Highlights:
- Visual observation on approximately 2,350m of drilling completed across 9 holes
- The targeted B14 shear zone has been in all holes drilled to date
- Initial assays have been delivered to the lab with weekly batches expected over the remainder of the program
September 30, 2021, London, Ontario – Abitibi Metals Corp. (CSE:GSK) (FSE:4KG) (“Goldseek” or the “Company”) is pleased to announce an update from its 5,000-meter drill program currently underway at Beschefer which kicked off in early August. The Company is currently completing the final holes of the program.
All holes have intersected the B14 gold-bearing shear zone structure between 100 and 250 meters deep using varied spacing between historical holes and newly drilled targets. The objective sought by this program is to validate high-grade intervals obtained historically, infill drilling on the gold zones and target the expansion of the modelled lenses (see news release dated September 2, 2021)
The Beschefer Project is located approximately 30 kilometers southwest of Wallbridge’s Fenelon Gold Project. On March 3rd, 2021, the Company entered into an option agreement on the Beschefer Project to earn 100% over 4 years from Wallbridge Mining Company Limited (“Wallbridge”) (see news release dated March 3, 2021).
Visual Intercept Highlights:
The B14 gold-bearing shear zone is a 14 to 30 meters thick interlayered package of mafic to felsic volcanic affected by a strong ductile fault or mylonite. The interpretation indicates a dip of 30 to 60 degrees to the southeast.
The alteration and mineralized system are multi-phased and vary from hole to hole, taking the form of a heterogenous banding affected by late-tectonic fracturing and brecciation. Generally, shearing evidence is coincident with a strong iron carbonate replacement in association with chlorite and sericite. Pervasive feldspathization occurs at the core of the structure split in metric lenses interlayered with chlorite-sericite intervals.
The sulfide mineralization is composed of a different generation of pyrite in association with secondary magnetite and local chalcopyrite. The volume of pyrite varies continuously over the structures, anywhere between 3% and 15%.
The following observations were made as indications of the presence of the gold system, but they are by no means correlated with gold grade at this stage.
|
DDH |
From_m |
To_m |
Width_m |
Observations |
|
P1-0221-06A |
158.3 |
172.6 |
14.3 |
Strong albitization + K feldspar in metric bands over 12 metres. Partly brecciated. Secondary magnetite with up to 10% pyrite. |
|
P1-0221-22 |
110.05 |
130.6 |
20.6 |
Chlorite-sericite-carbonate dominant. 5 to 15% fine grain pyrite over the unit. |
|
P1-0221-23 |
105.4 |
130.8 |
25.4 |
Interlayered chlorite-sericite-carbonate and feldspars rich lenses. Partly brecciated. 5 to 15% finely disseminated pyrite over the unit. |
|
BE-21-01 |
157.8 |
173.75 |
16 |
Chlorite-sericite-carbonate, hematisation overprint after 169m Sporadic disseminated pyrite over metric intervals. |
|
BE-21-02 |
143.45 |
173.1 |
29.7 |
Interlayered chlorite-sericite-carbonate and feldspars rich lenses. Brecciation with quartz filling. 1 to 5% fine grain pyrite with micas in the foliation. 165m to 171.5m: 5 to 15% pyrite stringers in breccia. |
|
BE-21-03 |
181 |
206.8 |
25.8 |
Interlayered chlorite-sericite-carbonate and feldspars rich lenses. Dominant hematization. Strong secondary magnetite with 5% fine grain pyrite over the unit. |
|
BE-21-04 |
171 |
196 |
25 |
Interlayered chlorite-sericite-carbonate and feldspars rich lenses. 3 to 5% disseminated pyrite over the unit. |
|
BE-21-05 |
205.8 |
232.35 |
26.6 |
Carbonate-chlorite-sericite followed by strong feldspathisation. Dominant hematisation. Up to 5% disseminated pyrite with magnetite. |
|
BE-21-06 |
202.6 |
218.8 |
16.2 |
Chlorite-sericite-carbonate alteration followed by feldspathic replacement. Local hematisation. 209m to 218m: 5 to 10% pyrite, associated with secondary magnetite and sporadic chalcopyrite. |
Goldseek’s President & CEO Jon Deluce states, “We are excited to be hitting the targeted mineralization in all holes which is a testament to the continuity of the gold system and near resource potential. Samples have started going into the lab and we expect the first batches to be released in October. Drilling will be finished shortly and upon release of results we will finalize plans for a follow-up winter drill program.”
About the Beschefer Project:
- Advanced gold exploration project with significant near-term resource potential
- Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Gold Project.
- Highlights of the best intersections include 55.63 g/t gold over 5.57 metres in hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 metres in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 metres in hole B14-006 (including 7.42 g/t over 5.5m), 10.28 g/t gold over 8.00 metres in hole B14-35 (including 86.74 g/t over 0.60m), and 12.40 g/t gold over 3.78 metres in hole B11-003. True width in these sections vary between 89% and 99% of the intercepted width.
- The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope, which highlights the regional potential along the already defined shear zones located on the Property.
- Continuous large-scale gold-bearing structure (B-14 Zone) with known continuity and additional known parallel mineralized shear zones.
Qualified Person
This press release was prepared by Martin Demers, P.Geo,ogq No 770, who is a qualified persons as defined under National Instrument 43-101, and who has ensure the execution of this program and reviewed and approved the technical information provided in this news release.
About Abitibi Metals Corp.
Abitibi Metals Corp. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying six projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry, Quevillon, Val D’Or, and Detour Gold Trend in Quebec and Hemlo in Ontario.
ON BEHALF OF THE BOARD
Jonathon Deluce
Chief Executive Officer
Telephone: 226-271-5170
For more information, please contact:
Abitibi Metals Corp.
E-mail: goldseekresources@gmail.com
The reader is invited to visit Goldseek’s web site https://www.goldseekresources.com/
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.