T2 Metals Reports Exceptional 23.5 M at 6.8 G/T GOLD Drill Intersection from the Sherridon Vhms Project , Manitoba
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T2 METALS REPORTS EXCEPTIONAL 23.5 m at 6.8 g/t GOLD DRILL
INTERSECTION FROM THE SHERRIDON VHMS PROJECT , MANITOBA
Shallow High-Grade Intersections Include 23.5m @ 1.18% Cu, 1.46% Zn, 6.8 g/t Au (7.4% CuEq)
Vancouver, British Columbia – March 1 2024: T2 Metals Corp. (“T2” or the “Company”) (TSX-V: TWO)
(OTCQB: AGLAF) (WKN: A2DR6E) is pleased to announce a third set of results from the 2023 Q4 infill and
delineation drill program at the Sherridon Project in Manitoba, that include the highest gold grades reported from
the project to date. Sherridon is a well-known Volcanic Hosted Massive Sulphide (“VHMS”) camp in the Flin Flon –
Snow Lake Greenstone Belt, with both a significant mining history and substantial copper -rich historical resources
(see Table 4) calculated on behalf of Halo Resources Ltd in 2010. The Project has year-round road access, is 70
km from the mining centre of Flin Flon, and lies adjacent to an operating rail line.
These data represent the third set of results and include 3 shallow holes from the southeast end of the Lost Lake
prospect (see Figure 2) , targeted on the basis of a shallow south east plunging exploration model . Of particular
note is hole SHN23005, drilled near the southeasternmost limits of the known Lost Lake resource, with very high
grades of gold and copper over 23.5m. The intersection lies only 20m below surface and includes some of the
highest gold grades ever discovered at Sherridon.
The high gold and copper grades over a broad interval highlight the potential of VHMS style of mineralization in
complexly folded host rocks . Gold grades have been higher than anticipated in numerous holes in the 2023 Q4
program, indicative of improved analytical methods vs prior explorers. Gold results in hole SHN23005 were re -
checked with screen fire assay to overcome potential coarse gold analytical issues. Additional ground in the
Sherridon area has been staked by T2 Metals in response to the results from this drilling program (see Company
press release dated 22/02/24).
The most significant drill intersections of copper (“Cu”), zinc (“Zn”), gold (“Au”), and silver ("Ag”) are provided
below and in Table 2.
Drilling Highlights Include:
Lost Lake
SHN23005
23.50 m grading 1.18% Cu, 1.46% Zn, 6.8 g/t Au and 40.4 g/t Ag (7.4% CuEq) from 38.00 m;
including 4.50 m grading 0.38% Cu, 0.02% Zn, 29.2 g/t Au and 138.8 g/t Ag (25.0% CuEq) from 38.00 m;
including 8.67 m grading 2.48% Cu, 3.59% Zn, 2.5 g/t Au and 30.0 g/t Ag (5.8 % CuEq) from 50.05 m;
SHN23006
4.00 m grading 0.07% Cu, 0.42% Zn, 1.6 g/t Au and 17.6 g/t Ag (1.7% CuEq) from 154.00 m
SHN23007
6.70 m grading 0.82% Cu, 2.62% Zn, 0.3 g/t Au and 7.7 g/t Ag (2.0% CuEq) from 84.82 m
including 2.54 m grading 1.48% Cu, 5.19% Zn, 0.7 g/t Au and 14.4 g/t Ag (3.8% CuEq) from 88.98 m;
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Notes:
Copper equivalents calculated using metal prices as at the first Sherrion drill press release (25 Jan 2024) (Cu $/t = 8,174; Pb $/t = 2,032; Zn
= 2,487 $/t; Au = 2,020 $/oz; Ag = 22.7 $/oz) and assume 100% recovery of all elements. The formula used to calculate CuEq. = Cu(%) +
((Zn(%) * Zn(USD/t)) + (Pb(%) * Pb(USD/t)) + (Ag(g/t) * (Ag(USD/oz)/31.1) * 100) + (Au(g/t) * (Au(USD/oz)/31.1) * 100)) / Cu (USD/t) The formula used to
calculate ZnEq. = Zn(%) + ((Cu(%) * Cu(USD/t)) + (Pb(%) * Pb(USD/t)) + (Ag(g/t) * (Ag(USD/oz)/31.1) * 100) + (Au(g/t) * (Au(USD/oz)/31.1) * 100)) / Zn(USD/t)
“Reported drill intercepts are downhole core lengths with true thickness estimated to be at least 90% of core downhole length.”
