Exploration Update and Management Reorganisation

2021-09-13 / @thenewswire

(TheNewswire)

Montréal – TheNewswire - September 13, 2021 – St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to provide an update on its multiple exploration initiatives currently underway on three of its mineral projects focusing on energy metals and gold and located in Iceland and on the Québec North-Shore.

Thor Gold Drilling Report

The first of 22 planned drill holes ranging from 125 to 500 meters in depth is underway on the Thor Gold Project in Iceland. Drilling targets will allow for infill drilling and twin drilling of some of the historical holes to allow a NI 43-101 resource estimate and for the future definition of the gold deposit. This campaign is fully funded and should stretch over the next three months for a total of 4,060 meters.

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Picture 1. Drill Rig on Thor Gold Project

The first of two core drill rigs has been moved on-site at Thor. Currently, three holes have been completed for a total of 478 meters. As with many drill programs, the drilling at Thor has some issues that are being resolved.

The first hole, TH 1, was abandoned at 84 meters due to poor recovery and issues with drilling methods. Hole 1 appeared to end in mineralization, but recoveries were very poor towards the end of the hole.

Hole TH 1B offset TH 1 by three meters and redrilled the same sequence. Although this hole was able to reach 110 meters, the recovery remained poor through what was perceived to be the target zone at about 80 meters. Drilling continued to 110 meters, where the core rods became stuck and suffered a complete recovery loss. The hole was terminated in a second altered and possibly mineralized zone. The team suspected from recent mapping and historical drilling that at least two and possibly three zones of gold-bearing alteration may be present as mineralized zones that are either parallel or in repeating fabric of veins opened up along a sigmoidal curve.

Hole TH 2 has just finished at a targeted depth of 184 meters. This hole intersected two zones of alteration with quartz-adularia veining and clay alteration. This appears to confirm the potential for additional mineralization within the Thor trend.

Samples have been submitted to the ALS assay laboratory in Ireland, and results are awaited.

Julie Nickel Project Drilling Report

Drilling is ongoing on the Julie Project. 5 holes have been completed so far on the first drilling phase for a total that is now exceeding 2,500 meters.

The first four holes consist of deeper holes configured to accommodate a significant down hole geophysical effort that is to be completed in mid-September.

Hole 5, which was not part of this effort, will need to be redrilled as Hole 5B when the Company restarts drilling later this fall after the pause taken during the big game hunting season. The drilling encountered problems after drilling over 500 meters of length while in a significant fault. Solutions are being studied in order to twin drill this hole using technologies and material that would secure the hole integrity and allow the Company to complete drilling of its expected 650 meters plus length.

The drill rig has been moved in the vicinity of the Bastien showing located about 400 meters west-south-west of the Julie Trench #1. The area had two Phase 2 holes planned that will be initiated today and could be completed before the hunting season break.

Manicouagan Palladium Project Exploration Report

Surface exploration consisting of mapping, trenching, and sampling via different methods, including an important channel cutting and sampling program, is underway. Vegetation and glacial till overlying much of the area coupled with lack of access and a few lakes provide some extraordinary issues to overcome. Trenching is focused on the geophysical targets first identified by aerial geophysics and then followed up by Beep Mat on the ground. Landing sites for the helicopter are being prepared for each trench area. Several of the new trenches have uncovered similar massive sulfide zones previously targeted at the Bob Showing. These new finds will be targeted within the 10,000 meters shallow drill program that is set to start this month.

In parallel, the systematic cutting and logging of the historical cores at our contractor locations in Ville de La Baie are ongoing. The Company expects to send a significant number of samples to the ALS labs for analysis over the coming weeks.

Management Reorganisation

Certain concerns with management were raised as the Company deploys its mineral processing technology and negotiates with governments, interested third-party potential commercial partners, and puts in place an Annual Information Form (AIF) Prospectus.

Conflicts of interest related to other businesses and personal holdings have put Mr. Gary Johnson, a director and long-time collaborator of St-Georges, in a particular position that needed to be remediated. Mr. Johnson has resigned from his board position, and the board of St-Georges has accepted his departure effective immediately. Gary will act as an advisor in the future on initiatives related to nickel-copper metallurgical processes that are not in conflict with St-Georges’ imminent start of industrial operations.

Frank Dumas, COO and Director of St-Georges Eco-Mining, said, “Gary’s influence on the board of directors will be sorely missed. To date, we have kept him siloed from activities that may cause a conflict of interest, which is not a situation that could continue ad infinitum. We look forward to working with Gary on special initiatives, and he will always have a place on our team.”

A similar dynamic, together with the evolution of the new mandate of Mr. Paul Pelosi Jr. within EVSX, has now required him to step down as an officer and director. Paul will be taking the role of Environmental Advisor to the Board of St-Georges. As the Company ramps up its lobbying activities in the USA over the next few quarters, management believes that this change in the management and directorship structures will allow its main resource more freedom of operations.

Frank Dumas, COO and Director of St-Georges Eco-Mining, said, “Paul is a tremendous asset to our team, and we did not want to lose him due to the appearance of political influence. Moving him to the position of Environmental Advisor opens up more opportunities to capitalize on Paul’s strengths for the entire St-Georges operation.”

The technical information contained in this report in regard to the Julie & Manicouagan Projects has been reviewed by Roger Ouellet. P. Geo, an independent qualified person as per NI 43-101. The technical information contained in this report in regards to Iceland has been reviewed by Herb Duerr, P.Geo, a qualified person as per NI 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS

“Herb Duerr”

HERB DUERR

President & CEO

About St-Georges Eco-Mining Corp.

St-Georges is developing new technologies to solve some of the most common environmental problems in the mining industry. The Company controls all the active mineral tenures in Iceland. It also explores for nickel on the Julie Nickel Project & the Manicouagan Palladium Project on Quebec’s North Shore. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.