WHITEHORSE, YT, March 15, 2022 /CNW/ - Minto Metals Corp.
("Minto" or the "Company") (TSXV: MNTO) today reports results from
drilling conducted in 2021.
Minto conducted 9,400 metres of drilling in 22 holes in 2021 on
the Minto Mine Property (Figures 1 & 2) targeting extensions at
depth or along strike of current or historically producing
orebodies; particularly Minto North, Minto
Main and Minto East. To date, Minto has received
results from 14 holes. Highlights from the 2021 drilling
include:
Hole 21EXP003
- Minto North: 1.58% Copper (Cu) over 28 metres including
3.50% Cu over 9 metres;
Hole 21EXP012
- Minto North: 1.76% Cu over 5 metres;
Hole 21SDME-001
- Minto East: 1.83% Cu over 20 metres including
3.07% Cu over 5 metres;
Hole 21SDME-002
- Minto East: 1.53% Cu over 22 metres including 2.20%
Cu over 12 metres;
David Benson, Vice-President
Exploration commented, "These results are extremely encouraging in
that they confirm the high-grade nature and prospectivity to
increase the resource that exists within the current Mining
operations infrastructure. Multiple copper and precious metal
mineralized lenses within the "migmatite" host-rock were
intersected in each hole confirming the sub-horizontal, stacked and
en echelon nature of the orebodies and geological model. They
serve as a great kick-off point to an aggressive exploration
program planned for 2022 that includes 30,000 metres of exploration
drilling, borehole and surface geophysics."
Chris Stewart, President &
CEO added, "The Minto Mine has had no real exploration done on the
property for almost a decade now. These drill results from
2021 demonstrate that there is still a lot of potential to find
high grade lenses on this property near our existing resources
where over 500 million lbs of copper have been produced since
mining started in 2007. In 2022 we will also be drilling into
some completely new, high potential targets stepping out from our
known resource."
Assay and Drillhole Analysis
Drilling in 2021 was conducted under the conditions and
authorizations of Quartz Mining Licence QML-0001 issued by the
Department of Energy Mines and Resources, Yukon Government.
The drilling program focused on historical un-drilled targets and
gaps within the Minto North, Main and East orebodies (Figure
2). Specific target criteria for each hole varied but
included one or more of the following:
- Gaps within wireframed mineral resource models
- Chargeability anomaly highs from a 2009-2010 Titan-24 DC-IP
surveys
- Characteristic magnetic patterns of the current and historical
Minto orebodies from a 2019 UAV Magnetics survey
- Surface host-rock mineralized showings
Results released today are from 14 of 22 drill holes from 2021,
totalling 7,418 and 11,613 metres, respectively (see Table 1 for
drill hole information and Table 2 for Assay results). Assay
results are pending for the remaining 8 holes and the Company
expects to report these in Q2. All drill holes intersected
multiple intervals of copper mineralization hosted within migmatite
to partially melted or assimilated granodiorite to quartz
diorite.
Drill hole 21EXP003 was drilled to test a strong
chargeability anomaly immediately adjacent to the Minto North
orebody. The hole successfully intersected a 1-5% sulphide,
bornite-chalcopyrite mineralized migmatite. This mineralized
zone returned 1.58% copper (Cu), 1.29 g/t gold (Au) and 8.11 g/t
silver (Ag) over 28 metres and included a sub-interval of
3.50% Cu, 3.34 g/t Au and 19.10 g/t Ag over 9 metres.
Follow-up drill holes have been planned to begin in Q3
2022. See Figures 3, 4 and
5.
Drill hole 21EXP012 was drilled to test a magnetic-high,
fault-displaced extension of the Minto Main Pit orebody. The
hole intersected one well-mineralized chalcopyrite-bornite interval
(3% total sulphide) that returned 1.17% Cu, 0.11% Au and 3.92
g/t Ag over 9.2 metres that included a sub-interval of 1.76%
Cu, 0.14 g/t Au and 5.62 g/t Ag over 5 metres. The drill
hole intersected 3 migmatite zones and an additional 14 partially
melted assimilation zones that returned sub-economic base and
precious metal grades but confirmed the stacked lens nature of the
mineralized systems at Minto. Follow-up drilling is planned
for Q3-Q4 2022.
