Scottie Resources Intercepts 7.94 G/T GOLD over 13.2 Metres at Blueberry Contact Zone and Announces Financing /
SCOTTIE RESOURCES INTERCEPTS 7.94 G/T
GOLD OVER 13.2 METRES AT BLUEBERRY
CONTACT ZONE AND ANNOUNCES
FINANCING
/
Not for distribution to
United States
newswire services or for dissemination in
the
United States
/
VANCOUVER, BC
,
Jan. 18, 2024
/CNW/ - Scottie Resources Corp. ("
Scottie
" or the "
Company
")
(TSXV: SCOT) is pleased to report new assays on the Blueberry Contact Zone in
British Columbia's
Golden Triangle, including several high-grade intercepts through the Fifi and Lemoffe vein zones
along the Blueberry Contact. The Blueberry Contact Zone is located 2 kilometres north-northeast of
the 100% owned and royalty free, past-producing high-grade
Scottie Gold Mine
, 35 kilometres north
of the town of
Stewart, BC
, along the Granduc Road.
Highlights:
Drillhole SR23-279 targeted the Blueberry – Fifi – Lemoffe vein zones, intersecting
7.94 grams
per tonne (g/t) gold over 13.2 metres (m)
including
36.1 g/t gold over
2.30 m
(Table 1,
Figures 1,2,3)
Intercepts start at a depth from surface of approximately
200 m
The lower intercept occurs on the siltstone side of the Blueberry Contact Zone
Drillhole SR23-276 targeted the Fifi – Lemoffe vein zones, intersecting
3.02 g/t gold over
5.25
m
including
9.9 g/t gold over
1.25 m
(Table 1, Figures 1,3)
Drillhole SR23-271 intersected
18.7 g/t gold over
1.00 m
on the Lemoffe vein zone (Table 1,
Figures 1,3)
President and CEO,
Brad Rourke
commented: "Results from the Blueberry Contact Zone continue to
define a robust system of high-grade sulphide-rich veins hosted in an envelope of lower-grade
material centred around the near vertical andesite and siltstone contact. We welcome these results
and look forward to releasing the remaining holes over the coming weeks and outlining priorities and
targets for our upcoming drill season."
Table 1:
Selected results from new drill assays (uncut) from the Blueberry Contact Zone.
Drill Hole
From
(m)
To
(m)
Width*
(m)
Gold
(g/t)
Silver
(g/t)
SR23-262
276.00
277.00
1.00
1.51
11
SR23-263
117.00
120.20
3.20
2.26
94
SR23-263
143.00
144.00
1.00
1.18
7
SR23-263
170.00
172.00
2.00
1.62
0
SR23-266
39.00
41.00
2.00
1.15
3
SR23-270
67.00
68.00
1.00
1.61
5
SR23-271
58.80
59.80
1.00
1.30
44
SR23-271
144.80
145.80
1.00
2.17
3
SR23-271
153.40
154.40
1.00
18.7
16
SR23-272
191.00
193.00
2.00
1.30
0
SR23-274
257.11
261.65
4.54
2.88
3
SR23-274
387.00
389.00
2.00
1.35
17
SR23-274
408.54
409.54
1.00
1.50
13
SR23-276
152.00
158.00
6.00
2.63
26
SR23-276
164.00
166.00
2.00
1.30
3
SR23-276
167.00
168.00
1.00
1.11
7
SR23-276
281.00
282.00
1.00
3.07
5
SR23-276
290.00
291.50
1.50
2.07
16
SR23-276
294.00
297.00
3.00
2.46
45
SR23-276
300.00
305.25
5.25
3.02
9
SR23-276
including
304.00
305.25
1.25
9.90
19
SR23-277
31.00
32.70
1.70
1.18
0
SR23-279
82.00
83.00
1.00
1.34
4
SR23-279
200.00
213.20
13.20
7.94
7
SR23-279
including
206.00
208.30
2.30
36.1
27
SR23-280
157.70
158.70
1.00
1.53
10
*True width of the intervals has not yet been established by drilling
Figure 1: Overview plan view map of the Blueberry Contact Zone, illustrating the locations of the
reported drill results, cross-section (Figure 2), and the distribution of the modelled sulphide-rich
cross-structures. (CNW Group/Scottie Resources Corp.)
Figure 2: Cross-section highlighting the recent intercept in SR23-279 relative to previously release
intercepts of the vein structures. (CNW Group/Scottie Resources Corp.)
About the Blueberry Contact Zone
The Blueberry Contact Zone is located just 2 kilometres northeast of the 100% owned, past-
producing
Scottie Gold Mine
located in
British Columbia, Canada's
Golden Triangle region. Historic
trenching and channel sampling of the Blueberry Vein include results of 103.94 g/t gold over 1.43
metres, and 203.75 g/t gold over 1.90 metres. Despite high-grade surficial samples and easy road
access, the Blueberry Vein had only limited reported drilling prior to the Company's exploration work.
The target was significantly advanced during Scottie's 2019 drill program when an interval grading
7.44 g/t gold over 34.78 metres was intersected in a new N-S oriented zone adjacent to the main
Blueberry Vein. The drill results received from 2020 - 2023, coupled with surficial mapping and
sampling suggest that the N-S mineralized trend is a first order structure that hosts an array of SW-
trending, sub-parallel, sulphide-rich veins that obliquely crosscut it which host high-grade gold. As of
the end of 2022, the extent of the N-S zone, defined by the contact between andesite and siltstone
units of the Hazelton Formation and the presence of the cross-cutting sulfide-rich structures, has a
drilled strike length of 1,550 metres and has been tested to 400 metres depth. The Blueberry
Contact Zone is located on the Granduc Road, 20 kilometres north of the Ascot Resources' Premier
Project, which is fully financed for construction. Newmont's Brucejack Mine is located 25 kilometres
to the north.
