Apogee Minerals Ltd. (“
Apogee” or
the “
Company”) (TSXV: APMI) is pleased to announce
that the Company is planning field programs consisting of
geophysical work at its Pine Channel and Shasko Bay Projects,
located approximately 40 km west of Stony Rapids, Saskatchewan
which is the logistics and business hub for northern
Saskatchewan.
Highlights:
- Upcoming geophysical program at
Pine Channel is planned to include a 260-line kilometre,
helicopter-borne, magnetic survey at 75m line spacing
- Excellent
access with existing winter road to within 1km and central portions
of the property accessible by boat or float plane
- Upcoming
exploration program at Shasko Bay will include 148-line kilometres
of infill, high-resolution, airborne EM and magnetic data
- Multiple
untested geophysical anomalies associated with favourable geology
at the projects; targets for multiple deposit models (Orogenic Au
and Unconformity-U)
- Encouraging
exploration to date including historical mineralized drill
intercepts
Proposed Field and Geophysical Work at
Pine Channel:
The northern part of the 8,878 hectare Pine
Channel Property hosts numerous gold occurrences ranging from trace
quantities to up to 870 g/t Au in grab samples. Shallow historical
drilling has intercepted 0.6m of 63.50 g/t Au (Algold Bay, SMDI
1575), 1.75m of 5.27 g/t Au (ELA, SMDI 1574), and 0.5m of 407.96
g/t Au (North Norite Bay, SMDI 2183). The mineralization is
interpreted to be closely related to northwest/southeast trending
shear zones which are commonly identifiable in high resolution
magnetic data.
Pine Channel Project Map:
https://www.apogeemineralsltd.com/_resources/images/pine-channel-project-map-figure-1.jpg
A 2024 exploration program is planned to include
a 260-line kilometre, helicopter-borne, magnetic survey at 75m line
spacing over areas of the property without detailed magnetic
coverage and geologic mapping in the vicinity of the Algold Bay
occurrence.
Proposed Field and Geophysical Work at
Shasko:
The Shasko Bay uranium target is located on the
south shore of Lake Athabasca. Airborne electromagnetic (EM)
surveys in 2005 and 2007 identified conductive features on the
property considered prospective to host unconformity and basement
style uranium mineralization. A 2007 drill hole (RL-07-01)
intersected anomalous uranium at the unconformity in proximity to a
modelled conductive plate, with additional plates untested by
drilling. The upcoming exploration program at Shasko Bay will
include 148-line kilometres of infill, high-resolution, airborne EM
and magnetic data. The data from the survey will be used to model
conductive structures to aid in future drill hole planning.
Shasko Bay Project Map:
https://www.apogeemineralsltd.com/_resources/news/Shasko-Bay-September-2023.png
Pine Channel Gold Property
Summary:
The main deposit type that is being explored for
at Pine Channel is structurally controlled vein-quartz (lode) gold
deposits. Mineral occurrences on the Pine Channel Property contain
predominantly gold, with rare base metal occurrences. Within the
Pine Channel tenures there are eighteen historical showings
reported by the Saskatchewan Mineral Deposit Index (SMDI).
Highlights from documented historical work and
previously reported results include: North Norite Bay historical
drill hole of 407.96 g/t Au over 0.5 m (SMDI 2183); ELA drill hole
of 39.96 g/t Au over 0.55 m (SMDI 1574); Holes G-1 and G-3 which
returned 3.20 g/t Au over 1 m (SMDI 2329); Occurrence No. 6 /
Occurrence No. 8 trench samples which returned 90.6 g/t Au over 0.2
m (SMDI 1581); and Cole Lake Ni-Cu trench samples which returned
6.2 g/t Au, 0.01% Ni and 0.06% Cu over 3.0 m (SMDI 1583).
Government mapping in the Pine Channel area
dates from 1913, with the first industry work reported in 1950. A
total of 51 assessment reports have been filed within the current
Pine Channel tenure area. Past operators include Golden Rule
Resources Ltd. and Colchis Resources Ltd. who were both active on
the project during the 1980’s, the last sustained period of
exploration in the area. The most recent work prior to Eagle Plains
acquiring the claims in 2018 was in 2013 when the area was flown
with an airborne Variable Time Domain Electromagnetic (“VTEM”)
survey focused on locating targets for diamond exploration. There
has been a total of 6,066 metres of diamond drilling in 115
historic holes completed within the current Pine Channel property
claim boundaries with the majority of the holes completed less than
100 metres in length. Although the wide-spaced drilling did
intersect significant gold mineralization in places, much of the
drilling was completed using thin diameter core which is considered
ineffective for assessing the high-grade “nuggety” gold shears and
veins found at Pine Channel.
The first recorded systematic exploration work
on the Pine Channel property was in 1950 by Goldfields Uranium
Mines. The first significant program on the property was in 1980 by
Golden Rule Resources who completed 246 line-km of airborne EM
(INPUT) and magnetic surveying. Follow-up groundwork located 11
significant occurrences. From 1985-1988 Colchis Resources completed
VLF-EM geophysics, biogeochemical surveys, prospecting, soil
sampling and trenching followed by shallow diamond drill testing of
selected targets.
The Pine Channel project lies within the Tantato
Domain which is composed of highly deformed gneisses which form the
eastern margin of the Archean Rae Craton. Metamorphic rocks which
have been subject to varying degrees of strain form the majority of
the property area.
