VANCOUVER, BC, July 2, 2024
/CNW/ - Mabel Ventures Inc. (CSE: MBL) (the
"Company" or "Mabel") is pleased to announce the
completion of the 2024 exploration program at the Bonanza Property
located in Quebec. Two diamond
drill holes were completed totalling 417.3
m and 86 prospecting samples were collected across the
property. Mabel has fulfilled the option agreement and now owns a
51% interest in the Project from Abitibi Metals Corp. (AMQ:
CN).
Drilling targeted coincident structural, geochemical and
geophysical targets, encountering encouraging precious and metal
values and strong sulphide mineralization. Highlights
include:
- DDH-2024-01: 0.393 ppm Au over 0.95 meter.
- DDH-2024-02: 931 ppm Ni and 1650 ppm Cr over 1 meter and 932
ppm Ni and 1670 ppm Cr over 0.5 meter.
*All intervals are core
length.
|
"Our technical team will review the results gathered to-date
to determine next steps for the Bonanza Project," said
Amanda Bennett, P.Geo, President and CEO of Mabel.
"Additionally, working with the Fiore Group, we are assessing
further potential precious and base metal acquisitions."
Two diamond drillholes were completed targeting a NW-SE trending
IP anomaly. Drillhole DDH-2024-02 intersected 0.53m of massive sulfides resulting 713 ppm Cu,
17.3% Fe, 16.4 ppm Mo and 192 ppm Ni.
Hole ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(ppm)
|
Cu
(ppm)
|
Ni
(ppm)
|
Cr
(ppm)
|
Zn
(ppm)
|
DDH-2024-01
|
39.2
|
40.15
|
0.95
|
-
|
-
|
-
|
-
|
1250
|
and
|
144.85
|
145.4
|
0.55
|
0.054
|
1240
|
-
|
-
|
-
|
and
|
235.05
|
236
|
0.95
|
0.393
|
-
|
-
|
-
|
-
|
DDH-2024-02
|
3
|
4
|
1.00
|
0.003
|
-
|
931
|
1650
|
-
|
and
|
92.3
|
92.8
|
0.50
|
0.002
|
-
|
932
|
1670
|
-
|
and
|
101.7
|
102.25
|
0.53
|
0.021
|
713
|
192
|
205
|
224
|
Table 1: Complete
Dril2l Hole assays
|
* All intervals are
shown as core length. Further modelling needs to be completed
before true widths can be
calculated.
|
Hole ID
|
Easting-UTM
NAD83 z18
|
Northing-UTM
NAD83 z18
|
Azimuth
|
Dip
|
Length (m)
|
DDH-2024-01
|
434335
|
5408252
|
60
|
-45
|
249
|
DDH-2024-02
|
432562
|
5409902
|
60
|
-45
|
168.3
|
Table 2: Drill hole
collar coordinates
|
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 is situated 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 reconnaissance stage of exploration
with several exploration programs including heliborne and ground
geophysics, soil sampling, prospecting, trenching and drilling
completed from 2018 to 2020.
The Company is targeting four different deposit styles on
Bonanza: Archean lode-gold systems, magmatic Ni-Cu-Cr 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
A quick log was completed on site before
the core was transported to a core logging and cutting facility in
Val d'Or. All samples were sent to
AGAT Labs. All prospecting samples were bagged on site with a
sample tag and sent to AGAT labs.
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. Steven Lauzier, P.Geo OGQ1430,
is a Qualified Person under NI 43-101, and
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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involve substantial known and unknown risks and uncertainties
(including those risk factors identified in the Company's Listing
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cautioned that the assumptions used in the preparation of the
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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
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SOURCE Mabel Ventures Inc.