VANCOUVER, British Columbia, July 10, 2023 (GLOBE NEWSWIRE) --
NINE MILE METALS LTD.
(
CSE: NINE, OTCQB: VMSXF, FSE: KQ9
) (the “
Company
” or “
Nine Mile
”), is pleased to announce the mobilization of Lantech Drilling Ltd. track mount rig for continuation of the Company’s stage 2 drill program at its flagship Nine Mile Brook VMS project in the world-famous Bathurst Mining Camp, New Brunswick (“
BMC
”). Following re-processing and technical analysis from Phase 1, refined targeting has identified a new structure crosscutting the project area west of the Lens. Defined by a chargeability high, the Nine Mile Structural Corridor contains individual targets along its boundaries that have never been drill tested.
- The completion of the 5,000m stage 2 drill program on the Nine Mile Brook VMS Project is scheduled to resume by July 17, 2023.
- Enhanced target definition has identified a massive new structure, the Nine Mile Structural Corridor, and new targets on the western flank of the Lens.
- The boundaries of the structure correlates to the Islands Trend in the west and the along a well-defined geophysical contact in the east.
- This structure has never been tested by drilling.
- The new structural trend identified by the chargeability west of the Lens may, due to extensive folding, contain felsic volcanics of the Spruce Lake Formation, host to known VMS mineralization in the BMC.
- Targeting is focused along both the western and eastern contacts of the Nine Mile Structural Corridor where favourable geology coincides with individual, discreet anomalies as in the north where veins of copper and zinc mineralization were intersected in drill hole T01-B-RM at the Islands.
- Re-interpretation of the geophysical and geological data further defined the regional trend and boundaries that host the Lens mineralization.
- New targets have been identified with a node at hinge A and its plunge to the north.
- Lantech’s track mounted drill rig provides ease of access reducing moving costs while also keeping environmental disturbance to a minimum.
- Lantech has also secured a REFLEX EZ-TRAC, a high precision magnetic and gravimetric instrument that can transfer vital downhole survey data in real time to assist in the planning, plotting, and modeling of data.
Image 1: Newly Identified Nine Mile Structural Corridor
Patrick J Cruickshank, MBA , CEO & Director stated, “Our reprocessing and further analysis from phase 1 of our drill program has identified a new structure that has never been tested. New analysis has identified this structure and its contacts as a high priority for testing the source of our Lens. This area has never been identified or drilled historically. Only by utilizing new algorithms and data from our phase 1 drilling have we been able to locate and define this area. The fact that it lines up exactly with the Islands contact has further added to its potential for minerialization. We look forward to further locating the source at the Islands for the VMS veins intercepted in phase 1. We are thrilled to announce a fully funded phase 2 mobilization next week and continue our exploration program at Nine Mile Brook. In the meantime, we are continuing to analyze and prepare for our Wedge and California Lake drill programs.
We are proud to announce we have been selected and received the maximum amount of the New Brunswick Junior Mining Assistance Program Grant for our phase 2 drilling at our successful California Lake VMS Project from last fall 2022. This is a financial assistance program for private-sector mineral exploration companies. The maximum available is $50,000 and is intended to increase the probability of finding economically viable mineral resources in New Brunswick. Our successful identification and mineralization at our phase 1 drill program last fall 2022 has been identified and supported by the NB Government of Natural Resources and we are honoured to take this to the next level in phase 2 this summer. With the Wedge and the California Lake programs, we look forward to a very busy and successful summer/fall exploration season. We look forward to our next update.”
Image 2: Nine Mile Brook Stage 2 Drill Target Areas
“After merging the drill hole geology with the 3D geophysical model, a new structural trend has been identified on the Nine Mile Brook VMS Project where there has been no previous drilling. This is an exciting development and targeting in this stage is focused on more discreet, strong anomalies along the structural boundaries where favourable geology has been identified. This target area has always been considered a potential source of the Lens mineralization which may have moved into place following the many episodes of folding that define the deposits in the BMC,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director.
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., Director who acts as the Company’s Qualified Person, and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) VMS Project. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
Social Media
| @NineMileMetals | |
| Nine Mile Metals | |
| @ Nine Mile Metals |
ON BEHALF OF NINE MILE METALS LTD.
“Patrick J Cruickshank, MBA”
CEO and Director
T: +1.506-804-6117
E:
patrick@ninemilemetals.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the new structural trend identified by the chargeability west of the Lens may contain felsic volcanics of the Spruce Lake Formation, host to known VMS mineralization in the BMC, (b) this target area has always been considered a potential source of the Lens mineralization which may have moved into place following the many episodes of folding that define the deposits in the BMC, (c) the maximum $50,000 grant funding is intended to increase the probability of finding economically viable mineral resources in New Brunswick, (d) the fact that Nine Mile Structural Corridor lines up exactly with the Islands contact has further added to its potential for minerialization, (e) we are thrilled to announce a fully funded phase 2 mobilization next week and continue our exploration program at Nine Mile Brook, and (f) we are continuing to analyze and prepare for our Wedge and California Lake drill programs. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/484d9de9-255a-4878-a955-3011f3d339ab
https://www.globenewswire.com/NewsRoom/AttachmentNg/ea3c8a44-2a73-4c28-9a99-f8d503c13c8e
