VANCOUVER, Nov. 22, 2019 /CNW/ - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSX-V: STU) provides the following update since completion of its initial public offering and listing on the TSX Venture Exchange in late May of this year. The Company was able to secure a geological team for a modest 7 day work program based out of Atlin in late August. The plan for this program was threefold:
- to conduct work on the Metla Phase 1 exploration program
- to conduct further diligence on the Ruby Creek property which the Company has under option subject to both shareholder approval and exchange approval
- to conduct initial due-diligence exploratory work on another attractive and prospective property as the Company is looking at additional projects of merit that would be accretive to shareholder value.
Metla Project Update:
This year's work program on the Metla Property, located in Northwestern British Columbia approximately 150 kilometers (km) south of Atlin, consisted of 12 man-days on site during which time existing drill targets in zones A, B & C were reviewed and 15 rock samples were collected from a new zone in recently deglaciated terrain proximal to the eastern VTEM anomaly identified in the 2018 survey.
Rock samples were primarily diorite with chloritic and sodic alteration, variable quartz veining and trace to 5% sulfide concentrations comprising pyrite +/- chalcopyrite +/- bornite and +/- malachite.
Nine samples, which constitute 60% of the sampled material, returned assays greater than 0.1 g/t gold (Au). These samples span an area 750 meters (m) in length. Of particular note was sample ALW19-004 of bornite and chalcopyrite bearing quartz/potassium feldspar veins hosted within diorite, which assayed at 1.82g/t Au, 4.66% Cu, 31 g/t Ag and 0.3g/t Pd.
Four of the samples collected returned copper values greater than 0.5%. Notably sample ALW19-004, mentioned above, containing 4.66% Cu and sample # 1893129, 300 m to the south and with similar lithology, contained 1.67% Cu.
Dave O'Brien, President and CEO commented: "We are pleased that we were able to bring in 3 geologists on short notice to our Metla Project to both review existing drill targets and to follow-up on exploration targets generated from our 2018 Airborne VTEM geophysical survey. The discovery of bornite in multiple float samples collected along the edge of the receding glacier is compelling as it also highlights the Metla project as having porphyry potential at this early stage."
Ruby Creek Update:
During this past summer, the Company was able to conduct further diligence on the road-accessible Ruby Creek project, located in Northern British Columbia 20km east of the town of Atlin. To this end, soil, rock and float surface samples were collected from various target areas.
The Company also recently filed on SEDAR a National Instrument 43-101 Technical Report entitled: "Technical Report on the Ruby Creek Project within the Atlin Gold camp British Columbia Canada". The Technical Report was filed concurrently with the Company's Information Circular pertaining to the Company's upcoming AGM scheduled for Nov 28, 2019 at which time shareholders will be asked to approve the Ruby Creek Option Agreement.
The Qualified person under National Instrument 43-101 for this news release is Andrew Wilkins, P. Geo., who has reviewed and approved its contents.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties: The Company wholly owns the Metla Property located in Northwestern British Columbia's Golden Triangle and has entered into an option agreement on the road accessible Ruby Creek Property near Atlin British Columbia, subject to both exchange and shareholder approval.
Additional information on the Company and the Metla Property can be found in the Company's prospectus dated Feb. 15, 2019, as filed on SEDAR. Additional information about the Ruby Creek Property can be found on Sedar and on the Company's website at www.Stuhini.com
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward‑looking statements concern Stuhini's strategic plans, timing and expectations for the Company's exploration and drilling programs at Metla, information projected from sampling results, and approvals for the Ruby Creek Option Agreement. Such forward‑looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results and availability of mining equipment and skilled labor; timing and amount of capital expenditures; performance of available laboratory and other related services; and future operating costs. The actual results could differ materially from those anticipated in these forward‑looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the 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.
SOURCE Stuhini Exploration
For further information: Dave O'Brien, President and CEO, Stuhini Exploration Ltd., [email protected], Phone: 604 418-4019, Web: www.stuhini.com