KELOWNA, BC, May 9, 2019 /CNW/ – SHINE MINERALS CORP. (TSX.V:SMR) (“Shine” or the “Company“) is pleased to announce results from the seven hole (907m), maiden drill program at its Watts Lake property (the “Property”), located in north-central Saskatchewan, Canada. The seven holes were drilled from three separate drill pads and targeted the south part of the Borys Lake trend Main Zone, which has seen limited historic drilling. The current drilling initially utilized the site of Trench 4, where recent assays from sampling returned up to 21.3% Zn and up to 56.7 g/t Ag, and where near-by historic drill holes W-1 and W-3 (McIntyre Porcupine Mines Ltd., 1965) reported mineralized intervals including 8.44m @ 4.69% Zn (W-1) and 6.1m @ 7.3% Zn (W-3). All seven holes intersected mineralization, including holes WL19-006 (line 050W) and WL19-005 (line 050W), which intersected intermittently mineralized intervals of 43m and 31.8m respectively. Mineralized intervals as reported in this news release are based on visual observation of the presence of galena, and/or sphalerite and/or chalcopyrite, and not based on assay values. Assays are pending, and results will be disclosed when received.
Ross McElroy, President, COO and Chief Geologist, said, “The initial results from drilling at Watts Lake are very encouraging, with all seven holes hitting mineralization, including intermittent mineralized intervals as wide as 43m. The initial hole was collared to test beneath Trench 4, where recent assays from outcrop sampling returned up to 21.3% Zn and up to 56.7 g/t Ag, and also where historic drill holes W-1 (8.44m @ 4.69% Zn) and W-3 (6.1m @ 7.3% Zn) are assumed to be nearby. This is an exciting time. Drill core samples have been sent to the lab and we will share the results as soon as we receive them.”
Table 1: Watts Lake Drill Hole Summary
Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis, while the other half remains on site for reference. All drill core samples are analyzed using the ICP3 35 element base metal exploration package. Mineralized samples are also analyzed using the base metal assay (wt%) and Gold, Platinum and Palladium by fire assay and ICP OES finish (ppb) packages. All depths reported of core interval measurements including sample and interval widths are down-hole and are not always representative of true thickness.
Further Drilling Details
WL19-001 was an angled drill hole (azimuth / dip of 150º / -50º, respectively) drilled on Section line 000E targeting the Borys Lake Main Zone No.1 lens in the vicinity of historic Trench #4, ~30m at depth. Bedrock was intersected at a depth of 9m down hole and consisted primarily of a weakly to unaltered upper hornblende-biotite-chlorite gneiss and a lower quartz-feldspar gneiss. A hydrothermally altered biotite schist was cored from 23.4m to 65.7m down hole which hosted intermittent disseminated to banded, veinlet and net textured galena, sphalerite, pyrrhotite and pyrite mineralization. The drill hole was terminated at a final depth of 80m in fresh quartz-feldspar gneiss with no significant sulphide mineralization.
WL19-002 was an angled drill hole (azimuth / dip of 140º / -55º, respectively) drilled on Section line 000E targeting the Borys Lake Main Zone No.1 lens approximately 60m below the surface and 40m down-dip of WL19-001. Bedrock was intersected at a depth of 8m down hole and consisted of weakly to unaltered hornblende-biotite-chlorite gneiss, calc-silicate, metapyroxenite and quartz-feldspar gneiss. Several lenses of biotite schist were intersected throughout the drill hole, with a thick, hydrothermally altered interval occurring between 58.9m to 112.2m. This main lens of biotite schist hosted intermittent disseminated, banded, veinlet and net textured galena, sphalerite, pyrrhotite and chalcopyrite mineralization. The drill hole was terminated at a final depth of 149m in fresh metapyroxenite with no significant sulphide mineralization.
WL19-003 was angled drill hole (azimuth / dip of 140º / -62º, respectively) drilled on Section line 000E targeting the Borys Lake Main Zone No. 1 lens approximately 30m down-dip of WL19-002 at ~80m below surface. Bedrock was intersected at a depth of 6.5m down hole and consisted of intercalated hornblende-biotite-chlorite gneiss, calc-silicate, biotite schist and metapyroxenite. An intermittently galena, sphalerite and chalcopyrite hosting, hydrothermally altered biotite schist was intersected from approximately 82m to 108m down hole. The drill hole was terminated at a final depth of 176m in fresh hornblende-biotite-chlorite gneiss.
WL19-004 was an angled drill hole (azimuth / dip of 140º / -72º, respectively) drilled on Section line 000E targeting the Borys Lake Main Zone No.1 lens approximately 25m down dip of WL19-003 at ~110m below surface. Bedrock was intersected at a depth of 6.5m down hole and consisted of intercalated hornblende-biotite-chlorite gneiss, calc-silicate, biotite schist and metapyroxenite. A thin, galena, sphalerite and chalcopyrite hosting, hydrothermally altered biotite schist was intersected from approximately 106m to 111m down hole. The drill hole was terminated at a final depth of 176m in fresh hornblende-biotite-chlorite gneiss.
