Rackla Metals Defines Drill Targets at Astro, Increases Land Holdings

 

(TheNewswire)

 

Vancouver, BC - TheNewswire - March 1, 2023 - Rackla Metals Inc. (TSXV:RAK) (the “Company”) is pleased to announce it has increased the size of the Astro property with the staking of claims that cover 822 hectares.  This new claim block connects the Company’s land holdings between the Hit and the Astro border intrusive centres, where strong stream geochemistry and geophysics indicate a relationship between these two exposed intrusive bodies.

Over the past few months, the Company has worked up the extensive data packages generated by previous operators on the properties presently under Rackla’s control and the resulting targets are compelling.  At Astro, the principal target area is the Radio Target where soil and talus geochemical sampling has defined a strong gold anomaly measuring 1,600m X 750m.  This anomaly is underlain by an intrusive body that has never been tested by drilling or trenching.  A significant number of the soil samples returned values over 1,000 ppb gold.  The chemistry in these samples shows a strong correlation of gold with bismuth, tellurium, tungsten, arsenic and tin, which are indications that the mineralization is associated with a Reduced Intrusion-Related Gold System (RIRGS).  The consistency and strength of the anomaly over the central target area is impressive.  

Astro Project – Compilation map with new claim block location

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The new claim block covers the area to the west of the gold-in-soil anomaly, where scattered sampling previously completed indicates an extension of the gold anomaly.  The Company’s 2023 exploration program will extend the soil grid to cover this area between the Astro and the Hit properties.  The Company is fully permitted to drill in the Northwest Territories and drilling will commence there early in the summer program.  An application has been made for a Class 1 permit to allow for drilling across the border in the Yukon Territory, as well.  

The Company will also be undertaking an airborne geophysical survey which will tie-in to data from the Astro property (Newmont JV, 2019) with historic surveys completed over the Hit property (Aben Resources, 2011), and to cover the surrounding area north and east of the mapped intrusive bodies to help to complete the geological picture.  Rackla is in the process of compiling the historical data from the previous operators, including detailed geological mapping, surface and downhole geochemistry, which will be used to define further drill targets where stream and soil geochemistry has indicated potential.  

Southwest of the Astro and Hit properties, on the Ser claim group, stream sediment sampling has returned values of over 500 ppb Au from streams draining a small intrusive stock.  This anomaly has not been followed up. The Company is compiling information from this site, with the intention of conducting follow-up soil sampling, prospecting and geological mapping in 2023.  

Simon Ridgway, CEO of Rackla, states, “I believe there is potential for significant gold discoveries to be made in this neglected area of the Tintina gold belt by boots on the ground exploration.  We will be putting a lot of geologists out in the field to follow up on previously identified target areas.”

Qualified Person

 

Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of the Company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company’s Qualified Person as defined by National Instrument 43-101.  Mr. Casselman has reviewed and approved the technical information contained in this news release.

 

ON BEHALF OF THE BOARD  

 

Simon Ridgway,

CEO and Director

  

Tel: (604) 801-5432; Fax: (604) 662-8829

Email: info@goldgroup.com

Website: www.racklametals.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Company’s planned exploration activities. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, whether the Company’s exploration activities will proceed as planned; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. 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 statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and planned exploration activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.

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