Paycore Minerals Inc. (TSX-V: CORE) is pleased to announce exploration drilling results from the Company’s 100%-owned FAD Property located on the Battle Mountain-Eureka Gold Belt in Nevada, USA.
“Hole-10 is a 200 meter step-out and drilled down-dip from the historic resource which contains 3,540,000 tonnes grading 8.0 % zinc, 3.80% lead, 196.46 g/t silver, and 5.14 g/t gold. Drilling to-date in the Southeast Lobe has demonstrated the lateral mineralization outside of the historic resource that was defined by Hecla Mining Company in their 1966 and 1974 feasibility studies” stated Christina McCarthy, President, and CEO. “Additionally, we are in the process of planning exploration drilling within the new discovery corridor related to the untested Jackson Fault which is associated with i-80 Gold’s recent Hilltop CRD discovery (Figure 2 below). Paycore has approximately 3 kilometers of the fault to test.” Ms. McCarthy added.
James Gowans, Chairman of the Board, states “The FAD deposit is proving to be among one of the highest-grade carbonate replacement deposits (CRD’s) on the globe. Most CRD’s consist of silver-lead-zinc mineralization however, we believe there is a secondary mineralized event which is associated with the gold mineralization introduced into the CRD system at FAD. These additional gold values could potentially be an additional credit in a recovery processing scenario which could add significant economic value to the deposit.” Mr. Gowans is the former President of Arizona Mining which owned the Taylor Deposit, also a carbonate replacement deposit.
“Hole PC22-10 was drilled in the Southeast Lobe to test lateral consistency between wide spaced historic rotary drill-holes which delineate the historic resource and mineralized footprint. These drill results in the Southeast Lobe further confirm high-grade mineralization outside of the historic resource and adds further confirmation for significant thickness of mineralization within the Southeast lobe. Hole PC22-10 also demonstrates lateral down-dip consistency to the Southeast Lobe. Specifically, historic drill holes RDH-7, RDH-7A, RDH-510 and RDH-2, when included with Paycore drill holes GH21-02, PC22-07, PC22-08A and PC22-10, provide a nominal spacing of about 35 meters between holes and demonstrate a down-dip extent of 200 meters of consistent mineralization. The current overall dimensions of the FAD Main Zone which are defined by Paycore and historic drilling, define a mineralized footprint of approximately 420 meters in strike length by 390 meters wide (Figure 1)” stated Gary Edmondo, Exploration Manager.
Table 1: Drill Highlights from the FAD Main Zone. Hole PC22-08A announced today, is highlighted in the bottom three rows.
|GH21-01||737.0||740.5||3.5||90 – 100||10.4||153.8||1.8||8.4||–||18.1|
|GH21-02||711.7||748.3||36.6||90 – 100||5.1||185.5||4.5||6.0||–||13.0|
|Including||725.4||733.0||7.6||90 – 100||9.7||242.0||7.1||9.6||–||21.6|
|GH21-03||673.9||688.2||14.3||90 – 100||2.3||50.9||0.7||3.7||–||5.3|
|PC22- 02||39.6||67.7||28.0||90 – 100||1.0||25.7||1.0||4.3||0.09||4.5|
|And||86.7||110.6||23.9||90 – 100||2.3||23.8||0.4||4.1||0.09||5.3|
|GH21-05||687.3||697.4||10.1||90 – 100||6.0||267.0||4.9||15.9||0.2||21.1|
|GH21-04||683.4||708.4||25.0||90 – 100||1.96||92.61||1.26||7.45||–||11.53|
|And||720.24||722.07||1.8||90 – 100||3.2||204||6.86||7.62||–||13.41|
|PC22-07||660||672.5||12.5||90 – 100||1.06||155.5||1.5||22.0||–||16.4|
|And||705||749.8||44.8||90 – 100||2.03||231.6||3.7||6.3||–||10.4|
|PC22-08A||738.8||753.6||14.8||90 – 100||7.1||376.3||10.3||6.3||–||20.37|
|Including||738.8||744.6||5.8||90 – 100||15.9||248.4||3||9.4||–||25.94|
|PC22-10||707.8||735.2||27.4||90 – 100||8||79||1||10||–||15.15|
|including||713.2||726.2||13||90 – 100||11.1||110||1||16||–||22.2|
|AND||745.6||753||7.4||90 – 100||4.5||318||6.1||4.6||–||11.5|
|*USD values used to calculate AuEq; Au $1500.00/oz, Ag $20.00/oz, Pb $2204.60/mt, Zn $2,755.75/mt, Cu $7,716.17/mt. Formula used: AuEq = Gold g/t + Silver g/t x 0.0133 + Zinc % x 0.571 + Lead % x .457 + Copper % x 1.6. Values may not add precisely due to rounding. Actual true widths are not known. Gold equivalent (AuEq) is used for illustrative purposes, to express the combined value of Au and Ag as a percentage of Au. AuEq is calculated using 75:1 silver to gold ratio|
Hole PC22-10 is a 200-meter step-out and down-dip from the historic resources. The drill intercepts illustrated in Table 1 for hole PC22-10 occur within a 58.4 meter zone of mineralized rock which consists of 5.6% zinc, 1.3% lead, 91 g/t silver, and 1.5 g/t gold from 694.6 to 753 meters depth. The hole intersected the Southeast Lobe 23-meters Northeast of hole GH21-02 and 40 meters Northeast of hole PC22-07 which are referenced in Figure-1, along with Paycore’s original drill highlights in Table-1. PC22-10 deviated from the intended target between historic holes RDH-7 and RDH-7B which both contain thick intercepts of mineralization (30 and 35 m of mineralization respectively) and are located approximately 45 meters to the North and to the East of PC22-10.
