Stuhini Exploration Ltd. Provides Shareholder Update
Stuhini Exploration Ltd. Provides Shareholder
Update
VANCOUVER
,
Nov. 22, 2019
/CNW/ - Stuhini Exploration Ltd. (the "
Company
" or "
Stuhini
") (
TSX-
V: STU
) provides the following update since completion of its initial public offering and listing on the
TSX Venture Exchange in late May of this year. The Company was able to secure a geological team
for a modest 7 day work program based out of
Atlin
in late August. The plan for this program was
threefold:
to conduct work on the Metla Phase 1 exploration program
to conduct further diligence on the Ruby Creek property which the Company has under option
subject to both shareholder approval and exchange approval
to conduct initial due-diligence exploratory work on another attractive and prospective property
as the Company is looking at additional projects of merit that would be accretive to shareholder
value.
Metla Project Update:
This year's work program on the Metla Property, located in
Northwestern British Columbia
approximately 150 kilometers (km) south of
Atlin
, consisted of 12 man-days on site during which
time existing drill targets in zones A, B & C were reviewed and 15 rock samples were collected from
a new zone in recently deglaciated terrain proximal to the eastern VTEM anomaly identified in the
2018 survey.
Rock samples were primarily diorite with chloritic and sodic alteration, variable quartz veining and
trace to 5% sulfide concentrations comprising pyrite +/- chalcopyrite +/- bornite and +/- malachite.
Nine samples, which constitute 60% of the sampled material, returned assays greater than 0.1 g/t
gold (Au). These samples span an area 750 meters (m) in length. Of particular note was sample
ALW19-004 of bornite and chalcopyrite bearing quartz/potassium feldspar veins hosted within
diorite, which assayed at 1.82g/t Au, 4.66% Cu, 31 g/t Ag and 0.3g/t Pd.
Four of the samples collected returned copper values greater than 0.5%. Notably sample ALW19-
004, mentioned above, containing 4.66% Cu and sample # 1893129,
300 m
to the south and with
similar lithology, contained 1.67% Cu.
Dave O'Brien
, President and CEO commented: "We are pleased that we were able to bring in 3
geologists on short notice to our Metla Project to both review existing drill targets and to follow-up
on exploration targets generated from our 2018 Airborne VTEM geophysical survey. The discovery
of bornite in multiple float samples collected along the edge of the receding glacier is compelling as it
also highlights the Metla project as having porphyry potential at this early stage."
Ruby Creek Update:
During this past summer, the Company was able to conduct further diligence on the road-accessible
Ruby Creek project, located in
Northern British Columbia
20km east of the town of
Atlin
. To this end,
soil, rock and float surface samples were collected from various target areas.
The Company also recently filed on SEDAR a National Instrument 43-101 Technical Report entitled:
"Technical Report on the Ruby Creek Project within the Atlin Gold camp
British Columbia Canada
".
The Technical Report was filed concurrently with the Company's Information Circular pertaining to
the Company's upcoming AGM scheduled for
Nov 28, 2019
at which time shareholders will be asked
to approve the Ruby Creek Option Agreement.
The Qualified person under National Instrument 43-101 for this news release is
Andrew Wilkins
, P.
Geo., who has reviewed and approved its contents.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious
and base metals properties: The Company wholly owns the Metla Property located in
Northwestern
British Columbia's
Golden Triangle and has entered into an option agreement on the road accessible
Ruby Creek Property near
Atlin British Columbia
, subject to both exchange and shareholder
approval.
Additional information on the Company and the Metla Property can be found in the Company's
prospectus dated
Feb. 15, 2019
, as filed on SEDAR. Additional information about the Ruby Creek
Property can be found on Sedar and on the Company's website at
www.Stuhini.com
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities
legislation. Such forward
looking statements concern Stuhini's strategic plans, timing and
expectations for the Company's exploration and drilling programs at Metla, information projected
from sampling results, and approvals for the Ruby Creek Option Agreement. Such forward
looking
statements or information are based on a number of assumptions, which may prove to be
incorrect. Assumptions have been made regarding, among other things: conditions in general
economic and financial markets; accuracy of assay results and availability of mining equipment
and skilled labor; timing and amount of capital expenditures; performance of available laboratory
and other related services; and future operating costs. The actual results could differ materially
from those anticipated in these forward
looking statements as a result of the risk factors including:
the timing and content of work programs; results of exploration activities and development of
mineral properties; the interpretation of drilling results and other geological data; the uncertainties
of resource estimations; receipt, maintenance and security of permits and mineral property titles;
environmental and other regulatory risks; project costs overruns or unanticipated costs and
expenses; availability of funds and general market and industry conditions. Forward-looking
statements are based on the expectations and opinions of the Company's management on the date
the statements are made. The assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be imprecise and, as such,
readers are cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date the statements were made. The Company undertakes no obligation to
update or revise any forward-looking statements included in this news release if these beliefs,
estimates and opinions or other circumstances should change, except as otherwise required by
applicable law.
Neither the 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.
SOURCE
Stuhini Exploration
View original content:
http://www.newswire.ca/en/releases/archive/November2019/22/c6568.html
%SEDAR: 00046568E
For further information:
Dave O'Brien, President and CEO, Stuhini Exploration Ltd.,
[email protected], Phone: 604 418-4019, Web: www.stuhini.com
CO: Stuhini Exploration
CNW 12:10e 22-NOV-19