Vancouver, British Columbia – TheNewswire – October 27, 2021 – Phoenix Gold Resources Corp. (TSXV: PXA) (OTC: PGRCF) (Frankfurt: 5DE) (“Phoenix Gold” or the “Company”) is pleased to announce that Phase 2 diamond drilling has commenced at its York Harbor Mine- Property (“York Harbor” or the “Property”) in western Newfoundland, Canada. Three holes were completed in the last 10 days of a planned 27 hole diamond drill program for a total of approximately 4,225 meters.
The on-site project geologist has reported that the most recent drill hole, YH21-14, intersected semi-massive and massive volcanogenic sulphide mineralization (‘VMS’) for a drilling length of 105 to 120 meters. After geological and geotechnical recording, the drill core from holes YH21-13 and -14 will be transported to the Planet X exploration facilities in Gander for sampling and later delivered to Actlabs in Ancaster, Ontario for express ICP analysis and excess analysis.
Photos of the drill core with the reported massive sulphide mineralization intersected by holes YH21-13 and 14 are shown as follows.
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Solid sulfide in DDH YH21-13 Solid sulfide in DDH YH21-14
The Phase 1 drill program was completed on July 28thNS until August 14thNS. This program, the first on the property since Wolfden Resources’ drilling in 2004, successfully validated historical drill results on 6 of the 9 holes that drill-indexed Cypriot VMS mineralization in historical ‘A’, ‘G’ and ‘H’. intersected ‘zones and encountered similar mineralization both along strike and down dip in these zones. Two diamond drill holes had to be abandoned when they encountered a broad fault zone and a third hole intersected a section of the 400 grade adit where it lost circulation and was not completed to the intended depth.
The Company is currently awaiting assay results of 200 out of 300 drill core samples from the Phase 1 diamond drill program. Select mineralized intercepts from 4 of the 9 Phase 1 holes were reported in the Company’s October 12th news releaseNS. A couple of these mineralized intercepts previously reported for holes YH21-04, -06, -08 and -09 are as follows.
|
DDH |
from |
to |
interval |
copper |
zinc |
silver |
Target zone |
|
No. |
(m) |
(m) |
(m) |
(%) |
(%) |
(gpt) |
|
|
YH21-04 |
180.03 |
189.54 |
9.51 |
1.69 |
0.13 |
1.43 |
H zone |
|
YH21-06 |
146.26 |
194.05 |
47.79 |
0.85 |
0.57 |
1.49 |
H zone |
|
YH21-08 |
122.30 |
128.90 |
6.60 |
0.62 |
0.65 |
3.37 |
G zone |
|
YH21-09 |
5.00 |
14.54 |
9.54 |
1.69 |
0.11 |
2.83 |
One zone |
The Phase 2 diamond drill program was designed to initially better delineate the known, drill-indicated VMS mineralization for future resource estimates and to explore for other similar mineralization both along strike and down dip. Historic underground drill holes report a number of massive and semi-massive mineralized intervals between and along strike of the known zones, but with no reported results. On two of these historic intercepts, recent drill holes YH21-13 and 14 confirmed significant VMS mineralization. Therefore, the Phase 2 program will include both delineation and exploration drilling.
In addition to the Phase 2 drilling program, exploration work on the property also included the laying of the No. 4 Brook adit and the massive sulfide showings located approximately 1 km from current drilling on the eastern edge of the folded volcanic sequence, the well-known VMS. hosts mineralization. On October 16thNS several field workers visited the site and reported approximately 15 meters of massive and semi-massive sulphide mineralization including pyrite, chalcopyrite and sphalerite in a sheared zone near the stripped adit. This demonstration is currently accessible via an incised path but will require an upgrade to access the ATV and drill rig. A field crew is currently cutting channel samples across the visible mineralization and shipping and analysis will follow. This deposit is to be tested with drilling in early 2022.
Consulting mining engineers from Gemtec, based in St. Johns, have been hired to apply for permission to enter the 400-level adit, and the company is meanwhile investigating the use of a lidar drone to survey the adit this year.
The following images show the proposed locations for Phase 2 diamond drilling on the York Harbor property. The red colored and hatched bodies in Figures 2 and 3 are the two-dimensional, surface-projected images of the VMS mineralization indicated by drilling. The purple hatched body is the surface projection of the 400-level adit.
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illustration 1: Plan view of the proposed Phase 2 diamond drill program on the York Harbor Property
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Figure 2Figure: Top view of the northern portion of the proposed Phase 2 diamond drill program
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Figure 3Figure: Top view of the southern portion of the proposed Phase 2 diamond drill program
About the York Harbor mining property
The York Harbor Mining Property is located approximately 17 miles west of Corner Brook, NL and is known for its copper-zinc-silver-gold-cobalt-massive sulfide deposits. The known mineralization has characteristics consistent with classical VMS deposits of the mafic type (Cyprus type). Similar geological environments and types of mineralization have occurred elsewhere in Newfoundland at Tilt Cove (9Mt between 1% and 12% copper) and in Cyprus at the Mavrovouni Mine (15M gold); as noted in Messina Minerals Inc.’s 9th Year Assessment Report (2009).
Solid copper and zinc sulphides were first discovered in the port of York in 1893. Since then, a total of 2,134 meters of documented underground tunnels and development have been completed, for which documentation is available. Core logs and sampling data are available for a total of 19,323 meters of historical drilling that tested eleven lenses or zones of copper-zinc-silver-gold-cobalt-massive sulfide mineralization. These zones extend for 600 meters of strike length and many remain open to expansion both along strike and down dip.
Most historical exploration and underground development has focused on a 350 meter segment of stratigraphic contact between lower and upper basaltic units and within 150 meters of the surface. An inverted synclinal fold is interpreted to expand and replicate the favorable mineralized horizon along the western portion of the property where surface prospecting at No. 4 Brook of copper- and zinc-bearing massive sulphides has been discovered and documented in outcrop, but very little attention from the modern exploration.
JD Blanchflower, P.Geo. is a Qualified Person, as defined by National Instrument 43-101, who has reviewed and accepted the technical material contained in this news release.
For more information:
Andrew Lee CEO, President and Director
Phone: 778-302-2257 | Email: andrew@phoenixgoldresources.ca
Website: www.phoenixgoldresources.ca
Cautionary Statement Regarding Forward-Looking Information
This press release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All information contained herein that is not historical in nature may constitute forward-looking information. The forward-looking statements contained herein include, but are not limited to, statements about the satisfactory completion of due diligence and any acquisitions under the option and are necessarily based on a number of assumptions that management considers reasonable but inherently business, market and and economic risks, uncertainties and contingencies that could cause actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statements. Unless required by law, the company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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