Mineral Mountain Appoints Terrence A. Lyons to the Board
MMV-TSX-V
MNRLF-OTCQB
M8M-FRANKFURT
VANCOUVER, Jan. 6, 2020 /CNW/ - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: "MMV") is very pleased to announce the appointment, effective immediately, of Terrence A. Lyons ("Terry") to its Board of Directors.
Commented Nelson W. Baker, President and CEO of Mineral Mountain: "Terry will bring an immense and unique set of experience in Corporate Governance, with his unmatched leadership and guidance to help drive Mineral Mountain's strategic mission to effectively explore its Rochford area flagship Standby Gold Project located only 26 km south of the world's deepest and richest supergiant gold deposits associated with structurally deformed banded iron formation situated in the Black Hills of South Dakota, U.S.A."
Terry Lyons currently serves as the Lead Independent Director and Chairman of the Audit Committee of Canaccord Genuity Group Inc. as well as a Director of Canaccord's subsidiaries in the UK (Chairman), US, Australia and Asia. He is also a Director of several public and private corporations including Sprott Resource Holdings Inc. (Chairman), and Martinrea International Inc. Mr. Lyons is a retired Managing Partner of Brookfield Asset Management, past Chairman of Polaris Materials Corporation recently acquired by US Concrete, past Chairman of Northgate Minerals Corporation which was acquired by Aurico Gold (now Alamos), past Chairman of Eacom Timber Corporation which was recently sold to a private equity firm, former Chairman of Westmin Mining and Vice-Chairman Battle Mountain Gold. After 9 years he recently retired from the Board of Pavco (BC Pavilion Corporation).
Terry is a Civil Engineer (UBC) with an MBA from the University of Western Ontario 1974. He sits on the Advisory Board of the Richard Ivey School of Business and is active in sports and charitable activities, is a past Governor of the Olympic Foundation of Canada, past Chairman of The Mining Association of B.C., past Governor and member of the Executive Committee of the B.C. Business Council, Past Director of the Institute of Corporate Directors (BC) and in 2007 was awarded the INCO Medal by the Canadian Institute of Mining and Metallurgy for distinguished service to the mining industry.
Neither the TSX Venture Exchange nor its Regulatory Services Provider accepts responsibility for the adequacy or accuracy of this release.
About Mineral Mountain Resources and the Standby Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the systematic exploration and, if warranted, development of its 100%-owned Standby Gold Project situated along the highly prospective Homestake Gold Corridor which trends through the project area in the Black Hills of South Dakota, U.S.A. The Standby Gold Project and its Rochford area contiguous land holdings cover in excess of 7,500 acres. Five major trends of structurally thickened auriferous iron formation geologically comparable to the Ledge-type gold mineralization developed at the Homestake Mine which produced over 40 million ounces of gold offer above average potential to host a large gold resource.
Along one of the five major trends, drilling on the 100%-owned Standby Mine Property to date has partially defined a gold-bearing, arsenopyrite-pyrrhotite mineralized, near-vertical shear zone in iron formation, approximately 30 m wide, striking 129 degrees Azimuth, in structurally thickened iron formation which comprises a tight isoclinal, steeply dipping closed anticlinal structure forming the eastern limb of the Standby Syncline. This structure, the East Limb Structure, based on the Company's comprehensive database and the 2018 and 2019 drilling to date confirms that this gold mineralization also extends down-plunge for at least 1.5 kilometers. In 1987, Homestake drilled SM87-3A which intersected 3.1 m @ 10.29 g/t Au within a broader gold zone 1.5 km down plunge.
The Company's Phase 1 drill campaign completed in 2018 consisted of nine (9) holes totaling 2,937 meters (9,637 feet). This program was successful in intersecting broad intervals of economic "Upper Tail" gold mineralization within the East Limb Structure to about 500m down plunge from the historical Standby Mine. The "Upper Tail" gold mineralization from surface to 500 meters down plunge averages 24 m in width with grades up to 3.36 g/t Au but locally with high-grade gold concentrations of up to 9.80 g/t Au occurring within classic Homestake-style quartz vein-hydrothermal chlorite breccia with quartz flooding, 3-15% coarse-grained arsenopyrite and 3-7% pyrrhotite.
A directional drill program was initiated in early October to test the down plunge length of the East Limb Structure. Based on 3D modelling of the Company's airborne magnetics, surface geological mapping and the control provided by several historic deep holes completed by Homestake Mining in 1986-87, this structure is of sufficient scale (i.e. multi-kilometer plunge length of structurally thickened, sheared iron formation) to host a major gold resource.
The Company's primary focus in early 2020 will be to define the limits of Target 1 down dip and along strike with several short offset holes cutting across the East Limb Structure supported by downhole EM and to test the high gold mineralization intersected by Homestake in 1986 at approximately 1500 m down plunge.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker", President and CEO
For further information, please contact:
Forward looking information
This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking information"). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE Mineral Mountain Resources Ltd.
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