VANCOUVER, BC, Aug. 10, 2020 /CNW/ - Starr Peak Exploration
Ltd. ("Starr Peak" or the "Company") (TSXV: STE) (OTC: STRPF)
is very pleased to announce it has expanded its NewMétal property
("NewMétal" or "the Property") by acquiring 100%
interest into Globex Mining Enterprises projects known as the
Normetal/Normetmar gold, copper,
zinc and silver property, the Rousseau gold property and the
Turgeon Lake gold property.
The newly expanded land position in the center of Newmétal
includes 10 claims covering 391.53 hectares, growing the property
to a total of 74 mineral claims covering 2,279.53 hectares and now
including 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 and
the Normetmar showing, historic resource of 306,000 t grading 11%
Zn was reported by Kerr Addison of which 48,200 t have been
mined in 1990. Several gold intersections are reported including
2.19 g/t Au and 236 g/t Ag over 2.56
m including 3.47 g/t Au and 366 g/t Ag over 1.55 m (Source: Globex drilling 2007-2008, hole
GN07-09).The newly acquired claims solidifies the land position of
NewMétal property and add two additional gold prospective claim
bloc eastward.
The Rousseau gold Property consists in a bloc of 12
claims covering 470.17 hectares and the Rollmac gold zone of 31,298
tonnes grading 11.99 g/t Au (historical non-compliant NI43-101,
Northern Miner, July 13, 1992).
Rollmac gold zone is described by historical work as a multiples
gold bearing quartz veins system hosted in the Val-St-Gilles granodiorite. Historical work
was focused on two principal veins, the Main Vein and the Mercier
Vein, located 183 metres northeast of the main vein. Historical
works and diamond drill hole made in 2008 confirm the present of
several other gold bearing quartz vein without follow-up.
The Turgeon Lake gold Property, east of the Rousseau gold
property consist of 2 claims covering 112.91 hectares. Grab samples
at the water line are reported to have assayed up to 168.3 g/t Au,
30.2 g/t Au and 23.7 g/t Au (GM 52490). Drill hole LT-96-02 assayed
18.7 g/t Au over 3.09 m, including
68.9 g/t Au and 10.48 g/t Ag over 0.4
m (GM 54287).
Johnathan More, Chairman and CEO
of Starr Peak commented,
"We are thrilled to add the past producer Normetal Mine and the
Normetmar showing to our Newmetal Property. We now are
strategically situated on trend and on strike between (and
including) a past producing gold mine and Amex Exploration's world
class discovery. Additionally, the addition of the Rousseau and
Turgeon Lake Properties now defines Starr
Peak as a major player in this district. The historical work
is extremely impressive with very high grade gold being found and
we will target these results to try to find a larger gold system.
The successful techniques and new theories that have been
instrumental in leading to the major discovery for our neighbor
Amex Exploration will no doubt be applied to all of our
properties."
Starr Peak, in association with
Laurentia Exploration, has recently launched an initial program of
compilation, prospecting, and geological mapping, and plans to
complete an airborne EM survey and high-resolution MAG drone
geophysics in the fall of 2020 in order to prepare for an inaugural
drilling campaign in winter of 2021.
In exchange of the properties, Globex will receive $150,000 in cash payments ($50,000 on signing, $50,000 at 6 months and $50,000 at one year), 1.2 million Starr Peak shares (currently $1.64/share) and a 2.5% Gross Metal Royalty, 1%
of which may be purchased by Starr
Peak prior to commercial production for $1.5 million. Starr
Peak will acquire 100% interest in the properties subject to
the royalty (GMR).
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 44.22 g/t Au over 9.10 metres and 30.98 g/t
Au over 8.50 metres.
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.
Qualified Person
Alexis Paulin
Bissonnette, Ing. (OIQ 5037621), an independent Qualified
Person as defined by Canadian NI 43-101 standards, has reviewed and
approved the geological information reported in this news release.
The Qualified Person has not completed sufficient work to verify
the historic information on the Property, particularly in regards
to historical drill results. However, the Qualified Person believes
that drilling and analytical results were completed to industry
standard practices. The information provides an indication of the
exploration potential of the Property but may not be representative
of expected results.
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 July 16, 2020 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 Exploration Ltd.
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.