Venus Copper Project First Pass Drilling Delivers Positive Results
Venus Copper Project First Pass Drilling Delivers Positive Results
VANCOUVER, April 2, 2020 - Altan Nevada Minerals Ltd. (TSX.V: ANE) ("Altan Nevada" or the "Company")
is pleased to announce the results of recent drilling at its Venus Copper Project (the "Venus Project").
Exploration Program Highlights:
• The first ever drillholes into the Venus Project were completed: Highlighting high priority
targets at the Venus Project.
• Mineralised porphyry quartz monzonite of the Yerington Batholith suite has been intersected:
Porphyry quartz monzonite with cross cutting dikes of quartz monzonite porphyry was
intersected beneath moderate cover.
• Assays confirm copper, gold and silver mineralisation in two holes: Mineralisation as blebs and
disseminated grains of pyrite and chalcopyrite associated with coarse-grained epidote and
calcite intersected in drilling.
• Multiple targets identified for follow up drill testing: Three priority targets remain untested
and further drilling is required adjacent to the porphyry quartz monzonite.
Figure 1 – Altan Nevada claims shown in red and Nevada Copper claims in grey and blue.
The Venus Project, which is 100% owned by Altan Nevada (Figure 1) , is located within the Yerington
copper porphyry district in the Walker Lane mineralized belt in Nevada . Altan Nevada 's decision to
advance exploration at the Venus Project coincides with development at Nevada Copper Corp. 's (TSX:
NCU) ("Nevada Copper") Pumpkin Hollow Copper Mine ("Pumpkin Hollow") immediately to the north
and less than one mile from the tenement boundary.
2
Drilling Results
The first ever drillholes into the Venus Project were completed in October 2019. Four holes totalling
1300m were drilled into geochemical, geophysical and geological targets (Figure 2). The host of copper
mineralisation at Pumpkin Hollow is dominantly Triassic and Jurassic sediments of both the Gardner Valley
and Mason Valley Formations . Copper m ineralisation is associated with the Jurassic age Yerington
Batholith and related porphyritic/granite dikes.
Figure 2 – Shown are Nevada Copper's deposit locations (red) with mapped structures in black and Altan
Nevada's drilling locations (pink dots). The surface projection of 3D geophysical targets within the Venus project
are shown as chargeability/IP in blue (>6 mV/V) and magnetics in red (>12 x 10 -3 SI).
The first drillhole (19VNDD001) targeted a magnetic/ chargeable high in an area with outcropping copper-
gold bearing quartz veins. The hole was collared in Triassic volcanics (andesite) and remained in andesite
the entire hole. Numerous quartz rich fractured Jurassic granitic dykes intrude the andesite . The hole
intersected copper mineralization towards the bottom of the drill hole in porphyritic granitic dikes and
andesite, with mineralisation as blebs and disseminated grains of pyrite and chalcopyrite associated with
3
coarse-grained epidote and calcite (Figure 3). There are z ones of elevated copper and gold throughout
the hole. The best results were 101.7-102.8m (0.80 g/t Au, 0.5 g/t Ag, 169 ppm Cu), 286.5-289.6m (0.13
g/t Au, 0.4 g/t Ag, 951 ppm Cu) and 367.6-368.5m (0.36g/t Au, 2225 ppm Cu). The hole was abandoned
at 372m due to poor drilling conditions.
Figure 3 – 19VNDD001 (299.6m). Mineralisation as blebs and disseminated grains of pyrite and chalcopyrite
associated with coarse-grained epidote and calcite
The second hole (19VNDD002) targeted a surface soil geochemical anomaly and an isolated chargeability
feature close to the Nevada Copper claim boundary. The hole went through 269m of Quaternary
colluvium and Tertiary volcanic cover rock. A fault appears to have thickened the Tertiar y sequence.
Jurassic porphyry quartz monzonite was intersected below 269m, with cross cutting dikes of Jurassic
quartz monzonite porphyry to a depth of 30 5m. Again, t he hole intersected copper mineralization /
alteration once it entered Jurassic aged rocks . The highest copper (293.8-304.8m, 371ppm Cu and 0.03
g/t Ag) is hosted in a Jurassic quartz monzonite porphyry dike associated with minor disseminated pyrite
and chalcopyrite grains and accompanying elevated iron and s ulphur values. The hole ended in weak
mineralisation.
