SKRR Exploration Inc. Announces Work Program on the Ithingo Lake Project, Saskatchewan
SKRR Exploration Inc. Announces Work
Program on the Ithingo Lake Project,
Saskatchewan
VANCOUVER, BC,
Oct. 7, 2021
/CNW/ - SKRR Exploration Inc. (TSXV: SKRR) (OTC Pink:
SKKRF) (FSE: B04Q) ("
SKRR
" or the "
Company
") announces that it has approved a
$289,000
budget to explore the Ithingo Lake Project during the fall of 2021. The program will consist of 3
ground geophysics surveys conducted over the Ithingo Lake Main Zone and nearby areas. Surveys
include: an Induced Polarization (IP) / Resistivity, Total Field Magnetics and Small Moving Loop Time
Domain Electromagnetic (SMLTEM) surveys. These ground geophysics surveys will provide
supportive sub-surface interpretation of key geological features that are expected to control the
placement and prospective continuation of mineralization including lithological, structural and
hydrothermal alteration. Follow-up exploration including additional mapping, structural interpretation
and drilling is planned for 2022.
Under the terms of the option agreement with Edge Geological Consulting Inc., SKRR may earn-in
up to a 100% interest in the Property. The Ithingo Lake Project consists of 13 contiguous claims,
covering 3,241 ha and is situated in the north-central region of the province of
Saskatchewan
,
approximately 125 km northeast of the village of
Buffalo Narrows
and approximately 235 km to the
northwest of the town of
La Ronge, SK
.
Program Details
Phase 1 of the exploration program will consist of a series of ground geophysical surveys to be
conducted over the Ithingo Lake Main Zone and nearby areas. Discovery International Geophysics
has been contracted to complete the following; 13 line-km of Induced Polarization (IP) / Resistivity,
13 line-km of Total Field Magnetics and 6 line-km of Small Moving Loop Time Domain
Electromagnetic (SMLTEM) surveys. The geophysical crew will work out of an on-site temporary
field camp. Access to the work area will be on foot with the program expected to take up to 28
days and thus completed during the month of October 2021.
The detailed IP / Resistivity survey (
50m
line spacing) is required to help identify areas of high
sulphide concentrations. Past workers have emphasized the association of gold mineralization in
quartz veins with high sulphide content. The effective depth of penetration of the planned survey is
approximately
150m
below surface, which will enable identification of sulphidic zones below the
deepest mineralization drilled to date at about
90m
below surface.
The ground magnetics survey (
50m
line-spacing) will help explain the connection between
mineralization and structure in the Main Zone resource area. It will also define a linear magnetic zone
thought to be associated to a silicate facies iron formation horizon that parallels and lies
stratigraphically close to the Main Zone mineralization.
The SMLTEM survey (
100m
line spacing) will confirm the location and conductivity of
electromagnetic features that historic surveys have identified in connection with mineralization along
the Main Zone resource area. The SMLTEM survey is a preferred method compared to other
electromagnetic survey methods because it does not require prior knowledge of the precise location
of conductor axes, and it has the capability to better resolve complex conductors compared to other
methods.
Ithingo Lake Property Highlights
Large Land Package with Demonstrated High-Grade Gold Mineralization:
Ithingo Lake is a
contiguous land package consisting of 3,241 ha. Previous explorers Claude Resources, Newmont
Exploration of
Canada
and Pine Channel drilled 57 holes in over
5,200m
of historic drilling. Main
Zone drilling returned intersections up to
7.5m
@ 11.5 g.t Au including
0.5m
@ 138.97 g/t Au with
visible gold in quartz veining.
Strong Blue-Sky Potential:
The Main Zone remains open along strike and at depth. Sterny
and Sterny North Zones have potential for hosting significant high-grade gold.
World-Class Jurisdiction
:
Saskatchewan
is consistently ranked amongst the top mining
investment jurisdictions. Coupled with the exceptional geological potential and The shallow
depth, means there is the potential to fast-track exploration and development activity.
Recognition of the potential for gold at Ithingo Lake dates back to 1938, with the reported
occurrence of gold associated with sulphide mineralization (pyrite, pyrrhotite, arsenopyrite,
chalcopyrite, sphalerite, and magnetite) in metavolcanics hosted quartz veins and in rusty silicified
metavolcanics.
The area remained relatively underexplored until the late 1980's when Claude Resources discovered
high-grade gold mineralization in surface trenches with grab samples assays up to 27.37 g/t Au and
channel sample composited intervals of 4.98 g/t Au over
6.1m
and 9.33 g/t Au over
2.7m
over what
is now referred to as the Main Zone.
