TSX.V : SMR
Five-hole program to confirm and expand on high-grade
mineralized zone tested in historic drill holes
KELOWNA, BC, April 25, 2019 /CNW/ - SHINE MINERALS CORP. (TSX.V:SMR) ("Shine" or the "Company") is pleased to announce a five-hole (810m) drill program at its Watts Lake property (the "Property"), located in north-central Saskatchewan, Canada. The drilling follows a successful sampling program that targeted historic outcrop trenches and confirmed multiple areas of high-grade zinc, silver and lead mineralization (see NR dated November 14, 2018). The planned holes will focus on the south-west area of the Borys Lake Main Zone, at depth below surface Trench 4, where recent assays from sampling returned up to 21.3% Zn and up to 56.7 g/t Ag, and where near-by historic drill holes W-1 and W-3 (McIntyre Porcupine Mines Ltd., 1965) reported mineralized intervals including 8.44m @ 4.69% Zn (W-1) and 6.1m @ 7.3% Zn (W-3). The Borys Lake Main Zone is open at depth. The drill rig is mobilizing and the ten-day program is expected to commence imminently.
Drill Program Highlights
- Targeting the Borys Lake Main Zone at depth below Trench 4 and in the vicinity of well-mineralized historic drill holes W-1 and W-3
- 5-hole (810m) drill program on Section Line 000E
- One drill hole aims to confirm by approximately twinning the mineralization intersected in historic hole W-1 at ~50m below surface
- Four holes plan to assess mineralization continuity and grade with depth to ~180m below the surface where not previously tested
Drill Target Highlights
Historic results from Hole W-1:
- 41.33 to 49.77 (8.44 m) averaging 4.69% Zn and 0.44% Pb
- 49.77 to 70.10 (20.33 m) averaging 2.10% Zn
- Reported true thickness for this zone is 20.7 m @ 2.86% Zn
Historic results from Hole W-3 (collared ~30.0m north of historic hole W-1):
- 65.53 to 71.63 (6.10 m) averaging 2.7% Zn
- 71.63 to 77.72 (6.10 m) averaging 7.3% Zn and 0.84% Pb
- 77.22 to 94.49 (16.76 m) averaging 1.54% Zn
- Reported true thickness for this zone is 18.3 m @ 3.00% Zn
Ross McElroy, President, COO and Chief Geologist, said, "We are excited about the commencement of drilling at Watts Lake. The property hosts the historic Borys Lake lead-zinc deposit. Our initial sampling program on the property, conducted in the fall of 2018, was very successful at confirming and exceeding historic high-grade trench results of zinc, lead and also silver mineralization. Our drill program will focus on specific areas of the Main Zone where surface sampling from Trench 4 returned particularly high zinc assays as well as strong silver and lead assays. Historic drill holes in this area reported strong zinc mineralization at depth ~50m below surface. Importantly, mineralization is open and this program will test for further continuity of the zone at depth.
About Watts Lake, including the Borys Lake Zone and Cominco Zone
Watts Lake is a large contiguous land package covering 13,248 hectares, in the established, deposit endowed La Ronge Domain, of Saskatchewan. The project covers multiple, parallel basement conductive corridors, including the ~14km long Borys Lake Corridor, which hosts the historic Borys Lake lead-zinc deposit as well as numerous other mineralized occurrences. Watts Lake is located approximately 65 km north north-east of the town of La Ronge, SK and 20km northwest of the community of Missinipe, SK. The well-maintained gravel Provincial Highway 102 runs north from La Ronge, through Missinipe to Reindeer Lake and its closest point is approximately 12.5km east of the property. The Borys Lake deposit calculations are considered to be relevant, but are historical. Historic documentation does not make reference to the estimate being an inferred mineral resource, indicated mineral resource nor measured mineral resource nor does it make reference to being a probable mineral reserve or proven mineral reserve as per NI 43-101 Standards of Disclosure for Mineral Projects. The historic estimate is believed to be the most current available. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or current mineral reserves and Shine is not treating the historical estimate as current mineral resources or current mineral reserves. Shine has not verified the calculations or the assay results supporting them, nor has Shine done the drilling and sampling necessary to verify the classification of the resource or reserve.
The property has been explored and developed sporadically since the mid 50's by several companies, most recently Claude Resources Inc. in the early 90's. Shine is compiling and verifying the considerable amount of historic work on the property. To date, the Company has located, surveyed and sampled 7 historic surface trenches, located several historic drill collars and has reviewed drill core as available. Historic drill hole and surface data is being compiled in a modern geological database. This allows for 3-Dimension spatial visualization to assist in modeling the historic deposit and the on-strike mineralized zones with the aim to understand the geometry, controls on mineralization and identifying areas of potential growth.
The Borys Lake trend follows a southwest-northeast orientation and is coincident with a ~14km long conductive trend as traced from a 2008 airborne versatile time-domain electromagnetic (VTEM) geophysical survey. The Borys Lake trend includes five historic drill-confirmed mineralized zones (Can, Will A, Will B, Main and Mac) and numerous historic outcrop trenches over ~4.5km of strike. The historic resource estimate completed by Husky Oil Operations Ltd. in 1972, included only drill holes testing the Main zone, and to a depth of 30m.
The Cominco trend is located ~3km to the south along a parallel trend to Borys Lake. The Cominco zones occur within a Greywacke-conglomerate and are underexplored compared to the Borys Lake zone. Historically, two main areas of interest were discovered along this trend, referred to as the Cominco A and Cominco B zones respectively from SW to NE. Overall, the Cominco trend appears to be more anomalous in Copper and silver and to a lesser degree in zinc and lead compared to the Borys Lake trend.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., President and COO for Shine Minerals Corp., a qualified person.
About Shine Minerals Corp.
Shine Minerals Corp. is a Canadian based resource company specializing in the acquisition, exploration and development of mineral resource assets. The company's primary asset is the Watts Lake project for which it has entered into an option agreement to acquire a 100% interest. The company is headquartered in Kelowna, British Columbia. Ironside's common shares are listed on the TSX Venture Exchange under the symbol "SMR".
ON BEHALF OF SHINE MINERALS
Ross McElroy, P. Geol., President and COO
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Shine Minerals Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Shine Minerals Corp
For further information: [email protected], www.shineminerals.ca, TF: 1-866-979-7022