Vancouver, British Columbia – October 25th, 2022 – Starr Peak Mining Ltd. ("Starr Peak" or the "Company") (TSXV:STE) (OTCQX:STRPF) is pleased to announce drilling results and an exploration program update on its NewMétal property (“NewMétal” or “the Property”), located in the Abitibi Greenstone Belt of Québec near the town of Normétal.
Deep hole STE-22-123-W1 drilled parallel to the favorable horizon down to a depth of 1,850 meters vertical has intercepted mineralization along with the favorable mine sequence. Geophysic BHEM survey revealed a new untested anomaly centralized at a vertical depth of 1,200 meters and characterized by a mid conductance of 150 siemens and dimensions of 150 meters wide by 400 meters long. This anomaly plate is the probable continuity of the mineralized system at depth underneath the historical mining drift from Normétal to Normemar (Level 1,270m). In comparison, the high-grade zinc intersection from the Upper Zone in hole STE-21-08 was overlaid by a plate of 250 Siemens and dimensions of 40 meters wide by 60 meters long. See press release dated on May 4, 2021:
Starr Peak Reports Maiden Drilling Results Up To 20.94% ZN, 0.43% CU, 39.58 G/T AG And 0.21 G/T AU Over 12.10 M And A New Discovery At Depth With Additional Massive Sulphides.
Geophysic BHEM survey means geophysical borehole electromagnetic survey which is the science of recording and analyzing measurements of physical properties made in wells or test holes. This survey is a tool used to search for conductive mineral-bearing ore bodies and allows the company to plan future drill holes based on those results. An anomaly is the interpreted result of variation of the induced current in the bedrock.
Photo 1: Hole STE-21-08
In comparison for the mineralization continuity, the past producing Normétal historical mine has been exploited down to a depth of 2,400m and the mineralization system, historically described as richer in copper at depth and not ending completely at the bottom. See below Figure 1 showing the localization of the new deep anomaly. Follow-up drill holes can be performed directly from the deep hole, limiting meters needed.
Johnathan More, Chairman and CEO of Starr Peak commented, “Drilling underneath Normetmar Deep Zone was a must considering the past historic content of Normétal mine. The new defined anomaly has the potential to considerably increase 2021-2022 drilled mineralization and prolific results since the first drilled holes. BHEM surveying has once again proven its use for targeting. We will now aim at these priority targets as we prepare for the next stage of drilling.”
The 2022 drilling campaign totaled 29,017 meters so far, performed mainly over Newmétal bloc at defining the Deep Zone between 400m and 900m depth and testing along the western side of Normetmar and the eastern side of the Normétal historical mine for mineralization occurrences as Volcanic Massive Sulphides come usually in clusters.
Last winter, a new volcanic massive suphide horizon hosting minor economic mineralization until now, has been discovered on the northern portion of Newmétal Property. This horizon is poorly tested to date and extends over 1 km along strike. (See press release May 18th 2022). This new mineralisation hosting metric intersect of massive pyrite will be one of the targets for next year’s drill program.
Figure 1: Longitudinal Section of Normetmar Satellite Deposit trend at depth with localization of the new BHEM anomaly at depth. 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.
We are currently evaluating all results after successfully drilling a 2,050m deep hole, allowing the BHEM survey to be fully completed and interpreted. Drilling will then resume once all data and results are interpreted on these new exciting targets.
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. Although the percentage estimation is a good guide to the concentration of copper and zinc we can expect from future drill core assays, one must always be cautious about making estimations with respect to metal concentrations and on the basis of visual estimation.
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$: 1.2$/lb Zn, $3.5/lb Cu, $25/oz Ag, $1800/oz Au.
The historical information on the Longitudinal has 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 and base metal 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.