The 2023 Q4 drill program saw 12 holes drilled with 10 intersecting intervals of semi-massive or massive sulphide
from the Lost Lake and Cold Lake prospect areas. The exceptional thickness of mineralization in hole SHN23005
may be associated with a range of factors, including late remobilization of Au, Ag and Pb into the hanging wall of
the VHMS system ( analogous to the Chisel Lake Basin VHMS deposits found 70 km to the southeast ) following
intense regional deformation and metamorphism that effectively thickened the host horizon , and present a new
targeting opportunity.
Mark Saxon, CEO of T2 Metals Corp. said "This set of high gold drill results from the southeast end of the Lost Lake
prospect represent a key moment for the Sherridon project. Gold-rich and gold-dominant VHMS deposits are well
known from the Flin Flon – Snow Lake Greenstone Belt and form very attractive targets. The grade and thickness
of SHN23005 demonstrates the quality of mineralization that can exist a t Sherridon, presenting new targets
throughout the project area.
The Sherridon project is a relatively underexplored part of the Flin Flon – Snow Lake Greenstone Belt, particularly
with respect to deep drilling and targets similar to that drilled in SHN23005 lay completely untouched. We are very
encouraged by the success of our exploration programs to date, along with the support of the Kiciwapa Cree and
the Manitoba Mineral Development Fund (MMDF).”
Figure 1. Mineralization textures from drillhole SHN23005 (37.29m to 53.71m depth), Sherridon drill program, 2023.
Twelve holes for a total of 1,500 metres were completed by T2 Metals during Q4 2023, testing a total strike length
of 1,420 metres within, between and southeast of the Cold Lake and Lost Lake Deposits. These two deposits occur
along a VHMS horizon that is both parallel to and normally less than 850 metres perpendicular to the VHMS horizon
that hosts Sherritt Gordon’s historic Sherridon East and Sherridon West Mines, where 7.74 million tonnes were
mined at an average grade of 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag (Goetz & Froese, 1981)
between 1931 and 1951.
The Lost Lake and Cold Lake zones comprise a continuously mineralized horizon over a known strike length of
approximately 1.8 km. The current T2 Metals drilling campaign further delineate s shallow-dipping and plunging
massive sulphide lenses and extends the historical drilling results by the previous explorers. It is also important to
note that the while the Sherridon area is spatially and genetically associated with the prolific Paleoproterozoic Flin
Flon - Snow Lake Greenstone Belt (“FFSLGB”), it has been under-explored despite the abundance of highly
prospective felsic volcanic rocks, which host almost all of the historic VHMS resources in the FFSLGB , and despite
the widespread precious and base metal endowment.
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The company is incorporating 2023 results including assays, lithogeochemistry and core logging into its 3 -D
geological model to complete interpretation/analysis . Many geophysical follow-up opportunities and key VHMS-
associated structural controls exist at Sherridon which provide additional high-value targets for planned 2024 drill
programs. Cold Lake, Lost Lake and other historic resource areas are being considered for drill testing in 2024.
Cross sections will be provided during Q1 2024 when all drill data is received and reported.
Figure 2: Cold and Lost Prospects, Sherridon, with Drill Hole Locations
VHMS Type Deposits
VHMS deposits are attractive high-value exploration targets that sustain much of the world’s supply of zinc, copper
and silver and, in addition, are a major source of critical “high tech” metals germanium and indium. They typically
occur in districts or "c amps" comprised of numerous deposits of various sizes. They can be very high grade and
are regularly gold enriched, with large very long -life deposits being “company -makers” (eg the founding of Rio
Tinto). Longer-life mining operations tend to show total production exceeding the original pre-mining size by more
than three times.
VHMS deposits can be discovered with conventional geophysical methods. Most deposits have simple sulphide
mineralogy that is amenable to processing and high recovery.
Project Deposit Size* Location Owner Market Cap
(CA$)
McIlvenna Bay 39 Mt at 2.04% CuEq Saskatchewan, Canada Foran Mining Corp $1,190 m
Green Bay (Ming) 39.2 Mt at 2.07% CuEq Newfoundland, Canada FireFly Metals Ltd $155.8 m
Palmer+ 4.7 Mt at 3.92% CuEq Alaska, USA American Pacific Mining Corp $53.1 m
B26 7.0 Mt at 2.94% CuEq Quebec, Canada Abitibi Metals Corp $48.4 m
Great Burnt 1.5 Mt at 2.73% CuEq Newfoundland, Canada Benton Resources Inc $26.8 m
Pine Bay 3.4 Mt at 3.59% CuEq Manitoba, Canada Callinex Mines Inc $25.3 m
Pickett Mountain 6.3 Mt at 5.17% CuEq Maine, USA Wolfden Resources Corp $13.1 m
BMK 9.7 Mt at 2.2% CuEq Saskatchewan, Canada Murchison Minerals Ltd $9.1 m
Table 1: Notable North American VHMS Deposits with Active Exploration. *Values are derived from deposit owner company material and have
not been verified by T2 Metals.
