Tectonic Metals Stakes New Alaskan Gold Property and Acquires Comprehensive, Goodpaster Mining District Dataset
Tectonic Metals Stakes New Alaskan Gold
Property and Acquires Comprehensive,
Goodpaster Mining District Dataset
VANCOUVER, BC
,
June 25, 2020
/CNW/ -
Tectonic Metals Inc.
(TSX-V: TECT) (the "Company" or
"Tectonic") today announced that the Company staked 74
State of Alaska
mining claims known as
the Maple Leaf Property, located approximately 15km east-northeast of Tectonic's Tibbs Gold
Project and 50km east of Northern Star Resources (NST: ASX) ("Northern Star") operating Pogo
Mine, both of which are situated within the prolific Goodpaster Mining District,
Alaska
. In addition,
Tectonic acquired a comprehensive dataset containing non-public data pertaining to both the Maple
Leaf and Tibbs properties and the greater Goodpaster Mining District. The dataset consists of
geological, geophysical, and geochemical information, including diamond drill logs and core from
exploration work conducted at multiple prospects within the region during a
$3,000,000
multi-phase
exploration campaign completed in 2007 by Rubicon Minerals (RMX: TSX) ("Rubicon").
"The Rubicon dataset was assembled during a period of intense exploration activity in the
Goodpaster District, similar to what we're witnessing in the area today. A large amount of data and
information relating to mineral properties in
Alaska
is non-public and privately held, and by
acquiring this data, Tectonic gets a jump start in analyzing the Maple Leaf property," said VP
Exploration Eric Buitenhuis. "The Maple Leaf property exhibits potential for intrusion-related
mineralization within a favourable structural corridor, and Tectonic is excited to apply our
understanding of structurally-hosted mineralization to analyze the project and other accretive
opportunities in the district."
Key Points
The Maple Leaf property lies along the northeast extension of the Black Mountain Tectonic
Zone, a key crustal-scale structural corridor hosting mineralization at Tectonic's Tibbs Project as
well as Northern Star's Brink prospect located 10km southwest of Tibbs.
The Maple Leaf claims cover 4,791 hectares of prospective geology and known high-grade gold
prospects, which have seen only minimal historical exploration work. A Maple Leaf location map
can be viewed here:
https://www.tectonicmetals.com/_resources/news/TMI_Goodpaster_Properties_200623.jpg
The 100% owned Maple Leaf property was staked by Tectonic after conducting a thorough
desktop analysis of the district and a site visit confirming the presence of high-grade surface
mineralization.
Historical sampling of quartz float and boulders from Maple Leaf returned gold values from trace
to 19.1 g/t Au, with associated bismuth (Bi), arsenic (As), and tellurium (Te) similar to the
geochemical signatures of the Pogo (Au-Bi-As-Te) and Fort Knox (Au-Bi-Te) deposits and
mineralization observed at Tectonic's Tibbs Project (Au-Bi-As-Sb).
Limited core drilling in 2007 by Rubicon failed to intersect vein-style gold mineralization or
explain the lode gold source of the boulders carrying high-grade gold mineralization.
At least three additional prospects are known at the property. No follow-up work of any kind
has occurred since the 2007 program.
An extensive dataset comprising geological, geophysical, and geochemical data for the Maple
Leaf Property and greater Goodpaster District was acquired from Rubicon.
Robust and reliable historic data will allow Tectonic to fast-track work at the Maple Leaf
property and refine the Company's understanding of the regional controls on mineralization.
Tectonic has expanded its footprint in the Goodpaster District by selectively staking an
overlooked but high-quality property with similar geology, structural control, and geochemistry to
the Pogo and Fort Knox gold mines.
Maple Leaf Property
Regional-scale, northeast-trending structures control mineralization throughout east-central
Alaska
,
including at the Pogo and Fort Knox gold mines. The Maple Leaf Property is adjacent to two such
structures: the Black Mountain Tectonic Zone to the west, which appears to host high-grade
mineralization at Tectonic's Tibbs Project as well as Northern Star's Brink prospect, and the Mount
Harper lineament to the east.
Cretaceous aged intrusives and gneissic and schistose country rocks host sugary textured quartz
veins and local quartz vein stockworks. Historic rock grab and hand trench sampling completed by
exploration service company, Avalon Development Corporation ("Avalon"), for Rubicon returned gold
values from trace to 19.1 g/t Au, with gold occurring in association with elevated bismuth, tellurium,
and arsenic.
Rubicon completed a limited drill program at the Maple Leaf prospect in 2007, consisting of
1,105m
of diamond drilling in four holes. Drilling intersected weakly anomalous gold (0.25 g/t Au over
0.8m
)
but failed to intersect the sugary quartz veins observed at surface. No work has since been
completed on the property.
In addition to Maple Leaf, two other prospects are currently known at the property and suggest the
presence of a substantial fluid-rich mineralizing system: American Eagle and Tourmaline Ridge. The
American Eagle prospect is located 5.6km northeast of Maple Leaf and consists of a 400 x
50m
ridgetop cut by 5-10% sheeted white quartz veins with coarse grained bismuthinite. Limited historic
grab sampling returned values from trace to 3.03 g/t Au, up to 3,880 ppm bismuth, up to 5,160 ppm
arsenic, and up to 494 ppm molybdenum. Tourmaline Ridge is located 2.4km west of Maple Leaf
and consists of tourmaline-bearing paragneiss containing massive tourmalinite (> 50% tourmaline),
with lesser quartz veins and tourmaline-vein breccias. Historic sampling of the tourmaline-rich rocks
by Avalon returned weakly elevated gold values (maximum 164 ppb Au), up to 804 ppm bismuth, and
up to 2,620 ppm arsenic. The intensity and extent of the tourmaline suggest high levels of fluid flow
related to intrusive activity.
