TORONTO, October 21, 2021, Stone Gold Inc. (TSX-V: STG) (“Stone Gold” or the “Company “) is pleased to provide an exploration update regarding its contiguous 21,000-hectare Batchewana Bay District (“BBD”) unpatented claims package situated 80 km. north of Sault Ste Marie Ontario.
Overview:
The Batchewana Bay District claims are located on the eastern edge of the Late Proterozoic (1050-1115 Ma) Midcontinent Rift, most of which trends beneath Lake Superior. Numerous past-producing and present Cu, Ni and precious metal deposits are distributed around Lake Superior adjacent and/or associated with the rift, including the prolific native copper deposits of the Keweenawan Peninsula, Michigan.
The district is situated within the Mamainse Point Formation of the Keweenawan Group in the Proterozoic Southern Province, on the eastern edge of the Mid Continental Rift. The western and central part of the claims package straddles the NNW trending unconformity between the Mamainse Point Formation to the west and rocks of the Batchewana Greenstone Belt of the Archean Superior Province to the east. The Keweenawan Group stratigraphy is characterized by shallow westerly dipping sub-aerial flood basalts and intercalated conglomerates intruded by felsic sub-volcanic intrusives and breccias. Significant sections of the district were closed to staking from 1972-2006, accordingly the area has seen only sporadic mineral exploration since the 1970s.
The Batchewana Bay District is comprised of two major copper and gold exploration and development projects:
1. The Copper Road Project: 19,000 Hectares containing the former producing Tribag and Coppercorp Copper mines and several historical prospective deposits. This area includes the recently acquired Tribag and East Breccia properties. (News Release March 10, 2021) The Tribag Mine was closed for staking from 1972-2006, and the Coppercorp Mine area closed for staking from 1972-2002.
2. Glenrock Gold Project: 2,000 hectares of under-explored Archean greenstone belt containing multiple gold targets and favourable historical drilling.
Figure 1.1: Batchewana Bay District
Copper Road Project:
The Copper Road Project encompasses multiple Proterozoic breccia bodies containing numerous known copper showings, deposits and past producers reporting historic resources within the approximately 19,000-hectares of claims that make up the project.
Historical Production:
Tribag Mine reported an official stated production of 1,218,000 tons grading 1.52% Cu.
Coppercorp Mine reported production of 1.020,000 million tons grading 1.16% copper, plus silver and gold credits from 1965 to 1972.
Historical Unclassified prospective deposits:
In Energy Mines and Resources Canada Mineral Bulletin MR223 entitled Canadian Mineral deposits Not Being Mined in 1989, unclassified prospective resources are given as:
Tribag Mine: Breton Breccia, 40 million tons at 0.2% copper above 1000 feet depth.
East Breccia, 113 million tons at 0.13% copper, 0.05%Mo
West Breccia. 1 million tons at 0.23% WO3 plus 90,718 tons tailings at 0.6 to 1.0% W
*These are non NI 43-101 compliant historic estimates which should not be relied upon, and presented for historical context purposes only
Historical diamond drilling focused on copper in the breccia bodies while ignoring the broader spectrum of mineralization (Cu,Ag,W,Mo,Au,Re). Limited diamond drilling was performed on the East Breccia by Boxer Gold Inc. in 2012 to confirm the presence of copper and other minerals.
East Breccia 2012 Boxer Gold Diamond Drilling Highlights:
67m @ 0.49% Cu, 0.01% Mo, 6.9 g/t Ag, 0.17g/t Re,
109m @ 0.20% Cu, 0.014% Mo, 2.4 g/t Ag, 0.34 g/t Re
http://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000009248/20014293.pdf
The Tribag / East Breccia acquisition was accompanied by a substantive database, the Company contracted Ronacher MacKenzie Geoscience of Sudbury, Ontario to compile the historical drilling data. (See Figure 1.2). This information is being integrated and built into 3-D exploration models of selected drill delineated mineralized bodies with their support; the highest grade and most important to-date being the described Breton Breccia which makes up the majority of the former Tribag Cu Mine production.
During 2021, the Company with the aid of Ronacher McKenzie Geoscience and the Tribag / East Breccia vendors, has undertaken a major review and compilation of the voluminous historic hardcopy and digital database covering the claims package. The database contains more than 800 drillholes, 2000+ surface rock and soil samples, multiple ground magnetic, VLF, IP and gravity surveys plus seven major airborne geophysical surveys flown since 1984. In addition, the Company purchased from a third party a separate historic digital database for the 3-D deposit modelling of at least four Cu mineralized bodies within the Copper Road Project.
The exploration data is being integrated and 3-D modelled into Arcview and Geoscience Analyst, and to-date has revealed the presence of first priority exploration targets for confirming a high-grade Cu mineralized body in the Tribag / East Breccia area, and an enlarged open gold mineralization system at the Glenrock Project. The Company is presently in negotiation with contractors with the intention of completing 4,000 metres of diamond drilling to test these two main target areas this coming winter. This compilation work is ongoing and is expected to generate multiple additional high-quality Cu or/and Au targets for further drilling.
Figure 1.2: Copper Road: Former Tribag Mine: Breton Breccia Grade Model
(Non-Resource Historic Exploration Model *)
* These results are presented based upon historic drilling and modeling data which predate NI 43-101. It should not be relied upon and is presented for information purposes only. Diamond drilling is required to verify these results.
Glenrock Gold Project:
Glenrock Gold Project consists of 2,500-hectares of claims hosted in under-explored Archean Batchewana Bay Greenstone Belt rocks on the south-eastern part of the Copper Road Project. As outlined in previous Company news releases dated (Nov 9, Sept 11, and Jan 30, 2020), the Glenrock Gold exploration target consists of two parallel open zones of surface and near-surface drill indicated gold occurrences and intersections hosted in E-W trending transposed and intensely silicified meta-mafic volcanic rocks associated with numerous narrow sheets of quartz veining.
Historic Drilling (Aurogin Resources 1997) includes:
• 33m @ 0.5 g/t Au
• 15m @ 1.3 g/t Au
• 6.4m @ 0.9 g/t Au
• 4m @ 6.3 g/t Au
The plan for exploration this winter is to diamond drill eight 150-300 metre holes testing the grade and extent of these two zones both along strike and at depth.
Stone Gold President and CEO John Timmons comments “The consolidation of this district is long overdue. Our primary area of focus, the Tribag Mine Zone has not been drilled in 50 years. Our goal is to establish and increase historical grades and tonnage by drilling the targets to depth and testing for a full spectrum of mineralization”
The information in this press release has been reviewed and approved by Dr. Trevor Boyd, P. Geo., and a Qualified Person for the technical information under NI 43-101 standards.
For further information, please contact:
Mr. John Timmons
President & CEO
Stone Gold Inc.
Cellular (416) 931 2243
Email: [email protected]
Web: www.stonegold.ca
Stone Gold Inc. is engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals in northern Ontario, Canada.
Caution Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Stone Gold. Forward-looking statements include estimates and statements that describe Stone Gold’s future plans, objectives or goals, including words to the effect that Stone Gold or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Stone Gold, Stone Gold provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, Stone Gold’s objectives, goals or future plans, statements, details of the exploration results, potential mineralization, Stone Gold’s portfolio, treasury, management team and enhanced capital markets profile, the timing of the Offering, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Offering, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Stone Gold’s public documents filed on SEDAR. Although Stone Gold believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Stone Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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