Sunvest Minerals Corp.: Evening Star Site Visit and Confirmation of the Zinc-Lead-Silver Target
December 19, 2016 (Source) — Sunvest Minerals Corp. (TSX-V: SSS) (“Sunvest Minerals” or the “Company”) personnel and advisors have conducted a site visit to the recently acquired Evening Star project in Mineral County, Nevada. The Company is pleased to report that the zinc-lead-silver mineralization, intersected in a historic drill hole (1970) on the property, has been confirmed, and exploration activities commencing in January 2017 will focus on the semi-massive to massive sulfide (Zn-Pb-Ag) targets, as well as the replacement gold mineralization.
Evening Star Project, Nevada – The Company can acquire a 100-per-cent interest in the Evening Star property, located 12 kilometres southeast of Hawthorne, Nev., in the prolific Walker Lane structural zone of the west-central part of the state. The Evening Star property comprises 820 acres (323 hectares). The property covers two historic, formerly producing mines (the Evening Star Mine and the Gold Bug Mine), and the east and west extensions of the gold mineralized zone mined at the La Panta Gold Mine.
The Company recently conducted a site visit, with Company geological personnel, senior advisors and representatives of the companies that the project is being optioned from. Highlights of the site visit and ongoing reviews include:
- Confirmation of the drill hole (reported in 1970) intersection, near the Gold Bug mine area, that intersected a wide zone of lead, zinc, and silver mineralization, with minor copper values over 169.0 meters (m) (554.5 feet) had a weighed average of 93.2 grams per tonne silver (g/t Ag) (2.72 ounces per ton silver), 3.29 % lead (Pb), 1.45 % zinc (Zn), and 0.22 % copper (Cu).
- The best grade sulphide zone (galena, sphalerite) from a depth of 48.3 m (159 feet.) returned 6.1 m (20 feet) averaging 408 grams per tonne silver (11.88 ounces per ton silver), 14.88 per cent lead, 4.7 per cent zinc and 0.16 per cent copper. A second significant intercept from 76.8 m (252 feet) returned 18.6 m (61 feet) averaging 277.8 grams per tonne silver (8.10 ounces per ton silver), 9.73 per cent lead, 5.36 per cent zinc and 0.27 per cent copper. (see PR December 1, 2016).
- The drill hole (D-E1) was a core hole, with an azimuth of 305°, a dip of -45°, and a depth of 556 feet (172.5 meters). The Company does not know the true width of the intersections, nor the geometry of the mineralization, as it believed to be a singular drill hole.
- Hole D-E1 was collared in quartz monzonite but most of the hole was in limestone, with four sections of semi-massive to massive sulphides noted. The specific location site is not currently known, however activities in January will attempt to locate the collar area, and geological map and sample the location. The company has not obtained a geological log of the hole, but detailed assay information has been reviewed with an average interval sample width of 4.4 meters.
- Hole D-E1 was directed at the contact between the quartz monzonite and the limestone, which is often well mineralized with copper oxides in the Gold Bug Mine area, however the intersection of semi-massive to massive sulphides is considered a “blind discovery”. The Company is not aware of any geophysical surveys being conducted on the property.
- La Panta style mineralization was also confirmed on the property, comprised of siliceous ferruginous, locally jasperoidal, gossan material forming replacement bodies in limestone mined at La Panta (three patented claims that are not part of the property) has been identified on the Evening Star property, both in outcrops west of the Evening Star shaft, and in dumps from the shaft. This represent the principal gold exploration target on the property. Sampling by Cyprus Mines in 1988 from the Evening Star shaft returned 6.12 g/t Au and was described as “very similar to that of the La Panta area”.
- The Company is planning a preliminary field program early in January 2017, comprising geological mapping, structural mapping, rock and soil geochemistry, and surveying and sampling of the numerous historic workings.
- The company is reviewing geophysical methods suitable to detect and define semi-massive to massive mineralization in carbonate host rocks for the zinc-lead-silver targets, and considering IP (induced polarization) for the La Panta replacement gold targets.
- The objective is to define drill targets by the end of January, to initialize the drill permitting process for a maiden drill program, directed at the zinc-lead-silver mineralization encountered in the historic hole D-E1, and the La Panta replacement style gold mineralization.
McKinnon – Hawkins Project, Ontario The Company also reports on current exploration activities on the McKinnon – Hawkins project, which covers 11,808 hectares and is located in Hawkins and Walls townships, Ontario. This represents an advanced exploration gold project for the Company, with a maiden 43-101 resource estimate of 239,100 ounces of gold (4,957,000 tonnes at 1.50 grams per tonne gold (g/t Au), at a cut-off grade of 0.5 g/t Au), with excellent potential to grow resources and discover new zones of gold mineralization. Ongoing activities include line cutting over the 4.0-kilometer strike length of the Main Zone resource area; and a HLEM Max Min geophysical survey on the Minnipuka Claims area of the project. A diamond drill program is proposed for January 2017, comprising a series of short holes (less than 125 meters) directed at the Goldfield Zone, on the western portion of the McKinnon-Hawkins project. The Company reported on surface sampling from the Goldfield Zone (PR November 10, 2016), with two zones of mineralization chip channel sampled. The south zone returned 18.46 grams per tonne gold (g/t Au) over 2.5 metres (five 0.5-metre samples), and the northern zone returned 15.58 g/t Au over 1.5 metres (three 0.5-metre samples).
Company chief executive officer, Mike England, comments: “We are pleased with the acquisition of the Evening Star project, and plan to expedite an exploration program starting in January 2017 to define a maiden drill program to test both the zinc-lead-silver targets and the replacement gold targets. The metal prices for zinc and lead continue to trend upward, with strong demand projected for the near term. Ongoing exploration activities on the McKinnon-Hawkins project will be followed with a diamond drill program in January 2017.”
Garry Clark, PGeo, is a qualified person as defined by National Instrument 43-101 is the independent qualified person responsible for reviewing and approving the technical contents of this press release as they pertain to the Evening Star Property.
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Lastly, the Company wishes to correct the following terms from its news release dated December 1, 2016. The cumulative acquisition terms to acquire an 80% interest in the Evening Star Property are cumulative cash payments of US $195,000 rather than US$175,000 plus US $45,000. All other terms to acquire up to a 100% interest in Evening Star are correct. The Company also assumes the obligation to spend $10,000 on the property over a two year period.
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: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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