Starr Peak Expands Newm?(C)tal Property Contiguous with Amex Exploration's Perron Project and Past-Producing Norm?(C)tal Mine in Quebec
VANCOUVER, June 1, 2020 /CNW/ - Starr Peak Exploration Ltd. ("Starr Peak or the Company") (TSX-V: STE) (OTC: LSGEF) is very pleased to announce it has expanded its NewMétal property ("NewMétal" or "the Property") in northwestern Quebec, directly east of Amex Exploration Inc.'s Perron project and directly adjacent to the past-producing Normétal Mine. The newly expanded land position includes 11 claims covering 468 hectares, growing the NewMétal property to a total of 64 mineral claims covering 1,888 hectares of highly prospective ground. The newly acquired claims are comprised of a block directly adjacent and on trend to Amex Exploration Inc.'s Perron project. The geology underlaying the newly expanded land package is comprised of felsic and intermediate volcanic and felsic plutonic rocks of the Normétal formation and is highly prospective for gold-rich VMS mineralization and orogenic gold mineralization.
Starr Peak plans to complete an initial program of compilation, prospecting, geological mapping, airborne EM survey and high-resolution MAG drone geophysics in summer and fall of 2020 in order to prepare for an inaugural drilling campaign in winter 2021.
Johnathan More, Chairman and CEO of Starr Peak commented, "With this new acquisition Starr Peak has secured a dominant land position in a growing gold mining camp. Our property is next door to the Amex Perron property which, over the past 18 months, has produced some of the highest grade gold exploration holes in Canada. Located in one of the most prolific gold producing regions of the world, the Quebec Abitibi, our property has highly prospective geology, several historic mineral occurrences and gold showings, existing geophysical targets, and excellent infrastructure. Our recently completed $1 million financing will be used to rapidly advance the project to develop high priority drill targets for a winter 2021 drilling campaign."
The NewMétal Property is located in the Abitibi Greenstone Belt of Quebec, along the Chicobi Deformation Zone. The Property is directly adjacent to Amex Exploration Inc.'s Perron property, from which recently announced drill results include 32.2 g/t Au over 5.90 metres and 30.98 g/t Au over 8.50 metres, and the past-producing Normétal Mine, from which ~10.1M tonnes of 2.15% Cu, 5.12% Zn, 0.549 g/t Au, and 45.25 g/t Ag were extracted during the periods of 1926-1929, 1931-1933, and 1937-1975 and developed down to a depth of 2.7 km below surface.
The NewMétal Property is cross-cut by the Normetal Fault Horizon associated with gold and base metal mineralization along strike. The property is also located in the eastern extension of the Perron fault known to be a prolific gold bearing structure. Geology underlaying the Property consists of favourable rhyolite and mafic volcanic rocks, as well as diabase dikes and granitic intrusions. Two known mineral showings occur on the Property. The Rang I-Lots 44-57 showing was identified in diamond drilling in 1966, with samples reaching up to 0.02% Cu and 2.38% Zn over 0.15 metres in historical drillhole Sondage 1-66, and up to 1.02 g/t Au occurring over unknown widths in drillhole Sondage 93-05. The Perron-Desmeloizes-Nord showing is a surface showing identified in 1952 with select samples reaching up to 14.5 g/t Au.
Transaction Terms
As per the terms of the Agreement, the Company may acquire up to a 100% interest in the NewMétal Property in two stages from a group of arms length vendors through the issuance of 4.5 million common shares of the Company payable upon TSX Venture Exchange approval (to acquire a 50% interest) and a further 4.5 million common shares to be issued on or before September 30, 2020 to acquire the remaining 50% interest. The Property is subject to a 3% Net Smelter Royalty of which 1% can be repurchased for $1,000,000 at any time prior to commercial production. A finders fee will be paid in conjunction with the acquisition.
Qualified Person
Alexis Paulin Bissonnette, Ing. (OIQ 5037621), Independent Qualified Person as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release.
References
Perron-Desmeloizes-Nord:
http://sigeom.mines.gouv.qc.ca/signet/classes/I1103_index?format=COMPLET&type_reqt=U&mode=NOUVELLE&l=A&entt=GM&numr_utls=2755180&alias_table_crit=F4E02&mnen_crit=NUMR_INTER&oper_crit=EGAL&valr_crit=4018
Amex Exploration Perron Project:
Amex Exploration Inc. Press Releases dated June 3, 2019 and May 21, 2019
Normetal Mine:
Summary Report, Normetmar Project, January 1988 by L. Boivin
On Behalf of the Board of Directors of Starr Peak Exploration Ltd.,
"Johnathan More"
Johnathan More
Chairman and Chief Executive Officer
About Starr Peak
Starr Peak Exploration Ltd. is a Canadian based mineral exploration company focused on the acquisition and exploration of precious and base metal mineral deposits. The primary objective of the Company is to acquire, explore and develop high potential and quality gold deposits and projects in the Americas. The Company is committed to create long term shareholder value through mineral discoveries.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward-Looking Information:
This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.
SOURCE Starr Peak Exploration Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2020/01/c7550.html