TORONTO, May 4, 2022
/CNW/ - Paycore Minerals Inc. (TSXV: CORE) ("Paycore" or the
"Company") is pleased to announce exploration drilling
results from the Company's 100%-owned FAD Property located on the
Battle Mountain-Eureka Gold Belt in Nevada, USA.
Drill Highlights
Include:
- Drilling in the FAD Main Zone returned:
-
- 21.1 g/t AuEq* over 10.1m
in hole GH21-05 comprised of 6.0 g/t Au, 267.0 g/t Ag, 4.9 % Pb,
15.9 % Zn and 0.2% Cu
Paycore owns 100% interest in the high-grade, polymetallic, FAD
project located in one of the most prolific gold belts in the
world, the Eureka gold district of
Nevada. The Company is currently
completing its Phase-1 drill program targeting two primary targets:
high-grade polymetallic mineralization in the FAD Main Zone and
near-surface oxide mineralization proximate to the historic
Ruby Hill Mine workings, both with
historical previous production. Seven holes have been completed
to-date with assay results having been received for the first five
drill holes (see Figure 1 below, which shows a cross-section
demonstrating the relative location of drill holes for both
targets). Assays are pending for the remaining three holes
and will be announced upon receipt. Table 1 below highlights the
drilling completed to-date with the most recent hole-GH21-05, in
the bottom row of the table.
Table 1: Drill Highlights from the
FAD Project
Hole ID
|
From
(m)
|
To
(m)
|
Core Length
(m)
|
Estimated True Width
(%)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
Pb
(%)
|
Zn
(%)
|
Cu
(%)
|
AuEq*
(g/t)
|
GH21-01
|
737.0
|
740.5
|
3.5
|
90 - 100
|
10.4
|
153.8
|
1.8
|
8.4
|
-
|
18.1
|
GH21-02
|
711.7
|
748.3
|
36.6
|
90 - 100
|
5.1
|
185.5
|
4.5
|
6.0
|
-
|
13.0
|
Including
|
725.4
|
733.0
|
7.6
|
90 - 100
|
9.7
|
242.0
|
7.1
|
9.6
|
-
|
21.6
|
GH21-03
|
673.9
|
688.2
|
14.3
|
90 – 100
|
2.3
|
50.9
|
0.7
|
3.7
|
-
|
5.3
|
PC22-02
|
39.6
|
67.7
|
28.0
|
90 – 100
|
1.0
|
25.7
|
1.0
|
4.3
|
0.09
|
4.5
|
And
|
86.7
|
110.6
|
23.9
|
90 – 100
|
2.3
|
23.8
|
0.4
|
4.1
|
0.09
|
5.3
|
GH21-05
|
687.3
|
697.4
|
10.1
|
90 – 100
|
6.0
|
267.0
|
4.9
|
15.9
|
0.2
|
21.1
|
*USD values used to
calculate AuEq; Au $1500.00/oz, Ag $20.00/oz, Pb $2204.60/mt, Zn
$2,755.75/mt, Cu $7,716.17/mt. Formula used: AuEq = Gold g/t +
Silver g/t x 0.0133 + Zinc % x 0.571 + Lead % x .457 + Copper % x
1.6. Values may not add precisely due to rounding. Actual true
widths are not known. Gold equivalent (AuEq) is used for
illustrative purposes, to express the combined value of Au and Ag
as a percentage of Au. AuEq is calculated using 75:1 silver to gold
ratio
|
"The results to-date demonstrate the near-surface oxide
potential and confirm the historic mineralization in the FAD Main
Zone. Hole GH21-05 was drilled around the historical drilling and
further confirms the high-grade polymetallic nature of the FAD Main
Zone." stated Christina McCarthy,
Paycore's President & C.E.O.
Based on the historic data, the FAD deposit has a mineralized
footprint of approximately 1.5 x 1.5 km and is open in multiple
directions. Outside of the core deposit area, little to no
exploration has been completed and its extensions are largely
untested. Additionally, near-surface oxide mineralization is a
priority target that was overlooked by previous operators and has
the potential for widespread mineralization proximal to the
historic high-grade underground mine that last operated more than
100 years ago.
