- An initial 5,000 meter diamond drilling program has
commenced, targeting near-surface projections of reported historic
high-grade mineralization at the Excelsior Reef.
- Historic records from Excelsior indicate the mining of
13,200 tons for 9,260 ounces of gold to a depth of 100 meters at an
average grade of 22 g/t Au between 1909 and 1915.
VANCOUVER, BC, Feb. 18, 2021 /CNW/ - Leviathan Gold Ltd.
("Leviathan", the "Company") is pleased to announce
that further to its press release of February 17, 2021 in respect to the geological
prospectivity of the Avoca and Timor projects (the
"Projects") in the Victorian goldfields, Australia, that diamond drilling has commenced
at Avoca. This initial phase of work, which is expected to comprise
at least 5,000 meters of diamond drilling, has been designed to
target near-surface strike and depth projections of mineralization
around and beneath the Excelsior Reef. Historic production records
from Excelsior indicate the mining of 13,200 tons for 9,260 ounces
of gold to a depth of 100 meters at an average recovered grade of
22 g/t Au between 1909 and 19151, with said
mineralization open to depth and along strike. The drilling planned
at Excelsior forms part of a greater program of approximately
30,000 meters that Leviathan plans to deploy at Avoca and
Timor.
Leviathan Gold Chief Executive Officer, Luke Norman, remarked: "We are excited to
commence drilling of this near-surface high grade target at
Excelsior. Historic records from this prospect suggest that the
mining and processing methods of the day were rudimentary, such
that only isolated extraction of shallow, near-surface, visible,
high-grade mineralization was possible, resulting in only very
selective and discontinuous mining, and leaving open targets at
Excelsior – and numerous other prospects - for Leviathan to
drill-test".
1 GeoVic (2020)
https://earthresources.vic.gov.au/geology-exploration/maps-reports-data
|
About the Excelsior Prospect
The Excelsior prospect is interpreted to host structurally
controlled gold mineralization developed within quartz veins.
Historic production records from Excelsior indicate the mining of
13,200 tons for 9,260 ounces of gold down an ore shoot to a depth
of 100 meters at an average recovered grade of 22 g/t Au between
1909 and 19152, with said mineralization open to depth
and along strike.
Recent exploration work completed on Excelsior.3
included surface sampling and mapping. Two soil sampling traverses
were conducted at the western part of the prospect, one of which
crossed considerable quartz vein float. The outcrop of the reef is
presently covered by mine tailings. The initial phase of drilling
work by Leviathan, which is expected to comprise at least 5,000
meters of diamond drilling, has been designed to target
near-surface strike and depth projections of mineralization around
and beneath the Excelsior Reef.
Comparable Projects
Leviathan considers the Currighanalt project, in Northern Ireland, to be potentially similar in
terms of its geology to the Avoca and Timor projects. In 2018
Dalradian Resources Inc. defined Measured and Indicated Mineral
Resources of 6.34 million tonnes at a grade of 15.01 g/t Au for
3.06 million ounces of gold, and Inferred Mineral Resources of 7.72
million tonnes at a grade of 12.24 g/t Au for 3.04 million ounces
of gold4. The Currighanalt project, which is
described as "a high grade orogenic gold deposit characterized
by a series of west-northwest trending, moderately to steeply
dipping, stacked quartz-carbonate-sulphide veins and arrays of
narrow and short extension veinlets" is hosted by rocks of
similar lithology and age to those found at Avoca and Timor.
Future Work Programs
There are over thirty historical gold workings within the Avoca
project area5, all of which require additional mapping,
surface sampling and drill testing to assess their potential and on
which the Company intends to report on an ongoing basis. The
highest priority targets include:
- Pyrenees Reefs: 16,199 tons mined for 16,602 ounces of gold to
a depth of 130 meters at an average recovered grade of 32 g/t Au,
worked from 1860 to 1912; mineralized shoots per historic
underground mine plans.
- Excelsior Reef: 13,200 tons mined for 9,260 ounces of gold to a
depth of 100 meters at an average recovered grade of 22 g/t Au,
worked from 1909 to 1915; mineralized shoots per historic
underground mine plans.