Between 1988-1989, three drill campaigns were carried out in the vicinity of Ithingo Lake totaling
5,248.17m
in 57 drill holes. The first diamond drilling campaign focused on the Main Zone. The
second tested the Sterny, North Sterny, Ithingo Lake and Main Zones, while the third drill program
tested the Main Zone including the Money Pit, Muskeg Pit and geophysical anomalies. The majority
of the drilling (45 holes) was conducted on the Main Zone, which has been delineated over
500m
along strike and locally to a depth of >
80m
, with the best intersection of
7.5m
@ 11.5 g.t Au. The
Main Zone is open along strike and at depth.
Geologic Particulars of the Property
Geologically, the Ithingo Lake property lies within the Mudjatik Domain. The Mudjatic Domain is
dominated by Archean rocks of gneissic felsic intrusive character. In general, the style of gold
mineralization at Ithingo Lake is primarily characterized by weakly to strongly mineralized quartz
veins and pegmatite bodies up to
1.5m
wide with associated pyrite, pyrrhotite, chalcopyrite, and
arsenopyrite, minor biotite and rare k-spar. Silicified zones within the amphibolite showing similar
mineralogy can also carry gold. Rare free gold has been observed within amphibolite with no
apparent quartz veins or sulphides in two separate instances within drill core.
The assay results reported in this news release are historic in nature and pre-date rules as per NI
43-101
Standards of Disclosure for Mineral Projects
. SKRR cautions that historical results were
collected and reported by past operators and have not been verified nor confirmed by a Qualified
Person, but form a basis for ongoing work at the Ithingo Lake Project. Further work (including
drilling) is required by SKRR in order to verify the historical work on the Ithingo Lake Project. SKRR
has not verified the assay results nor has SKRR done the drilling and sampling necessary to verify
the assay results. SKRR cautions that past results or discoveries on proximate land are not
necessarily indicative of the results that may be achieved on the subject properties.
Ithingo Lake Property - General Geology & Au Mineralization (CNW Group/SKRR Exploration Inc.)
Inthingo Lake S2021 Work Area - Main Zone Geology, Historical Work, & Mineralization (CNW
Group/SKRR Exploration Inc.)
Ithingo Lake Property - Proposed Survey Grid Main Zone Priority (CNW Group/SKRR Exploration
Inc.)
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by
Ross McElroy P.Geol
, a director of the Company and a "Qualified Person" as defined
in National Instrument 43-101 –
Standards of Disclosure
for Mineral Projects
. Mr. McElroy verified
the data disclosed (unless indicated otherwise) which includes a review of the sampling, analytical
and test data underlying the information and opinions contained therein.
About SKRR Exploration Inc.:
SKRR is a Canadian-based precious metal explorer with properties in
Saskatchewan
- one of the
world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson
Corridor in
Saskatchewan
in search of world class precious metal deposits. The Trans-Hudson
Orogen - although extremely well known in geological terms has been significantly under-explored in
Saskatchewan
. SKRR is committed to all stakeholders including shareholders, all its partners and
the environment in which it operates.
ON BEHALF OF THE BOARD
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
.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of
applicable securities laws, which may include, without limitation, statements that address the
planned geophysical survey son the Ithingo Lake Project and the expected outcomes, follow up
exploration work on the Ithingo Lake Project, other statements relating to the technical, financial and
business prospects of the Company, its projects and other matters. All statements in this news
release, other than statements of historical facts, that address events or developments that the
Company expects to occur, are forward-looking statements. 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 the forward-looking statements. Such statements and information are based on
numerous assumptions regarding present and future business strategies and the environment in
which the Company will operate in the future, including the price of metals, the ability to achieve its
goals, the ability to secure equipment and personnel to carry out work programs, that general
business and economic conditions will not change in a material adverse manner, that financing will be
available if and when needed and on reasonable terms. Such forward-looking information reflects the
Company's views with respect to future events and is subject to risks, uncertainties and
assumptions, including the risks and uncertainties relating to the interpretation of exploration results,
the interpretation of technical and scientific data, risks related to the inherent uncertainty of
exploration and development and cost estimates and the potential for unexpected costs and
expenses and including those filed under the Company's profile on SEDAR at
www.sedar.com
.
There is a possibility that future exploration, development or mining results will not be consistent with
the Company's expectations. Factors that could cause actual results to differ materially from those in
forward looking statements include, but are not limited to, continued availability of capital and
financing and general economic, market or business conditions, adverse weather or climate
conditions, decrease in the price of gold and other metals, equipment failures or failure to obtain the
necessary equipment, failure to maintain all necessary government permits, approvals and
authorizations, the impact of Covid-19 or other viruses and diseases on the Company's ability to
operate, failure to maintain community acceptance (including First Nations), increase in costs,
litigation, and failure of counterparties to perform their contractual obligations. The Company does
not undertake to update forward–looking statements or forward–looking information, except as
required by law.
SOURCE
SKRR Exploration Inc.
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For further information:
Sherman Dahl, President & CEO, Tel: 250-558-8340
CO: SKRR Exploration Inc.
CNW 06:00e 07-OCT-21