Drill holes 21SDME-001 and -002 were drilled to infill portions
of the Minto East orebody inferred mineral resource. Drill
hole 21SDME-001 intersected the 900 Lens of the Minto East
orebody at 441 metres downhole and returned 1.83% Cu, 0.98 g/t
Au and 7.58 g/t Ag over 20 metres that included a sub-interval
of 3.07% Cu, 1.43 g/t Au and 12.30 g/t Ag over 5
metres. Drill hole 21SDME-002 intersected the 900
Lens at 444 metres downhole and returned 1.53% Cu, 0.85 g/t Au
and 7.05 g/t Ag over 22 metres that included a sub-interval of
2.20% Cu, 1.15 g/t Au and 10.53 g/t Ag over 12 metres.
Additional drilling was completed at Minto East in 2021 with assays
pending.
Table 1. Drill hole location information for 2021
drilling is reported in this press release.
Note: Co-ordinate
system: UTM WGS 84 Zone 8N
|
Table 2. Assays results for 2021 are reported in this
press release.
Notes:
|
True width is
estimated to be 75 to 95% of drilled width.
|
Drill composites
include dilution of up to 1 metre at grades less than 0.05%
Cu.
|
Individual Au sample
assays are capped at 10 g/t.
|
g/t = grams per
tonne; NSV = no significant values
|
Outlook
The Company has embarked on its 30,000-metre exploration
drilling campaign and program for 2022 authorized under Class 4
Quartz Mining Land Use Permit #: LQ00565 (see previous press
release dated Feb. 23, 2022).
https://mintometals.com/blog/press-release/?release=122488.
Results from the remainder of the 2021 and 2022 drilling will be
released as they become available.
Qualified Person
The technical contents of this news release have been reviewed
and approved by David Benson, P.Geo.
Vice President of Exploration of Minto Metals and Qualified Person
as defined by Canadian Securities Administrators National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects. Mr. Benson has reviewed the sampling and QA/QC
procedures and results thereof as verification of the sampling data
disclosed above and approved the information contained in this news
release.
Quality Assurance and Quality Control
Quality assurance and quality control procedures include the
systematic insertion of duplicate, blank and certified reference
materials (CRM), making up 17% of the sampling stream. Drill
core samples were sawn in half, labelled, placed in sealed,
securitized bags and shipped directly to Bureau Veritas preparation
laboratory in Whitehorse,
Yukon. All geochemical analyses were performed by Bureau
Veritas in Vancouver, British
Columbia. Individual samples are crushed to 70% passing 10
mesh. Copper and silver analysis were performed by aqua regia
digestion with an ICP-ES finish. Gold was analyzed by
igniting a 30 g sample followed by an aqua regia digestion with an
AAS finish.
About Minto Metals Corp.
Minto owns and operates the producing Minto mine located in the
Minto Copper Belt of the Yukon,
Canada. The Minto mine has been in operation since 2007 with
underground mining commencing in 2014. Since 2007, approximately
500Mlbs of copper have been produced from the Minto mine.
Capstone Mining (previous owners) put the Minto mine into care
& maintenance in 2018 and the mine operations were shut
down. In mid-2019 Minto (formerly Minto Explorations Ltd.)
purchased the Minto mine operation and restarted the mine. The
current Minto mine includes underground mining operations, a
processing plant that produces a high-grade copper, gold and silver
concentrate, and all supporting infrastructure associated with
operating a remote mine located in Yukon. The Minto mine property is located on
the Selkirk First Nation's Territory, sitting about 20 km WNW of
Minto Landing on the west side of
the Yukon River. Minto Landing
is located on the east side of the Yukon River approximately 250
road-km north of the City of
Whitehorse, the capital city of the Yukon.
