VANCOUVER, BC, March 23, 2022 /CNW/ - Zacapa Resources
Ltd. (TSXV: ZACA) (DE: BH0) announces significant
exploration program advancement at its 100% owned South Bullfrog
gold project in the Beatty
District, in the heart of the Walker Lane Trend, Nevada.
HIGHLIGHTS
- Phase one, 1266 sample, surface geochemical sampling
campaign complete with approximately 70% of results received and
interpretation in progress
- 21.9 line-km induced polarization geophysical survey
complete and interpretation underway
- Several targets identified from overlapping geophysical and
geochemical anomalies
- Magnetic geophysical contractor engaged to survey newly
staked eastern claim block
Zacapa is pleased to announce that it has completed phase one of
its initial exploration program at the South Bullfrog gold project
in the Beatty District,
Nevada involving surface
geochemical sampling, remote sensing and geophysical surveys. In
the Beatty District, large scale
fault structures are known to control gold mineralization. Zacapa's
exploration efforts have focused on identifying structures
utilizing LiDAR and geophysics, including airborne magnetics and
ground-based pole-dipole induced polarization (IP) surveys. To
classify the prospectivity of the structures ASTER (Advanced
Spaceborne Thermal Emission and Reflection Radiometer), remote
sensing data is being utilized to document zones of alteration, and
surface geochemistry is being utilized to identify fertile
structures by looking at gold and other pathfinder elements
indicative of mineralization in surface sediments.
"Initial results suggest that our combined geochemical and
geophysical exploration approach has been successful in delineating
structures of interest beneath cover at South Bullfrog," comments
CEO & Director Adam Melnik. "We
are excited to refine these targets in the coming weeks in
preparation for drill testing. Work is also underway to explore the
recently staked eastern claim block starting with an airborne
magnetic geophysical survey scheduled this month."
Beatty District Activity
On February 22, 2022, along with
its year end 2021 results, AngloGold Ashanti announced a maiden
inferred resource for its Silicon deposit of 3.4 million ounces of
gold (120.4 Mt at 0.87 g/t Au)7. Silicon is
approximately 12 kilometres from the North Bullfrog central
processing facility being constructed by AngloGold Ashanti, which
is expected to achieve initial production in 3 years, ramping up to
produce >300,000 oz of gold per annum at Tier 1 operating
costs.
On March 10, 2022, Augusta Gold announced an updated mineral
resource estimate for its Bullfrog gold project, increasing the
global resource ~50% to 1.5 million ounces of gold (87.7 Mt at 0.52
g/t Au and 1.2 g/t Ag), composed of over 91% oxide material that is
amenable to heap leaching.4
Geophysics Program
Zacapa completed an airborne magnetic survey in April 2021 and supplemented this with a
pole-dipole induced polarization (IP) geophysical survey. The
initial four-line, 18 line-kilometre, pole-dipole IP geophysical
survey (see February 15, 2022 press
release) was expanded to 21.9 line-km by adding an infill line
following up on features of interest in northwestern portions of
the original survey (Figure 1). The full 21.9 line-km survey has
now been completed and interpretation has begun.
Remote Sensing Program
Satellite based ASTER data and airborne LiDAR data were acquired
in 2021. Spectral analysis of the ASTER data and lineament analysis
of the LiDAR data have been completed and are being utilized in
ongoing exploration efforts. LiDAR has also been helpful in
identifying additional historical workings on the
property.
Geochemical Program
Zacapa has now completed the combined stream sediment and soil
sampling program described in the press release dated February 15, 2022. A total of 230 samples were
collected in the modified stream sediment sampling program and 955
samples in the soil sampling program designed to parallel IP
geophysical survey lines (Figure 1). The results from this sampling
will help Zacapa recognize if any of the shallowly buried outcrops
identified during fieldwork contain indications of mineralization
and highlight areas of elevated gold and other pathfinder elements
to map out prospective structures that could host epithermal gold
mineralization.
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 Beatty
District has seen rapid increases in gold resources, currently over
8.6 million ounces of gold. Zacapa's project area is five
kilometres south of AngloGold Ashanti's North Bullfrog development
project which is anticipated to be operational in the next 3 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 porphyry copper
projects at Red Top, 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 Significant
Resource Update at Bullfrog of 1.2 M Oz Measured and Indicated and
0.26 M Oz Inferred Resource, March 10, 2022
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
7 AngloGold Year End 2021 Results
Report, February 22, 2022
|
Qualified Person
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.
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"
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