VANCOUVER, June 13, 2019 /CNW/ - Starr Peak Exploration Ltd. ("Starr Peak" or the "Company") (TSX-V: STE) is very pleased to announce it has acquired a priority land package in northwestern Quebec, directly east of Amex Exploration Inc.'s ("Amex Exploration") Perron Property and proximal to the past-producing Normétal Mine. The newly acquired NewMétal Property ("NewMétal" or the "Property") consists of 53 mineral claims covering 1,420 hectares of highly prospective ground for orogenic gold and polymetallic VMS style mineralization in a region well-known for its gold occurrences and historical production. The Company plans to complete an initial program of prospecting, geological mapping, and high-resolution drone geophysics in order to prepare for an inaugural drilling campaign.
The NewMétal Property is located in the Abitibi Greenstone Belt of Quebec, along the Chicobi Deformation Zone. The Property is directly adjacent to Amex Exploration Inc.'s Perron Property, from which recently announced drill results include 32.2 g/t Au over 5.90 metres and 30.98 g/t Au over 8.50 metres (see Amex Exploration news releases dated May 21st and June 3rd, 2019), and proximal to the past-producing Normétal Mine, from which approximately 10.1 million tonnes grading 2.24% Cu, 5.41% Zn, 0.526 g/t Au, and 44.45 g/t Ag were extracted periodically between 1937 and 1975, with development down to a depth of approximately 2.4 km (SIGEOM - Mine Normétal).
Figure 1: Regional Geology of the Abitibi Greenstone Belt with respect to Starr Peak's NewMétal Property. Source: Amex Exploration. (Note: the total ounces/tonnes noted for each mining camp has not been independently verified by the QP)
The Company's NewMétal Property in underlain by favourable geology consisting of rhyolite and mafic volcanic rocks, as well as diabase dikes and granitic intrusions. Further, the Property straddles a section of the Normetal Fault, a major structural corridor associated with significant polymetallic occurrences along strike from the Property, most notably, the past producing Normétal Mine.
Quebec's SIGEOM database notes two historical mineral showings present on the Property; Rang I-Lots 44-57 and Perron-Desmeloizes-Nord. The Rang I-Lots 44-57 Showing was discovered by diamond drilling in 1966 with 0.02% Cu and 2.38% Zn over 0.15 metres reported (Sondage 1-66). A sample of 1.02 g/t Au over 0.3 metres was also reported from a drill hole completed in 1993 in the same area (Sondage 93-05). The Perron-Desmeloizes-Nord Showing was discovered 1952 and reported as a select surface sample of 14.5 g/t Au associated with pyrite and pyrrhotite in volcanic rocks.
The Company intends to complete an initial summer exploration program consisting of geological mapping, prospecting, historical drill core re-logging and re-sampling, as well as high-resolution drone geophysics in order to identify drill targets for its inaugural drilling campaign.
Thomas Kennedy, CEO of Starr Peak commented, "The acquisition of the NewMétal Property is a fantastic addition to the Starr Peak portfolio. The drilling success of Amex Exploration over the past six months, on its adjacent Perron Property, has identified a significant high-grade gold area which we believe is in its infancy and emphasizes the potential of the Company's NewMétal Property located immediately adjacent."
Figure 2: Regional Geological Map of the NewMétal Property with respect to Amex Exploration's Perron Property and the past producing Normétal Mine
Management cautions that past results or discoveries on adjacent properties (i.e. Perron, Normétal Mine) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. NewMétal).
Terms of the Agreement
As per the terms of the Agreement, the Company may earn a 100% interest in the NewMétal Property through the issuance of a $105,000 CAD cash payment and 1% Net Smelter Royalty (NSR) to the Vendor. The transaction remains subject to the approval of the TSX Venture Exchange.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
On Behalf of the Board of Directors of Starr Peak Exploration Ltd.,
Chief Executive Officer
About Starr Peak
Starr Peak Exploration 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 deposits and projects in the Americas. The Company is committed to create 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, Power Metals 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 Exploration Ltd.
For further information: Johnathan More, Director, 646-661-0409