July 31, 2020 – TheNewswire – London, Ontario – Abitibi Metals Corp. (CSE:GSK) (CNSX:GSK.CN) (“Goldseek” or the “Company”) is pleased to announce that it has commenced a 1,000-meter drill program on its Horizon Project property located approximately 7.3 kilometers north of the Hemlo Mines. The drill program is designed to follow up on identified geophysical targets in the northwest portion of the property referred to as Target C which has been identified from a VTEM airborne survey B field component as a 250-meter radius “bulls-eye” anomaly with over 600 meters of depth extent (Figure 1).
Figure 1: VTEM Resistivity Depth Image
Goldseek’s President & CEO Jon Deluce states, “We are excited for our maiden drill program at the Horizon (Hemlo) Property which has commenced. There was only one historical drill hole in the entire northern portion of the Property, which was drilled during the original Hemlo rush in 1984. We look forward to shedding some light on an area of the Hemlo district that is very underexplored.”
This target, identified through strong RDI’S (resistivity depth images), was further supported with a 2019 IP survey, which outlined a well defined IP anomaly with a strong chargeability response and direct resistivity low correlation suggesting it is a highly conductive bedrock feature and relatively close to surface. In addition, two areas of EM anomalous activity, referred to as GS-1 and GS-2 are attributed to bedrock sources and were modelled using Maxwell EM modelling software. The GS-1 revealed 4 plates, the fourth of which coincided with the target C conductor. These anomalies occur within metasedimentary rocks.
The GS-2 Maxwell anomalies lie to the south of the broad location of target A which lies on the southwestern portion of the property and shows a potential for an extended strike length that increases the chances of this target being formational in nature. The target A anomaly is further supported by the IP data, which shows coincident low resistivity and high chargeability. In addition, 15 overburden drill holes drilled in 2007 by Kaminak Gold Inc. within this broad anomaly returned values as high as .18% nickel, .17% copper, and .16 g/t gold, which may be more suggestive of a massive sulphide environment. In conjunction with the drilling proposed on Target C, it is proposed that the grid lines be expanded on Target A and a soil sampling program be initiated both on targets A and B to focus on more preferential targets within this larger system.
Goldseek plans to utilize MMI technology for soil geochemistry on these broader targets A and B as the technology aids in more focused sharp anomalies that may correspond to the broader IP targets and in the detection of deeply buried mineralization and definition of metalliferous zones and associations.
Goldseek acquired the Horizon North-West Addition on July 21, 2020. Pursuant to a definitive agreement, Goldseek acquired 100% interest, subject to a 3% net smelter returns royalty, in 5 boundary claims from Tashota Resources Inc. The terms of the purchase were as follows:
– Upon Canadian Securities Exchange acceptance, issue 40,000 shares of Goldseek to Tashota Resources Inc.
– Goldseek can purchase 1.5% (or 1/2) of the net smelter returns royalty at any time for $1,500,000 from the legacy royalty holders.
All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a consultant for Goldseek and a Qualified Person for the purposes of National Instrument 43-101.
About Abitibi Metals Corp.
Abitibi Metals Corp. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying four 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, and Detour Gold Trend in Quebec and Hemlo in Ontario.
ON BEHALF OF THE BOARD
Chief Executive Officer
For more information, please contact:
Abitibi Metals Corp.
The reader is invited to visit Goldseek’s web site www.goldseekresources.com
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