Sterling Metals Commences Diamond Drilling at its Adeline Project in Labrador
Sterling Metals Commences Diamond Drilling at its Adeline Project in Labrador
August 29, 202 3 – Toronto, Ontario – Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF ) (“Sterling
Metals” or the “Company”) is pleased to announce the commencement of its 2,000-meter inaugural
diamond drilling program at the Adeline project (“Adeline” or the “Project”) in Labrador, Canada.
The drill program will initially aim to test the Ellis Main prospect (Figure 1), which was the subject of recent
trenching and past historical work including the strongest mineralization encountered to date in hole SL-
11-10 from 90.6 m where 7.9 m @ 1.76% Cu and 56.2 g/t Ag was intercepted on trend from a surface
trench of 4.5 m of 2.5% Cu, 94.3 g/t Ag (2011, Playfair Mining Ltd.). The Ellis Main prospect is exposed in
a series of 11 trenches along the western end of Seal Lake. Re-modelling of IP data collected by Noranda
in the early 90s indicates that the discovery hole intercepted at Ellis was just the very edge of a broad
Induced Polarization (IP) anomaly located at the intersection of a prominent crosscutting structure and
the key copper mineralization hosting sedimentary beds.
In addition to the Ellis target, multiple targets exist within the 100% owned 44km x 7km basin. These
targets continue to be advanced through the compilation and analysis of previous exploration data, re-
logging of available core on site and in Goose Bay, and new field work by the on site geological team.
Mathew Wilson, CEO comments, “We are excited to commence our first drilling program at Adelin e,
kicking off from the Ellis Main prospect. Since acquiring this project in March, the data we have compiled
has only made this project more attractive – which is always a good thing in exploration. The size and
grades of copper and silver found in this basin combined with it residing in the attrac tive jurisdiction of
Labrador make this a very unique project. We look forward to updating the market as we begin what will
hopefully be the first step in playing a large role in securing Canada’s future copper supply.”
Figure 1: Ellis Main Prospect and Additional copper occurrences at the Adeline Project
About the Adeline Project, Labrador
Comprised of roughly 30,000 hectares and a 44 km strike of copper-silver-rich terrain, Adeline covers the
youngest middle Mesoproterozoic volcano -sedimentary sequences, known as the Seal Lake Group. The
Seal Lake Group consists of supracrustal argillaceous and arenaceous sedimentary rocks, intercalated with
basalt flows and intruded by gabbro sills. The volcano -sedimentary rocks formed as a result of extensive
continental sedimentation from the transition from subaerial to shallow-marine during a rift-related cycle
of uplift and erosions.
While sediment-hosted stratiform copper deposits are widespread, economically significant occurrences
are infrequent. These deposits contribute to roughly 20 percent of global copper production and known
reserves. Supergiant and giant deposits are formed i n basins that experienced extended periods of fluid
flow, where specific conditions facilitated the accumulation of substantial quantities of metal -rich fluid,
ample reduced sulfur, and significant amounts of reductants.
Option Grant
In addition, the Compa ny announces that it has granted an aggregate of 175,000 options to purchase
common shares of the Company exercisable at a price of $0.15 per common share for a period of two (2)
years to consultants and employees of the Company. The common shares issuable upon exercise of the
options are subject to a four month hold period from the original date of grant.
Qualified Person
Jeremy Niemi , P.Geo., Senior Vice President of Exploration and Evaluation to Sterling Metals, and a
Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Minerals
Projects, has reviewed and approved the technical information presented herein.
About Sterling Metals
Sterling Metals (TSXV: SAG and OTCQB: SAGGF) is a mineral exploration company focused on large scale
and high-grade Canadian exploration opportunities. The Company is advancing the Adeline Project in
Labrador which covers an entire sediment-hosted copper belt, with demonstrated potential for important
new copper discoveries with significant silver credits, and the Sail Pond Project in Newfoundland.
For more information, please contact:
Sterling Metals Corp.
Mathew Wilson, CEO and Director
Tel: (416) 643-3887
Email: [email protected]
Website: www.sterlingmetals.ca
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.
This news release contains certain “forward-looking information” within the meaning of applicable
securities laws. Forward looking information is frequently characterized by words such as “plan”, “expect”,
“project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed”
and other similar words, or statements that certain events or conditions “may” or “will” occur. These
statements are only predictions. Forward-looking information is based on the opinions and estimates of
management at the date the information is provided, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ materially from those projected in the
forward-looking information. For a description of the risks and uncertainties facing the Company and its
business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The
Company undertakes no obligation to update forward-looking information if circumstances or
management’s estimates or opinions should change, unless required by law. The reader is cautioned not
to place undue reliance on forward-looking information.