VANCOUVER, June 1, 2020 /CNW/ - Starr Peak
Exploration Ltd. ("Starr Peak or the
Company") (TSX-V: STE) (OTC: LSGEF) is very pleased to
announce it has expanded its NewMétal property ("NewMétal" or "the
Property") in northwestern Quebec,
directly east of Amex Exploration Inc.'s Perron project and
directly adjacent to the past-producing Normétal Mine. The newly
expanded land position includes 11 claims covering 468 hectares,
growing the NewMétal property to a total of 64 mineral claims
covering 1,888 hectares of highly prospective ground. The newly
acquired claims are comprised of a block directly adjacent and on
trend to Amex Exploration Inc.'s Perron project. The geology
underlaying the newly expanded land package is comprised of felsic
and intermediate volcanic and felsic plutonic rocks of the Normétal
formation and is highly prospective for gold-rich VMS
mineralization and orogenic gold mineralization.
Starr Peak plans to complete an
initial program of compilation, prospecting, geological mapping,
airborne EM survey and high-resolution MAG drone geophysics in
summer and fall of 2020 in order to prepare for an inaugural
drilling campaign in winter 2021.
Johnathan More, Chairman and CEO
of Starr Peak commented, "With this
new acquisition Starr Peak has
secured a dominant land position in a growing gold mining camp. Our
property is next door to the Amex Perron property which, over the
past 18 months, has produced some of the highest grade gold
exploration holes in Canada.
Located in one of the most prolific gold producing regions of the
world, the Quebec Abitibi, our property has highly prospective
geology, several historic mineral occurrences and gold showings,
existing geophysical targets, and excellent infrastructure. Our
recently completed $1 million
financing will be used to rapidly advance the project to develop
high priority drill targets for a winter 2021 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, and the past-producing Normétal Mine, from which
~10.1M tonnes of 2.15% Cu, 5.12% Zn, 0.549 g/t Au, and 45.25 g/t Ag
were extracted during the periods of 1926-1929, 1931-1933, and
1937-1975 and developed down to a depth of 2.7 km below
surface.
The NewMétal Property is cross-cut by the Normetal Fault Horizon
associated with gold and base metal mineralization along strike.
The property is also located in the eastern extension of the Perron
fault known to be a prolific gold bearing structure. Geology
underlaying the Property consists of favourable rhyolite and mafic
volcanic rocks, as well as diabase dikes and granitic intrusions.
Two known mineral showings occur on the Property. The Rang I-Lots
44-57 showing was identified in diamond drilling in 1966, with
samples reaching up to 0.02% Cu and 2.38% Zn over 0.15 metres in
historical drillhole Sondage 1-66, and up to 1.02 g/t Au occurring
over unknown widths in drillhole Sondage 93-05. The
Perron-Desmeloizes-Nord showing is a surface showing identified in
1952 with select samples reaching up to 14.5 g/t Au.
Transaction Terms
As per the terms of the Agreement,
the Company may acquire up to a 100% interest in the NewMétal
Property in two stages from a group of arms length vendors through
the issuance of 4.5 million common shares of the Company payable
upon TSX Venture Exchange approval (to acquire a 50% interest) and
a further 4.5 million common shares to be issued on or before
September 30, 2020 to acquire the
remaining 50% interest. The Property is subject to a 3% Net Smelter
Royalty of which 1% can be repurchased for $1,000,000 at any time prior to commercial
production. A finders fee will be paid in conjunction with the
acquisition.
Qualified Person
Alexis Paulin
Bissonnette, Ing. (OIQ 5037621), Independent Qualified
Person as defined by Canadian NI 43-101 standards, have reviewed
and approved the geological information reported in this news
release.
References
Perron-Desmeloizes-Nord:
http://sigeom.mines.gouv.qc.ca/signet/classes/I1103_index?format=COMPLET&type_reqt=U&mode=NOUVELLE&l=A&entt=GM&numr_utls=2755180&alias_table_crit=F4E02&mnen_crit=NUMR_INTER&oper_crit=EGAL&valr_crit=4018
Rang I-Lots 44-57:
http://sigeom.mines.gouv.qc.ca/signet/classes/I1103_index?format=COMPLET&type_reqt=U&mode=NOUVELLE&l=A&entt=GM&numr_utls=2755180&alias_table_crit=F4E02&mnen_crit=NUMR_INTER&oper_crit=EGAL&valr_crit=4019
Amex Exploration Perron Project:
Amex Exploration Inc. Press Releases dated June 3, 2019 and May 21,
2019
Normetal Mine:
Summary Report, Normetmar Project, January
1988 by L. Boivin
On Behalf of the Board of Directors of Starr Peak Exploration
Ltd.,
"Johnathan More"
Johnathan More
Chairman and 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.