Tectonic Metals Stakes New Alaskan Gold Property and Acquires Comprehensive, Goodpaster Mining District Dataset
VANCOUVER, B.C., June 25, 2020 – Tectonic Metals Inc. (TECT: TSX-V) (the "Company" or "Tectonic") today announced that the Company staked 74 State of Alaska mining claims known as the Maple Leaf Property, located approximately 15km east-northeast of Tectonic’s Tibbs Gold Project and 50km east of Northern Star Resources (NST: ASX) (“Northern Star”) operating Pogo Mine, both of which are situated within the prolific Goodpaster Mining District, Alaska. In addition, Tectonic acquired a comprehensive dataset containing non-public data pertaining to both the Maple Leaf and Tibbs properties and the greater Goodpaster Mining District. The dataset consists of geological, geophysical, and geochemical information, including diamond drill logs and core from exploration work conducted at multiple prospects within the region during a $3,000,000 multi-phase exploration campaign completed in 2007 by Rubicon Minerals (RMX: TSX) (“Rubicon”).
“The Rubicon dataset was assembled during a period of intense exploration activity in the Goodpaster District, similar to what we’re witnessing in the area today. A large amount of data and information relating to mineral properties in Alaska is non-public and privately held, and by acquiring this data, Tectonic gets a jump start in analyzing the Maple Leaf property,” said VP Exploration Eric Buitenhuis. “The Maple Leaf property exhibits potential for intrusion-related mineralization within a favourable structural corridor, and Tectonic is excited to apply our understanding of structurally-hosted mineralization to analyze the project and other accretive opportunities in the district.”
- The Maple Leaf property lies along the northeast extension of the Black Mountain Tectonic Zone, a key crustal-scale structural corridor hosting mineralization at Tectonic’s Tibbs Project as well as Northern Star’s Brink prospect located 10km southwest of Tibbs.
- The Maple Leaf claims cover 4,791 hectares of prospective geology and known high-grade gold prospects, which have seen only minimal historical exploration work. A Maple Leaf location map can be viewed here
- The 100% owned Maple Leaf property was staked by Tectonic after conducting a thorough desktop analysis of the district and a site visit confirming the presence of high-grade surface mineralization.
- Historical sampling of quartz float and boulders from Maple Leaf returned gold values from trace to 19.1 g/t Au, with associated bismuth (Bi), arsenic (As), and tellurium (Te) similar to the geochemical signatures of the Pogo (Au-Bi-As-Te) and Fort Knox (Au-Bi-Te) deposits and mineralization observed at Tectonic’s Tibbs Project (Au-Bi-As-Sb).
- Limited core drilling in 2007 by Rubicon failed to intersect vein-style gold mineralization or explain the lode gold source of the boulders carrying high-grade gold mineralization.
- At least three additional prospects are known at the property. No follow-up work of any kind has occurred since the 2007 program.
- An extensive dataset comprising geological, geophysical, and geochemical data for the Maple Leaf Property and greater Goodpaster District was acquired from Rubicon.
- Robust and reliable historic data will allow Tectonic to fast-track work at the Maple Leaf property and refine the Company’s understanding of the regional controls on mineralization.
- Tectonic has expanded its footprint in the Goodpaster District by selectively staking an overlooked but high-quality property with similar geology, structural control, and geochemistry to the Pogo and Fort Knox gold mines.
Maple Leaf Property
Regional-scale, northeast-trending structures control mineralization throughout east-central Alaska, including at the Pogo and Fort Knox gold mines. The Maple Leaf Property is adjacent to two such structures: the Black Mountain Tectonic Zone to the west, which appears to host high-grade mineralization at Tectonic’s Tibbs Project as well as Northern Star’s Brink prospect, and the Mount Harper lineament to the east.
Cretaceous aged intrusives and gneissic and schistose country rocks host sugary textured quartz veins and local quartz vein stockworks. Historic rock grab and hand trench sampling completed by exploration service company, Avalon Development Corporation (“Avalon”), for Rubicon returned gold values from trace to 19.1 g/t Au, with gold occurring in association with elevated bismuth, tellurium, and arsenic.
Rubicon completed a limited drill program at the Maple Leaf prospect in 2007, consisting of 1,105m of diamond drilling in four holes. Drilling intersected weakly anomalous gold (0.25 g/t Au over 0.8m) but failed to intersect the sugary quartz veins observed at surface. No work has since been completed on the property.
In addition to Maple Leaf, two other prospects are currently known at the property and suggest the presence of a substantial fluid-rich mineralizing system: American Eagle and Tourmaline Ridge. The American Eagle prospect is located 5.6km northeast of Maple Leaf and consists of a 400 x 50m ridgetop cut by 5-10% sheeted white quartz veins with coarse grained bismuthinite. Limited historic grab sampling returned values from trace to 3.03 g/t Au, up to 3,880 ppm bismuth, up to 5,160 ppm arsenic, and up to 494 ppm molybdenum. Tourmaline Ridge is located 2.4km west of Maple Leaf and consists of tourmaline-bearing paragneiss containing massive tourmalinite (> 50% tourmaline), with lesser quartz veins and tourmaline-vein breccias. Historic sampling of the tourmaline-rich rocks by Avalon returned weakly elevated gold values (maximum 164 ppb Au), up to 804 ppm bismuth, and up to 2,620 ppm arsenic. The intensity and extent of the tourmaline suggest high levels of fluid flow related to intrusive activity.
Acquisition of Comprehensive Goodpaster District Data Set
Tectonic is pleased to announce the Company acquired a comprehensive regional dataset from Rubicon consisting of proprietary, non-public data from multiple prospects within the Goodpaster Mining District, including the Maple Leaf Property. In exchange, Tectonic has agreed to issue Rubicon 300,000 common shares of Tectonic (the “Shares”). Closing of the acquisition of the data set and issuance of Shares is subject to final acceptance of the TSX Venture Exchange. The Shares will be subject to a four-month hold period from the date of closing.
The dataset comprises geological, geochemical, and geophysical information, including diamond drill logs and reports generated during Rubicon’s exploration efforts in the Goodpaster District. The dataset will be used to streamline and fast track the generation of drill targets at Tectonic’s Maple Leaf property and within the Goodpaster District.
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.
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.,
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, at toll-free 1.888.858.9887 or by email at email@example.com.
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 potential for mineralization at Tectonic’s projects, the listing of the Shares, advantages from acquiring the Rubicon data set, and results of any future exploration activities. The Company makes no representation or warranty regarding the accuracy or completeness of any historical data from prior exploration undertaken by others other than the company and has not taken any steps to verify, the adequacy, accuracy or completeness of the information provided herein and, under no circumstances, will be liable for any inaccuracies or omissions in any such information or data, any delays or errors in the transmission thereof, or any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information or the risks arising from the stock market.
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.]