|* The historical drilling and estimates contained in this release have not been verified as current mineral resources defined by a national insturment 43-101. A “qualified person” (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves.|
|¹ Source: 1974 Feasibility Study, option B – Hecla Mining Company|
Figure-1 is a plan-view of FAD mineralization illustrating historic and Paycore drill intercepts from surface which are located within and proximal to the FAD Main Zone. Hecla Mining completed a Feasibility Study in 1966 and 1974 which included the underground development-drilling done from 1963 to 1964. Figure- 1 shows this drilling with the historic FAD resource which contains 3,540,173 tonnes grading 8% zinc, 3.80% lead, 5.14 g/t gold and 196.46 g/t silver from Hecla Mining Company’s 1974 feasibility study. The historical drilling outside of this resource area intercepted high-grade poly-metallic mineralization and was not included in the resource due to wider-spread drill spacing. Paycore intends to complete in-fill drilling to complete a resource estimate in accordance with NI 43-101.
Figure-1 also demonstrates the overall dimensions of the mineralization on the FAD Main Zone and illustrates the width of the down-dip extension within the Southeast Lobe. The current overall dimensions of the FAD Main Zone, which are defined by Paycore and historic drilling, delineate a mineralized footprint of approximately 420 meters in strike length by 390 meters wide. Additional definition and step-out drilling are necessary to further define mineralization and calculate a mineral resource estimate for the FAD Main Zone.
Paycore recently acquired additional historic drill and underground geology data which will be used to support future drill and exploration programs. Paycore is in the process of digitizing all of the recently acquired historic data. The information acquired includes drill logs, assay certificates, surveys, historic surface and underground geologic mapping, drill hole location maps, and other data that will be invaluable for vetting, modeling, and resource work on the FAD mineralization.
The upcoming drill program will focus on infill and step-out drilling on the FAD Main Zone and test the extents to historic mineralization outside of the current geological model illustrated in Figure 1 above. The historic drilling outside of the current model has identified multiple horizons of favourable geology as well as high grade mineralization in multiple directions, further demonstrating the exploration upside. Upcoming drill programs will also target the under-explored Jackson Fault where i-80 Gold made their recent discovery of high grade CRD at their Hilltop Project.
Figure 2 below illustrates Paycore’s property and the property boundary between Paycore and i-80 Gold. Historic mining, exploration and drilling has focused largely on the prospective geology associated with the Ruby Hill Fault. The FAD deposit and Ruby Hill Mine is also associated with the Ruby Hill Fault. The north-south trending Jackson Fault located to the east of the Ruby Hill Fault is undercover, largely untested, and underexplored. The Jackson Fault is associated with i-80 Gold’s recent Hilltop CRD discovery located between the past producing Archimedes Pit and the property boundary of Paycore. There is approximately 1.5 kilometers of the Jackson Fault to test on i-80’s project between the open-pit and the property boundary, and nearly 3 kilometers of the fault to test on Paycore’s property (see Figure 2 below). Paycore has not yet tested the Jackson Fault and is in the process of planning a drill program in this highly prospective discovery corridor which is associated with the Jackson Fault zone.
Paycore is a corporation incorporated under the Business Corporations Act (Ontario) and, through its subsidiaries, holds a 100% interest in the FAD Property that is located in the heart of the Eureka-Battle Mountain trend in Nevada, USA. The FAD Property is host to the high-grade poly-metallic FAD deposit that was partially delineated with surface and underground drilling in the 1940s and 1950s. The FAD Property is located less than 3 miles from Eureka, Nevada and has established infrastructure, including a shaft, roads and old buildings. FAD was previously owned by Barrick Gold. Barrick acquired the FAD Property when the Company acquired Homestake Mining in 2001.
Overseen by an experienced board and management team that includes Jim Gowans (Non-executive Chairman), Christina McCarthy (President & C.E.O), Steve Filipovic (C.F.O. and Corporate Secretary) and John Begeman (Director), the Company is focused on advancing the delineation of mineral deposits on the FAD Project (which is situated immediately to the south of, and along strike from, I-80 Gold Corp’s Ruby Hill Mine).
Quality Assurance / Quality Control Procedures
All samples were submitted to ALS Minerals (ALS) of Sparks, NV, which is an ISO 9001 and 17025 certified and accredited laboratory, which is independent of the Company. Samples submitted through ALS are run through standard prep methods and analysed using Au-AA23 (Au; 30g fire assay) and ME-MS61 (48 element suite; 0.25g 4-acid/ICP-AES and ICP-MS). ALS also undertakes their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Paycore’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results, and third-party assay checks of mineralized intercepts.
The scientific and technical data contained in this news release pertaining to the FAD Property was reviewed and approved by Gary Edmondo, CPG, who is a “qualified person” within the meaning of NI 43-101 – Standards of Disclosure for Mineral Projects. Gary is a certified professional geologist through the AIPG (#11089)
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