St-Georges Discovers a New 80 Meters Long Gold Mineralized Zone at Thor Gold Project
St-Georges Discovers a New 80 Meters Long Gold Mineralized Zone at Thor Gold Project
-FOR IMMEDIATE RELEASE-
Reykjavik, November 23, 2020 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF)
(FSE: 85G1) is pleased to disclose the results of the reverse circulation research hole TRC 20-01
authorised prior to the acquisition of Melmis EHF earlier this fall.
The 124m hole intersected a broad zone of low grade disseminated mineralization near surface.
At depth of 41.5m the team intersected and confirmed with preliminary assays the existence of a
thick interval that contained gol d mineralization averaging 0.24 g/t over 80 meters with
gold grades ranging from 0.01 g/t up to 6.21 g/t.
Within that zone a section of 9.9 meters averaged 0.7 g/ t gold starting at 55 meters depth and
included 2.1 meters of 1.67 g/t gold. A separate zone assayed 6.21 g/t over 0.3 meters at a depth
of 98 meters.
The company is in the process of renting new fa cilities that will allow a streamlined sampling
process. As soon as the installation is ready, all samples on 30cm intervals will be relogged and
certain samples will be reanalyzed for gold and trace elements by independent laboratories in
Dublin Ireland. Duplicate samples are a necessary protocol when gold values exceed one g/t gold
in a know n low sulfidation vein s ystem with historic high-grade gold values . Trace element
geochemistry may further assist in vectoring in on the better parts of the system. The company
expects to conduct the next hole at an angle of 85° from the sa me location to confirm its
hypothesis.
This initial hole was drilled between two previously known mineralized and drilled areas of the
project. The purpose of the hole was to provide co ntinuity of alteration and mi neralization
between these two zones. Additional holes are planned along strike and at depth as a follow -up
of hole TRC 20-01. This RC hole was drille d at -45 degrees and azimuth 110° . Following the
acquisition of Melmis, St-Georges is less restricted on the location and depth of future drilling.
Based on geolo gical logging to date, mineralization is disseminated over a thicker interval and
not limited to quart z veining which is the preferential host for high-grade gold elsewhere in the
Thor system.
Based on the results from this recent hole, St-Georges geological team believes that we are
looking at a strong hydrothermal system that is mineralized with gold over apparent broad widths
currently more than 700 meters of strike.
Iceland Resources , St -Georges’ Iceland wholly owned sub sidiary’s CEO, Thordis Björk
Sigurbjörnsdottir, commented: “(…) We are very pleased with the preliminary results from our
maiden hole within the project, we feel it supp orts our theory in regards of the geological
settings and that the system could potentially prove to be exp anded on a much larger surface
than what was previously expected. These results are encouraging on our path to our fir st
maiden resource. The team i s evaluating next steps and is anticipating addition al positive
surprises with further work(…)”.
Figure 1 Location of RC Drill Hole
Quality Control
Samples were collected in buckets then sealed and transported directly from the site to Iceland
Resources’ secured warehouse facilities in Reykjavik by the SX geological team. The geological
team sampled each bucket. The samples along with duplicate and Q/C blank samples were added
to 2 shipments that traveled by plane to ALS Global Laboratories (ISO/IEC 17025 accredited) in
Loughrea, Ireland. All samples were tested using four acid trace analysis (ME-ICP61).
About Thor Gold
The Thormodsdalur Gold Project is loca ted about 20km east of the city cent er of Reykjavík and
south-east of the Lake Hafravatn. The project was discovered in 1908. The property produced a
gold concentrate from 1911 to 1925, which shipp ed to Germany for processing. Over 300
meters of tunnels explored and mined one or more quartz veins and wall rock below open cuts at
the surface.
Studies between 1996 and 2013 identified the project mineralization as a low sulfidation system
hosted by ba sic to intermediate flows of Pliocene to Miocene age. The host contains banded
chalcedony and ginguro within a fault zone up to 5 meters in wid th. To date, the identified gold
trend has a known strike length of 700 meters determined by drill in tercepts. P etrographic
analysis of the vein material identified gold o ccurring in its free form and as par t of an
assemblage with pyrite and chalcopyrite. Petrographic and XRD studies show an evolution of the
vein system from the zeolite assemblage to quartz-adularia and lastly, to minor calcite.
Thirty-two holes have been drilled within the license area, fo r a total of 2439 meters excluding
the 124 meters reverse circulation hole drilled by St -Georges in the Fall of 2020. Gold values
vary from less than 0.5 g/t to a maximum of 415 g/t. (These v alues were obtained from selected
random intervals and cannot be construed to be representative of any particular thickne ss or
overall length.) Historically, the best intercepts from the diamond drilling ar e 33.5m of 8.0 g/t
Au (true thickness) and 5.2m of 35.4 g/t Au (true thickness).
Gary McLearn, A professional geoscientist (Ontario APGO #2900) and an Independent Qualified Person as
defined by National Instrument 43 -101, has prepared, supervised the pre paration or approved the scientific
and technical disclosure in the news release.
The technical information in this release has been reviewed and approved by Mr. Herb Duerr, P. Geo. St -
Georges' director, a qualified person as defined by National Instrument 43-101 Standards of Disclosure for
Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
“Vilhjalmur T. Vilhjalmsson”
VILHJALMUR THOR VILHJALMSSON
President & CEO
About St-Georges
St-Georges is developi ng new t echnologies to solve s ome of the most com mon environmental pro blems in the
mining industry. The Company controls all the active mineral tenures in Iceland. It also explores for nick el & PGEs
on the Julie Nickel Project and the Manicougan Palladium Project on the Québec’s North Shore. Headquartered in
Montreal, St-Georges’ stock is listed on t he CSE under the sy mbol SX, on the US OTC under the Symbol SXOOF
and on the Frankfurt Stock Exchange under the symbol 85G1
The Canadian Securitie s Exchange (CSE ) has not reviewed and does no t accept responsibility for the adequacy or
the accuracy of the contents of this release.