Goldstorm Metals Prepares for Upcoming Drill Program at the Electrum Gold Project, Located in British Columbia
Goldstorm Metals Prepares for Upcoming Drill
Program at the Electrum Gold Project, Located
in British Columbia
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2023) - Goldstorm Metals Corp. (TSXV: GSTM)
(FSE: B2U) ("
Goldstorm
" or "
the Company
") is pleased to report that planning is underway to conduct
a diamond drilling program (the "
Program
") on its 100% owned Electrum gold property (the
"
Property
").
The Property is located within the Golden Triangle region of British Columbia, directly
between Newmont Corporation's Brucejack Mine, approximately 20 kilometers (km) to the north, and the
past producing Silbak Premier mine, 25 km to the south.
Click to view the location map.
The upcoming Program at Electrum is anticipated to start at the beginning of August and will include 7 to
9 drill holes totaling approximately 3,000 meters (m).
The Program will focus on historical high-grade
intervals reported from previous drill programs by several different operators.
In previous programs,
several of the drill-tested targets returned high grade results, including
31.40 g/t gold and 19.0 g/t
silver over 2.0 m
and
440.8 g/t gold and 400.0 g/t silver over 0.52 m
.
Drilling will also target areas of gold-bearing surface samples collected by Goldstorm last year within the
historical East Gold Mine area, where intermittent small-scale, underground production between 1939
and 1965 produced 3,816 ounces of gold and 2,442 ounces of silver from 45 tons of hand selected ore.
Sampling and mapping by Tudor Gold Corp. in 2020 further support this prospective target, as a
verification chip sample taken within this area returned values of
101.60 g/t gold and 20,334 g/t silver
.
Click to view the Electrum drill areas.
Ken Konkin P. Geo., President and CEO,
adds: "We are pleased to announce that reconnaissance
targeting of high-priority drill targets has begun. Field crews are examining several areas to prioritize our
most prospective precious and base metal targets in preparation for drilling. In addition, we will be
installing a bridge to replace the temporary structure that was washed out by excessive run-off several
years ago. Once the bridge is installed, we expect to mobilize our Stewart-based drilling equipment to
the Electrum property via the Granduc road, which provides excellent access from Stewart. We look
forward to starting the drilling in a few weeks."
About the Electrum Project
Mineralization on the Electrum Property 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 up to 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 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 significant 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.
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.
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, 25 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 statements
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 Location Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/173836_locationmap.jpg
Electrum Drill Target Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9214/173836_drilltargetmap.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/173836