VANCOUVER, British Columbia, Jan. 07, 2020 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (SCOT.V) is pleased to report drill results from the Scottie Gold Mine Property. Results from drill hole SR19-13 include 7.27 g/t gold and 3.83 g/t silver over 25.02 m, which includes 11.72 g/t gold and 5.83 g/t silver over 10.95 m. Drill results include an extension of the historic M Zone of the 100% owned Scottie Gold Mine which produced 95,426 oz at an average recovered grade of 16.25 g/t gold. The Scottie Gold Mine is located in British Columbia’s Golden Triangle, 20 km south of Pretium’s Brucejack Mine.
Table 1 – Significant Intercepts from 2019 drilling on the Scottie Gold Mine
|Drill Hole||From (m)||To (m)||Width* (m)||Gold (g/t)||Silver (g/t)||Area|
|484.55||509.57||25.02||7.27||3.83||SGM - M Zone|
|including||484.55||495.50||10.95||11.72||5.83||SGM - M Zone|
|and including||508.54||509.57||1.03||50.40||16.00||SGM - M Zone|
*True width is uncertain as the orientation of the mineralized zones has not been determined sufficiently
"We are thrilled with the results from our single 2019 hole into the Scottie Gold Mine. At 539 m, it is the longest hole ever drilled at Scottie," said Dr. Thomas Mumford, the Company’s VP, Exploration. "Assays from SG19-13 confirm that the Scottie Gold Mine was neither mined out or drilled off, and that the mineralization remains wide open. We look forward to testing its extent and finding additional high-grade ounces in 2020, as well as confirming its connection to the newly discovered high-grade Domino Zone, located on strike just 1.9 km due west of the past-producing Scottie Gold Mine M Zone.”
Scottie Gold Mine
The Scottie Gold Mine operated from 1981 – 1984, ultimately shutting down due to a drop in gold price combined with high-interest rates. During operation the mine produced 95,426 oz at an average recovered grade of 16.25 g/t gold. Mineralization consists of east-west to northwest trending, steeply dipping, shear veins, that are comprised of pyrrhotite > pyrite ± quartz ± calcite. The veins are hosted in a package of andesitic volcanics from the Hazelton Unuk River Formation that are situated adjacent to the contact with the Summit Lake stock, part of the Texas Creek Plutonic Suite.
Historical drilling of the Scottie Gold Mine was largely focused on mine production, with little work done on proving up substantial resources. The majority of historical drilling was done from underground, and therefore consisted of short holes with single targets – with very restricted drill pad locations. Hole SG19-13 was the longest hole ever drilled at Scottie, and because it was drilled from surface it was able to target zones inaccessible to previous underground operators. The parallel nature of the mineralizing veins in the Scottie Gold Mine naturally lend themselves to long holes that test multiple targets with a single drill hole. Results from this first hole confirm this principle, and have also provided invaluable information on alteration styles and drill hole deviation.
Figure 1 – is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55bb9a7b-99c7-4777-8bd8-78555c4e5adc
While the Scottie Gold Mine was in operation the majority of ore was produced from the M Zone. Hole SG19-13 successfully targeted the lower extension of the M Zone. Within SG19-13, the M Zone intercept (11.72 g/t gold over 10.95 m) is located 50 m from the nearest historic M zone intercept. Future drilling will continue to step out at depth and along strike.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e98e1b51-ef72-4c05-b21a-ab41436365b8
The east-west to northwest trend of mineralization at the Scottie Gold Mine is on strike with the Company’s Domino Zone, a new high-grade surficial discovery made during the 2019 field season (see release dated November 14, 2019). Located just 1.9 km apart, drilling and field work during the 2020 field season will assess the association and continuity of mineralization between Scottie Gold Mine and the Domino Zone.
The Scottie Gold Mine property is road accessible from the town of Stewart, BC, and is subject to a 3% net smelter return, of which the Company can purchase 2% for $600,000 at any time.
Appointment of Chief Financial Officer
The Company is pleased to announce the appointment of Stephen Sulis as Chief Financial Officer.
Stephen Sulis has previous experience in the financial sector with TD Canada Trust and is currently working with a number of public and private companies in the resource and technology industries providing accounting and consulting services. Mr. Sulis graduated with distinction at Capilano University, North Vancouver, and holds a bachelor’s degree in business administration as well as an advance diploma in international business studies.
The Company wishes to thank outgoing Chief Financial Officer, Annie Zou, for her contributions to the Company, and wishes her well in her future endeavours.
Shares for Debt Settlement
The Company also announces that its board of directors has approved the settlement of $141,750 of debt through the issuance of common shares of the Company (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company would issue 567,000 common shares of the Company (the "Shares") at a deemed price of $0.25 per Share, to an arm’s length creditor of the Company (the "Creditor").
The issuance of the Shares to the Creditor is subject to the approval of the TSX Venture Exchange. All Shares issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO 9001:2008 accredited facility). The sampling program was undertaken by Company personnel under the direction of Thomas Mumford. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic absorption spectrometry and gravimetric finish when required (+10 g/t Au).
Thomas Mumford, Ph.D., P.Geo and VP Exploration of Scottie, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high-grade, past-producing Scottie Gold Mine property and has the option to purchase a 100% interest in the Bow property and the Summit Lake claims which are contiguous with the Scottie Gold Mine property. Scottie owns 100% interests in the Ruby Silver and Black Hills properties and has the option to purchase a 100% interest in the Bitter Creek property which joins the Ruby Silver property with the Black Hills property.
All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.
Further information on Scottie can be found on the Company’s website at www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.