(TheNewswire)
June 28, 2021 - TheNewswire - Vancouver, BC - Silver Grail Resources Ltd. (“Silver Grail”) (TSXV:SVG) (OTC:SVGAF) is pleased to give the following update on its exploration activities:
Pacifico Property
The Pacifico is a large property located at the northern end of Vancouver Island. Work over the past three years has concentrated on finding a source for many cobalt stream sediment samples, several of which have returned extremely anomalous results registering between 1,000 and 2,500 ppm cobalt. The upper end of this set of values is two and even three times as high as the maximum value obtained for cobalt in the BC government’s database of more than 64,000 samples taken from thousands of stream locations throughout the province (BC Regional Geochemical Survey). Manganese and silver are also anomalous.
Recently a geologist with expertise in petrography examined the property and took four large stream sediment samples from anomalous stream courses. He then examined the minute particles contained in the samples. Here is part of what he wrote in a preliminary report:
“What is really surprising is that these samples are composed almost entirely (> 99%) of Fe and Mn oxides and accompanying quartz and sericite i.e., minerals not observed in large amounts in the local outcrops. Surprisingly, there are almost no fragments of green andesitic rocks as observed in all local outcrops. It looks like these 4 samples represent material from a completely oxidised and disintegrated mineralized zone. The zone must be of substantial size as there is no other way to explain such a big concentration of mineralized (Fe, Mn) and altered fragments. Sections of the creeks where the examined samples were collected either cut through or are very close to a large cobalt bearing zone. There is a good chance that just by using an excavator to dig closely spaced pits close to these samples, we can expose the cobalt bearing zone(s).”
Fragments from these stream sediment samples were sent for thin section analysis at Vancouver Petrographics. Other samples have been sent to UBC for Xray Diffraction in order to identify mineral constituents. Once these results are in hand, the Company will begin the next step of exploration at the Pacifico.
Silver Grail owns 100% of the Pacifico property, subject to a 2% NSR.
Tonga and Fiji Properties, Golden Triangle, BC
The Tonga property is located 32 kilometres southeast of Stewart, British Columbia, at the headwaters of the O’Neill River. It adjoins the Fiji property to the south, Goliath Resources’ “GoldDigger” property to the east and Fury Gold’s “Homestake Ridge” property to the west [see URL for map at the end of the release].
It was first staked in 1985 because of high silver stream sediment anomalies recorded in the BC government Regional Geochemistry database. Float samples have been found in creeks running to 92 oz/ton silver and 1.33 oz/ton gold. An airborne survey defined a prominent magnetic low lying between two silver anomalous creeks, and talus fine and soil sampling has also defined a multi-element Ag-Cu-Pb-Zn anomaly. Drilling in one location disclosed zinc-silver mineralization. Although the property has not been explored for many years, the recent rise in silver prices has renewed interest in the area.
Prospecting samples taken in 2006 from two mineralized zones on the Fiji have returned an unusually high proportion of high-grade gold values. Five out of sixteen samples returned gold values higher than 11 g/t, ranging from 11.21 to 47.1 g/t gold One of the zones features fracture-controlled pyrite mineralization in what appears to be a highly altered intrusive. The second zone, in an area exposed by meltback of a snowfield, features sphalerite, galena, tetrahedrite, pyrite and barite mineralization hosted in altered volcanic rocks. A small drill program carried out in 2007 which was prematurely completed due to inclement weather intersected gold, silver and zinc mineralization.
Silver Grail plans further prospecting in 2021 on the Tonga as well as expanded geochemical surveys. Exploration on the Fiji is planned at lower elevations due west of anomalous gold-silver results discovered on the adjoining Homestake Ridge property. The property is permitted for drilling until 2023.
Both the Tonga and Fiji are jointly owned with Teuton Resources Corp.
URL for map: https://silvergrail.com/tongafijimap
Respectfully:
“Dino Cremonese, P.Eng.”
Dino Cremonese, P.Eng.
President
For more information contact Investor Relations at 778-430-5680 or barry@teuton.com. If you would like to be added to Silver Grail’s news distribution list, please send your email address to dino@teuton.com.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Silver Grail Resources Ltd. does have an ongoing obligation to disclose material information, as it becomes available.
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