Loyalist Exploration Reports Exciting Analytical Results from Sampling at the Highly Prospective Springdale Project, Newfoundland
Loyalist Exploration Reports Exciting Analytical Results from Sampling at
the Highly Prospective Springdale Project, Newfoundland
Toronto, Ontario - (The Newswire – June 12, 2024) - Loyalist Exploration Limited
(CSE: PNGC) ("Loyalist" or the "Company") is pleased to announce results from recent
sampling on the Company’s 100% owned Springdale Property (see below under the heading
“Amalgamation of Loyalist and Millbrook Minerals Inc.) (the “Property”) located 320 km
northwest of St John’s Newfoundland. The Property has exceptional logistics and is located in
the core of a well mineralized belt hosting several past producing gold and base metal mines
including the Whalesback / Little Deer Mine (7 MT grading 2% Cu) located 5 km to the north of
the Property and the Little Bay Mine (2 MT grading 2% Cu) located 9 km to the northeast. The
Property hosts the Stirling/Twin Pond deposit with an historic copper resource of 1 MT grading
1% copper (see disclaimer below). All indicators are that the Project presents an exciting
exploration opportunity with outstanding potential for success.
Geological map of the Springdale illustrating rock sampling results.
The results of the samples recently collected from the Project display very prospective results
over widely spaced localities on the Property. They show very significant and prospective
copper, cobalt, gold and silver analytical results that merit comprehensive follow-up. Copper and
cobalt are considered Critical Minerals under the Canadian Minerals and Metals Plan and
Canadian Critical Minerals Strategy. The demand for these minerals is forecast to expand
enormously to supply applications vital to the North American economy and clean energy
initiatives.
The Springdale Property consists of 76 claims covering 2144 ha and encompasses at least ten
copper-cobalt-gold-silver targets including the Stirling deposit, Lady Pond, Twin Pond, Sullivan
Pond, Anvil, Buckshe Brook, and Old Mines mineral occurrences. Historic geological,
geochemical and geophysical surveys have been conducted, and 92 historical drill holes totaling
14,599 m have been completed on the Property. This data provides a solid knowledge base,
prospective exploration results, and multiple exploration targets for future work programs.
Recently collected samples (tabulated below, see locations on map) were collected from widely
spaced localities up to 5.3 km apart on the Property. The Lady Pond occurrence (sample IDs
LP22 and LP24) yielded values ranging from 0.78-19.4% Cu, and up to 0.14% Co. The
significant cobalt concentrations from this locality are distinctly anomalous and not previously
documented. Gold concentrations at Lady Pond ranged up to 1094 ppb. Silver content from
samples at the Old Mine occurrence (sample ID OM24) grade up to 81.7 g/t. Two mineralized
grab samples taken approximately 1700 m southwest of the Buckshe Brook occurrence yielded
values greater than 1% Cu.
Sample
ID NAD83_E NAD83_N Cu_Pct Au_ppb Ag_ppm Co_ppm Co_pct
BB24-01 567319 5486284 1.12 37 1.5 49 ---
BB24-02 567315 5486265 1.59 32 1.7 55 ---
LP24-01 569573 5488421 1.85 77 1.9 173 ---
LP24-02 569573 5488421 1.03 83 1.6 107 ---
LP24-03 4.10 1094 4.4 550 0.111
LP24-04 5.51 903 4.6 550 0.114
LP24-05 569460 5488363 0.78 569 2.6 550 0.140
LP24-06 569510 5488483 1.13 87 0.8 69 ---
OM24-01 565599 5484783 2.43 819 10.5 17 ---
OM24-02 565597 5484784 6.66 272 81.7 64 ---
OM24-03 565603 5484793 2.33 149 12.2 19 ---
LP22-01 569556 5488419 19.40 254 2.9 454
LP22-02 569557 5488416 3.02 97 2.4 59
LP22-03 569457 5488486 6.78 461 4.3 1280
LP22-04 569410 5488477 2.79 218 3 2000
All samples were analysed by Eastern Analytical: samples were submitted to their facility in Springdale,
Newfoundland. Eastern Analytical is accredited under ISO/IEC 17025:2017. Samples were analysed for 34
elements using an ICP-OES trace element analytical package. Over-limits for Cu, Co and Ag were analysed by
ore grade assay AA method.
Amalgamation of Loyalist and Millbrook Minerals Inc.
The Springdale Property, along with the Company’s Rolling Pond and Hungry Hill Projects are
subject to a binding letter of intent for the Loyalist to amalgamate with Millbrook Minerals Inc.
(see Loyalist press release dated June 5, 2024). The Amalgamation is expected to close no later
than September 1, 2024. Following the amalgamation, all of the properties of Loyalist and
Millbrook will be the properties of the amalgamated company.
Disclaimer
The potential quantity and grade of the historic resource at the Sterling Mine is conceptual in
nature and there has been insufficient exploration to define a mineral resource. Loyalist is not
relying on the historic resource. It is uncertain if further exploration will result in the discovery
of a mineral resource.
Dean Fraser, P .Geo, acts as Qualified Person under National Instrument 43-101. Mr. Fraser has
reviewed and approved the technical contents of this news release.
About Loyalist Exploration Limited
Loyalist Exploration Limited is a mineral exploration company focused on acquiring, exploring,
and developing quality mineral properties in Canada.
For further information please visit the Company's website at loyalistexp.ca or contact:
Loyalist Exploration Limited
Loyalist Exploration Limited
Errol Farr, President and CEO
Email: [email protected]
Tel: 647-296-1270
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) have reviewed or accept responsibility fortheadequacy
or accuracy of this release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities
laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of
1995). Such statements or information are identified with words such as "anticipate", "believe", "expect",
"plan","intend","potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future
outcomes or statements regarding an outlook. Such statements include those regarding the exploration opportunity
and potential for success of the projects and the completion of the Amalgamation. Although the Company believes
that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors
in the Company’s securities should not place undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be correct. Forward-looking information and
statements contained in this news release are as of the date of this news release and the Company assumes no
obligation to update or revise this forward-looking information and statements except as required by law.