/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Dec. 19, 2019 /CNW/ - Tectonic Metals Inc. (TECT: TSX-V) (the "Company" or "Tectonic") today announced Rotary Air Blast ("RAB") drill assay results from the Phase II 2019 exploration program on the Company's Northway Project located in the State of Alaska ("Alaska"), USA. The 40 kilometre ("km") long Northway Project is bisected by the Alaska Highway on 184,000 acres of land leased from Doyon, Limited ("Doyon"), a top tier Alaska Native Regional Corporation with more than 12.5 million acres of land in Alaska and over 20,000 shareholders. Doyon is the largest private landholder in Alaska and one of the largest in North America. Tectonic and Doyon formed a milestone partnership agreement in the summer of 2018 whereby Tectonic was granted the exclusive right to explore for, develop and mine all minerals, ores and mineral products extracted from the Northway property.
Tectonic's first pass, end-of-season drill program at the Northway Project intersected a new bedrock molybdenum anomaly at Target 6 and multiple polymetallic Au-Cu-Mo-Pb-Zn bedrock anomalies at Target 7. The drill program was designed to follow up on favourable 2019 Phase I GeoProbe top-of-bedrock sampling results and obtain bedrock data to inform and guide Tectonic's next steps at Northway in 2020. The 2019 RAB drill program consisted of 856 metres ("m") in eight shallow RAB drill holes; all eight drill holes intersected anomalous gold. Drilling tested two previously undrilled, >1km long soil geochemical anomalies including a copper-molybdenum-gold anomaly at Target 6 and gold-copper anomaly at Target 7. Both targets also individually host large, >2km x 5km magnetic anomalies with coincident Induced Polarization ("IP") chargeability anomalies.
2019 Phase I exploration program consisted of 634 GeoProbe top of bedrock samples to test the extent of the >1.2km x 1km copper-molybdenum-gold ("Cu-Mo-Au") soil anomaly at Target 6 and to provide context for the high-grade gold-copper ("Au-Cu) soil anomalies at Target 7.
Phase I top of bedrock sample results corroborated soil anomalies at both targets, yielding values ranging from 3 to 497 ppm Cu and from 1 to 51 ppm Mo at Target 6, and from <0.005 to 1.72 g/t Au and 9 to 359 ppm Cu at Target 7.
A total of 277.37 metres drilled in two RAB holes at Target 6 yielded a molybdenum intersection of 52 ppm over 86.87m in hole NWYRB19-008. Anomalous molybdenum associated with intensely clay altered intrusive rocks provides encouraging evidence for an intrusive-related mineralizing system.
A total of 579.12 metres drilled in six RAB holes at Target 7 yielded multiple polymetallic Au-Ag-Cu-Pb-Zn-Mo intersections, including 0.60 g/t Au over 10m in hole NWRB19-005 with the hole ending in mineralization. In addition, minor Au-As intervals were intersected in the southern portion of the target.
All eight RAB drill holes intersected anomalous gold values. The RAB drill results at both Target 6 and 7 warrant additional exploration.
"The Northway Project is an excellent example of how industry, Alaska Native Regional Corporations and local villages can collectively work together towards a common goal," stated Tony Reda, President & CEO of Tectonic. "The Northway Project holds a special place in our hearts given the fantastic people within the community and the Doyon organization that we have the privilege of working and interacting with. We want to thank them for allowing us the opportunity to work with them and explore their lands. We will continue to interpret the results and the larger regional picture over the coming months to determine the next steps for 2020."
NorthwayProject – Geology and Exploration
In 2015, Doyon executed limited, wide-spaced soil grids over porphyry-style magnetic geophysical features identifying Target 6 and Target 7 as coincident magnetic and soil Au, Cu, and Mo anomalies requiring follow-up work. The targets are located 30 kilometres apart along a NW-SE axis, with Target 6 being less than 1 km and Target 7 being 4 km off of the Alaska Highway. Target 6 is located in the northwest of the property and consists of a 1.2-kilometre-long, NE-SW trending soil Cu-Mo-Au anomaly with soil results ranging from 2 to 597 ppm copper and from <5 to 253 ppb gold. Target 7, located in the southeast of the property, consists of an approximately 800-metre long gold-arsenic ± molybdenum ± lead ± zinc soil anomaly with values ranging from <0.005 g/t to peak values of 2.12 g/t and 1.82 g/t gold.
In 2019, Tectonic completed a two-phased exploration program to tie the soil geochemical anomalies to bedrock at Target 6 and Target 7 with the goal of defining drill targets for later follow-up. A total of 634 GeoProbe top of bedrock samples were collected to test the extent of the Cu-Mo-Au anomaly at Target 6 and to provide context for the high-grade gold-in-soil anomalies at Target 7. The second phase of exploration consisted of an 856-metre Rotary Air Blast (RAB) drill program testing both prospects. Polymetallic mineralization was intersected in multiple holes at Target 7, with a highlight result of 0.6 g/t Au over 10m at the end of hole NWRB19-005, with associated anomalous Ag, Pb, Zn, Cu, and Mo. Two RAB holes at the Target 6 prospect returned a best result of 52 ppm Mo over 86.87m drilled width within a large altered structure. Interpretation of the results is ongoing.
