92 Resources Corp. Reports Heliborne High-Resolution Magnetic Survey Completed at Pontax
Ground Program to Commerce Shortly
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2018) - 92 Resources Corp. (TSXV: NTY) (OTCQB: RGDCF) (FSE: R9G2) (the "Company") is pleased to provide an update on the 2018 exploration plans for its 100% owned Pontax Property (the "Property"), located in the James Bay Region of Quebec. The Property covers the southwestern portions of an approximately 100 km long belt of meta-volcanics, considered part of the Eastmain River Greenstone Belt, and is prospective for both lithium hosted in spodumene bearing pegmatite, as well as gold.
High Resolution Aeromagnetic Survey
The Company is pleased to report that a 1,094 line-km heliborne high-resolution magnetic survey has now been completed over the entire Pontax Property, which is comprised of four claim blocks totaling 5,536 ha. The survey was completed at a tight line spacing of 60 m with lines oriented northwest-southeast, crossing perpendicular to the geology to maximize signal contrast. The survey was highly successful, with a final processed dataset having now been received by the Company and numerous target features identified.
Several large-scale structures, such as shear zones and folds, were identified by the survey within the greenstone belt mapped on the Property. These areas are considered highly prospective for gold mineralization.
Within the next few weeks, the Company will be mobilizing field crews to the Pontax area to evaluate the spodumene content of historically mapped pegmatite outcrops, as well as potential pegmatites identified from satellite imagery. A brief 1-day field program was completed in 2016 with only a small number of targets examined and although no spodumene was identified, anomalous lithium was reported. Field crews will expand the coverage of the Property and be further guided along potentially prospective structural corridors as identified from the recently completed magnetic survey.
The Pontax Property is situated between 5 and 30 kilometres southwest of, and on geologic trend, from Stria Lithium's Pontax Lithium Project where drill intersections of 0.97% Li2O over 21 m (DDH 09-555-05), including 1.43% Li2O over 13 m, have been returned from a spodumene-bearing pegmatite swarm. The Pontax Property remains underexplored for its lithium pegmatite potential with only limited exploration completed historically.
Management cautions that past results or discoveries on adjacent properties (i.e. Stria Lithium) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Pontax).
In addition to lithium, the Pontax Property also hosts a favourable geologic setting for gold mineralization, while the area has seen only limited exploration in this regard. Regional work completed in 2017, by the Ministère des ressource naturelles, has identified numerous gold occurrences consisting of pristine gold grains in till samples, which were collected proximal to the western parts of the Property. In addition, recent field work by Midland Exploration on its Minas Tirith Property has discovered a new gold showing of 5.23 g/t Au, hosted within quartz veinlets in wacke, and situated within ~1.5 km of the Pontax Property boundary. Collectively, the geological setting coupled with the recent regional gold exploration, strongly supports the potential for gold occurrences to be present on the Property.
The gold potential of the Property is further supported by the recently completed heliborne high-resolution magnetic survey, where numerous prospective features have been identified. These features include several interpreted fold hinges as well as shear and dilation zones within the target geological formations. The upcoming field program will further assess the gold potential of these targets on the ground and is thought to represent some of the first direct gold exploration to occur over much of the Property. A map outlined several for the gold targets is presented at the link below:
Management cautions that past results or discoveries on adjacent properties (i.e. Minas Tirith) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Pontax).
As immediate follow-up to the airborne survey results, the Company has consolidated its land position in the emerging district with the acquisition (pending) of an additional 42 claims (~2,236 hectares). The claims are situated contiguous to the main claim block and cover prospective gold targets. Upon confirmation of the pending claims, the Pontax Property will be comprised of 146 claims for approximately 7,772 hectares.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds four principal assets in Canada: the Corvette and Pontax lithium properties in Quebec, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, currently under option to Far Resources Ltd.
The Corvette Property consists of 76 claims, totaling 3,891 hectares, and is located less than 12 kilometres south of the Trans-Taiga all-weather gravel road, situated within the Guyer Greenstone Belt. The Property has been the subject of only limited historic exploration focused on the gold potential; however, the recent discovery of high-grade spodumene-bearing pegmatite (3.48% and 7.32% Li2O) of appreciable size on the Property demonstrates a strong potential for lithium.
The Pontax Property consists of 104 claims, totalling 5,536 ha, spread over 4 claim blocks located in close proximity. The Property lies between 5 and 30 kilometres southwest of, and on trend, from Stria Lithium's Pontax Lithium Project where drill intersections of 0.97% Li2O over 21 m (DDH 09-555-05), including 1.43% Li2O over 13 m, have been returned from a spodumene-bearing pegmatite swarm.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with recent channel sampling by the Company returning 1.90% Li2O over 9 m, and grab samples up to 3.3% Li2O. The Property is easily road accessible providing numerous development advantages.
The Golden Frac Sand Property is located near the community of Golden, BC, and covers more than an 18 km strike length of the Mount Wilson Formation, which consists of high-purity, white, quartzite, and friable sandstones. To date, the Company has completed limited exploration and test work on the Property; however, it has returned high-silica (98.3-99% SiO2) with low boron (~10 ppm) and iron (0.28%). The newly expanded Golden Silica Property now brackets or abuts both, the operational Moberly Mine, which is owned by Calgary-based Northern Silica Corporation (formerly owned by Heemskirk Canada Ltd.) that is now producing frac sand, and the Horse Creek metallurgical silica mine, being developed by Hi Test Sand Inc.
Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company's properties.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P. Geol., of Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
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 news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.