The third and fourth holes (19VNDD003 and 19VNDD003A) were c ollared in Tertiary volcanic cover
targeting a north-south magnetic structure and a deep chargeability zone. Hole 19VNDD003 was lost at
188m so the hole was re-drilled (19VNDD003A). The hole was stopped in Tertiary volcanic cover (412m).
As the Triassic/Jurassic basement was not intersected, no samples were submitted from this drill hole for
assay.
In 1973 the Anaconda Company drilled hole KM-79 directly north of hole 19VNDD001, just outside Altan
Nevada's claims. After 47m of Quaternary colluvium It intersected andesites/ amphibolite an d
encountered blebs of chalcopyrite associated with calcite veins from 227m to the end of the hole at 239m.
There is no assay data available for this hole.
Discussion
4
On the eastern side of the NNW regional fault the Tertiary volcanic cover increases in thickness from 269m
(19VNDD002) to more than 412m (19VNDD003A) from north to south. On the western side the fault the
lower Triassic andesite outcrops (19VNDD001) and is weakly mineralised. Chalcopyrite m ineralisation
increases with depth and proximity to porphyritic intrusives.
Beneath the cover on the eastern side of the fault , hole 19VNDD002 intersected and ended in weakly
mineralised Jurassic porphyry quartz monzonite of the Yerington Batholith suite. Mineralisation increases
with depth and proximity to porphyritic dykes. The presence of weakly mineralised porphyry quartz
monzonite of the Yerington Batholith suite on the Venus Project is significant as the known underground
and open pit deposits at Pumpkin Hollow are skarn/IOCG-style deposits, the source of which is expected
to be an undiscovered porphyry system. There is scope for further drilling around 19VNDD002.
The magnetic response of the Triassic andesite is weak in areas of known /shallow outcrop. 19VNDD001
was weakly magnetic in places. As the Pumpkin Hollow mineralisation is associated with a high magnetic
response, the untested magnetic feature (>1% magnetite equivalent) west of KM -79 remains a high
priority drill target (Figure 4).
Figure 4 – Altan Nevada's drilling locations (pink dots). The surface projection of 3D geophysical targets within
the Venus project are shown as chargeability/IP in blue (>6 mV/V) and magnetics in red (>12 x 10-3 SI).
Remaining targets circled in pink. The area surrounding 19VNDD02 remains a drill target.
5
In summary, the Venus Project is still considered to have potential for the discovery of new deposits
similar in style to Pumpkin Hollow. It also has the potential for the discovery of buried porphyry -style
copper mineralization with characteristics similar to the Yerington Mine.
Planned Activities for the Venus Project in 2020
Follow-up drilling is required adjacent to hole 19VNDD002. Three other targets previously identified on
the Venus project still require first pass drill testing. The three targets are approved for drilling and have
earthworks completed. Additional drilling around 19VNDD001 would require permitting.
Quality Assurance and Quality Control
The analytical work was performed by American Assay Labs (AAL) located in Sparks, Nevada. AAL is an
ISO/IEC 17025 accredited and NDEP Approved laboratory. Drill core samples were crushed so that >70%
passes 10 mesh, followed by pulverizing of a 250g riffle split sample to >85% passes - 150 mesh. Prepared
samples were run using a three acid digestion process and conve ntional ICP -AES analysis. Gold
determination was via ICPMS Finish after a 30-gram fire-assay (FA) analysis. Blank, standard and pulp
duplicate samples were routinely inserted and monitored for quality assurance and quality control. Altan
Nevada detected no significant QA/QC issues during review of the data and is not aware of any drilling,
sampling, recovery or other factors that could materially affect the accuracy or reliability of the data
referred to herein.
About Altan Nevada's Venus Project
Located on-strike from Pumpkin Hollow, Altan Nevada's Venus Project consists of 111 unpatented mining
claims covering approximately 2,165 acres (~8.76 km²), all situated on Bureau of Land Management
(Federal) land.
Contact:
Paul Stephen (CEO)
Perth, Australia
Phone: +61 9322 1788
Email: [email protected]
John L C Jones (Chairman)
Perth, Australia
Phone: +61 9322 1788
Email: [email protected]
Altan Nevada Minerals Ltd
Suite 1700, 666 Burrard Street
Vancouver BC Canada V6C 2X8
NI 43-101 Statement
The scientific and technical information in this news release has been reviewed and approved by Mr. Barry
Bourne, who is employed as a Consultant to the Company through geophysical consul tancy Terra
Resources Pty Ltd. Mr. Bourne is a fellow of the Australian Institute of Geoscientists and a member of the
6
Australian Society of Exploration Geophysicists , and a Qualified Person under the terms of National
Instrument 43-101. Mr. Bourne has verified the technical data disclosed in this news release.
