VANCOUVER, BC, May 6, 2024
/CNW/ - Mabel Ventures Inc. (CSE: MBL) (the
"Company" or "Mabel") is pleased to announce it has
commenced the 2024 season exploration and drilling program for the
Bonanza Project. The Company has the option to acquire a 51%
interest in the Bonanza Gold Property ("Bonanza") from
Abitibi Metals Corp. (formerly Goldseek Resources Inc.)
("Abitibi") as per its Property Option Agreement between the
Company and Abitibi dated June 6,
2023.
Highlights:
- Phase II has commenced on the Bonanza project. The 400-meter
diamond drill program has now started, drilling two exploration
targets highlighted in Phase I.
- Once drilling is completed, prospecting and soil sampling will
start to follow up on targets highlighted in Phase I.
- The Bonanza project borders Osisko Mining Inc.'s Urban Barry project, which lies 30 km southwest
of Osisko's flagship Windfall Lake property and is 16 km southwest
of Bonterra Resource Inc.'s Barry property.
"We are excited to see what the drill program will identify
at Bonanza" said Amanda Bennett,
P.Geo, President and CEO of Mabel. "The proximity to advanced
deposits, such as the Windfall Gold Deposit to the north,
highlights the excellent potential of the area. This exploration
program aims to get a further interpretation of the geology with
the ambition of making a discovery within one of Canada's most exciting exploration
camps."
Bonanza Gold Property
Bonanza is located in the east central part of the Abitibi
sub-province, south of the Urban-Barry greenstone belt, in the
Barry Complex. It occurs approximately 25km south of Osisko Mining
Inc.'s Windfall Deposit, and 15km to 20km south of Bonterra
Resource Inc.'s Barry Property and Gladiator deposit. Mineral
tenure consists of 92 map designated claims, covering 5,212
hectares. Bonanza is at the discovery stage of exploration with
several exploration programs including heliborne and ground
geophysics, soil sampling, prospecting, trenching and drilling
completed from 2018 to 2020 on Bonanza.
The Company is targeting three different deposit styles on
Bonanza: Archean lode-gold systems, Banded-iron formation gold and
Polymetallic VMS mineralization.
Bonanza is located at the southern tip of the basalts of the
Chanceux Formation (Urban-Barry greenstone belt). Most of Bonanza
is underlain by the Barry Complex, which is composed of
meta-sediments and tonalitic gneiss in the area covered by the
claims. The presence of several amphibolite enclaves in the west
limit of Bonanza indicates a possible southwest extension of the
Urban-Barry greenstone belt in this sector.
The proximity with the Urban-Barry greenstone belt, which hosts
several deposits under development and the presence of two
historical mineralized boulders discovered in the 1990's, initiated
some interest for Bonanza. Except for its northwest part, which
overlapped several geophysical surveys and one prospecting
campaign, most of the exploration programs were completed by
Abitibi from 2018 to 2020. In 2018, a heliborne magnetic (MAG)
and time-domain electromagnetic (TDEM) survey covered Bonanza (582
line km). A series of targets aligned along a magnetic and locally
conductive trend striking NW-SE, thought to represent the
lithological unit of the historical mineralized boulders (iron
formation), is considered as prime target for gold
mineralization.
In the summer of 2020, Bonanza was covered by a systematic soil
survey (525 soil samples), along with some prospecting. In late
2020, an induced polarization (IP) (13.3 line km) survey was
performed on the NW end of the prime target. A trenching and
drilling program (15 NQ holes, 1800.7
m) tested the 2020 IP targets. Short intercepts of iron
formation were found in two drill holes (BZ-2020-009 and
BZ-2020-017) and a 1.23m intersection
assayed 4.94 g/t Ag, 310 ppm Cu and 1207 ppm Zn in hole BZ-2020-09.
As for gold, two anomalous results (0.134 and 0.121 ppm Au) were
intercepted over 1 m in two other
drillholes. One of these anomalous gold results was close to a
sample from a trench that yielded 0.644 ppm Au.
In 2023, an IP survey and a prospecting campaign was performed
by Mabel on the east portion of Bonanza. The IP survey outlined
high-priority targets superimposed on the southeast end of the
previously defined magnetic trend thought to represent an iron
formation unit. Ninety-six (96) lithogeochemical samples (15
outcrops and 81 boulders) were analyzed and delimitated an area of
interest, where most of the samples with detectable gold values
were concentrated.
QA/QC and Qualified
Person
The Company's planned 2024 Exploration Program will be
supervised by CEO Amanda Bennett,
P.Geo, and includes a rigorous Quality Assurance/Quality Control
program. Andrew Hamilton, P.Geo, a Qualified Person under NI
43-101, has reviewed and approved the scientific and technical
content of this release.
For more information, please visit Mabel's SEDAR+ profile at:
www.sedarplus.ca/.
On behalf of the Board,
Mabel Ventures Inc.
"Alicia
Krywaniuk"
Alicia Krywaniuk,
CFO and Corporate Secretary
CAUTIONARY STATEMENT REGARDING
"FORWARD-LOOKING" INFORMATION:
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within the meaning of such statements under applicable securities
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reasonable at this time. All such forward-looking statements
involve substantial known and unknown risks and uncertainties
(including those risk factors identified in the Company's Listing
Statement dated November 30, 2023),
certain of which are beyond the Company's control. The reader is
cautioned that the assumptions used in the preparation of the
forward-looking statements may prove to be incorrect and the actual
results, performance or achievements could differ materially from
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events anticipated by the forward-looking statements will transpire
or occur, or if any of them do, what benefits, including the amount
of proceeds, the Company will derive therefrom. Readers are
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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
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SOURCE Mabel Ventures Inc.