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VANCOUVER, BC, May 18, 2022 /CNW/ - Starr Peak Mining Ltd. ("Starr Peak" or the "Company") (TSXV: STE) (OTCQX: STRPF) is pleased to announce drilling results on its NewMétal property ("NewMétal" or "the Property"), located in the Abitibi Greenstone Belt of Québec near the town of Normétal. The ongoing drill program targets the Normetmar Deep zone, located directly below the Normetmar high grade zinc deposit and approximately one kilometre West of the historic Normétal Mine which produced ~10.1M tonnes of 2.15% Cu, 5.12% Zn, 0.549 g/t Au, and 45.25 g/t Ag (Boivin, 1988). See below Table 1 and Figure 1 showing assay results to date and Zinc Equivalent (Zn_Eq) calculations for mineralized intervals.
Recent results include:
Deep drilling of the Normetmar trend in hole STE-21-92-W3 has intersected a high-grade copper interval of over 15% chalcopyrite ("Cpy") mineralization over 3.7 metres. Chalcopyrite is a copper mineral (3% Cpy = 1% Cu). See Photo 1
Recent Deep zone drilling results include 5.03% Zn_Eq over 12.5 m in hole STE-22-092-W2, which includes 1.01% Cu.
A new Volcanogenic Massive Sulphide ("VMS") horizon has been discovered in the northern half of the property.
Photo 1: STE-22-92-W3; 1041.40m to 1045.80m. Stinger zone occurring from 1040.90 to 1044.60m, composed of dominantly chalcopyrite (15%) with lesser pyrrhotite (8%).
Johnathan More, Chairman and CEO of Starr Peak commented, "We are very excited by the results of our ongoing drilling campaign. Drilling of the Deep zone continues to return economic intervals, including 5.03% Zn_Eq over 12.5 m in hole STE-22-092-W2. The wedge hole above this one has intersected a copper-rich interval of 3.7 m carrying over 15% chalcopyrite for which assays are pending. In the Northern part of the NewMetal property, a newly discovered volcanogenic massive sulphide ("VMS") horizon highlights the potential of Starr Peak's ground for new discoveries and project value creation/enhancements. The discovery also reinforces the exploration strategy our technical team is following."
Table 1 – Deep zone results
Intervals are reported as drill core lengths measured downhole. True width of mineralization is currently unknown.
*Note: Zn_Eq% formula is defined below
Figure 1: Longitudinal Section of Normetmar Satellite Deposit trend at depth. Drilling targets represented by a red star. Historical Drill Intercepts area provided in Zinc-Equivalent calculated using the formula in references. Abbreviation: Sp – Sphalerite, Cp – Chalcopyrite, Gn – Galena, MS – Massive sulfides, SMS – Semi-massive sulfides (under 75%), Tr – Traces, EOH – End of Hole.
VMS Horizon Discovery
A new volcanogenic massive sulphide horizon has been discovered 3 km North of the Normetmar historical deposit. The horizon is hosted in intermediate volcanics from the lower member of the Normetal volcanic complex (Table 2, Figure 2 and Figure 3). Three holes have intersected the horizon, with hole STE-22-98 intersecting 15.35 m of sulphide mineralization, including 9.45 m of semi-massive to massive sulphides. Trace amounts of chalcopyrite, sphalerite and galena were observed along with a chert rich interval in the core, which may suggest a fertile VMS horizon is in place. The holes that intersected sulphide intervals are described as follows:
Table 2 – New VMS horizon DDH
Desciptions and estimations
Stringer zone, 5% Po, 1-2% Py, Tr. Cp, Tr. Sp, Tr. Gn
Semi-massive to massive sulphides, 60-65% Py
60-65% Py, 1% Po
Massive Sulphide, 80-85%, Tr. Po
No significant result, not reaching the horizon
Intervals are reported as core widths measured downhole. True width of mineralization is currently unknown. Abbreviation: Sp – Sphalerite, Cp – Chalcopyrite, Gn – Galena, MS – Massive sulfides, SMS – Semi-massive sulfides (under 75%), Tr – Traces,
Borehole electromagnetic surveys (BHEM) were completed in holes STE-22-98, STE-22-103 and STE-22-104 to date. Results are showing multiple disconnected zones and a main anomaly (P104b) of high conductance close to hole STE-22-104, which did not crosscut the horizon but followed it (Figure 3). Anomalies defined by hole STE-22-98 and STE-22-104 suggest a vertical plunge of the main mineralized zone intersected by hole STE-22-98, similar to Normetal and Normetmar historical mineralization plunge. The area initially covered by 2021 VTEM survey is open in every direction without historical drilling and VTEM anomalies are visible over 1 km long.