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Sampling Procedures and Quality Assurance (QA) / Quality Control (QC)
The Company's QA/QC drill core sample protocol consists of collection of samples over a minimum 0.3 m interval
to a maximum 1.4 m interval (depending on the lithology and style of mineralization) over the mineralized portions
of the drillhole. The drill core sample is cut in half with a diamond saw, with half of the core placed in individual
sealed polyurethane bags and the remaining half securely retained in the original core box for permanent storage.
Drill core samples are shipped by transport truck in sealed woven plastic bags to Bureau Veritas Minerals Analytical
Lab preparation facility in Timmins, ON for sample preparation. Sample analysis was carried out at Bureau Veritas
Minerals laboratory in Vancouver, BC.
Gold was determined by Bureau Veritas method FA430, a lead fire- assay fusion of a 30 g pulverized sample with
an atomic absorption spectroscopy (AAS) finish. Select samples were re- assayed using method FS652 1kg. This
method involves the metallic sieving (150 mesh), of 1 kg of pulverized sample where both the plus fraction and
the minus fractions are retained. The >150 mesh size was assayed in its entirety, and the <150 mesh fraction was
assayed in duplicate. Fire assay weight for all three analyses was 50 g. Analysis was conducted using FA430 and
for values over 10 g/t, a gravimetric method (FA550) was used. Various metals including silver, gold, copper, lead
and zinc were determined by inductively -coupled plasma atomic emission spectroscopy (ICP -AES) or inductively-
coupled plasma mass spectroscopy (ICP-MS), following multi-acid digestion (Bureau Veritas method MA270). This
method is considered an assay method with a precision of 5% for elements including copper, lead, zinc and silver.
Select samples were analysed for gallium (Ga) and germanium (Ge) and concentrations were determined using a
hydrofluoric and aqua regia digest, followed by an ICP-MS finish.
HOLE_ID FROM TO Interval Cu Zn Pb Au Ag CuEq ZnEq
(m) (m) (m) % % % g/t g/t % %
SHN23001 75.97 85.98 10.01 0.92 4.70 0.02 0.37 10.82 2.74 9.01
Including 75.97 80.79 4.82 1.45 6.88 0.02 0.65 16.96 4.21 13.84
Including 75.97 77.76 1.79 2.15 12.29 0.01 0.81 24.37 6.75 22.20
SHN23002 104.94 109.45 4.51 0.92 1.90 0.02 0.40 11.81 1.92 6.32
SHN23003 44.95 48.66 3.71 1.77 5.16 0.01 0.68 20.56 4.06 13.36
SHN23004 87.03 95.00 7.97 2.17 4.78 0.05 1.83 34.42 5.40 17.74
Including 87.03 90.83 3.80 4.23 9.77 0.03 2.30 54.00 9.52 31.30
SHN23005 38.00 61.50 23.50 1.18 1.46 0.19 6.79 40.39 7.4 24.4
Including 38.00 42.50 4.5 0.38 0.02 0.88 29.17 138.83 25.0 N.A.
Including 50.05 58.72 8.67 2.48 3.59 0.02 2.50 30.03 5.8 19.2
SHN23006 154.00 158.00 4.00 0.07 0.42 0.17 1.58 17.63 1.7 5.4
SHN23007 84.82 91.52 6.7 0.82 2.62 0.02 0.34 7.70 2.0 6.4
Including 88.98 91.52 2.54 1.48 5.19 0.03 0.72 14.39 3.8 12.4
SHN23008 49.38 63.78 14.40 0.88 2.58 0.02 0.51 9.85 2.16 7.11
Including 49.38 52.13 2.75 3.34 6.00 0.01 1.92 33.23 6.99 22.95
SHN23009 34.91 40.65 5.74 1.42 1.18 0.03 0.85 18.85 2.63 8.65
SHN23010 105.00 110.52 5.52 1.77 1.47 0.09 2.30 37.22 4.41 14.50
SHN23011 39.00 53.50 14.50 0.92 2.82 0.04 0.78 13.76 2.52 11.50
Including 44.22 53.50 9.28 0.85 4.01 0.07 1.08 17.57 3.09 10.20
SHN23012 Hole terminated before target.
