VANCOUVER, BC, Oct. 13, 2021 /CNW/ - Essex Minerals
Inc. (the "Company") (TSXV:ESX) (OTCQB: ESXFM) (FRA: EWX1)
is pleased to announce assay results from the initial six-hole
program of diamond and reverse circulation drilling at the Drummer
Fault gold project in north Queensland,
Australia.
Highlights
- Drummer Toy DH2 intersected:
-
- 3m grading 5.1 g/t Au and 51.2
g/t Ag from 83m to 86m down hole
-
- including 1m grading 8.2 g/t
Au and 35.6 g/t Ag from 85m
- Drummer Toy DH3 intersected:
-
- 1m grading 3.5 g/t Au and 4.5
g/t Ag from 83m to 54m down hole
- 28m grading 0.6 g/t Au and
2.41 g/t Ag from 75m to
103m down hole
- Drummer Toy DH5 intersected:
-
- 1m @ 4.6 g/t Au and 6.8 g/t
Ag from 131m to 132m down hole
- Drummer West DH6 intersected:
-
- 7m at 1.74 g/t Au and 67.7 g/t
Ag from 64m to 71m down hole
- including 3m at 2.9 g/t Au and
137 g/t Ag from 65m to
68m down hole
- Visible gold was believed to have been identified in at
least one of the drill holes and, as a result, 75 mineralized
samples have been resubmitted to ALS Global for screen fire
assay.
- The six holes totalling 951.5m
have demonstrated gold mineralization associated with sulphides
below the previously mined surface (up to 15m depth) oxide zone on the eastern end of the
Drummer Fault within the Mt Turner project area.
- All drill holes intersected significant gold silver and/or base
metal mineralization. Five holes were drilled under the Drummer Toy
Pit and one hole under the Drummer West Pit.
All five drill holes at Drummer Toy intersected mineralized
quartz veins and/or silica flooded shear zones near the projections
of the north pit wall and the south pit wall respectively. These
zones form the north and south (hanging wall and footwall) contacts
between Quartz Mica Schist in the body of the pit and Diorite
intrusives. Dolerite and Rhyolite dykes were also encountered in
varying widths and frequency in the drill holes. The Quartz Mica
Schist exhibited varying degrees of quartz sulfide veining with
more intensity generally noted near the hanging wall and foot wall
zones.
Essex Minerals President and CEO Paul
Loudon: said: "We are very pleased that the initial drilling
in the eastern portion of the Drummer Fault structure has
demonstrated that gold mineralization persists below the previously
mined shallow oxide zones. The width and tenor of the
mineralization justifies follow-up exploration with the aim of
identifying an economic gold resource along the Drummer Fault
structure, which has consistently demonstrated gold mineralization
in six small open pits, previous drilling and rock chip samples
along 14 kilometres of the identified strike length.
"Follow-up exploration will now be incorporated in programs
being planned for the potentially very large, but as yet untested,
Mt Turner copper-molybdenum (plus gold and silver) porphyry
complex, 1.4 kilometre to the south of the Drummer Pits."
The most notable intercepts were:
Hole
No
|
From
|
To
|
Int.
|
Au
g/t
|
Ag
g/t
|
Cu
ppm
|
Pb
ppm
|
Zn
ppm
|
Description
|
DH_1
|
|
|
|
|
|
|
|
|
|
|
60.00
|
63.00
|
3.00
|
0.44
|
21.90
|
670
|
830
|
264
|
Quartz
vein
|
incl.
|
93.00
|
105.00
|
12.00
|
0.33
|
1.86
|
131
|
28
|
105
|
Quartz Mica Schist
with 2m breccia
zone at bottom
|
and
|
115.00
|
116.00
|
1.00
|
0.03
|
3.20
|
51
|
1,520
|
1,600
|
Rhyolite - Qtz Mica
Schist contact 2m
above footwall shear
|
DH_2
|
|
|
|
|
|
|
|
|
|
|
-
|
5.00
|
5.00
|
0.36
|
6.84
|
543
|
2,696
|
525
|
mine dump
|
incl.
|
1.00
|
2.00
|
1.00
|
0.43
|
18.10
|
1,550
|
10,200
|
1,080
|
|
and
|
83.00
|
86.00
|
3.00
|
5.06
|
51.23
|
2,484
|
1,176
|
1,120
|
Quartz
vein
|
incl.