Northway Project – Drill Results
Table 1: Northway RAB drill highlights.
Interval (m) *
*True widths are not known at this time. All widths reported are drilled widths.
Additional notes: "NWRB19" drill hole prefixes equate to 2019 RAB drill holes. RAB drill holes are sampled on 5-foot drill rod lengths and converted to metric for input into the drill database and assay table.
Additional information about the Northway Project, including historical information, can be found in the "Amended and Restated NI 43-101 Technical Report, Northway Property, Tanacross District, Alaska, United States of America" with an effective date of October 31, 2019, prepared by Carl Schulze, P.Geo., of Aurora Geosciences Ltd., and prepared in accordance with National Instrument ("NI") 43-101, which is filed on the Company's profile on SEDAR.
Tectonic's disclosure of a technical or scientific nature in this press release has been reviewed, verified and approved by Eric Buitenhuis, M.Sc., P.Geo., Tectonic's Vice President Exploration, who serves as a Qualified Person under the definition of NI 43-101. The analytical work for the 2019 Northway exploration program was performed by Bureau Veritas Laboratories ("BV"), an internationally recognized and accredited analytical services provider, which is independent of Tectonic. All GeoProbe and RAB samples were prepared using procedure PRP70-250 (crush, split, and pulverize 250g to 200 mesh) at BV's Fairbanks, Alaska facility. Samples were then sent to Reno, Nevada, where they underwent analysis for gold by method FA430 (30-gram Fire Assay fusion with an atomic absorption finish (AAS). Samples returning >10 g/t Au were re-analyzed using method FA530-Au (30g Fire Assay with gravimetric finish). Following this, a 0.25g pulp was sent to the Vancouver, British Columbia lab for four-acid Inductively Coupled Plasma Emission Spectrometer (ICP-ES) analysis for 35 elements using method MA300.
Quality Assurance and Quality Control procedures include the systematic insertion of blanks and standards into the sample string at a rate of approximately 1/10 (10%). For RAB drilling, field duplicate samples are systematically collected at a rate of 3 duplicates per 100 samples. Samples are placed in sealed bags and shipped directly to the Bureau Veritas Laboratories ("BV") preparation facility in Fairbanks, Alaska.
Rotary Air Blast (RAB) Drill Methods
Tectonic employed a GroundTruth Americas Inc. track-mounted RAB drill rig with the capacity to drill to 200m depth. RAB bedrock chip samples were collected at fixed 1.52 m (5ft) intervals down each drill hole. The RAB drill delivers compressed air through the centre of 66.6 mm drill rods to activate the drill bit, recovers powdered rock chips from the cutting face and returns sample along the outside of the rods to a conventional cyclone. Each sample comprises a 5-foot run, and sample recovery for each run was recorded. The sample is then tipped out of the pail into a 1:7 riffle splitter, with material to be assayed entering a 12" x 18" 8 mil clear poly sample bag which is retained for analysis, while reference sample chips are sieved from a spear sample of the non-split excess material. Borehole diameter was typically 92 mm.
Tectonic Metals Inc. is a mineral exploration company created and operated by an experienced and well-respected technical and financial team with a track record of wealth creation for shareholders. Key members of the Tectonic team were involved with Kaminak Gold Corporation, the company that raised C$165 million to fund the acquisition, discovery and advancement of the Coffee Gold Project in the Yukon Territory through to the completion of a bankable feasibility study before selling the multi-million ounce gold project to Goldcorp Inc. (now Newmont Goldcorp) for C$520 million in 2016.
Tectonic is focused on the acquisition, exploration, discovery and development of mineral resources from district-scale projects in politically stable jurisdictions that have the potential to host world-class orebodies.
Tectonic believes that responsible mineral exploration and development can positively impact the communities in which the company lives and operates and is committed to early and ongoing community engagement, best practices in environmental stewardship and the development of a strong safety culture. Whether at home or at work, the Tectonic team is grounded on the following core values: passion, integrity, patience, focus, perseverance, honesty, fairness, accountability, respect and a play big mindset. The company works for its shareholders and is committed to creating value for them.
This news release does not constitute an offer to sell, solicitation or offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
On behalf of Tectonic Metals Inc.,
Tony Reda President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Poya Ezadpana, Director of Investor Relations, directly at 604.283.3298 or by email at [email protected].
Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions and include, but are not limited to, statements with respect to the potential for mineralization at Tectonic's projects and results of any future exploration activities. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company's ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
[Neither the TSX Venture Exchange nor it's Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]