VANCOUVER, July 19, 2018 /CNW/ - Sun Metals Corp. ("Sun Metals" or the "Company") (TSXV: SUNM) announces completion of a 1,103 km helicopter-borne Versatile Time Domain Electro Magnetic (VTEM) and Magnetic Geophysical Survey at the Stardust project in northcentral British Columbia.
This state-of-the-art survey improves upon previous generations of geophysics in the following ways:
Full project coverage: This survey will provide detailed results over the full project area.
Increased resolution: 100-metre line spacing design improves on the historic magnetic survey flown on 250-metre line spacing.
Modern Technology: Advancements in instrument sensitivity, data acquisition and processing are expected to provide superior results.
Successful track record: VTEM surveys are recognized as a successful tool for exploration in other CRD systems around the globe.
The VTEM and Magnetic survey results will support and aid in refining design of the upcoming 15,000 metre diamond drilling program. It will target expansion of known high-grade resources and exploration for new zones. Drilling is expected to start at the beginning of August.
To facilitate the close line spacing, low ground clearance of 70 metres and minimize deviation from planned flight lines, an AStar B3 helicopter was used to carry both instruments. The data collected has been checked and approved by a third-party geophysicist. Preliminary data delivery to Sun Metals has started, allowing post-processing to begin.
Sun Metals is engaged in a 2018 Stardust field program that includes:
Airborne VTEM and Magnetics survey
Mapping and prospecting
Selective relogging and resampling of 80,000 metres of existing drill core
15,000 metre diamond drilling program.
Technical aspects of this news release have been reviewed and approved by Ian Neill P.Geo., Vice President Exploration of Sun Metals, who is a qualified person as defined by National Instrument 43-101.
On Behalf of the Board of Directors of
SUN METALS CORP.
Steve Robertson Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Sun Metals
Sun Metals is advancing its flagship, high-grade Stardust project located in northcentral British Columbia, Canada. Stardust is a polymetallic Carbonate Replacement Deposit with a rich history.
The Canyon Creek copper-gold skarn zone at Stardust was the subject of a 2018, 43-101 compliant resource estimate published by the Company in January 2018. GeoSim Services Inc. provided the following estimate.
Stardust Project - Canyon Creek zone Mineral Resource Estimate(1):
% Cu Eq
(1)The cut-off grade used in the resource estimate was 1.5% copper equivalent. Metal price assumptions for the copper equivalent calculation were $3.00/lb Cu, $1.25/lb Zn, $1,300/oz Au and $18/oz Ag. Adjustment factors to account for differences in relative metallurgical recoveries of the constituents will depend upon completion of definitive metallurgical testing. The following equation was used to calculate copper equivalence: Cu Eq = Cu + (Zn x 0.4167) + (Au x 0.6319) + (Ag x 0.0087). A cut-off grade of 1.5% Cu Equivalent represents an in-situ metal value of approximately $100/tonne which is believed to represent a reasonable break-even cost for underground mining and processing. These are not mineral reserves and no work has been completed that demonstrates economic viability at the Project.
Sun Metals believes B.C. is a reliable jurisdiction with excellent exposure to capital markets, a deep pool of exploration professionals, a wealth of supporting services, and exceptional infrastructure with direct access to Pacific markets.
A corporate presentation is available on Sun Metals' website at www.SunMetals.ca.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
SOURCE Sun Metals
For further information: Please contact Steve Robertson, President and CEO of Sun Metals at (604) 697-4952 or [email protected]