Chieftain Drilling Hits Twin of Tulsequah Footwall Stringer Zone
November 20 2013 - 5:23PM
Marketwired Canada
Chieftain Metals Corp. ("Chieftain" or "the Company") (TSX:CFB) is pleased to
provide the results of the first phase of its drilling program at the
100%-owned, construction-ready, Tulsequah Chief project located in B.C., Canada.
The drill program was focussed upon re-interpreted geological, geophysical and
geochemical targets (see CFB press release dated May 29th, 2013) along with
newly modelled 3D-Induced Polarization ("3D-IP") geophysical inversion anomalies
identified within the prospective Tulsequah Chief, Big Bull and Sparling-Banker
areas between May and September 2013.
"We are extremely pleased with the results of this initial exploration
campaign," said Victor Wyprysky, President and CEO of the Company. "Our geologic
model has generated immediate success; VMS deposits are well known to increase
resources as mining progresses and Tulsequah is undoubtedly one of the world's
highest quality VMS deposits with the strong prospect of doubling or tripling
the resources."
Of primary interest are the base metal values intersected in four holes
targeting the strong 3D-IP chargeability anomaly located 350 metres to the
southwest of the known Tulsequah Chief Orebody (See reserves in Table 2).
This 3D-IP anomaly bears many remarkable similarities (in terms of strength and
dimensions) with the 3D-IP anomaly associated with the known Tulsequah Chief
Orebody. It was also found to be directly associated with a very prospective,
newly discovered Volcanogenic Massive Sulphide (VMS) alteration zone and its
corresponding wide zone of footwall massive sulphides (mainly 'proximal
discharge' pyrite) and intensely altered rhyolitic stratigraphy. Chieftain is
now using these results to further vector its next round of drilling towards
what appears to be a substantial new VMS deposit.
A total of 3,540 meters were drilled in 9 surface NQ holes for a total program
cost of $1.25 million under the guidance of James (Jim) Pickell, P. Geo. As
noted, the drill targets were generated by a comprehensive re-interpretation of
historic geological data supported by newly modelled 3D-IP chargeability
anomalies. The specific objectives of this exploration program were:
1) Increase the size of the Tulsequah deposit to boost an already
promising economic return
2) Identify new zones of mineralization proximal to the Tulsequah reserves
Both objectives were met.
Initial assay results are included within Table 1.
Potential New VMS Lenses
Drill holes TC13064, TC13065, TC13066 and TC13067 targeted a 3D-IP chargeability
anomaly ("Target #3") located 350 metres southwest of the Tulsequah orebody. A
smaller polymetallic orebody mined historically by Cominco Ltd. is located about
350 metres northeast of the existing Tulsequah orebody thereby establishing an
apparent spatial periodicity between the known VMS lenses. Target #3 is highly
suggestive of the discovery of a new 'blind' base metal lens which is now
referred to as the "SW Zone".
These holes intersected wide zones of IP chargeable mineralization with some
chalcopyrite within typical footwall massive sulphide stringer zones (notably
one 0.45m interval in TC13064 containing 3.28% Cu, 10 g/t Ag, 0.223 g/t Au). The
overall alteration, copper and sulphide contents were noted to increase
dramatically at depth. The deepest attempted drill hole ( TC13065) was abandoned
because of stuck drill rods at the very start of a highly altered,
sulphide-mineralized rhyolite flow resting upon a very thick footwall alteration
sequence comprised of strongly chloritized basalt flow and rhyolite
fragment-rich debris flows containing abundant semi-massive to near massive
pyrite bands.
A fourth, very promising appearing 3D-IP chargeability anomaly ("Target #4") is
located approximately another 350 m further to the southwest of the "SW Zone".
One historical hole drilled along the north edge of the Target #4 3D-IP
chargeability anomaly cut a thick zone of footwall alteration with disseminated
to semi-massive pyrite. Any base metal mineralization associated with this
fourth 3D-IP target would also be 'blind' and well below the present surface.
Extension to Existing Tulsequah Deposit
Five of the eight holes drilled adjacent to the Tulsequah Volcanogenic Massive
Sulphide ("VMS") deposit successfully hit abundant semi-massive to massive
sulphides within strongly altered footwall feeder system rocks. Moderate to
high-grade sections of zinc and copper were cut in two of the eight Tulsequah
deposit-focussed holes.
Drill hole TC13062 was targeted on a strong 3D-IP chargeability anomaly ("Target
#2") located about 50 metres in the footwall of the existing Tulsequah orebody.
This hole cut wide zones of semi-massive to massive sulphides directly
associated with intense footwall VMS alteration and local base metal enrichment.
It also confirmed the existence of stacked lenses as evidenced by the high-grade
zinc intersections noted in Table 1.
Drill Results on Targets Located Elsewhere on the Property
The apparent direct association between the massive sulphides cut in the recent
drill holes and the newly modelled 3D-IP chargeability anomalies within the
prospective Tulsequah Chief rhyolitic package significantly upgrades the
exploration potential of similar 3D-IP targets hosted within the Big Bull and
Sparling-Banker area rhyolite packages. More information about this elevated
potential will be made available in a subsequent release.
Next Steps
Based upon the successful discovery of appreciable sulphides and accompanying
strong footwall VMS alteration associated with the newly interpreted 3D-IP
chargeability anomalies that occur within favourable rhyolitic host rocks,
future drilling will target the high chargeability isoshells that most clearly
match those of the known VMS lenses. The next exploration program is expected to
consist of priority drilling of the SW Zone on a grid pattern plus new follow up
drilling of Target #4, located 350 m southwest of the SW Zone). Both areas have
the strong potential of hosting a VMS orebody of at least similar size and grade
to the Tulsequah Chief deposit.