WL19-005 was an angled drill hole (azimuth / dip of 140º / -50º, respectively) drilled on Section line 050W targeting the Borys Lake Main Zone 50m grid west of WL19-001 and ~25m west of historic drill hole 16-72 (25.9m averaging 3.36% Zn and 0.27% Pb). Bedrock was intersected at a depth of 8.1m down hole and consisted of intercalated hornblende-biotite-chlorite gneiss and biotite schist. Visible galena, sphalerite and chalcopyrite mineralization was intermittently hosted in a hydrothermally altered biotite schist intersected from 16m to 48m down hole. The drill hole was terminated at a final depth of 71m in sheared quartz-feldspar gneiss.
WL19-006 was an angled drill hole (azimuth / dip of 140º / -72º, respectively) drilled on Section line 050W targeting the Borys Lake Main Zone 15m down dip of WL19-005. Bedrock was intersected at a depth of 6.1m down hole and consisted of intercalated hornblende-biotite-chlorite gneiss and biotite schist. A broad zone of intermittent galena, sphalerite and chalcopyrite mineralization was intersected between approximately 25m to 68m down hole. The drill hole was terminated at a depth of 86m in fresh quartz feldspar gneiss.
WL19-007 was an angled drill hole ((azimuth / dip of 140º / -85º, respectively) drilled on Section line 050W targeting the Borys Lake Main Zone 15m down dip of WL19-006. Bedrock was intersected at a depth of 5.1m down hole and consisted of calc-silicate, intercalated hornblende-biotite-chlorite gneiss and biotite schist, metapyroxenite and felsic gneisses. Intermittent sphalerite and galena mineralization was intersected in a hydrothermally altered biotite schist between 104m to 107m down hole. The hole was terminated at a depth of 169m in strained quartz-feldspar gneiss.
About Watts Lake, including the Borys Lake Zone and Cominco Zone Watts Lake is a large contiguous land package covering 13,248 hectares, in the established, deposit endowed La Ronge Domain, of Saskatchewan. The project covers multiple, parallel basement conductive corridors, including the ~14km long Borys Lake Corridor, which hosts the historic Borys Lake lead-zinc deposit as well as numerous other mineralized occurrences. Watts Lake is located approximately 65 km north north-east of the town of La Ronge, SK and 20km northwest of the community of Missinipe, SK. The well-maintained gravel Provincial Highway 102 runs north from La Ronge, through Missinipe to Reindeer Lake and its closest point is approximately 12.5km east of the property. The Borys Lake deposit calculations are considered to be relevant, but are historical. Historic documentation does not make reference to the estimate being an inferred mineral resource, indicated mineral resource nor measured mineral resource nor does it make reference to being a probable mineral reserve or proven mineral reserve as per NI 43-101 Standards of Disclosure for Mineral Projects. The historic estimate is believed to be the most current available. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or current mineral reserves and Shine is not treating the historical estimate as current mineral resources or current mineral reserves. Shine has not verified the calculations or the assay results supporting them, nor has Shine done the drilling and sampling necessary to verify the classification of the resource or reserve.
The property has been explored and developed sporadically since the mid 50’s by several companies, most recently Claude Resources Inc. in the early 90’s. Shine is compiling and verifying the considerable amount of historic work on the property. To date, the Company has located, surveyed and sampled 7 historic surface trenches, located several historic drill collars and has reviewed drill core as available. Historic drill hole and surface data is being compiled in a modern geological database. This allows for 3-Dimension spatial visualization to assist in modeling the historic deposit and the on-strike mineralized zones with the aim to understand the geometry, controls on mineralization and identifying areas of potential growth.
The Borys Lake trend follows a southwest-northeast orientation and is coincident with a ~14km long conductive trend as traced from a 2008 airborne versatile time-domain electromagnetic (VTEM) geophysical survey. The Borys Lake trend includes five historic drill-confirmed mineralized zones (Can, Will A, Will B, Main and Mac) and numerous historic outcrop trenches over ~4.5km of strike. The historic resource estimate completed by Husky Oil Operations Ltd. in 1972, included only drill holes testing the Main zone, and to a depth of 30m.
The Cominco trend is located ~3km to the south along a parallel trend to Borys Lake. The Cominco zones occur within a Greywacke-conglomerate and are underexplored compared to the Borys Lake zone. Historically, two main areas of interest were discovered along this trend, referred to as the Cominco A and Cominco B zones respectively from SW to NE. Overall, the Cominco trend appears to be more anomalous in Copper and silver and to a lesser degree in zinc and lead compared to the Borys Lake trend.
Qualified Person The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., President and COO for Shine Minerals Corp., a qualified person.
About Shine Minerals Corp. Shine Minerals Corp. is a Canadian based resource company specializing in the acquisition, exploration and development of mineral resource assets. The company’s primary asset is the Watts Lake project for which it has entered into an option agreement to acquire a 100% interest. The company is headquartered in Kelowna, British Columbia. Ironside’s common shares are listed on the TSX Venture Exchange under the symbol “SMR”.
ON BEHALF OF SHINE MINERALS
Ross McElroy, P. Geol., President and COO
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Shine Minerals which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
SOURCE Shine Minerals Corp
For further information: email@example.com, www.shineminerals.ca, TF: 1-866-979-7022