|
85.00
|
86.00
|
1.00
|
8.20
|
35.60
|
1,780
|
476
|
2,580
|
|
and
|
98.00
|
122.00
|
24.00
|
several 1.0m
intercepts with >0.33 g/t Au and >2.80 g/t Ag
|
Quartz Mica
Schist
|
DH_3
|
|
|
|
|
|
|
|
|
|
|
52.00
|
54.00
|
2.00
|
2.03
|
2.95
|
91
|
488
|
884
|
Quartz Carbonate vein
in Diorite
|
incl.
|
53.00
|
54.00
|
1.00
|
3.53
|
4.50
|
61
|
731
|
1,220
|
|
and
|
75.00
|
103.00
|
28.00
|
0.60
|
2.41
|
184
|
92
|
348
|
Quartz Mica
Schist
|
incl.
|
96.00
|
103.00
|
7.00
|
1.37
|
3.91
|
174
|
158
|
332
|
|
incl.
|
101.00
|
103.00
|
2.00
|
2.80
|
6.30
|
206
|
266
|
514
|
|
incl.
|
102.00
|
103.00
|
1.00
|
3.21
|
7.70
|
260
|
342
|
634
|
Quartz Carbonate
vein/alteration zone
|
DH_4
|
|
|
|
|
|
|
|
|
|
|
84.00
|
130.00
|
46.00
|
0.06
|
1.29
|
176
|
49
|
145
|
Quartz Mica Schist -
entire section
|
incl.
|
98.00
|
100.00
|
2.00
|
0.43
|
1.65
|
162
|
21
|
85
|
Quartz vein in Quartz
Mica Schist
|
and
|
145.00
|
150.00
|
5.00
|
0.01
|
1.48
|
215
|
68
|
2,904
|
Quartz Carbonate
veins in Diorite
|
incl
|
149.00
|
150.00
|
1.00
|
0.02
|
1.70
|
420
|
74
|
8,900
|
|
DH_5
|
|
|
|
|
|
|
|
|
|
|
131.00
|
134.00
|
3.00
|
1.53
|
4.33
|
371
|
262
|
3,257
|
Quartz Carbonate vein
at Diorite - Qtz
Mica Schist contact
|
incl.
|
131.00
|
132.00
|
1.00
|
4.55
|
6.80
|
299
|
451
|
5,680
|
|
and
|
138.00
|
168.00
|
30.00
|
0.05
|
1.96
|
102
|
716
|
3,587
|
Quartz Mica Schist –
with 2 dolerite dykes
|
incl.
|
138.00
|
143.00
|
5.00
|
0.06
|
4.52
|
123
|
3,806
|
6,436
|
|
and
|
150.00
|
154.00
|
4.00
|
0.14
|
5.98
|
164
|
269
|
9,493
|
Quartz veining in
dolerite dyke
|
The sixth hole was drilled approximately 500 metres to the west
of the Drummer Toy Pit below the Drummer West Pit. It was
drilled entirely in various phases of intrusives. It encountered
one large (10 metre wide) mineralized quartz vein at 61 metres
depth.
The most notable intercepts were:
DH_6
|
|
|
|
|
|
|
|
|
Note: no Quartz Mica
Schist
|
|
54.00
|
58.00
|
4.00
|
0.56
|
2.23
|
50
|
474
|
208
|
|
and
|
64.00
|
71.00
|
7.00
|
1.74
|
67.67
|
3,014
|
8,217
|
244
|
Quartz vein in
Diorite
|
incl.
|
65.00
|
68.00
|
3.00
|
2.93
|
136.6
|
6,370
|
13,915
|
334
|
Quartz sulphide
vein
|
All samples from the current drilling program were processed in
Townsville by ALS Global, an independent accredited
laboratory. Gold assays are completed by 50g screen fire
assay with atomic absorption finish, with the over limit samples
rechecked by 50 g fire assay with a gravimetric finish. Silver and
33 multi-element analysis is undertaken by a four acid digest
followed by inductively coupled plasma atomic emission spectroscopy
(ICP-AES).
Summary Geology and Mineralisation of the Drummer
Fault
The Drummer Fault is a 19-kilometre east-west structure readily
visible on Lidar and satellite imagery. The Fault has been active
throughout geological time having displaced Proterozoic granites
and schists, and is disrupted by Permo-Carboniferous felsic and
mafic dykes associated with the Kennedy Magmatic Association of
North Queensland (genetically
related to the major gold deposits of north Queensland).
This structure has been influenced by the Mt Turner multi-phase
intrusive porphyry Cu-Mo system 1.4 kilometres to the south of the
Drummer Pits. In addition, NE trending structures have intersected
the eastern ends of both the Drummer Girl and Drummer Toy Pits and
may localise higher-grade mineralisation or yet undiscovered
mineralized subsidiary splay faults.