In 2019-2020, Eagle Plains completed field
programs focused on prospecting and mapping in areas of known
mineral occurrences. The work confirmed the widespread
occurrences of auriferous quartz veins and associated shear systems
in the Pine Channel property. Analytical results from the
seventy-two rock samples collected in 2020 range from 6 ppb Au to
68,400 ppb Au. Twenty-three of the samples returned greater than 1
g/t Au, and eight returned greater than 10 g/t Au. The most
encouraging of the known showings are the ELA Shaft showing (SMDI
1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both
demonstrate anomalous gold geochemical results and potential for
extension of known mineralization along strike.
Shasko Bay Project Summary:
The Shasko Bay Project is located along the
southeast shore of Lake Athabasca in Northern Saskatchewan,
20 km southeast of Fond-du-Lac, and proximal to the Company’s
Pine Channel Project. The claims are accessible by boat, barge,
winter road or float equipped aircraft from the village of Stony
Rapids, which has all season road access to it. The Project is
currently owned 100% by Eagle Plains Resources Ltd. (TSX-V: EPL),
with an underlying 2% NSR in favour of Eagle Royalties Ltd. (CSE:
ER).
The Project was staked by Eagle Plains in early
2023 in recognition of both the gold potential (with
basement-hosted auriferous quartz veins and associated shears that
strike onto the property from the Pine Channel Project); and for
the unconformity uranium potential that is so well known in the
district, in close proximity to basal contacts of the Athabasca
Formation. Apogee has acquired the right to earn-in up to an 80%
interest in the Project from Eagle Plains under the terms under the
Underlying Agreement for minimal staking costs as it lies within
the Area of Mutual Interest (“AMI”) around the Pine Channel
Project.
Between the late 1960’s to the early 2000’s the
region was explored for uranium and gold by various companies. The
Fond Du Lac Uranium deposit is the most significant discovery in
the region to date and is located 24 km to the NW-W. Work in the
area consisted of seismic reflection studies, multiple types of
airborne and ground-based geophysical surveys, geochemical surveys,
prospecting, mapping, trenching and four separate drill programs
which intersected multi gram-per-tonne gold assays (up to 6.8 g/t
Au over 2.1m) from quartz stringers in the Athabasca
sediments. The underlying basement metasedimentary rocks,
starting at 226m depth, also recorded mineralization in the form of
disseminated pyrrhotite, pyrite, chalcopyrite and rare sphalerite,
galena and molybdenite. The last drill program intersected
anomalous uranium in the Athabasca sandstone (up to 18.4 ppm)
concluding with recommendations to drill test several additional
targets.
The above results were summarized from SMDI
descriptions and assessment reports filed with the Saskatchewan
government. Management cautions that historical results were
collected and reported by past operators and have not been verified
nor confirmed by a Qualified Person, but form a basis for ongoing
work in the Pine Channel and Shasko Bay property areas.
Qualified Person:
Charles C. Downie, P.Geo., a “qualified person”
for the purposes of National Instrument 43-101 - Standards of
Disclosure for Mineral Projects and a Director of Eagle Plains
Resources Ltd., has prepared, reviewed, and approved the scientific
and technical disclosure in this news release.
About Apogee Minerals Ltd.:
Apogee Minerals Ltd. is a mineral exploration
company. Our goal is to build shareholder value through mineral
project acquisitions and advancement, as well as new mineral
discoveries.
To find out more about Apogee Minerals Ltd.
(TSX-V: APMI) visit the Company’s website:
www.apogeemineralsltd.com
Apogee Minerals Ltd.
“Tim
Fernback”
Tim FernbackInterim CEO and Director
For further information, please contact:
Apogee Minerals Ltd. Nicholas Coltura,
DirectorEmail: ncoltura@sentinelmarket.com
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
Cautionary Statements Regarding
Forward-Looking Information
This news release contains forward-looking
information within the meaning of Canadian securities laws. Such
information includes, without limitation, information regarding the
structure of the Proposed Transaction, the terms and conditions of
the Proposed Transaction, the Consolidation, the Name Change, the
terms of the Financing. the composition of the board of directors
and officers of the Resulting Issuer upon completion of the
Proposed Transaction, the intention of the parties to seek a
sponsorship exemption or waiver, the issuance of subsequent news
releases, and Alto Verde’s future exploration plans. Although the
Company believes that such information is reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward looking information is typically
identified by words such as: “believe”, “expect”, “anticipate”,
“intend”, “estimate”, “postulate” and similar expressions, or are
those, which, by their nature, refer to future events. The Company
cautions investors that any forward-looking information provided by
the Company is not a guarantee of future results or performance,
and that actual results may differ materially from those in forward
looking information as a result of various factors, including, but
not limited to: the Company’s ability to complete the Proposed
Transaction; the expected timing and terms of the Proposed
Transaction and the Financing; the state of the financial markets
for the Company’s securities; the state of the natural resources
sector in the event the Proposed Transaction is completed; recent
market volatility and potentially negative capital raising
conditions resulting from the continued COVID-19 pandemic and risks
relating to the extent and duration of such pandemic and its impact
on global markets; the Company’s ability to raise the necessary
capital or to be fully able to implement its business strategies;
and other risks and factors that the Company is unaware of at this
time.
The forward-looking statements contained in this
news release are made as of the date of this news release. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
The securities referred to in this news release
have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of,
U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements.
This news release does not constitute an offer
for sale of securities, nor a solicitation for offers to buy any
securities.
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