VANCOUVER, British Columbia, April 12, 2018 (GLOBE NEWSWIRE) -- Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSX.V:MMV) (OTCQX:MNRLF) is pleased to report that, to date, three NQ diamond drill holes, ST-18-001, ST-18-002 and ST-18-003 totaling 1,322m have been completed on the Company’s Standby Mine Target in the Rochford District. This high priority “Homestake-style” gold target is 26 km (16 miles) south of the world’s richest and deepest iron formation hosted gold deposits, which between 1876 and 2001, produced over 40 million troy ounces (43,900,000 ounces) of gold at an average grade of approximately 8.47 grams per tonne (0.25 opt) over the life of the mine.
DDH ST-18-001 was drilled at -45 degrees toward the southwest to geologically twin and confirm the historic mineralized zone observed in DDH S-1 drilled by Getty Oil in 1980 near the head of the Standby Syncline and within the historic Standby Mine workings (see news release February 12, 2018). This hole, which was drilled to 495 meters, succeeded in penetrating mineralized iron formation from 68m-147m considered to be near the Getty S-1 intersection previously reported.
DDH ST-18-002 was drilled at -60 degrees toward the southwest into the Standby Syncline, 120m south of DDH ST18-001 and 100m south of the southernmost historic Standby Mine workings. DDH ST18-002, which was drilled to 514 meters, penetrated the target iron formation from the collar to 205m intersecting two strongly mineralized shear zones. The first shear zone with quartz-flooding, hydrothermal chlorite, and 3-15% pyrrhotite was encountered from 87m-96m, and a second more intensively altered, wider shear zone with quartz flooding, strong hydrothermal chlorite, 10-50% pyrrhotite and 1% to locally 2% arsenopyrite was encountered from 123m-157m. Both shear zones were hosted in the target iron formation.
DDH ST-18-003 was drilled to 313 meters from the same collar as ST18-002 at -70 degrees to undercut the mineralized zones encountered in DDH ST18-002 by approximately 40 m vertically. DDH ST18-003 penetrated iron formation from the collar to 254m intersecting two strongly mineralized shear zones. The first shear zone was encountered from 122m-136m with quartz flooding, hydrothermal alteration and up to 8% pyrrhotite and 1% arsenopyrite. The second shear zone, a wider, more intensive shear zone with quartz flooding, strong hydrothermal alteration, 10-30% pyrrhotite and 1% up to locally 4% arsenopyrite was encountered from 153m-183m. Both shear zones were hosted in the target iron formation, and appear to be the better-mineralized down-dip extensions of the two shear zones encountered in DDH ST18-002.
A total of 771 core samples from all three drill holes have been submitted for analysis and the results for all three holes will be released when available. Due to spring thawing conditions and deep ruts along the access road to drill hole ST-18-004, drilling has been temporarily halted until road conditions improve.
Up plunge from Getty hole S-1, an underground drill hole, ULG-UG3 designed the test the Standby Mine horizon 75 meters below the 125-foot level intersected 4.61 grams per tonne across 12.19 meters. In addition, a channel sample collected from one of the mineralized gold zone of quartz flooded iron formation on the 425-foot levels ran 6.22 g/t Au across 10.5m. Between 1986 and 1988, Homestake drilled three separate “widely spaced step out” cross sections down plunge from the Standby Mine shaft! The “step out” cross sections were designed to intersect the major gold bearing fold structure at 750-meter intervals down plunge. Remarkably, in 1987, Homestake SM87-3A, located 1500 meters laterally and about 560 meters vertically and 1500m down plunge from the Standby Mine deposit intersected a broad interval of gold mineralization within a thick unit of iron formation including a high grade interval grading 10.29 grams per tonne across 3.1 meters.
Qualified Persons
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. All exploration activities at the Rochford Project are carried out under the strict supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration of its 100%-owned Rochford Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Rochford Project covers approximately 7,500 acres and straddles three major trends of structurally thickened auriferous iron formation that host ledge-type gold mineralization.
Since 2013, the Company has continued to expand its land position in the Rochford gold district by professional claim staking and also by purchasing strategically located private properties that fall along two of the major sub-parallel structural trends that host Ledge-type gold mineralization. The Company now owns the largest land position in the Rochford greenstone belt and now possesses by far the largest and most comprehensive database for the district in modern day exploration history! The Rochford Project is vastly under-explored and has the potential to host several district scale gold discoveries.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
For further information, please contact:
| Brad Baker, Vice-President Corporate Development & Director | ||
| (778) 383-3975 | bbaker@mineralmtn.com | |
| Or visit our website: | www.mineralmtn.com | |
Forward looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.