Hole GH21-05 was drilled in the core of the Main FAD Zone to
confirm the high-grade nature of mineralization. The hole is
proximal to the historic non-43-101 resource and intercepted
21.1 g/t AuEq* over 10.1m
comprising of 6.0 g/t Au, 267.0 g/t Ag, 4.9 % Pb, 15.9 % Zn and
0.2% Cu.
To date, all holes have intersected high-grade poly-metallic
(Au, Ag, Pb, Zn) mineralization and demonstrate significant
expansion potential. Previously announced drill holes can be viewed
in the news release of the Company dated April 25, 2022.
The phase one exploration program is near completion and will
consist of approximately 3,900 metres of drilling. A phase-two
program consisting of approximately 3,800 meters is expected to
commence thereafter.
About Paycore
Paycore is a corporation incorporated under the Business
Corporations Act (Ontario)
and, through its subsidiaries, holds a 100% interest in the FAD
Property that is located in the heart of the Eureka-Battle
Mountain trend in Nevada,
USA. The FAD Property is host to the high-grade
poly-metallic FAD deposit that was partially delineated with
surface and underground drilling in the 1940s and 1950s. The FAD
Property is located less than 3 miles from Eureka, Nevada and has established
infrastructure, including a shaft, roads and old buildings.
Overseen by an experienced board and management team that
includes Jim Gowans (Non-executive
Chairman), Christina McCarthy
(President & C.E.O), Steve
Filipovic (C.F.O. and Corporate Secretary) and John Begeman (Director), the Company is focused
on advancing the delineation of mineral deposits on the FAD Project
(which is situated immediately to the south of, and along strike
from, I-80 Gold Corp's Ruby Hill
Mine).
Quality Assurance (QA) / Quality
Control (QC) Procedures
All samples were submitted to either ALS Minerals (ALS) of
Sparks, NV, which is an ISO 9001
and 17025 certified and accredited laboratory, which is independent
of the Company. Samples submitted through ALS are run through
standard prep methods and analysed using Au-AA23 (Au; 30g fire
assay) and ME-MS61 (48 element suite; 0.25g 4-acid/ICP-AES and
ICP-MS) for ALS. ALS also undertakes their own internal coarse and
pulp duplicate analysis to ensure proper sample preparation and
equipment calibration. Paycore's QA/QC program includes regular
insertion of CRM standards, duplicates, and blanks into the sample
stream with a stringent review of all results.
Qualified Person
The scientific and technical data contained in this news release
pertaining to the FAD Property was reviewed and approved by
Matthew Rhoades, CPG, who is a
"qualified person" within the meaning of NI 43-101 - Standards
of Disclosure for Mineral Projects.
Cautionary Statements
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws.
Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "will", "estimates",
"believes", "intends" "expects" and similar expressions which are
intended to identify forward-looking statements. More particularly
and without limitation, this news release contains forward-looking
statements concerning (i) the proposed business objectives of the
Company, (ii) the impact, and anticipated results, of ongoing drill
program and results on the Company, (iii) the possible economics of
the FAD Property, and the Company's understanding of the FAD
Property, (iv) the development potential and timetable of the FAD
Property, (v) the estimation of potential mineral resources, and
(vi) the timing and amount of estimated future exploration on the
FAD Property. Forward-looking statements are inherently uncertain,
and the actual performance may be affected by a number of material
factors, assumptions and expectations, many of which are beyond the
control of the Company, including expectations and assumptions
concerning the Company and the FAD Property. Specifically, factors
that could cause the actual performance and results of the Company
to differ materially from those in forward-looking statements
include, without limitation, changes to commodity prices,
metallurgical recovery, operating and capital costs, foreign
exchange rates, ability to obtain required permits on a timely
basis, exploitation and exploration successes, continued
availability of capital and financing, and general economic, market
or business conditions. Readers are cautioned that assumptions used
in the preparation of any forward-looking statements may prove to
be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned not to place undue reliance on any forward-looking
statements, as such information, although considered reasonable by
the management of the Company at the time of preparation, may prove
to be incorrect and actual results may differ materially from those
anticipated.
The forward-looking statements contained in this news release
are made as of the date of this news release, and are expressly
qualified by the foregoing cautionary statement. Except as
expressly required by securities law, the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise.
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.
SOURCE Paycore Minerals