Table 1: Chieftain Metals 2013 Assay Results
----------------------------------------------------------------------------
From To Length TW Au Ag Cu Pb Zn
Hole-ID (m) (m) (m) (m) Lith (g/T) (g/T) (%) (%) (%)
----------------------------------------------------------------------------
TC13060 No Significant Results
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13061 No Significant Results
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13062 89.00 89.92 0.92 0.66 SMSX 0.53 9.00 0.05 2.51 5.51
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13062 112.59 114.10 1.51 1.08 SMSX 0.16 14.60 0.14 0.01 12.99
----------------------------------------------------------------------------
inc. 112.59 113.17 0.58 0.41 MSX 0.21 18.00 0.16 0.00 22.20
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13062 247.38 249.70 2.32 1.05 MSX 1.61 21.93 1.14 0.96 12.78
----------------------------------------------------------------------------
inc. 247.38 248.55 1.17 0.53 MSX 1.23 19.00 0.41 1.85 22.70
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13063 No Significant Results
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13064 364.670 365.26 0.59 n/a DSX 0.77 17.49 0.59 0.01 0.01
----------------------------------------------------------------------------
plus 399.17 399.62 0.45 n/a STSX 0.22 10.00 3.28 0.01 0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13065 372.10 388.04 15.94 n/a QSP 0.08 0.79 0.12 0.06 0.19
----------------------------------------------------------------------------
inc. 386.77 388.04 1.27 n/a QSP 0.21 4.00 0.42 0.56 1.92
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13066 No Significant Results
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TC13067 Results Pending
----------------------------------------------------------------------------
BK13006 No Significant Results
----------------------------------------------------------------------------
Abbreviations: inc. - Including; TW - True Width; Lith - Lithology; MSX -
Massive Sulphides; SMSX - Semi-Massive Sulphides; DSX - Disseminated Sulphides;
STSX - Stringer Sulphides; QSP - Quartz Sericite Pyrite Alteration.
Table 2 - Tulsequah Chief Reserves
Mineral Reserve: Tulsequah Chief Deposit, BC (JDS, December 12, 2012)
----------------------------------------------------------------------------
Category Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t)
----------------------------------------------------------------------------
Probable 6,447,098 1.13 1.04 5.59 2.3 81.39
----------------------------------------------------------------------------
(i)Underground mineral reserves are reported at a cut-off of US$125. (ii)Cut-off
grades are based on a price of US$1,350/oz of gold, US$22/oz for silver,
US$1.10/lb for zinc and lead and US$3.10 for copper and recoveries of 81.8% for
gold, 79.5 for silver, 87.8 for copper, 44.5% for lead and 88% for zinc.
Quality Assurance Program, Quality Control Measures and Analytical Procedures
Chieftain's Quality Assurance program consists of inserting Quality Control "QC"
samples in the sample stream at frequency of 1 QC sample per 10 samples
including: standard reference material, blank material and duplicate samples. At
the conclusion of the program 5% of the samples will be sent to a second
laboratory for further check analysis. The drill core samples are shipped to ALS
Minerals, Whitehorse, YK, where the 1-5kg samples are crushed and pulverized to
produce a 250g split. This split is sent to ALS Minerals North Vancouver, BC
Laboratory for analysis. All samples are analyzed by a 30g fire assay for Au by
Atomic Absorption Spectroscopy and 35 element inductively coupled plasma-atomic
emission spectroscopy with 0.5g digested in aqua regia. Any sample over limit
for element: Ag, As, Cu, Pb or Zn is sent for assay grade analysis for elements
Ag, As, Cu, Pb and Zn, as well as Specific Gravity from Pulp.
Qualified Person
James Pickell P.Geo, is the qualified person who has supervised the preparation
of the technical information in this News Release dated 20 November 2013 and has
verified the drilling data, assay results and interpretations disclosed within.
Mr Pickell is a Senior Geological Consultant and Director of Chieftain Metals.
About Chieftain
Chieftain Metals Corp. is the public holding company of Chieftain Metals Inc.
("Chieftain Inc."), whose principal business is the acquisition, exploration and
development of mineral properties. The Company's business has focused on the
development of the shovel ready, high-grade Tulsequah Chief Polymetallic
Project, in north-western British Columbia, Canada. Chieftain Metals Inc.'s
property, Tulsequah Shazah Camp, consists of 55 mineral claims and Crown-grants
covering approximately 30,581 hectares and covers two previously producing
mines.
In addition to the 100% stake in the attractive Tulsequah asset, Chieftain has:
-- Consistent financial backing of West Face Capital Inc. ("West Face"), a
Toronto-based investment management firm with assets under management
(AUM) of over $3.0 billion. West Face is Chieftain's largest
shareholder.
-- Strong support from Royal Gold with a $60 million streaming transaction
in the Tulsequah project.
-- A highly experienced development team, and
-- Advanced project financing discussions with senior bank lenders and
prospective suppliers.
Forward-Looking Information:
This press release includes certain "forward-looking statements" within the
meaning of the Ontario Securities Act or other laws or regulations. All
statements, other than statements of historical fact, included herein, including
without limitation, statements regarding potential mineralization, mineral
resources or reserves, exploration results, future plans and objectives of
Chieftain Metals Inc. are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chieftain Metals Corp.
Victor Wyprysky
President & CEO
(416) 479-5411
vw@chieftainmetals.com
Chieftain Metals Corp.
Keith Boyle
Chief Operating Officer
(416) 479-5414
Keith.Boyle@chieftainmetals.com
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jul 2023 to Jul 2024
