Vancouver, British Columbia – May 21, 2021 – Starr Peak Mining Ltd. ("Starr Peak" or the "Company") (TSX-V:STE) (OTC:STRPF) is very pleased to announce a significant expansion to its ongoing drilling campaign on its NewMétal property (“NewMétal” or “the Property”), located in the Abitibi Greenstone Belt of Quebec near the town of Normétal. The NewMétal project also includes 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 were produced (Boivin, 1988).
Owing to significant high-grade volcanogenic massive sulfide (“VMS”) intercepts in the Company’s first drill holes, Starr Peak announces an increase in its drilling program from 5,000 to 20,000 metres on the NewMétal project. The Company also has three drill rigs in operation.
Johnathan More, Chairman and CEO of Starr Peak commented, “We are very excited by the drilling to date on the NewMétal project. The width and high grades of this massive sulphide body are very encouraging and point to significant potential at depth on the NewMétal property. We are eagerly awaiting to receive assays back from the lab from several holes that have recently been drilled. Our technical team has determined that a combination of airborne and borehole electro-magnetic (“BHEM”) surveys are highly effective targeting tools for this type of mineralization and are returning a very high success rate. We will continue to use BHEM to vector towards massive sulfide mineralization, next to the prolific past-producing Normétal Mine. In addition, as part of our expanded drilling program, Starr Peak will test regional gold targets where grab sampling has returned values up to 157.0 g/t Au on the Turgeon Lake gold showing (see December 9, 2020 press release).”
Drilling continues on the project with three drills. One targets the new deep discovery zone below 600m vertical depth, while one is affected to systematic drilling of the Normetmar Upper zone above 400m vertical depth. A third drill has begun testing the area between the Normétal mine and the Normetmar deposit trend, an area of approximately 600 to 800m in width and untested below 200m vertical depth. BHEM surveying will be completed on most holes if deemed useful in vectoring the location of VMS mineralization.
The Company has discovered a discrepancy in the preliminary compilation of historical information pertinent to this area, determining that the Longitudinal Section presented to date wrongly positioned numerous historical stopes mined by the Normétal mine. These zones and historical stopes possibly represent a separate mineralized horizon located to the north of, and parallel to the Normétal mine horizon, rather than along strike as previously represented. The Longitudinal projection for this zone would normally be hidden by the mine horizon longitudinal projection and, for this reason, was presented as an inset to the West of the mine longitudinal. The property wide Longitudinal Section will reflect this revision going forward. This may actually open a large untested area of the property to new exploration.
Figure 1: Longitudinal Section of the Normétal Past-Producing Mine and Normetmar Satellite Deposit. Drilling targets represented by a red star. Historical Drill Intercepts area provided in Zinc-Equivalent calculated using the formula in references. Abbreviation: Sp – Sphalerite, Cp – Chalcopyrite, Gn – Galena, MS – Massive sulfides, SMS – Semi-massive sulfides (under 75%), Tr – Traces, EOH – End of Hole.
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 drilling campaign and the quality control program have been planned and supervised by Alexis Paulin Bissonnette. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol include insertion of one blank, one standard and one duplicate every 25 samples, in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Canada Ltd. during the analytical process. Additionally, sample weight is taken prior shipment to validate sample identity. Gold values are estimated by fire assay with finish by atomic absorption. Zinc, Copper and Silver values are estimated by four acid digestion multi elements Inductively Coupled Plasma – Atomic Emission Spectroscopy (ICP-AES), ME-ICP61. Zinc values over 1%, copper values over 1% and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Zinc values over 30% are estimated by potentiometric titration, ZN-VOL50. 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
Normétal historical Mine and Normetmar:
Summary Report, Normetmar Project, January 1988 by L. Boivin
*Metal Factor zinc equivalent formula: Zn_eq (%)* Core length
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 information on the Longitudinal have not been validated otherwise than with the information inside historical reports and cross sections. Exact location of historical drill hole pierce points on the longitudinal may be different.
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 Mining Ltd.,
Chairman and Chief Executive Officer
About Starr Peak Mining Ltd.
Starr Peak Mining 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.
For more information please contact:
Johnathan More, Chairman & CEO
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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, Starr Peak 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 Mining Ltd.