NINE MILE METALS LTD. (
CSE: NINE, OTCQB:
VMSXF, FSE: KQ9) (the “
Company” or
“
Nine Mile”), is pleased to provide an update on
its current drill hole (CL23-10-01) at its California Lake VMS
Project.
-
Drill hole is currently at a depth of 433.3 meters, now targeting
Lens A at a measured depth of 720m.
-
The Azimuth and Dip are monitored daily, the Azimuth presently at
207 degrees and the Dip flattened to 67 degrees. Our calculations
show we are still on target. (Figure 2)
-
Rocks intersected to date include felsic volcanics of the Flat
Landing Brook Formation which hosts numerous VMS mines and
occurrences in the southern portion of the Bathurst Ming Camp
(“BMC”) including the Stratmat and Headway VMS Deposits.
-
At depth, the felsic volcanics are well altered, the original host
rock character locally obliterated by intense phengite alteration,
a key alteration halo associated with VMS deposits (Figure 3).
-
Rock alteration and mineralogy, indicative of high temperature,
further confirm an active hydrothermal system was present during
deposition.
FIGURE 1: California Lake Drillhole
(CL23-10-01) Trajectory Analysis
Due to the length of this targeted drill hole,
continued monitoring of the azimuth and dip is critical. Once the
drill hole is collared, a gyro survey is conducted at every
30-meter interval recording both the azimuth and dip. The
trajectory is then calculated and plotted to ensure the drill hole
is within our target parameters. As required, a continuous gyro
survey can be conducted, recording details at 1-meter intervals,
providing an accurate plot of the trajectory. In the event a severe
deviation is detected, drilling can be modified to redirect the
hole to target.
Geologists from the New Brunswick Department of
Mines and Energy have reviewed the drill core and confirmed the
presence of various members of the Flat Landing Brook Formation
including sediments, rhyolites and accompanying phengite
alteration. There were no surprises in the drill core and all rock
types encountered are characteristic for this portion of the
BMC.
FIGURE 2: California
Lake Drillhole (CL23-10-01) Trajectory Analysis (Zoomed
In)
Nine Mile Metals VP Exploration and
Director, Gary Lohman, B.Sc., PGO., stated that, “The team is very
pleased with progress to date. The Chapais drill team has been very
diligent maintaining the trajectory of the hole while also
providing excellent core recovery. Geologically, we are encouraged
by the results to date, the host rocks relating very well to the
classical model below (Figure 3), especially the intense alteration
intersected which is associated with the Flat Landing Brook
rhyolites.”
Kevin B. Hicks, Director stated,
“Drilling remains on track and the projected landing location at
target depth remains well within our target radius. The drilling
rate in meters per day will slow as we progress deeper in the hole
due to core retrieval cycling and the hardness of the rock. Given
the shallowing of the dip angle, our measured depth target has gone
from 705 to 720 meters for a true vertical depth target of 675
meters. We look forward to next week and our continued drilling of
this important hole on the tip of the California West VMS
Trend.”
FIGURE 3: Alteration model of a classic
VMS deposit, Bathurst Mining Camp.
Drilling to date has intersected a variety of
rock types including a very distinct red sediment known to occur
proximal to VMS mineralization at both the Ahearn Brook occurrence
to the immediate north and the Stratchens Lake Brook occurrence to
the west (Figure 4).
FIGURE 4: Red Sediment Marker
Horizon
Below the red sediments, there are long
sequences of felsic volcanics, a key component of the VMS model. At
California Lake, we have intersected wide sequences of rhyolite,
including sections exhibiting intense phengite alteration. As seen
in figure 5, the alteration halo can be abrupt, accompanied by
bleaching of the host rock.
Sequences of banded pyritic horizons up to 5
meters in width have also been noted in drill core attesting to a
depositional environment. Base metal mineralization includes zinc
associated within larger blebs of pyrite, confirmed with the XRF,
and minor blebs of chalcopyrite (copper) within sections of Fe
enriched (black) chlorite, the latter, when of substantial size and
enrichment, define Zone 2 in (Figure 3) above.
Figure 5: Intense Phengite
alteration of the Flat Landing Brook rhyolite.
Although still above
target depth, the geological sequences encountered in drill
hole CL-23-10-01 are characteristic of a VMS environment. Locally
intense hydrothermal alteration of the volcanics and high
temperature mineralogy are also positive indicators of a
potentially productive VMS system at depth.
The disclosure of technical information in this
news release has been prepared in accordance with Canadian
regulatory requirements as set out in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”) and
reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP
Exploration and Director who acts as the Company’s Qualified
Person, and is not independent of the Company.
About Nine Mile Metals
Ltd.:Nine Mile Metals Ltd. is a Canadian public mineral
exploration company focused on Critical Minerals Exploration (CME)
VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous
Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary
business objective is to explore its four VMS Projects: Nine Mile
Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS
and the Wedge VMS Projects. The Company is focused on Critical
Minerals Exploration (CME), positioning for the boom in EV and
green technologies requiring Copper, Silver, Lead and Zinc with a
hedge with Gold.
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ON BEHALF OF NINE MILE METALS LTD.
“Patrick J Cruickshank, MBA”CEO and Director T:
+1.506-804-6117E: patrick@ninemilemetals.com
Forward-Looking
Information:
This press release may include forward-looking
information within the meaning of Canadian securities legislation,
concerning the business of Nine Mile. Forward-looking information
is based on certain key expectations and assumptions made by the
management of Nine Mile. In some cases, you can identify
forward-looking statements by the use of words such as “will,”
“may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,”
“believe,” “estimate,” “predict,” “potential,” “continue,”
“likely,” “could” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions.
Forward-looking statements in this press release include that (a)
the drilling rate in meters per day will slow as we progress deeper
in the hole due to core retrieval cycling and the hardness of the
rock , (b) locally intense hydrothermal alteration of the volcanics
and high temperature mineralogy are also positive indicators of a
potentially productive VMS system at depth , and (c) we look
forward to next week and our continued drilling of this important
hole on the tip of the California West VMS Trend. Although Nine
Mile believes that the expectations and assumptions on which such
forward-looking information is based are reasonable, undue reliance
should not be placed on the forward-looking information because
Nine Mile can give no assurance that they will prove to be
correct.
The Canadian Securities Exchange (CSE) has not reviewed
and does not accept responsibility for the adequacy or the accuracy
of the contents of this release.
Photos accompanying this announcement are available
at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/0fe7d414-a171-4729-b497-51f362c0f6a8
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https://www.globenewswire.com/NewsRoom/AttachmentNg/08bbc597-0559-47f2-98ac-fb974d030a83
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