PIEDMONT, QC, Sept. 2, 2020 /CNW Telbec/ - Typhoon Exploration Inc. (TSXV: TYP) (« Typhoon » or « the Company ») announces that it will launch new exploration works on its Aiguebelle-Goldfields (Fay West) Property, which it now solely owns.
The main drilled gold occurrence on Typhoon's ground is located approximately 200 metres westward from the Fayolle Property, for which Monarch Gold Corporation (MQR.TO) recently released preliminary drill results of 3.33 grams per tonne over 109 metres (see Monarch Gold Corporation's April 30, 2020, press release).
Subsequently, on June 1st, Monarch sold Fayolle to IAMGOLD Corporation for a total of $11.5M.
Approximately 35 km north-east of the town of Rouyn-Noranda (Quebec), the Aiguebelle-Goldfields Property covers the Porcupine-Destor Break extension.
In the past, 140 historical holes were drilled, totalling 28,570 metres.
Sixteen (16) historical drill holes containing at least one mineralized interval with a grade above 1 g/t over more than two (2) metres were drilled mainly about 600 metres west of the Fayolle zone.
Best historical results* are the following:
* Cautionary note: Historical drill results do not meet actual best practice standards acknowledged by the National Instrument NI 43-101.They are communicated as a possible outcome. (Source: Exploration Typhon inc. Rapport technique des travaux de forage 2011 sur la propriété Aiguebelle-Goldfields, canton Aiguebelle, December 2012. A.J., Beauregard, p.geo., D. Gaudreault, ing.)
The Company undertook a thorough revision of all existing data, integrating them into a digital platform, which allowed their reinterpretation based on, among other things, magnetic data processing by 3D inversion. This first phase provided Typhoon a top-down understanding of the Property's gold potential and revealed a gold distribution in three sub-parallel structures, inside a one-kilometre-wide corridor.
Drilling targets have been identified in the westward extension of mineralized structures of the Fayolle Property.
The primary objective of the proposed work is to explore the lateral continuity of known mineralized zones, including that of the Fayolle deposit, and to identify possible extensions of the gold structures associated with the deposit. A first phase of 1,000 metres will aim at locating gold-bearing structures mostly above 200 metres. And a second phase of 3,000 to 4,000 metres will follow. Different targets are currently evaluated inside a one-kilometre wide favourable corridor.
Typhoon is currently in the process of assessing environmental conditions and planning surface access for a 5,000-meter drill program. The permit application and consultation process will continue in the coming weeks. Drilling is scheduled to begin in September.
"We are very pleased to follow up in this Gold Bull Market with the land package that Typhoon has maintained. We, at Typhoon, feel that the strategy of Typhoon's geographical location picks has been on point. Typhoon's leaders have deep-rooted experience in the mining industry as property developers and mine operators, and they have always been excited about Aiguebelle-Goldfields' potential. We are pleased to commence a drill program on it in a few weeks," says Ghislain Morin, Typhoon's CEO.
Fayolle was brought to PEA stage under the supervision of Typhoon via a 50/50 joint venture with Aurizon Mines prior to Aurizon's acquisition by Hecla Quebec. The Typhoon-Aurizon Mines joint venture was operated under the supervision of Martin Demers, p.geo., current consultant for Typhoon.
The technical information presented in this Press Release was revised by Martin Demers, P.Geo. (ogq #770), consultant for Typhoon Exploration and Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The TSX Venture Exchange and its regulatory service provider (as defined by the TSX-V Venture Exchange rules) cannot be held responsible for the accuracy or veracity of this press release.
SOURCE Typhoon Exploration Inc.
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