Acquisition of Comprehensive Goodpaster District Data Set
Tectonic is pleased to announce the Company acquired a comprehensive regional dataset from
Rubicon consisting of proprietary, non-public data from multiple prospects within the Goodpaster
Mining District, including the Maple Leaf Property. In exchange, Tectonic has agreed to issue
Rubicon 300,000 common shares of Tectonic (the "Shares"). Closing of the acquisition of the data
set and issuance of Shares is subject to final acceptance of the TSX Venture Exchange. The
Shares will be subject to a four-month hold period from the date of closing.
The dataset comprises geological, geochemical, and geophysical information, including diamond drill
logs and reports generated during Rubicon's exploration efforts in the Goodpaster District. The
dataset will be used to streamline and fast track the generation of drill targets at Tectonic's Maple
Leaf property and within the Goodpaster District.
Qualified Person
Tectonic's disclosure of a technical or scientific nature in this press release has been reviewed,
verified and approved by
Eric Buitenhuis
, M.Sc., P.Geo., Tectonic's Vice President Exploration, who
serves as a Qualified Person under the definition of National Instrument 43-101.
About Tectonic
Tectonic Metals Inc. is a mineral exploration company created and operated by an experienced and
well-respected technical and financial team with a track record of wealth creation for shareholders.
Key members of the Tectonic team were involved with Kaminak Gold Corporation, the company that
raised
C$165 million
to fund the acquisition, discovery and advancement of the Coffee Gold Project
in the
Yukon Territory
through to the completion of a bankable feasibility study before selling the
multi-million ounce gold project to Goldcorp Inc. (now Newmont Goldcorp) for
C$520 million
in 2016.
Tectonic is focused on the acquisition, exploration, discovery and development of mineral resources
from district-scale projects in politically stable jurisdictions that have the potential to host world-class
orebodies.
Tectonic believes that responsible mineral exploration and development can positively impact the
communities in which the company lives and operates and is committed to early and ongoing
community engagement, best practices in environmental stewardship and the development of a
strong safety culture. Whether at home or at work, the Tectonic team is grounded on the following
core values: passion, integrity, patience, focus, perseverance, honesty, fairness, accountability,
respect and a play big mindset. The company works for its shareholders and is committed to
creating value for them.
On behalf of Tectonic Metals Inc.,
Tony Reda
President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at
www.tectonicmetals.com
or contact
Tony Reda
, President & CEO of Tectonic, at toll-free
1.888.858.9887 or by email at
.
Facebook:
https://www.facebook.com/TectonicMetals/
Twitter:
https://twitter.com/TectonicMetals
Instagram:
https://www.instagram.com/tectonicmetals/
LinkedIn:
https://www.linkedin.com/company/tectonic-metals
Cautionary Note Regarding Forward-Looking Statements and Historical Information
Certain information in this news release constitutes forward-looking information and statements
under applicable securities law. Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking statements. Forward-looking
statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend"
and similar expressions and include, but are not limited to, statements with respect to the potential
for mineralization at Tectonic's projects, the listing of the Shares, advantages from acquiring the
Rubicon data set, and results of any future exploration activities.
The Company makes no
representation or warranty regarding the accuracy or completeness of any historical data from
prior exploration undertaken by others other than the company and has not taken any steps to
verify, the adequacy, accuracy or completeness of the information provided herein and, under no
circumstances, will be liable for any inaccuracies or omissions in any such information or data,
any delays or errors in the transmission thereof, or any loss or direct, indirect, incidental, special
or consequential damages caused by reliance on this information or the risks arising from the
stock market.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made including,
among others, assumptions about future prices of gold and other metal prices, currency exchange
rates and interest rates, favourable operating conditions, political stability, obtaining governmental
and other approvals and financing on time, obtaining required licenses and permits, labour
stability, stability in market conditions, availability of equipment, accuracy of any mineral
resources, successful resolution of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the control of Tectonic, and there
is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect, and the forward-looking statements in this
release are subject to numerous risks, uncertainties and other factors that may cause future results
to differ materially from those expressed or implied in such forward-looking statements. Forward-
looking statements necessarily involve known and unknown risks, including, without limitation: the
Company's ability to implement its business strategies; risks associated with mineral exploration
and production; risks associated with general economic conditions; adverse industry events;
marketing and transportation costs; loss of markets; volatility of commodity prices; inability to
access sufficient capital from internal and external sources, and/or inability to access sufficient
capital on favourable terms; industry and government regulation; changes in legislation, income
tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on forward-looking statements as there
can be no assurance that the plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news release are expressly qualified by
this cautionary statement. Although Tectonic has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Tectonic does not undertake to update any
forward-looking information, except in accordance with applicable securities laws.
[Neither the TSX Venture Exchange nor it's Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.]
SOURCE
Tectonic Metals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2020/25/c3426.html
%SEDAR: 00045228E
CO: Tectonic Metals Inc.
CNW 08:30e 25-JUN-20