VANCOUVER, BC, Feb. 15,
2022 /CNW/ - Zacapa Resources (TSXV:
ZACA) announces significant exploration program advancement at
its 100% owned South Bullfrog project in the Beatty District, in the heart of the Walker
Lane Trend, Nevada.
Zacapa has staked an additional 136 mining claims (approximately
10.6 km2), completed a stream sediment sampling program,
is nearing completion on a soil sampling program, and has initiated
an induced polarization (IP) geophysical survey, which will be used
to identify, prioritize and rank drill targets in 2022.
In the Walker Lane Trend district scale fault structures control
gold mineralization. The South Bullfrog project hosts several
mapped fault systems that crosscut the property, and airborne
magnetic geophysical data collected in 2021 suggests that major
discontinuities are present under alluvial cover that may represent
additional, previously unrecognized, structures. These
discontinuities have a similar range of orientations to other
gold-bearing structures in the district and appear to cut favorable
subaerial volcanic host rocks in the east of the project. These
structures and the recently collected soil geochemistry and IP
geophysics will form the basis of ongoing targeting efforts.
"We have accumulated a significant land position in the
Beatty District positioning us
well for our current and future exploration programs," comments CEO
& Director Adam Melnik. "Phase
one of our exploration program is nearing completion at South
Bullfrog. The combination of surface geochemical sampling with
coincident geophysical surveys will allow our team to identify
prospective structures for drill testing in 2022."
Strategic Land Claim Expansion
In Q4 2021, Zacapa strategically expanded its South Bullfrog
land position which is now contiguous with Augusta Gold in the west and AngloGold Ashanti
in the north and east. The new staking added 136 claims and
expanded the package by 36% to the east and southeast (Figure 1).
Zacapa now holds 488 claims over 40 km2 in the core of
the highly prospective Beatty
District.
Stream Sediment Sampling Program
During fieldwork Zacapa geologists identified areas of outcrop
beneath thin alluvial cover and in consultation with geochemical
program advisor, Dr. Jeffrey Jaacks,
developed a modified stream sediment sampling program to sample
catchments below the outcrops. Zacapa completed this stream
sediment sampling program in Q4 2021, collecting 230 samples
(Figure 1). The results from this sampling will help Zacapa
recognize if any of these shallowly buried outcrops contain
indications of mineralization.
Soil Sampling Program
Zacapa is also nearing completion on a soil sampling program.
Nearly 1,000 samples were gathered in tightly spaced lines parallel
to planned IP geophysical survey lines. The program was designed to
highlight areas of elevated gold and other pathfinder elements that
could be used in conjunction with IP geophysics to map out
prospective structures that could host epithermal gold
mineralization similar to other deposits in the district such as
Augusta Gold's Bullfrog and
Montgomery-Shoshone mines and AngloGold Ashanti's North Bullfrog,
Silicon, Merlin/Lynnda Strip, and Mother Lode development
projects.
IP Geophysics Program
Zacapa appointed Durango Geophysical to complete an 18
line-kilometre pole dipole IP geophysical survey across its South
Bullfrog project area. Three of the four lines have been completed
and initial results are anticipated by month end. The survey is
designed to cut across the maximum number of magnetic
discontinuities at favorable orientations with the intent of
imaging these potential fault zones at depth. The combination of
close spaced soil sampling parallel to the IP survey lines will
facilitate the identification of prospective structures for future
drill testing (Figure 1).
About the South Bullfrog Gold Project
The South Bullfrog gold project is centrally located in the
Beatty District in the heart of
the Walker Lane Trend. The project area is five kilometres south of
AngloGold Ashanti's North Bullfrog development project which is
anticipated to be operational in the next 3-4 years, and the
central hub in a hub-and-spoke development scenario outlined by
AngloGold Ashanti following its US$370M1 acquisition of Corvus Gold.
AngloGold has stated that the combined assets will help the
Beatty District become a large,
long life, low-cost operation with the potential to develop Tier-1
"company making" mines (Figure 2)2. South Bullfrog is
comprised of 488 unpatented mining claims covering approximately
9,900 acres with a clear path to value creation by executing
rigorous exploration in the middle of an increasingly active
district where major gold mining companies are actively acquiring
property and developing new mines. South Bullfrog is slated for
drilling in 2022.
About Zacapa Resources
Zacapa is a copper and gold focused mineral exploration company
engaged in responsible exploration for the new energy economy. Its
projects are concentrated in world class jurisdictions in the
southwest U.S., including Arizona,
Nevada, and Idaho. The
portfolio includes gold projects at South Bullfrog, Pearl, and
Dewdrop Moon, and epithermal gold projects at South Bullfrog and
Miller Mountain. These assets are
being advanced by a highly disciplined and seasoned professional
team with successful track records of discovery, resource
development and mine permitting.
References
1 AngloGold Ashanti Signs Definitive
Agreement to Acquire Corvus and Consolidate the Beatty District of Nevada, September 13,
2021
2 Corvus Gold and AngloGold Ashanti
Announce Completion of Acquisition of Corvus by AngloGold Ashanti,
January 18, 2022
3 References to other mines and
deposits made in this news release provide context for the South
Bullfrog Project, which occurs in a similar geologic setting, but
this is not necessarily indicative that South Bullfrog hosts
similar grades and tonnages of mineralization.
4 Augusta Gold Announces Maiden
Resources Estimate at Bullfrog Gold Project, July 14, 2021
5 North Bullfrog Project's, Preliminary
Economic Assessment – Corvus Gold's Detailed Phase-1, Standalone,
Near-Term Mine Development Plan in the Bullfrog Mining District,
Nevada, October 7, 2020
6 Corvus Gold Announces Mother Lode
Preliminary Economic Assessment Results for a Standalone Future
Mining Expansion Project, in the Bullfrog Mining District,
Nevada, October 7 2020
For more information, please visit www.zacaparesources.com. All
documents are available on Zacapa's profile page on SEDAR at
www.sedar.com.
On behalf of the Board of Directors,
"Adam Melnik"
Adam Melnik
Chief Executive Officer & Director
Zacapa Resources
+1 604 227 5987
melnik@zacaparesources.com
All scientific and technical information contained in this
press release was prepared under the supervision of
Daniel MacNeil, MSc., P. Geo.,
and a "Qualified Person" as defined by National Instrument
43-101.
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. Forward Looking Statements –
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. All statements within, other
than statements of historical fact, are to be considered forward
looking. Although Zacapa believes the expectations expressed in
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Zacapa
cautions that all forward-looking statements are inherently
uncertain, and that actual performance may be affected by a number
of material factors, many of which are beyond Zacapa's control.
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. Readers are advised to rely on their own evaluation of
such uncertainties. Except as required under applicable securities
legislation, Zacapa undertakes no obligation to publicly update or
revise forward-looking information.
SOURCE Zacapa Resources