VANCOUVER, BC, Nov. 17, 2020 /CNW/ - Starr Peak
Exploration Ltd. ("Starr Peak" or the "Company") (TSXV:
STE) (OTC: STRPF) is very pleased to announce that is has
completed a significant and comprehensive compilation of historical
exploration and mining data on its NewMétal property
("NewMétal" or "the Property") in northwestern
Quebec as shown in Figure 1. The
NewMétal property contains the past-producing Normétal polymetallic
mine as well as the Normetmar zinc deposit. Compilation work,
completed by the Company's geological consulting firm Laurentia
Exploration Inc., identified significant and numerous exploration
targets in close proximity to the historical mine and resource.
Additionally, historical exploration review has identified gold
rich zonation sulfides within the Normétal mine sub-surface crown
pillar left in place (GM49521, 1989) and the lack of systematic
gold analysis into the mine historical production (Boivin,
1988).
Johnathan More, Chairman and CEO
of Starr Peak commented, "Having
completed an in-depth review of a comprehensive data set of past
work on the property, including two past-producing
mines, combined with data reported from the neighbouring Amex
Exploration's Perron project, we are now in a position to begin
drilling. Over the past few months our geological consultant
partners have been putting together a comprehensive database and 3D
model of all historical exploration and mining data over our
highly-prospective Newmétal property. Now that the model is
completed we are very excited to begin drill testing these
high-priority targets and continuing to add to the metal endowment
of the gold and other metals on the Chicobi deformation zone."
The Normétal mine was discovered in 1925 and exploited from 1929
to 1975 with a total of 10.1 million tonnes extracted at a grade of
5.12 % Zn, 2.15 % Cu, 45.25 g/t Ag, and 0.549 g/t Au (Boivin,
1988). During historical production, main focus was on copper and
gold was treated as a secondary product with price ranging around
US$30/oz to US$200/oz. The neighbouring satellite deposit
Normetmar was discovered in 1965 and a historical resource estimate
was determined through drilling and bulk sampling of 306,800 tonnes
at a grade of 10.94 % Zn (GM38950, 1970). Through the compilation
work, the Company has determined that many portions of both the
Normétal and Normetmar systems remain open for exploration with
expectations of high grade drill intercepts based on historical
results. As shown in Figure 2, numerous targets have been
identified both vertically within existing areas of mineralization
as well as on strike and at depth of historical drill
intercepts.
Highlighted historical drill intercepts on Normétal include:
19.48 % Zn, 0.22 % Cu, 253.20 g/t Ag, and 3.79 g/t Au over
10.0 m in hole N89-64;
5.62 % Zn, 0.10 % Cu, 42.65 g/t Ag, and 0.13 g/t Au over
12.14 m in hole GN-07-05;
Highlighted historical drill intercepts on Normetmar
include:
5.28 % Zn, 32.63 g/t Ag, and 7.99 g/t Au over 4.9 m in hole S-65-4;
7.70 % Zn, 0.16 % Cu, 29.12 g/t Ag, and 0.13 g/t Au over
17.2 m in hole 96-30-14;
3.33 % Zn, 0.03 % Cu, 13.77 g/t Ag, and 0.01 g/t Au over
20.73 m in hole S-70-1; and
15.57 % Zn, 0.07 % Cu, 40.53 g/t Ag and 0.17 g/t Au over
14.65 m in hole 87-19.
Starr Peak has begun the
permitting process for an initial drill program of 5,000 metres and
has begun the tender process to select a drilling contractor.
Laurentia Exploration Inc. will manage the drilling program.
In addition, the Company is pleased to provide an update on its
geophysical programs. A high-resolution drone magnetic airborne
survey was completed over Starr
Peak's Rousseau and Turgeon properties. Data is currently
being reviewed and once compiled the Company will provide an update
to the market. An airborne VTEMTM survey is currently underway over
the Company's Newmétal project. This survey is expected to be
completed within two weeks and data will be presented to the market
once complied and reviewed.
![Figure 1: Geological Map of the NewMétal property with respect to Amex Exploration’s Perron Project. (CNW Group/Starr Peak Exploration Ltd.) Figure 1: Geological Map of the NewMétal property with respect to Amex Exploration’s Perron Project. (CNW Group/Starr Peak Exploration Ltd.)](https://mma.prnewswire.com/media/1335451/Starr_Peak_Exploration_Ltd__Starr_Peak_Completes_Compilation_of.jpg)
![Figure 2: Longitudinal Section of the Normétal Past-Producing Mine and Normetmar Satellite Deposit. Significant Targets Represented by a Star. Historical Drill Intercepts area provided in Zinc-Equivalent calculated using the formula in references. (CNW Group/Starr Peak Exploration Ltd.) Figure 2: Longitudinal Section of the Normétal Past-Producing Mine and Normetmar Satellite Deposit. Significant Targets Represented by a Star. Historical Drill Intercepts area provided in Zinc-Equivalent calculated using the formula in references. (CNW Group/Starr Peak Exploration Ltd.)](https://mma.prnewswire.com/media/1335452/Starr_Peak_Exploration_Ltd__Starr_Peak_Completes_Compilation_of.jpg)
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 and disclosures
Amex Exploration Perron Project:
Amex Exploration Inc. Press Releases dated July 16, 2020 and May 21,
2019, January 17, 2018.
Normétal historical Mine and Normetmar:
Summary Report, Normetmar Project, January
1988 by L. Boivin
Highlighted historical drill intercepts have not been validated
otherwise than with the historical reports: (GM49521, GM65185,
Boivin 1988, GM55248, GM38950, internal undisclosed documents). The
information on the Longitudinal have not been validated otherwise
than with the information insides historical reports and cross
sections. Exact location of historical drill hole pierce points on
the longitudinal may be different.
Metal Factor zinc equivalent formula:
Zn_eq (%) = Zn(%) + [Cu(%) * Cu price (lb) / Zn price (lb)] +
[Ag(%) * Ag price (oz) * 14,632 / Zn price (lb) ] +
[Au(%) * Au price (oz) * 14.632 / Zn price (lb)]
Zn_eq % based on US$: 1.1$/lb Zn, $3/lb Cu, $23/oz
Ag, $1800/oz Au.
The Company wishes to caution that historical resources
described above are historical. The historic resources are relevant
to give a ballpark estimate of the potential on the property.
Historical resources should not be relied upon. The key
assumptions, parameters and methods used to prepare the historical
estimate is not known and thus the difference between the historic
estimates and NI 43-101 compliant estimates is also not
known. The historical estimates used categories other than
the ones set up in sections 1.2 and 1.3 of National Instrument
43-101, Standards of Disclosure for Mineral Projects. A qualified
person has not reviewed the historical estimates and has not done
sufficient work to classify the historical estimates as current
mineral resources and Starr Peak is
not treating the historical estimates as current mineral resources
under National Instrument 43-101 and CIM Standards for mineral
resources and reserves. Further exploration work needs to be done
to correctly evaluate these historical resources. Additionally, the
methodology of calculation is unknown by the qualified person.
Grab samples are selective by nature and the values reported may
not be representative of the mineralized zone.
Mineralization hosted on adjacent and/or nearby properties is
not necessarily indicative of mineralization hosted on the
Company's property.
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.