Tectonic Launches Phase II Drilling After Successful Titan Geophysical Survey Identifies Low And High Angle Controlling Structures Coinciding With Gold-In-Soil Anomalies At Tibbs Gold Project, Alaska
- Grab rock sampling at the Tibbs Gold Project’s (“Tibbs”) Jorts target returned gold values up to 50.3 g/t Au, with 11 rock samples grading greater than 20 g/t Au producing a 450m long high-grade gold anomaly.
- Mineralization is similar to localized high-grade gold-bismuth-tungsten mineralization at Kinross Gold’s Fort Knox gold mine near Fairbanks.
- High-grade grab rock samples appear to be controlled by a prominent northeast-trending structural zone which hosts Northern Star Resources’ neighboring Brink Gold Zone, 3.7km to the southwest.
- Tectonic has mobilized a second drill to site for immediate follow up with 1,200m of RC drilling planned in Jorts target area.
- Additional 2,500m of RC drilling planned for other high priority targets at Tibbs. Drilling extended to October 2021.
VANCOUVER, B.C., September 7, 2021 – Tectonic Metals Inc. (TECT: TSX-V; TETOF: OTCQB; T15B: FSE) (the "Company" or "Tectonic") today announced initial results from the Company’s 2021 mapping campaign at Tibbs, located less than 35 kilometers (“km”) from Northern Star Resources’ (ASX: NST) Pogo Gold Mine (“Pogo”). Grab rock sampling in the southern extent of Tibbs produced two robust, high-grade gold rock anomalies with gold values ranging from trace to 50.3 g/t Au at the Jorts Prospect (“Jorts”) and trace to 7.8 g/t Au at the Jeans Ridge Prospect (“Jeans”), 1.25km to the northeast of Jorts. Mineralization at both prospects consists of granodiorite-hosted sheeted quartz veins which contain bismuthinite and rare visible gold (“VG”). Mineralization is interpreted to represent veining associated with an intrusion-related gold system and strongly resembles the high-grade component of mineralization at Kinross Gold’s (TSX: K) Fort Knox gold mine.
Tectonic is also pleased to announce that a second drill rig (Reverse Circulation (“RC”)) has been mobilized to Tibbs to scale up the Company’s exploration program by focusing on two priority objectives:
- Immediately drill test the Jorts and Jeans targets with approximately 1,200m of RC drilling.
- Test Pogo-like low-angle structures interpreted from the recently completed TITAN-160 geophysical survey and observed in drill core from the Company’s ongoing diamond drilling campaign with a further ~2500m of RC drilling in the western portion of Tibbs.
Details of the TITAN geophysical survey and Tectonic’s interpretations can be found here.
Based on the exciting new sampling results at Tibbs, Tectonic has elected to defer the drilling of the Company’s Seventymile Gold Project (“Seventymile”) until next season to focus its time, energy and capital on these newly identified, high-grade gold targets at Tibbs. Up to 3,700m of additional RC drilling is planned for Tibbs with work expected to continue into October 2021.
Tony Reda, President and CEO, commented, “We are extremely excited by the results of our early-season mapping and sampling program at Tibbs, which exceeded our expectations with 11 of 44 rock samples from Jorts returning over 20 g/t gold, including two samples returning over 50 g/t gold. These high-grade samples are found within a prominent northeast trend of mineralization beginning 3.7 km to the southwest at Northern Star Resources’ Brink prospect and running through Tectonic’s ground at Jorts and Jeans. With the mobilization of an RC rig to site, Tectonic is drill testing these new anomalies now, along with the newly identified low-angle structures observed in our Phase I diamond drilling, acting decisively and aggressively to advance our exploration targets.”
New Drill Targets – Tibbs South
In early summer, a four-week mapping and prospecting campaign was completed in the underexplored southwest corner of Tibbs situated on Native-owned land leased from Doyon, Limited (“Doyon”), one of Alaska’s largest Native Regional Corporations (see Tectonic news release here). Exploration this season focused on both the Jorts and Jeans targets, which are separated by 1.3 km and are situated adjacent to claims owned by Northern Star Resources. Both Jorts and Jeans are located on the same northeastern trend that hosts Northern Star’s Brink Gold Zone (“Brink”) and the adjacent Porthos Ridge exploration target, immediately west of Jeans.
A total of 223 grab rock samples were collected during the mapping campaign, with 44 collected at Jorts and 27 at Jeans. Samples from the Jorts prospect returned gold values from trace to 50.3 g/t Au, with 35 of 44 rock samples returning gold greater than 0.200 g/t Au, 16 samples returning greater than 10 g/t Au, including 11 samples over 20 g/t Au. Mineralization at Jorts is found within a core trend spanning 450m northeast-southwest along the nose of a ridge and talus slope. The source of the anomalism appears to be a northeast-trending bench or structure, and the entirety of the anomaly is found within chloritized and quartz veined granodiorite. Samples from the Jeans prospect returned gold values from trace to 7.86 g/t Au, with 9 of 27 samples returning greater than 0.200 g/t Au. Jeans consists of a flat-topped west-trending ridge approximately 200m wide, with mineralization observed in felsenmeer along the ridge for 200m in a northwest linear orientation. Quartz veining is found within granodiorite immediately adjacent to a northwest-trending contact with a diorite body.
Table 1: Highlight rock samples from the 2021 surface sampling program at Jorts (restricted to samples >20 g/t Au) and Jeans (restricted to samples >1g/t Au). A total of 44 samples were collected from the Jorts prospect, with 27 samples collected at Jeans.
|Sample||Prospect||Au (g/t)||Bi (ppm)||W (ppm)|
Detailed maps, cross sections and historic drill data relating to Tibbs may be found on Tectonic’s website here. For further information regarding Doyon’s Carrie Creek property (now amalgamated with Tibbs) please see Tectonic’s previous news release announcing the acquisition of the property here.
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.
The analytical work for the 2021 rock sampling program was performed by Bureau Veritas Laboratories (“BV”), an internationally recognized and accredited analytical services provider, which is independent of Tectonic. All rock samples were prepared using procedure PRP70-250 (crush, split, and pulverize 250g to 200 mesh) at BV’s Fairbanks, Alaska facility. Samples were then sent to Hermosillo, Mexico, where they underwent analysis for gold by method FA430 (30-gram Fire Assay fusion with an atomic absorption finish (AAS). Samples returning >10 g/t Au were re-analyzed using method FA530-Au (30g Fire Assay with gravimetric finish). Additionally, a 0.25g pulp was sent to the Vancouver, British Columbia lab for a four acid Inductively Coupled Plasma Emission Spectrometer (ICP-ES) analysis for 35 elements using method MA300. Quality Assurance and Quality Control procedures include the systematic insertion of blanks and standards into the sample string at a rate of approximately 1/10 (10%). Samples are placed in sealed and security tagged bags and shipped directly to the BV preparation facility in Fairbanks, Alaska.
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) 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.
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On behalf of Tectonic Metals Inc.,
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 firstname.lastname@example.org.
Cautionary Note Regarding Forward-Looking Statements and Historical Information
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 and include, but are not limited to, statements with respect to: the payment of finder’s fee and issuance of Finder’s Warrants; the exercise of the Finders’ Warrants in accordance with their terms; and the receipt of any regulatory approvals, including the final approval of the TSXV.
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.
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