Figure 3: Segmented vertical long section of the Blueberry Contact Zone illustrating the distribution
and status of drilled targets from the 2023 season and the reported results thus far, relative to
intercepts from previous drilling campaigns. (CNW Group/Scottie Resources Corp.)
Financing
The Company also announces a non-brokered private placement of securities for aggregate gross
proceeds of up to
$5,000,000
(the "
Offering
").
The Offering will be comprised of a combination of: (i) non-flow-through units (the "
NFT
Units
") to
be sold at a price of
$0.18
per NFT Unit for aggregate gross proceeds of up to
$2,000,000
(the
"
NFT Offering
"); and (ii) flow-through units (the "
Charity FT
Units
") to be sold at a price of
$0.27
per Charity FT Unit for aggregate gross proceeds of up to
$3,000,000
(the "
Charity FT Offering
").
Each NFT Unit will be comprised of one common share in the capital of the Company (a
"
Common
Share
") and one-half of one common share purchase warrant (each whole warrant, a
"
Warrant
"). Each Charity FT Unit will be comprised of one Common Share that will qualify as a
"flow-through share" within the meaning of subsection 66(15) of the
Income Tax Act
(
Canada
) (the
"
Tax Act
") and one-half of one Warrant. The Warrants for all units will be subject to the same terms,
with each Warrant entitling the holder thereof to purchase one Common Share (a "
Warrant Share
")
for a period of three (3) years from the date of issuance at an exercise price of
$0.28
per Warrant
Share.
The Company intends to use the gross proceeds raised from the Charity FT Offering for exploration
and related programs on the Company's Scottie Gold Mine Project property which includes the
Blueberry Contact Zone, and the gross proceeds from the NFT Offering for general working capital
and administrative purposes.
The entire gross proceeds from the Charity FT Offering will be used for Canadian Exploration
Expenses as such term is defined in paragraph (f) of the definition of "Canadian exploration expense"
in subsection 66.1(6) of the Tax Act, and "flow through mining expenditures" as defined in subsection
127(9) of the Tax Act that will qualify as "flow-through mining expenditures", and "BC flow-through
mining expenditures" as defined in subsection 4.721(1) of the
Income Tax Act
(
British Columbia
),
which will be incurred on or before
December 31, 2025
and renounced with an effective date no
later than
December 31, 2024
to the initial purchasers of Charity FT Units.
The Company may pay finders' fees comprised of cash and non-transferable warrants in connection
with the Offering, subject to compliance with the policies of the TSX Venture Exchange. All securities
issued and sold under the Offering will be subject to a hold period expiring four months and one day
from their date of issuance. Completion of the Offering and the payment of any finders' fees remain
subject to the receipt of all necessary regulatory approvals, including the approval of the TSX
Venture Exchange.
Termination of the Independence and Silver Crown Option Agreement
Scottie reports that the corporation has terminated the Independence and Silver Crown Property
Option Agreement that was entered into by AUX Resources Ltd. on
June 5, 2020
, and will have no
further interest in the property. 100% of all rights, title and interest will revert back to
Richard
Billingsley
. Scottie acquired the option agreement when it merged with AUX Resources Ltd. in 2021.
Quality Assurance and Control
Results from samples taken during the 2023 field season were analyzed at SGS Minerals in
Burnaby, BC
. The sampling program was undertaken under the direction of Dr.
Thomas Mumford
. A
secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed
using a fire assay with atomic absorption spectrometry and gravimetric finish when required (+9 g/t
gold). Analysis by four acid digestion with multi-element ICP-AES analysis was conducted on all
samples with silver and base metal over-limits being re-analyzed by emission spectrometry.
Dr.
Thomas Mumford
, P.Geo., a qualified person under National Instrument 43-101, has reviewed
the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the Scottie Gold Mine Property which includes the Blueberry
Contact Zone and the high-grade, past-producing
Scottie Gold Mine
. Scottie also owns 100%
interest in the Georgia Project which contains the high-grade past-producing
Georgia River Mine
, as
well as the Cambria Project properties and the Sulu and Tide North properties. Altogether Scottie
Resources holds approximately 58,500 hectares of mineral claims in the Stewart Mining Camp in the
Golden Triangle.
The Company's focus is on expanding the known mineralization around the past-producing mines
while advancing near mine high-grade gold targets, with the purpose of delivering a potential
resource.
All of the Company's properties are located in the area known as the Golden Triangle of
British
Columbia
which is among the world's most prolific mineralized districts.
Forward Looking Statements
This news release may contain forward–looking statements. Forward looking statements are
statements that are not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although
the Company believes the expectations expressed in such forward–looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking statements. Forward–looking statements
are based on the beliefs, estimates and opinions of the Company's management on the date such
statements were made. The Company expressly disclaims any intention or obligation to update or
revise any forward–looking statements whether as a result of new information, future events or
otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of
accuracy of this release.
SOURCE
Scottie Resources Corp.
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For further information:
Brad Rourke, President and CEO, +1 250 877 9902,
[email protected]; Gordon Robb, Business Development, +1 250 217 2321,
CO: Scottie Resources Corp.
CNW 07:30e 18-JAN-24