Figure 2: Geological Map of the NewMétal property locating the new massive sulphide horizon, A-A' longitudinal, with respect to Amex Exploration's Perron Project
Figure 3: Longitudinal Section A-A' of the new massive sulphide horizon. Intervals are reported as core widths measured downhole. Abbreviation: Sp – Sphalerite, Cp – Chalcopyrite, Gn – Galena, MS – Massive sulfides, SMS – Semi-massive sulfides (under 75%), Tr – Traces.
The ongoing drill program continues targeting the Normetmar Deep zone, located directly below the Normetmar high-grade zinc deposit. A mother hole is also planned to test the occurrence of a deeper zone, below the Deep zone. A second rig continues targeting the 4 km long prolific Normetmar-Normétal lithological contact within the property, taking into account the many new massive sulphide intercepts from the 2021-2022 program. The third rig has moved from the VTEM targets to test the continuity of the historical gold occurrences on the Rousseau and Turgeon Lake Gold properties located East of Normétal. Remaining results of winter drilling campaign, targeting the northern part of the Newmétal property, will be released as soon as the BHEM surveys are completed and analytical results are received.
Alexis Paulin Bissonnette, Ing. (OIQ 5037621), an independent Qualified Person as defined by Canadian NI 43-101 standards, has reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Alexis Paulin Bissonnette. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol include insertion of one blank, one standard and one duplicate every 25 samples, in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Canada Ltd. during the analytical process. Additionally, sample weight is taken prior shipment to validate sample identity. Gold values are estimated by fire assay with finish by atomic absorption. Zinc, Copper and Silver values are estimated by four acid digestion multi elements Inductively Coupled Plasma – Atomic Emission Spectroscopy (ICP-AES), ME-ICP61. Zinc values over 1%, copper values over 1% and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Zinc values over 30% are estimated by potentiometric titration, ZN-VOL50. The Qualified Person has not completed sufficient work to verify the historic information on the Property, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results. Although the percentage of chalcopyrite is a good guide to the concentration of copper we can expect from future drill core assays, one must always be cautious about making estimations with respect to metal concentrations and on the basis of visual estimation.
References and disclosures
Normétal historical Mine and Normetmar:
Summary Report, Normetmar Project, January 1988 by L. Boivin
*Metal Factor zinc equivalent formula: Zn_eq (%)* Core length
Zn_eq (%) = Zn(%) + [Cu(%) * Cu price (lb) / Zn price (lb)] + [Ag(%) * Ag price (oz) * 14,632 / Zn price (lb) ] + [Au(%) * Au price (oz) * 14.632 / Zn price (lb)]
Zn_eq % based on US$: 1.2$/lb Zn, $3.5/lb Cu, $25/oz Ag, $1800/oz Au.
The historical information on the Longitudinal has not been validated otherwise than with the information inside historical reports and cross sections. Exact location of historical drill hole pierce points on the longitudinal may be different.
The Company wishes to caution that historical resources described above are historical. The historic resources are relevant to give a ballpark estimate of the potential on the property. Historical resources should not be relied upon. The key assumptions, parameters and methods used to prepare the historical estimate is not known and thus the difference between the historic estimates and NI 43-101 compliant estimates is also not known. The historical estimates used categories other than the ones set up in sections 1.2 and 1.3 of National Instrument 43-101, Standards of Disclosure for Mineral Projects. A qualified person has not reviewed the historical estimates and has not done sufficient work to classify the historical estimates as current mineral resources and Starr Peak is not treating the historical estimates as current mineral resources under National Instrument 43-101 and CIM Standards for mineral resources and reserves. Further exploration work needs to be done to correctly evaluate these historical resources. Additionally, the methodology of calculation is unknown by the qualified person.
Grab samples are selective by nature and the values reported may not be representative of the mineralized zone.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
On Behalf of the Board of Directors of Starr Peak Mining Ltd.,
Chairman and Chief Executive Officer
About Starr Peak Mining Ltd.
Starr Peak Mining Ltd. is a Canadian based mineral exploration company focused on the acquisition and exploration of precious and base metal mineral deposits. The primary objective of the Company is to acquire, explore and develop high potential and quality gold and base metal deposits and projects in the Americas. The Company is committed to creating long-term shareholder value through mineral discoveries.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information:
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Starr Peak assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Starr Peak Mining Ltd.
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