Forward-Looking Information
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements"), within the meaning of applicable Canadian securities
laws and "forward-looking information" within the meaning of
applicable U.S. securities laws, which we refer to collectively as
"forward-looking statements". Forward-looking statements are
statements and information regarding possible events, conditions,
or results of operations that are based upon assumptions about
future conditions and courses of action. All statements and
information other than statements of historical fact may be
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of words such as "seek",
"expect", "anticipate", "budget", "plan", "estimate", "continue",
"forecast", "intend", "believe", "predict", "potential", "target",
"may", "could", "would", "might", "will" and similar words or
phrases (including negative variations) suggesting future outcomes
or statements regarding an outlook. Forward-looking statements or
assumptions in this press release include, but are not limited
to:
details regarding Minto's 2022 planned exploration program,
pending assay results expected to be reported in Q2, follow up
drill holes planned to begin in Q3 2022 and follow up drilling
planned for Q3-Q4 2022.
Such forward-looking statements are based on a number of
material factors and assumptions, including, but not limited to:
expectations in connection with Company's 2022 exploration program
being met, the successful completion of development and exploration
projects, planned expansions and other projects within the
timelines anticipated and at anticipated production levels;
interest and exchange rates; that required financing and permits
will be obtained; general economic conditions; no labour disputes
or disruptions, flooding, ground instability, geotechnical failure,
fire, failure of plant; that equipment and processes continue
to operate as anticipated and other risks of the mining industry
will not be encountered; that contracted parties provide goods or
services in a timely manner; that there is no material adverse
change in the price of copper, gold or other metals; competitive
conditions in the mining industry; title to mineral properties;
costs; taxes; the retention of the Company's key personnel; no
changes in-laws, and no material worsening of the direct and
indirect impact of COVID-19 including rules and regulations
applicable to Minto.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause actual results,
performance, or achievements to differ materially from those
anticipated in such forward-looking statements. The Company
believes the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and you are cautioned not to
place undue reliance on forward-looking statements contained
herein. Some of the risks and other factors which could cause
actual performance and results to differ materially from those
expressed in the forward-looking statements contained in this news
release, include, but are not limited to: changes in commodity
prices, general economic conditions, the speculative nature of
exploration and project development, including the risks of
obtaining necessary licenses and permits, mineral reserve and
mineral resource estimates may change and may prove to be
inaccurate; Minto has a limited operating history and is subject to
risks associated with establishing new mining operations; sustained
increases in costs, or decreases in the availability, of
commodities consumed or otherwise used by the Company may adversely
affect the Company; adverse geotechnical and geological conditions
(including geotechnical failures) may result in operating delays
and lower throughput or recovery, closures or damage to mine
infrastructure; the Company's operations may encounter delays in or
losses of production due to equipment delays or the availability of
equipment; the Company's operations are subject to continuously
evolving legislation, compliance with which may be difficult,
uneconomic or require significant expenditures; the Company may be
unsuccessful in attracting and retaining key personnel; labour
disruptions could adversely affect the Company's operations; risks
related to the Company's use of contractors; the hazards and risks
normally encountered in the exploration, development and production
of copper, gold and silver; the Company's operations are subject to
environmental hazards and compliance with applicable environmental
laws and regulations; the Company's operations and workforce are
exposed to health and safety risks; the Company's title to
exploration, development and mining interests can be uncertain and
may be contested; the Company's properties may be subject to claims
by various community stakeholders; risks related to limited access
to infrastructure and water; the Company's exploration programs may
not successfully expand its current mineral reserves or replace
them with new reserves; the Company may not be able to secure
additional financing when needed or on acceptable terms; the
Company may be subject to litigation; and those risk factors set
out in the Company's listing application dated November 12, 2021 as filed on SEDAR.
Although the Company has attempted to identify important factors
that could cause actual performance, results or events to
differ materially from those described in the forward-looking
statements, you are cautioned that this list is not exhaustive and
there may be other factors that the Company has not identified.
Furthermore, the Company undertakes no obligation to update or
revise any forward-looking statements included in or incorporated
by reference 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 Minto Metals Corp.