Highlights:
- 4.92 g/t gold over 28.65 meters (141 Metal Factor), including 11.39 g/t gold over 9.1 meters, is the 2nd best intercept on the Property to date in terms of grade and thickness.
- Rushed intervals from 7 of 18 holes completed during Goldseek’s maiden 5,000-meter program
- All holes returned gold values supporting the continuity of the B14 gold-bearing structure
- Base metals potential on intercepts is still to be determined based on alteration indicators and copper sulfide occurrences.
October 6, 2021, London, Ontario – Abitibi Metals Corp. (CSE:GSK) (FSE:4KG) (“Goldseek” or the “Company”) is pleased to announce results from the first seven drill holes at the Beschefer Project, located approximately 30 kilometers southwest of Wallbridge’s Fenelon Gold Project on the Detour Gold Trend. BE-21-02 intersected 4.92 g/t Au over 28.65 meters, including 11.39 g/t Au over 9.1 meters, making this the second-best intercept by metal factor (grade X thickness) in the Project’s history. This was only the rushed portion of the hole, which started and ended with gold values of respectively 2.2 g/t and 9.5 g/t.
The drill grid was designed to cut the Central Shallow Zone, where mineralization extends from the bedrock interface down to a vertical depth of about 200 metres. The target structure dips at 40° to the southeast. Holes reported aimed at defining the gold grade envelope using 25 to 50-metre spacing.
Goldseek’s President & CEO Jon Deluce states, “We are very excited to announce this exceptional intercept (BE-21-02) supporting the potential of a strong maiden resource targeted for 2022. We believe these first infill-focused holes were a success hitting gold in each hole, proving the continuity and predictability of the B-14 structure. Additionally, results obtained from hole BE-21-04 represent expansion potential through extending the Central Shallow Zone to the east in an area with limited historical drilling.
We look forward to the remainder of the results, including three 100–200-meter extension/step-out holes on the East Zone, which continue to hit the mineralized zone with favorable indicators observed over intervals similar to previous holes. As we continue to process and report results, we are starting to plan our follow-up winter drill program.”
Mineralization Upper Limit
Holes BE-21-01, P1-0221-22 and P1-0221-23 intercepted the B14 structure between 100 and 125 metres vertical depth to test the upper limit of the mineralized zone. These holes were drilled between 25 and 50 metres up-dip from surrounding holes to find the closure of the gold trend. Results obtained in hole P1-0221-23 proved this concept returning 1.08 g/t over 11.5m hosted in pyritic feldspathic replacement lenses affected by brecciation. A restrained mineralized interval of 2.99 g/t over 1.5m was obtained in hole P1-0221-22 in the carbonate alteration associated with the gold-bearing structure, while scattered gold results obtained from hole BE-21-01 in a mafic host rock represent the gold structure margin.
Upper Gold Trend
Hole BE-21-02 was drilled at 30m and 45m (BE12-006 & BE18-049) spacing of historical holes in an attempt to extend strong historical results. The mineralized interval of 28.65m at a grade of 4.92 g/t Au (including 11.39 g/t over 9.1 metres) is centered at a vertical depth of 100 metres. It corresponds to a strong feldspar-sericite affected by tectonic brecciation. Pyrite is unevenly distributed in a brecciated structure with concentration reaching locally 10% volume. The highest individual assays reached 50.5 g/t over 0.6m from 163.8 to 164.4 metres along the hole.
Hole P1-0221-06A, drilled about 25 metres laterally to the east, cut two consecutive mineralized intervals of 1.4 g/t over 3.45m and 5.36 g/t over 4.15m hosted respectively in the carbonatized hanging wall of the gold-bearing structure and in a central pyritic feldspar-sericite alteration zone.
Hole BE-21-04 was drilled to intercept the central gold trend about 60 metres laterally to the east at the same elevation. The result of 1.25 g/t over 5.2m is hosted in a pyritic ductile fault. This result supports the extension of the gold system to the east in an area with little historical drilling.
Down Dip Gold Trend
An area of lithological and structural complexity located at 150 metres of vertical depth was tested with a series of holes. 1.4 g/t over 4m was obtained from hole BE-21-03 in a carbonate altered ductile fault. Further downhole, a strong gold anomaly between 0.1 and 0.4 g/t was obtained from 180 to 200 metres, hosted in a volcanic breccia characterized by secondary magnetite.
RESULTS FROM 7 DRILL HOLES (RUSHED SECTIONS ONLY)
|
Hole ID |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
|
BE-21-02 |
143.45 |
172.1 |
28.65 |
4.92 |
|
Including |
163 |
172.1 |
9.1 |
11.39 |
|
P1-0221-22 |
110.05 |
111.2 |
1.15 |
2.99 |
|
P1-0221-23 |
115 |
126.5 |
11.5 |
1.08 |
|
Including |
117.35 |
118.35 |
1 |
4.30 |
|
P1-0221-06A |
158 |
161.45 |
3.45 |
1.38 |
|
And |
168.45 |
172.6 |
4.15 |
5.36 |
|
BE-21-01 |
166.35 |
166.8 |
0.45 |
1.02 |
|
BE-21-03 |
184 |
188 |
4.0 |
1.41 |
|
BE-21-04 |
178.8 |
184 |
5.2 |
1.25 |
* Stated lengths are core lengths as drilled. True widths are estimated to be between 85% and 100% of reported core length intervals.
|
Hole ID |
Easting UTM |
Northing UTM |
Length (m) |
DIP |
Azimuth |
|
P1-0221-22 |
660604 |
5516257 |
200 |
-62 |
340 |
|
P1-0221-23 |
660579 |
5516245 |
251 |
-60 |
340 |
|
P1-0221-06A |
660652 |
5516190 |
201 |
-55 |
340 |
|
BE-21-01 |
660652 |
5516190 |
201 |
-45 |
340 |
|
BE-21-02 |
660622 |
5516181 |
250 |
-62 |
340 |
|
BE-21-03 |
660665 |
5516148 |
351 |
-70 |
340 |
|
BE-21-04 |
660689 |
5516169 |
348 |
-50 |
340 |
The program was carried out under the supervision of Martin Demers, P.Geo and a consultant for Goldseek Resources, the qualified person responsible for this news release. The field program was run by SL Exploration. The drill core was split at the Technominex facility in Rouyn-Noranda with half sent to AGAT Labs in Val D’Or, QC, and fire assayed with an AA and gravimetric finish. Whole metallic assays are performed on samples greater than 10 g/t gold and samples containing visible gold. Duplicates, standards and blanks were inserted into the sample stream.
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 reviewed and approved by Martin Demers, P.Geo,ogq No 770, who is a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.
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.
This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the Company’s future plans of Beschefer. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to obtain all requisite approvals, including approval of the Canadian Securities Exchange and securities regulatory authorities, if required for a transaction or financing, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop Beschefer or its other projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associates with mineral exploration, changes in general economic conditions, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.