Table 2: Assay Results 2023 Q4 Drilling, Cold and Lost Prospects, Sherridon
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HOLE_ID EAST NORTH RL DEPTH INCLINATION AZIMUTH
SHN23001 367008 6111502 328 134.0 -45 220
SHN23002 367060 6111471 312 125.0 -55 220
SHN23003 367093 6111332 328 86.0 -52 220
SHN23004 367114 6111350 328 125.0 -50 220
SHN23005 367298 6111117 320 164.0 -45 220
SHN23006 367378 6111198 321 179.0 -45 220
SHN23007 367287 6111193 320 125.0 -45 220
SHN23008 366969 6111496 320 134.0 -60 220
SHN23009 366374 6112179 325 104.0 -45 220
SHN23010 366421 6112228 325 131.0 -55 220
SHN23011 367255 6111149 333 77.0 -45 220
SHN23012 367317 6111224 330 116.0 -52 220
Table 3: T2 Metals Drill Coordinates, 2023 Q4 (Coordinates given in UTM Zone 14N, NAD83).
SHERRIDON PROJECT – INDICATED RESOURCES (2010)
Mining Method Million
Tonnes Cu (% ) Zn (% ) Au (g/t) Ag (g/t) Copper
(M lbs)
Zinc
(M lbs)
Gold
(oz)
Silver
(oz)
Open Pit 5.32 0.8 1.23 0.34 7.2
Underground 1.24 1.04 1.18 0.48 8.2
Total Indicated 6.55 0.85 1.22 0.37 7.4 122.1 M lb 176.3 M lb 77,192 oz 1.56 M oz
SHERRIDON PROJECT – INFERRED RESOURCES (2010)
Open Pit 12.24 0.62 0.77 0.26 5.3
Underground 3.62 0.91 1.08 0.32 7.4
Total Inferred 15.86 0.69 0.84 0.28 5.8 239.9 M lb 294.0 M lb 141,245 oz 2.94 M oz
Indicated and Inferred resources for Bob, Lost, Cold, and Jungle deposits. Mineral Resource estimates are based upon Bloom, L., Healy, T., Giroux, G., Halo
Resources Ltd. 2010, Sherridon VMS Property, Technical Report NI43-101 – November 22, 2010, which is available at www.sedar.com.
Mineral Resources were estimated at a net smelter return (NSR) cut-off of US$20 per tonne and US$45 per tonne for open pit and underground
respectively. Metal prices used were US$3.00/lb copper, US$1.05/lb zinc, US$1,000/oz gold and US$15.00/oz silver. Metallurgical recovery factors assumed
were 92% for copper, 83% for zinc, 65% for gold and 57% for silver.
The Mineral Resource estimates were prepared under the direction of, and dated and signed by, a Qualified Person as defined in accordance with NI 43-101
and CIM Definition Standards. The data, information, estimates, conclusions and recommendations were consistent with the information available at the
time of preparation. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined
in NI 43-101 and recognized by Canadian securities laws. Investors are cautioned not to assume that any part or all of mineral deposits in these categories
will ever be upgraded to mineral reserves. T2 Metals has received the exploration and drilling data, but has not independently confirmed the Mineral
Resource estimates. Halo has indicated that no Mineral Resource estimates were completed subsequent to those provided in Table 1.
Table 4: Sherridon Historical Resource Estimate, 2010
The qualified person for the Company's projects, Mr. Mark Saxon, the Company’s Chief Executive Officer, a Fellow of the
Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and
approved the contents of this release.
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About T2 Metals Corp (TSX.V: TWO) (OTC: AGLAF) (WKN: A2DR6E)
T2 Metals Corp is an emerging copper and precious metal company enhancing shareholder value through
exploration and discovery. The Company continues to target under -explored areas, including the Sherridon, Lida ,
Cora and Copper Eagle projects where post-mineralization cover masks areas of high geological prospectivity in the
vicinity of major mines.
ON BEHALF OF THE BOARD,
“Mark Saxon”
Mark Saxon
President & CEO
For further information, please contact:
t2metals.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
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.
Cautionary Note Regarding Forward -Looking Statements
Certain information set out in this news release constitutes forward -looking information. Forward looking
statements are often, but not always, identified by the use of words such as "seek", "anticipate”, "plan", "continue”,
"estimate”, "expect", "may”, "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-
looking statements are based upon the opinions and expectations of management of the Company as at the
effective date of such statements and, in certain cases, informati on provided or disseminated by third parties.
Although the Company believes that the expectations reflected in forward -looking statements are based upon
reasonable assumptions, and that information obtained from third party sources is reliable, they can gi ve no
assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue
reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ
materially from those projected in the forward -looking statements. Such risks include uncertainties relating to
exploration activities. When relying on forward-looking statements to make decisions, investors and others should
carefully consider the foregoing factors and other uncertaint ies and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any forward -looking statements, except
as may be required by applicable securities laws.