Cautionary Statement on Forward-Looking Information
Certain statements in this release constitute "forward-looking statements " or "forward-looking
information" within the meaning of applicable securities laws, including without limitation , statements
regarding commencing drill testing in 2019 and statements regarding good potential for the discovery of
new deposits at the Venus Project.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company, or industry results, to be materially different
from any future results, performance or achievements expressed or impli ed by such forward -looking
statements or information. Such statements can be identified by the use of words such as "may", "would",
"could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast",
"predict" and other similar terminology, or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current
expectations regarding future events, performance and results and speak only as of the date of this
release.
All such forward-looking information and statements are based on certain assumptions and analyses made
by Altan Nevada's management in light of their experience and perception of historical trends, c urrent
conditions and expected future developments, as well as other factors management believe are
appropriate in the circumstances. These statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual e vents or results to differ materially from those
projected in the forward -looking information or statements including, but not limited to, unexpected
changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties
to contracts to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of
exploration programs or other studies to deliver anticipated results or results that would justify an d
support continued studies and exploration.
Readers are cautioned not to place undue reliance on forward-looking information or statements.
Although the forward -looking statements contained in this news release are based upon what
management of Altan Nevada believes are reasonable assumptions, the company cannot assure investors
that actual results will be consistent with these forward -looking statements. These forward -looking
statements are made as of the date of this news release and are expressly qualified in their entirety by this
cautionary statement. Subject to applicable securities laws, the company does not assume any obligation
to update or revise the forward -looking statements contained herein to reflect events or circumstances
occurring after the date of this news release.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this news release.
7
Appendix 1: Drill Data Table
Collar Table (WGS84, UTM Z11N)
Hole ID East North Elevation Depth
19VNDD001 322622.0 4307987.0 1483.43 372.31
19VNDD002 323565.9 4308787.0 1421.12 304.80
19VNDD003 323729.3 4306527.8 1475.67 212.14
19VNDD003A 323728.6 4306528.0 1468.73 411.48
Assay Results
Hole_ID From_Depth To_Depth Au_ppb Ag_ppm Cu_ppm Fe_pct Pb_ppm S_ppm
19VNDD001 85.65 87.17 5 -0.1 16 2.8374 13 85
19VNDD001 87.17 88.91 4 0.2 16 2.8918 16 47
19VNDD001 88.91 90.07 6 0.2 32 3.8367 18 88
19VNDD001 90.07 91.44 4 -0.1 43 4.5043 17 37
19VNDD001 91.44 92.96 9 0.1 109 5.5987 14 42
19VNDD001 92.96 94.52 9 0.2 134 5.3496 15 58
19VNDD001 94.52 96.32 5 0.1 25 2.0668 21 53
