Supernova Metals Preparing to Drill Cold Springs Gold-Silver Project
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“Historic drilling and sampling on the hilltop at Cold Springs have confirmed the presence of a gold and silver bearing system,” said Sean McGrath, CEO of SUPERNOVA. “What has yet to be discovered is the source of that mineralization. Results from a ground magnetic survey recently completed by SUPERNOVA and a previously completed IP survey, combined with the local geologic data, suggests that the feeder system is likely to have been down dropped into the valley west of the hilltop and subsequently concealed by valley-fill alluvial cover. We look forward to testing this large geophysical anomaly and potentially identifying the source of the exposed mineralization.”
A recent three-dimensional induced polarization (“IP”) and resistivity survey identified a large, compact zone of low resistivity (< 35 ohm-m) approximately 200 metres west of the range front fault and west of exposures of second stage high-grade low sulphidation veins on the west flank of the central hill. This zone extends deeper than the detection limit of the survey (approximately 200 metres below surface) and has a top at around 80 metres, the inferred approximate depth to bedrock beneath alluvium in this area.
The 2021 drill program will test the buried IP resistivity anomaly that is interpreted to potentially represent the buried roots of the epithermal system that is exposed across the range front fault on the hill to the east. Several drill holes will also test a chargeability feature that appears to be associated with the interpreted range front fault. These geophysical features may represent alteration and silicification related to a mineralizing system and offer compelling exploration targets that will be tested by this initial drill program.
About Cold Springs
The Cold Springs property is located in the western Great Basin of Nevada and covers high-grade volcanic-hosted epithermal gold-silver mineralization. It lies approximately 80km east of Fallon and is accessible by road. It covers an approximately 800 metre by 350 metre hill-top exposure of altered and silicified rhyodacite breccia which hosts a series of northwest-striking, sub-parallel gold and silver-bearing quartz veins. The property consists of 22 Federal Lode Claims centered on a small hill located along the up-thrown east side of NNW-striking range front normal-fault system.
Previous sampling by Silver Range and others has yielded values of up to 64.9 g/t gold and 1,770 g/t silver from vein material. Limited reverse circulation drilling on the property has not adequately tested the mineralized system.
Four large, low-sulphidation epithermal veins are exposed in a wider 500 metre by 200 metre area of silicification. Gold-silver mineralized quartz-vein systems are up to 70 metres long and 2 metres thick. Existing data suggests the exposed mineralization is on the eastern-periphery of a larger hydrothermal system. Prior geological mapping and drill results indicate that the host volcanic tuffs, large silicified breccia-bodies and high-grade quartz veins dip west towards the Cold Springs valley. Additional segments of the gold-silver mineralization exposed on the hill-top, and potential hydrothermal feeder conduits (faults) may have been down-dropped to the west across the range-front fault system and are now hidden beneath valley-fill alluvial cover.
Combined CSAMT and IP geophysical surveys have identified a large resistivity low located beneath alluvial cover to the west of the range front fault system. The resistivity low is interpreted to be argillic alteration surrounding the core of the hydrothermal system and/or sulfide-bearing quartz feeder veins.
About SUPERNOVA
SUPERNOVA is a growth-oriented exploration company focused on acquiring and advancing natural resources opportunities within North America. SUPERNOVA has a growing and diversified portfolio of assets, including revenue generating oil production, as well as Lithium, Vanadium, Silver and Gold assets.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Cold Springs gold-silver project has been reviewed and approved by Dr. Kent Ausburn, PhD, PG, Director of SUPERNOVA, a qualified person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr. Ausburn verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. The sampling data disclosed in this news release is historical in nature and is taken from exploration reports completed by past operators on the property, and therefore should not be relied upon as current.
ON BEHALF OF THE BOARD
Sean McGrath
CEO and Director
sean@supernovametals.com
For More Information Contact:
Tim McNulty
(604) 783-8291
info@supernovametals.com
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