VANCOUVER, BC, June 28, 2021 /CNW/ - Tectonic Metals Inc.
(TSXV:TECT) (OTCQB:TETOF) (FSE:T15B) (the "Company" or "Tectonic")
today announced the commencement of its 2021 diamond drilling
program at the Tibbs Gold Project ("Tibbs"), located in
Alaska's Goodpaster Mining
District. The program is Tectonic's inaugural diamond drilling
campaign and will consist of approximately 3,000 metres ("m") in
two phases, with an average hole depth of approximately
200m. Oriented core drilling will
test both known exploration targets such as the Michigan Zone
("Michigan"), where Tectonic's reconnaissance Rotary Air Blast
("RAB") drilling returned 6.71 grams per tonne gold ("g/t Au") over
9.14m including 19.3 g/t Au over
3.05m in 2020, and newly identified
and untested structural and soil geochemical targets delineated by
Tectonic in 2020 such as the West Trench target.
Tony Reda, President & CEO,
commented, "The Tibbs Gold Project's 29,000 acres represent a
compelling district-scale gold exploration opportunity only 35km
from the world class Pogo Gold Mine. Tibbs hosts some of the
highest tenor gold anomalies in the Goodpaster and evidence of
compelling Pogo-style vein mineralization. For the first time these
targets will be subject to testing with oriented core diamond
drilling. We could not be more excited to get the drills turning
and look forward to keeping our investors updated as the season
progresses."
Drill Targets
Drilling will be conducted at known
high-grade targets (Michigan, Gray
Lead Zone ("Gray Lead")) to obtain detailed structural information
which will aid in the interpretation of each target and the overall
structural setting of the project.
Drilling is also planned at newly defined or reinterpreted
structural and geochemical anomalies across the property which were
identified by the Company as high-priority targets. For a review of
the 2021 exploration targets, please refer to the Tectonic's
June 8, 2021 news release
here. Detailed maps, cross sections and historic drill
data relating to Tibbs may be found on Tectonic's website
here.
About the Tibbs Gold Project
The Tibbs project is
located in the Goodpaster Mining District approximately 175
kilometres southeast of Fairbanks,
Alaska, and 35 kilometres east of the Pogo Mine. The project
is accessible via helicopter and historic winter trails and hosts
an unimproved airstrip in the Tibbs Creek drainage. The property
covers 29,280 acres of highly prospective geology hosting over 25
target areas and historic lode gold production in three
locations.
Gold mineralization at the property is hosted in both intrusive
and metamorphic rocks of the Yukon Tanana Terrane (YTT) and appears
to be controlled by the district-scale Black Mountain Tectonic
Zone, a northeast trending structural corridor. Three distinct
styles of gold mineralization are observed at Tibbs: 1) Pogo-style
high-grade gold-quartz veining at the Gray Lead prospect; 2)
Intrusion-hosted disseminated sulphides and stockwork
gold-quartz-stibnite-arsenopyrite veining at the Michigan and Upper/Lower Trench prospects; and
3) Fort Knox-style intrusion-hosted sheeted
gold-quartz-bismuthenite veins at the Jorts and Hilltop prospects.
The Tibbs property offers high-grade gold mineralization at
surface, in trenches, and in drill core, all in proximity to
existing infrastructure and an active mill.
Tectonic has completed exploration work at the property over
four campaigns beginning in 2017, with a gradual progression from
grassroots methodologies such as geological mapping and power auger
soil sampling, heli-portable excavator trenching, and airborne
magnetic and electromagnetic geophysics through to RAB drilling
campaigns in 2019 and 2020. Soil geochemical sampling in 2020
identified previously unknown, high tenor gold, arsenic, and
bismuth soil anomalies west of previous exploration in similar host
rocks as the Pogo deposit. Tectonic's 2021 program will be the
first core drilled on the property since 2011 and the first
oriented core in the property's history. The program is designed to
obtain structural control on high grade mineralization drilled by
the Company over the previous two seasons, while also testing newly
discovered exploration targets with similar structural, geological,
and geochemical features as mineralization at the Pogo Gold
Mine.
Qualified Person & QA/QC
Tectonic's disclosure of
a technical or scientific nature in this press release has been
reviewed, verified and approved by Eric
Buitenhuis, M.Sc., P.Geo., Tectonic's Vice President
Exploration, who serves as a Qualified Person under the definition
of National Instrument 43-101.
About Tectonic
Tectonic Metals Inc. is a mineral
exploration company created and operated by an experienced and
well-respected technical and financial team with a track record of
wealth creation for shareholders. Key members of the Tectonic
team were involved with Kaminak Gold Corporation, the company that
raised C$165 million to fund the
acquisition, discovery and advancement of the Coffee Gold Project
in the Yukon Territory through to
the completion of a bankable feasibility study before selling the
multi-million-ounce gold project to Goldcorp Inc. (now Newmont
Goldcorp) for C$520 million in
2016.
Tectonic is focused on the acquisition, exploration, discovery
and development of mineral resources from district-scale projects
in politically stable jurisdictions that have the potential to host
world-class orebodies.
Tectonic believes that responsible mineral exploration and
development can positively impact the communities in which the
company lives and operates and is committed to early and ongoing
community engagement, best practices in environmental stewardship
and the development of a strong safety culture. Whether at home or
at work, the Tectonic team is grounded on the following core
values: passion, integrity, patience, focus, perseverance,
honesty, fairness, accountability, respect and a play big
mindset. The company works for its shareholders and is
committed to creating value for them.
On behalf of Tectonic Metals Inc.,
Tony Reda
President
and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news
release, please visit our website at www.tectonicmetals.com or
contact Tony Reda, President &
CEO of Tectonic, or Bill Stormont,
Investor Relations, at toll-free 1.888.685.8558 or by email at
info@tectonicmetals.com.
Facebook: https://www.facebook.com/TectonicMetals/
Twitter: https://twitter.com/TectonicMetals
Instagram: https://www.instagram.com/tectonicmetals/
LinkedIn: https://www.linkedin.com/company/tectonic-metals
Cautionary Note Regarding Forward-Looking Statements
Certain information in this news release constitutes
forward-looking information and statements under applicable
securities law. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to
be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining
governmental and other approvals and financing on time,
obtaining required licenses and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of
Tectonic, and there is no assurance they will prove to be
correct.
Although Tectonic considers these beliefs and assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect, and the forward-looking statements in
this release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from
those expressed or implied in such forward-looking statements.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation: the Company's ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; marketing and transportation
costs; loss of markets; volatility of commodity prices; inability
to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; competition; currency and interest rate
fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Although Tectonic
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Tectonic does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
[Neither the TSX Venture Exchange nor it's Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.]
View original content to download
multimedia:https://www.prnewswire.com/news-releases/tectonic-commences-diamond-drilling-program-at-the-tibbs-gold-project-alaska-301320640.html
SOURCE Tectonic Metals Inc.