- Vale's Reefs: 1,444 tons mined for 1,388 ounces of gold to a
depth of 52 meters at an average recovered grade of 29.4 g/t Au,
worked from 1865 to 1883.
- Monte Christo Reefs: 2,795 tons mined for 937 ounces of gold to
a depth of 30 meters at an average recovered grade of 10.3 g/t Au,
worked from 1872 to 1877.
2 GeoVic (2020)
https://earthresources.vic.gov.au/geology-exploration/maps-reports-data
|
3 Motton, N. (2016). Currawong Pty
Ltd. "Annual Report for EL5387 Avoca"
|
4 Dalradian Resources (2018),
"Technical Report for the Curraghinalt Gold Project, Northern
Ireland", by SRK Consulting.
|
5 State of Victoria Mining Surveyors
and Registrar's Quarterly Reports from 1860 to 1891 and Annual
Reports issued thereafter. All the production from these reefs
occurred within the Avoca licence.
|
The Timor project lies immediately east of the Avoca project and
hosts numerous hardrock and alluvial gold deposits as evidenced by
the extent of historic workings, of which approximately twenty
hardrock workings can be considered to have been significant
producers. The highest priority targets include:
- Leviathan Group of Mines: 189,085 tons mined for 56,474 ounces
of gold at an average recovered grade of 9.14 g/t Au. The Leviathan
structural corridor hosts several parallel quartz veins with most
of the production coming from one mine active in the early 1900s.
Significant potential is believed to lie within the various other
veins and faults within the corridor to the north.
- Shaw's Reef: 16,881 tons mined for 12,623 ounces of gold to a
depth 130 meters at an average recovered grade of 22.9 g/t Au,
worked from 1883 to 1891. Along strike of this fault zone,
arsenopyrite and stibnite mineralization is recorded in association
with the gold mineralization indicating possible epizonal
Fosterville-style gold mineralization.
The Leviathan Group of Mines and Shaw's Reef both lie on
separate large regional north-south structures known to occur for
tens of kilometers associated with hardrock workings over their
length. Neither of these structures have witnessed significant
drilling. These two mineralized structures will be a near-term
focus for exploration within the Projects. Modern core orientation
techniques, with the objective of further understanding the
structural controls on mineralization, will be systematically
applied during this program.
Qualified Person
The technical content of this news release has been reviewed,
verified and approved by Keith
Whitehouse, AusIMM (CP), Exploration Manager of Leviathan
Gold (Australia) Pty. Ltd., a
qualified person as defined by NI 43-101.
On behalf of the Company,
Luke Norman, Chief Executive
Officer and Director
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. No securities regulatory authority has
either approval or disapproved of the contents of this press
release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States
unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release, including with respect to geological
prospects of Leviathan's mineral projects, planned exploration
activities, success of exploration activities, the relevance of
historical information, the timing of exploration activities,
general business and economic conditions; that applicable approvals
are obtained; that qualified workers, financing, permits,
approvals, and equipment are obtained in a timely manner; that
market conditions continue; that contractual counterparties perform
their obligations as required; and that Leviathan is able to locate
sufficient financing for favourable ongoing operations. These
statements reflect management's current estimates, beliefs,
intentions and expectations. They are not guarantees of future
performance. Leviathan cautions that all forward looking statements
are inherently uncertain and that actual performance may be
affected by many material factors, many of which are beyond
Leviathan's control. Such factors include, among other things:
risks and uncertainties relating to whether exploration activities
will result in commercially viable quantities of mineralized
materials; the possibility of changes to project parameters as
plans continue to be refined; the ability to execute planned
exploration and future drilling programs;COVID-19; the ability to
obtain qualified workers, financing, permits, approvals, and
equipment in a timely manner or at all and on reasonable terms;
changes in the commodity and securities markets; non-performance by
contractual counterparties; and general business and economic
conditions. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the
forward-looking information. Although Leviathan has attempted to
identify important risks and factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
and risks that cause actions, events or results not to be as
anticipated, estimated or intended. Consequently, undue reliance
should not be placed on such forward-looking statements. In
addition, all forward-looking statements in this press release are
given as of the date hereof. Leviathan disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
save and except as may be required by applicable securities laws.
The forward-looking statements contained herein are expressly
qualified by this disclaimer.
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SOURCE Leviathan Gold Ltd