Trading Symbols:
TSX Venture Exchange: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US) Pink Sheets: MHIFF
VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Mineral Hill Industries
Ltd. ("Mineral Hill" or "Company") listed on
the TSX Venture exchange ("TSXV") under the trading symbol
"MHI" and on the Deutsche Boerse, Frankfurt under the trading symbol "MLN"
wishes to announce that it has now received the analytical lab
results from its Phase I exploration program conducted on the
Dot-Apex property (the "Apex-Property") during the late season of
2021 and the Company is very pleased that a number of the rock
and soil samples are anomalous and contain elevated gold and silver
values. The exploration program consisted of soil and rock sampling
surveys, limited geophysical VLF-EM survey and reconnaissance scale
geological mapping, designed to investigate positive gold results
documented in a National Instrument 43-101 technical report, dated
Feb. 28, 2021 (Revised September 9, 2021) commissioned by Mineral
Hill.
APEX ZONE
Rock and Soil Sample Results:
Majority of the rock samples collected consist of disseminated
arsenopyrite with minor pyrrhotite and pyrite mineralization.
Eighteen (18) of the 27 rock samples collected contain anomalous
gold with elevated values ranging from 0.233
g/t to a high of 4.92 g/t Au. Samples
were obtained from both mildly siliceous-carbonate altered, biotite
granodioritic intrusive rocks and skarn-altered sedimentary rocks
associated with quartz-albite veinlets. Included in the
reconnaissance rock sampling survey was an area not previously
investigated, situated at least 1000 meters north of the gold highs
noted above. Several samples collected consist of disseminated
arsenopyrite with minor pyrite and pyrrhotite carrying gold values
ranging 0.758 g/t to 1.9 g/t. This new target area
hosts similar alteration and mineralization characteristics and is
tentatively interpreted to be the northern extension of the
anomalous gold-bearing intrusive granodioritic stock identified to
the south.
Majority of the multi-element analyzed soil samples show arsenic
(As) as a dominant element and is closely associated with the gold,
suggesting arsenic is a good pathfinder and exploration tool. A
number of the grid-line control soil samples collected along the
southern portion of the Apex zone underlain by intrusive stock
carry anomalous arsenic values as high as 7000 ppm with
gold-in-soil values of up to 1.41 g/t. and indicate the
potential of the mineralized intrusive extending further
southward.
DOT ZONE
The
reconnaissance exploration surveys carried out over the Dot zone
are a follow-up to the gold values highlighted in the NI 43-101
technical report noted above. A number of rock samples documented
in the report range from 0.094 g/t to 5.63 g/t
Au, 'selected' samples contained >15 g/t
Au. The exploration program was curtailed due to late
season inclement weather conditions. The results from the limited
sampling surveys correlate with results documented in the NI
43101 technical report.
Rock and Soil Sample Results:
A total of 15 rock grab
samples were collected along a portion of a 40 meter-wide
escarpment exposing a highly iron oxidized, sedimentary-hosted
altered and mineralized section, representing the Dot zone.
Majority of the 15 rock samples are anomalous containing: gold
0.687g/t – 2.07g/t; silver 1.0g/t – 10.2g/t and copper 265ppm –
1765ppm. Arsenopyrite (As) is closely associated with the
anomalous samples ranging 4,910ppm - >1% As. Twenty three (23)
reconnaissance soil samples were collected over the mineralized Dot
zone. A number of the samples contained anomalous gold of up to
156 ppb Au (parts per billion) and up to 312ppm As.
VLF-EM Survey results:
A limited VLF-EM (very low frequency-electromagnetic)
reconnaissance survey was conducted over the northwest trending Dot
zone covered by overburden with the objective to investigate the
conductive field strength response of the underlying mineralized
fault-shears hosted along the Dot zone. Two (2) VLF-EM
profiles spaced at 100m apart were
carried out, a conductive signature response was detected
coincidental with arsenic soil anomalous high, which can be
interpreted as the underlying extension of mineralized Dot zone,
open to the northwest.
Follow-up detail mineral exploration surveys are warranted on
the Apex-Property in order to properly constrain the Apex and Dot
zones.
Mineral Hill's exploration program was under the direct
supervision of Mr. D.G. (Dan)
Cardinal, P. Geo., F.G.A.C. and Q.P. Quality
Assurance/Quality Control protocols were followed as set out in the
National Instrument 43-101 guidelines. The samples were securely
stored and transported to a national accredited laboratory in
Vancouver, BC.
Mr. D. Cardinal, P. Geo./Q.P. has
reviewed and approved the technical content of this News
Release.
ABOUT MINERAL HILL's PRESENT TRADING HALT
Although the exploration, development and 100% acquisition of
the Dot-Apex Claim Group and the Master-ACE Claim Group, located in
south-western British Columbia is
a primary objective for the Company, Mineral Hill is still pursuing
its due diligence in respect to the RTO-Project, consisting of
alluvial gems and minerals located in South Africa as referred to in its
announcements dated November 17, 2021
and December 13, 2021. The private
placement, dedicated as "Bridge Financing" for the completion of
the Company's due diligence of the RTO-Project, announced in the
December 13, 2021 news release, has
not closed at this point.
Depending on the on the outcome and terms of the definitive
agreement, the TSXV will determine the resumption of the Mineral
Hill's temporary "trading halt".
The Company seeks Safe Harbour
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward-looking statements
based on assumptions and judgments of management regarding future
events or results. Such statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking
statements. There is no assurance the property option referred to
above will be exercised or the private placement referred to above
will close on the terms as stated, or at all. The Company disclaims
any intention or obligation to revise or update such
statements.
SOURCE Mineral Hill Industries Ltd.
