DGAP-News: Margaux Resources announces results of 2019 exploration program at Cassiar Gold Property
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DGAP-News: Margaux Resources Ltd.
/ Key word(s): Miscellaneous
Calgary, Alberta--(Newsfile Corp. - February 4, 2020) - Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) ("Margaux" or the "Company") is pleased to share analytical results from the 2019 field season at its Cassiar Gold Property in northern British Columbia. The 2019 exploration program was an efficient and successful effort to assess and characterize the recently acquired Cassiar Gold Property. The program included rock and chip sampling of documented and previously unknown prospects, as well as select resampling of historic drill core. Exploration efforts were guided by the Margaux corporate strategy which prioritizes near-surface, bulk-tonnage gold resource discoveries. "With an existing million-ounce resource base and demonstrated exploration potential across the property, we see numerous opportunities for potential resource growth at Cassiar through extension and exploration," stated CEO and president Tyler Rice. "This optionality will be a key driver in evolving this district-scale project." Rock samples Samples were taken from four regions of the Cassiar Gold Property, shown in Figure 1, as well as some regional exploration samples. Gold assays returned encouraging results, including numerous high-grade quartz vein samples, and lower grades from altered and mineralized basalt. Selected high-grade samples from the program, returning greater than 5 g/t Au, are summarized in Table 1. Most are from mineralized quartz veins with pyrite. High-grade gold mineralization in quartz veins is well-known at the Cassiar Gold Property, from showings and through historic underground mining at Table Mountain and at Taurus. Newcoast and Taurus areas have similar character to the Taurus bulk-tonnage resource, with strong iron carbonate and sericite-altered basalt associated mainly with extensional quartz veining. The Lucky showing (Figure 2), 3 km northwest of Taurus, is an alpine ridge characterized by talus and subcrop, 50 m east of the Boomerang-Lyla fault zone, a subvertical dextral-offset regional structure. True outcrop is scarce at Lucky, which is dominated by angular basalt talus of cm- to m-scale, and quartz vein fragments which commonly host specks of visible gold; angular blocks suggest proximal source for mineralized and altered basalt and quartz vein material. Table 1. Selected assay data from 2019 Cassiar exploration program rock samples returning >5 g/t Au.
1 Mineralization: Au = visible gold, py = pyrite, aspy = arsenopyrite All rock samples were assayed for gold by 50 g fire assay with atomic absorption (AA) finish. Samples returning >10 g/t Au were re-analyzed by screen fire assay with gravimetric finish, except for sample A0019272 which was analyzed by 50 g fire assay with gravimetric finish and was not re-analyzed by screen fire assay. Standards were inserted in each shipment to the lab. Drill core resampling Drillhole 05BY-01 was selected for resampling due to its similarity in lithology, alteration, and mineralization to the Taurus deposit (see Margaux news release 11 September 2019). Original sampling had gaps through low-alteration intervals, and some gold-bearing samples did not have shoulder samples. Margaux geologists sampled the remaining core from the drillhole from top to bottom, using standard QAQC procedures, to gain a better understanding of gold and trace element distribution in the Backyard system. Results from the resampled core compared closely with historical values, confirming that gold mineralization at Backyard comprises both low-grade bulk-tonnage values and high-grade vein values. Gold mineralization is restricted to sericite-pyrite-Fe carbonate alteration zones centred on quartz veins. Arsenic values show a consistent positive correlation with the altered and gold-mineralized zones (Figure 3), and may thus provide a useful vectoring tool for exploration. Table 2. Selected composite assay values from resampling of drillhole 05BY-01.
Grab samples taken at Backyard returned peak values of 9.78 g/t Au from an extensional quartz vein, and 1.99 g/t Au and 2.41 g/t Au from altered basalt wall rock, providing additional confirmation of the grades and distribution of gold mineralization. In addition to confirming the prospectivity of the Backyard target, and the validity of historical data, the resampling effort illustrates the value of the available core record on the property. Unsampled and half core for many historical deposit and exploration drillholes is available for review and, if warranted, resampling. This core record is a valuable asset, as Margaux continues to develop and assess bulk-tonnage gold prospects on a property that was historically explored for high-grade veins. 2020 Exploration program development Drill core samples reported in this release were taken from previously logged drill core. Original sample intervals were used where possible. For intervals which had been sampled previously, the remaining half of the drill core was placed in bags for sampling. Intervals which had not been previously sampled were placed in bags as whole core. No drill core was retained for drillhole 05BY-01. All drill core and rock samples were transported by Margaux personnel to ALS Geochemistry, Whitehorse, Yukon, for preparation and analysis. At the lab, samples were crushed to 70% passing a 10 mesh (2 mm) screen, then a 1000 g split of the crushed sample was pulverized to 85% passing 75 microns. Prepared samples were transported to ALS Geochemistry facility in North Vancouver, British Columbia. All drill core and rock samples were analysed for gold by method Au-AA24 (fire assay with atomic absorption finish of a 50 g sample). For drill core samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by method Au-SCR24 (screen fire assay/gravimetric finish of a 1000 g sample). For rock samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by method Au-GRA22 (fire assay with gravimetric finish of a 50 g sample). For both rock and drill core samples, a multi-element suite was analyzed by method ME-ICP-61 (ICP-AES analysis following four-acid digestion of a 0.25 g sample of pulverized material). Margaux Resources follows a rigorous QA/QC procedure for all drill core samples, including the insertion of analytical blanks and standards at regular intervals. Core size was NQ2. Intervals reported in this news release are core intervals. Additional drilling is required to fully understand the difference between core intercept and true width. Rock grab and chip samples are selective in nature, and may not represent the overall grade or extent of mineralization in an area. Qualified Person Margaux Resources Ltd. Forward Looking Statements Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. CONTACT INFORMATION Margaux Resources Ltd. Figure 1. Distribution and gold grade ranges of rock samples taken during the 2019 exploration program. In total, 373 samples were collected. To view an enhanced version of Figure 1, please visit: Figure 2. Geology and gold grades in grab samples at Lucky and Backyard prospects, Cassiar Gold Property. To view an enhanced version of Figure 2, please visit:
To view an enhanced version of Figure 3, please visit: NOT FOR DISSEMINATION IN THE UNITED STATES To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52024 Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/52024News Source: Newsfile
04.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Margaux Resources Ltd. |
Canada | |
ISIN: | CA56660Q2045 |
EQS News ID: | 967479 |
End of News | DGAP News Service |
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967479 04.02.2020
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