At a local scale, exposures in old pits in the oxide zone have
shown a close correlation between mineralisation and lithology. In
the Drummer Pits, mineralisation follows fault breccias and quartz
veining at the contact between granite and meta-dolerite. The
Drummer Girl Pits appear to follow a contact between brecciated
granite and rhyolite dykes while the Drummer Toy Pit is localised
within coarse-grained muscovite granite with meta-dolerite noted
some 50 metres to the south. Generally, where exposed, the Drummer
Fault is mineralized along its entire length.
The western five kilometres of the structure appears to be
dominated by uranium mineralisation in the form of coffinite
associated with apatite and sulphides (dominantly pyrite)
associated with Permo-Carboniferous rhyolite and mafic dykes in
steeply plunging shoots to the west. A historical uranium
resource of 374,000 t @ 0.16% U3O8 has been established in the LC50
prospect by previous operators.
Gold mineralisation in the eastern portion of the Drummer Fault
occurs in steeply dipping quartz veins and fault breccia and is
associated with galena, sphalerite, chalcopyrite and
arsenopyrite. Early phase white quartz veins within the fault
structure have been brecciated and sheared along lithological
boundaries and fluids have been reintroduced along fault breccias,
which have been annealed, by fine quartz and sulphides. Some
breccia clasts are mineralized and appear rhyolitic.
Table of Drill Holes Locations
Prospect
|
Hole No.
|
Type
|
Easting
|
Northing
|
Azimuth (degrees)
|
Dip (degrees)
|
From (m)
|
To (m)
|
Final Depth (m)
|
Drummer
Toy
|
DH_1
|
RC
|
757572.5
|
7983466.5
|
183.1
|
-56.0
|
0
|
32.2
|
|
Drummer
Toy
|
DH_1
|
DD HQ
|
757571.5
|
7983448.8
|
183.1
|
-56.6
|
32.2
|
132.1
|
132.1
|
Drummer
Toy
|
DH_2
|
RC
|
757565.5
|
7983471.0
|
204.3
|
-56.0
|
0
|
41.7
|
|
Drummer
Toy
|
DH_2
|
DD HQ
|
757555.8
|
7983449.6
|
204.3
|
-56.1
|
41.7
|
141.4
|
141.4
|
Drummer
Toy
|
DH_3
|
RC
|
757583.4
|
7983463.5
|
169.9
|
-56.5
|
0
|
150.0
|
150.0
|
Drummer
Toy
|
DH_4
|
RC
|
757642.2
|
7983371.2
|
320.8
|
-58.0
|
0
|
156.0
|
156.0
|
Drummer
Toy
|
DH_5
|
RC
|
757581.5
|
7983502.4
|
182.3
|
-57.0
|
0
|
228.0
|
228.0
|
Drummer
West
|
DH_6
|
RC
|
757021.0
|
7983261.1
|
333.3
|
-57.5
|
0
|
144.0
|
144.0
|
KNX Joint Venture
Essex and KNX each own 50% of
the Mt Turner property and 44% of the Cumberland and Compass Creek properties. On
September 22, 2021, Essex announced that it had agreed to acquire
all the issued and outstanding shares in KNX in exchange for the
issuance of 5,000,000 ordinary shares and 5,000,000 two-year share
purchase warrants in Essex to the
shareholders of KNX. The purchase is subject to the approval of the
TSX Venture Exchange. On completion of the acquisition,
Essex will own 100% of Mt Turner
and 88% of Cumberland and Compass
Creek.
About Essex
Essex Minerals is an exploration and development company focused
on mineral exploration and mine development and finance
opportunities where it can adopt an option earn-in and joint
venture model without the issuance of vendor shares, by identifying
geological teams that have already expended the time and capital to
assemble top quality, advanced projects, with a particular emphasis
on gold projects in Tier 1 jurisdictions. Management's time is
shared across several different projects, as the geological teams
already in place manage the approved exploration and development
programmes. This strategy has the potential to accelerate the
growth in shareholder value for Essex by earning an interest in a range of
projects of merit in a much shorter time frame than otherwise would
be possible.
Qualified Person
All of the scientific and technical information contained in
this news release has been reviewed and/or prepared by Mr
Lee K. Spencer, BSc (Hons), MSc,
MAusIMM, a "Qualified Person" within the meaning of National
Instrument 43-101 - Standards of Disclosure for Minerals
Projects.
ISSUED ON BEHALF OF ESSEX
MINERALS INC.
Paul Loudon
President & CEO
www.essexminerals.com
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.
SOURCE Essex Minerals Inc