Diamond Drilling Underway at Mink Ventures' Montcalm Ni Cu Co Project

March 01, 2023 8:13 AM EST | Source: Mink Ventures Corporation

Toronto, Ontario--(Newsfile Corp. - March 1, 2023) - Mink Ventures Corporation (TSXV: MINK) ("Mink" or the "Company") today announced that the phase one diamond drill program is underway at its 40 km2 Montcalm nickel copper cobalt project, located adjacent to Glencore's historical Montcalm Mine, 65 km northwest of Timmins, Ontario. The Montcalm Mine had historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). The first hole is testing two of three significant conductivity anomalies identified through the recent borehole IP survey.

In January 2023, the Company completed phase 1 of a planned multiple borehole induced polarization (IP) survey covering approximately one third of the large Hook Zone magnetic anomaly. Previous historical drilling by past operators failed to explain a number of electromagnetic (EM) anomalies within the Hook Zone. Mink's recent program outlined three high priority targets with strong conductivity responses associated with coincident and strong magnetic responses; two of these targets will be tested with current hole MT23-1 (See Figures 2, 3A, 3B). These targets are proximal to unexplained EM responses and/or anomalous mineralization detected by previous exploration teams.

Mink's phase 1 drill program will test two of the priority targets; one near surface target and a second zone at depth. Both of these targets exhibit a strong conductive response as shown in Figures 3A and 3B as well as a good chargeability response. These targets are hosted in the "gabbro phase" of the Montcalm gabbro complex which hosts the former Montcalm Mine (Figure 1). The current borehole IP anomalies to be drill tested are proximal to historical hole WT0512 which returned 40 meters of anomalous nickel copper just below the WT0512's casing (See Figure2). A third borehole IP target was also detected proximal to VTEM anomaly D (Figure 2). VTEM anomaly D was a very strong EM response and a single historical drill hole failed to explain the EM response. Mink will drill test this third borehole anomaly during the next drill program.

The interpretation of the borehole IP survey has provided much greater detail on why holes by previous operators may have missed their target and have demonstrated other zones of interest on the periphery of the survey area at depth. The Company has outlined another borehole IP survey to be conducted over the remaining two thirds of the Hook Zone.

Further, at the Southern Target Area, line-cutting is complete and the surface IP survey is underway and should be completed within the week. A number of untested historical EM targets and magnetic anomalies identified by previous operators and government surveys are the focus of this IP survey. This program will refine these targets for the next phase of diamond drill testing on the project.


Significant advances in IP geophysical technology have enabled deeper penetrating systems with incredible clarity. The new IP systems allow for the production of 3D geophysical models of mineralized zones. Mink is benefitting from the work of previous operators who left numerous EM targets unexplained or untested in historical holes; these holes can now be probed with the new borehole IP technology. Borehole IP systems now have the capability to see a 250 meters radius around a bore hole and significantly below the end of the drill hole, which is an extremely cost-effective way of evaluating both disseminated and more massive targets at depth. The deepest known Ni Cu Co lenses at the Montcalm Mine are known to extend from approximately 250 to 400 meters vertical depth, which is well beyond the capability of many older surface EM systems.

Further, historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex. Hole MAC9731, see Fig.2). Numerous magnetic targets of this nature are present on Mink's claims, both within the Hook Zone and across the southern portion of the property, representing valid exploration targets. It should be noted that disseminated and/or stringer mineralization, as well as massive mineralization, responds well to IP surveying and hence Minks focus on utilizing both borehole IP and surface IP surveys.

Mink's claims cover very prospective geology, including approximately 10 square km of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm mine (See Figure 1- light blue unit). Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration.

Qualified Person

Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.

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Figure 1: Montcalm Gabbro Complex Geology

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Figure 2: Compilation Map - Magnetics, Historic Drill Holes & Target Areas

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Figure 3A: Plan of Borehole Ip Target 1: Conductivity Model at Approximate Depth of 200 Meters

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Figure 3B: Plan of Borehole IP Target 2: Conductivity Model at Approximate Depth of 500 Meters

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About Mink Ventures Corporation:

Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals (nickel, copper, cobalt) at its Montcalm project, which covers approximately 40 km2 adjacent to Glencore's former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ont. Geological Survey, Atkinson, 2010. The project has excellent access and infrastructure with an all-weather access road and power as well as its proximity to the Timmins Mining Camp. The Company has 14,972,319 shares outstanding.

For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E:ndixon@minkventures.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.

Forward-Looking Statements

This press release includes certain "forward-looking statements" under applicable Canadian securities legislation, including, but not limited to, statements with respect to the common shares beginning trading on the TSXV. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

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.

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