the hole, while drill hole EL-23-02 ended
in gold mineralization. Although the mineralized intercepts are approximately 200 m apart, the mineral
continuity appears promising for this system. Further drilling is required to fully test this target laterally
and to depth."
Drill Hole Results
Click to view
plan map and cross section
.
EL-23-01:
This hole targeted a broad, possible porphyry-related area of gold-silver mineralization, that
had been observed in one historical drill hole. The first hole successfully intersected a stockwork vein
system hosted within silicified, fine-grained volcanic rocks that averages
1.13 g/t Au and 6.02 g/t Ag
over 61.5 m
within a broader envelope of
0.77 g/t Au and 4.43 g/t Ag over 111.0 m
.
EL-23-02:
Drilled from the same location as EL-23-01, this hole was oriented steeply to cut moderately
dipping veins at surface and to explore for porphyry-related mineralization at depth. Near-surface
mineralization was successfully intersected with a
37.3 m interval averaging 0.78 g/t Au and 1.65 g/t
Ag
. Further down hole, a
149.0 m intercept returned 0.45 g/t Au and 3.20 g/t Ag
. This hole ended in
mineralization.
Table 1: Drilling Results for the Electrum Property in Press Release October 4, 2023
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Ag (g/t)
EL-23-01
178.50
289.50
111.00
0.77
4.43
including
196.50
258.00
61.50
1.13
6.02
and including
240.70
258.00
17.30
2.07
3.74
and
333.15
334.50
1.35
4.04
66.65
EL-23-02
68.10
105.40
37.30
0.78
1.65
including
84.00
91.00
7.00
2.64
3.15
and
283.00
432.00
149.00
0.45
3.20
including
283.00
311.45
28.45
0.55
3.46
and including
361.50
393.00
31.50
0.86
4.74
and including
421.50
432.00
10.50
0.45
1.97
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 October 4, 2023
Hole ID
UTM E NAD 83
UTM N NAD 83
Elevation (m)
Azi (ᵒ)
Dip (ᵒ)
Depth (m)
EL-23-01
433767
6237853
793
40
-45
444
EL-23-02
433767
6237853
793
50
-80
432
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.
Click to view the location map
.
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.
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 out-look that are incorporated by reference herein, except in accordance with
applicable securities laws.
Electrum Project - Region Area
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Sections Areas – Plan View
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Section A – Viewing Northwest
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To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/182851