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.
Qualified Person
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"
Ross McElroy, P. Geol.,
President and COO
Cautionary Statement:
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