19VNDD001 96.32 98.15 3 -0.1 13 1.5546 22 69
19VNDD001 98.15 99.73 4 -0.1 17 2.403 16 113
19VNDD001 99.73 101.65 6 0.1 52 4.6719 18 30
19VNDD001 101.65 102.78 799 0.5 169 3.841 505 61
19VNDD001 102.78 104.7 14 0.1 104 7.3491 13 30
19VNDD001 104.7 106.38 10 0.1 87 6.6016 20 41
19VNDD001 106.38 108.14 12 0.1 99 6.5289 15 47
19VNDD001 108.14 109.42 3 -0.1 26 2.7561 40 31
19VNDD001 109.42 110.7 5 0.3 27 2.3793 32 39
19VNDD001 110.7 111.25 3 -0.1 44 4.399 20 53
19VNDD001 111.25 112.01 3 -0.1 17 2.005 21 37
19VNDD001 112.01 113.48 -3 0.2 61 3.6018 22 30
19VNDD001 113.48 115.52 3 -0.1 41 2.2508 30 53
19VNDD001 115.52 116.74 7 0.2 140 5.129 24 52
19VNDD001 116.74 118.26 5 0.2 123 5.0956 25 31
19VNDD001 118.26 119.79 8 0.2 211 5.2362 24 37
19VNDD001 119.79 121.31 8 0.1 201 4.3812 27 44
19VNDD001 121.31 122.83 9 0.1 203 5.054 26 45
19VNDD001 122.83 123.93 6 0.1 177 5.2675 28 30
19VNDD001 123.93 125.58 -3 0.1 29 2.5036 29 28
19VNDD001 125.58 127.41 -3 -0.1 15 2.5517 30 237
19VNDD001 127.41 128.93 3 -0.1 25 2.125 23 54
19VNDD001 128.93 130.52 5 0.1 52 2.5591 26 89
19VNDD001 130.52 131.98 3 -0.1 69 4.0946 25 30
19VNDD001 131.98 133.5 4 -0.1 63 4.3528 22 45
8
Hole_ID From_Depth To_Depth Au_ppb Ag_ppm Cu_ppm Fe_pct Pb_ppm S_ppm
19VNDD001 133.5 135.03 -3 -0.1 17 2.8822 24 23
19VNDD001 135.03 136.55 -3 -0.1 14 3.2117 24 27
19VNDD001 136.55 138.07 -3 -0.1 19 2.8218 21 23
19VNDD001 138.07 139.57 -3 -0.1 30 3.2891 31 41
19VNDD001 139.57 140.82 4 -0.1 67 3.5379 23 25
19VNDD001 140.82 142.34 4 -0.1 50 4.6795 21 60
19VNDD001 142.34 143.87 5 -0.1 162 5.2417 19 182
19VNDD001 143.87 145.39 6 0.1 179 6.6304 12 46
19VNDD001 145.39 146.91 11 0.1 168 5.4389 19 37
19VNDD001 146.91 148.44 5 -0.1 143 4.5559 14 88
19VNDD001 148.44 149.96 5 0.2 128 4.6301 13 81
19VNDD001 149.96 151.18 6 0.2 179 5.2379 26 3354
19VNDD001 151.18 152.55 4 0.2 141 4.7066 24 1803
19VNDD001 152.55 154.23 -3 -0.1 24 2.3573 20 77
19VNDD001 154.23 155.45 -3 -0.1 16 2.0321 14 35
19VNDD001 155.45 156.97 -3 -0.1 14 2.3622 14 35
19VNDD001 156.97 158.5 -3 -0.1 21 1.9972 15 147
19VNDD001 158.5 160.02 19 0.2 18 2.1848 13 91
19VNDD001 160.02 161.54 4 -0.1 18 2.2236 15 49
19VNDD001 161.54 163.07 -3 -0.1 10 1.5866 13 40
19VNDD001 163.07 164.9 -3 0.1 10 1.5268 15 30
19VNDD001 164.9 166.73 4 0.2 25 2.4502 18 162
19VNDD001 166.73 168.83 8 0.2 107 4.9156 21 65
19VNDD001 168.83 170.38 6 0.2 138 4.4756 36 46
19VNDD001 170.38 171.91 5 -0.1 110 4.7483 21 42
19VNDD001 171.91 173.43 24 0.1 150 4.7873 16 132
19VNDD001 173.43 174.96 15 -0.1 136 4.7367 15 100
19VNDD001 174.96 176.48 9 -0.1 122 4.3087 16 81
19VNDD001 176.48 178 7 -0.1 132 4.908 15 37
19VNDD001 178 179.22 10 -0.1 152 5.0889 14 72
19VNDD001 179.22 180.44 19 0.1 163 4.5819 17 108
19VNDD001 180.44 181.9 9 -0.1 159 4.2457 16 57
19VNDD001 181.9 183.49 14 -0.1 116 5.8247 14 135
19VNDD001 183.49 184.71 9 -0.1 131 5.9757 21 583
19VNDD001 184.71 185.93 6 0.2 118 5.1465 21 137
19VNDD001 185.93 187.45 3 -0.1 34 2.1233 18 251
19VNDD001 187.45 188.98 -3 -0.1 9 1.3281 23 162
19VNDD001 188.98 190.5 -3 -0.1 15 2.1039 24 61
19VNDD001 190.5 192.12 20 0.2 117 3.052 23 292
19VNDD001 192.12 193.85 5 0.1 112 5.1558 29 144
19VNDD001 193.85 195.38 7 0.1 127 5.3991 23 163
19VNDD001 195.38 197.21 9 0.1 134 5.393 21 193
19VNDD001 197.21 198.73 36 0.1 125 5.085 24 774
19VNDD001 198.73 200.56 6 -0.1 108 4.5462 22 175