Metallum Reports Drill Results at its Superior Zinc and Copper Project, Ontario, including 28.8% Zn, 0.86% Cu over 0.3m
Vancouver, August 24, 2021 - Metallum Resources Inc. (TSXV:MZN) ("Metallum" or the Company") is pleased to report results from its Phase 1 drill program at the Superior high-grade zinc and copper polymetallic project, located 150 km East of Thunder Bay in the province of Ontario, Canada. The Phase 1 drilling comprised 2,100m in 6 drillholes. The Superior Project is a former producing mine and includes the Winston Lake and Pick Lake deposits, which host a NI 43-101 Indicated resource of 2.07 Mt grading 17.9% Zinc, 0.8% Copper, plus gold and silver credits, and Inferred Resources of 0.27 Mt at 16.2% Zinc, 1.0% Copper (see Company press release January 26, 2021). An NI 43-101 Feasibility Study is currently underway by DRA Global of Toronto (see Company press release May 4, 2021). The Feasibility Study is scheduled to be published by the beginning of September 2021.
Results of Recent Drilling
The Phase 1 drillholes targeted the up-dip and down-dip extensions of the Lower Pick Zones outside of the current resource, as well as up dip extension of the Winston Horizon.
Photo 1. Sphalerite intersected in borehole PLV-002, outside of Lower Pick Zone.
Click Image To View Full Size
Kerem Usenmez, P.Eng., President and Chief Executive Officer, commented, "We are pleased with the results from the Phase I drilling which targeted the largely untested, near surface VMS horizon and deeper targets all outside of the current resource. Hole PLV-02 confirmed high-grade zinc and copper extensions of the Lower Pick Horizon, and the high grade zone remains open along strike. There is also excellent potential for additional high-grade mineralization in the central Pick area."
Mr. Usenmez added, "Furthermore, we are excited to receive results from PLV-04 which tested the mid-section of the Upper Pick Horizon geophysical anomaly located between the Anderson showing and Upper Pick lower grade mineralization. The upper part of the Pick deposit is open along plunge and dip, and there are multiple untested targets in close proximity to it. Our ongoing compilation and interpretation should continue to highlight the potential of this zone. The results from PLV-04 confirm the continuation of the known lower grade mineralization towards surface, also observed in PLV-01 and PLV-05, which will potentially provide us with early access to mineralization from a new planned portal access from that side of the deposit."
Table 1. Assay Results from Phase 1 Drilling (PLV-006 had no significant Assay results)
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|Hole ID|From (m)|To (m)|Length (m)|Zn % |Cu %|Ag g/t|
|----------------------------------------------------|
|PLV-002|825.20 |825.47|0.27 |28.80|0.86|37.5 |
|----------------------------------------------------|
|PLV-004|285.82 |286.35|0.53 |3.78 |0.41|5.4 |
|----------------------------------------------------|
|PLV-004|288.28 |288.91|0.63 |2.17 |0.47|4.9 |
|----------------------------------------------------|
|PLV-004|289.25 |289.93|0.68 |3.29 |0.90|9.6 |
|----------------------------------------------------|
|PLV-001|164.00 |165.00|1.00 |0.14 |0.50|2.9 |
|----------------------------------------------------|
|PLV-003|96.60 |96.89 |0.29 |0.01 |0.46|2.4 |
|----------------------------------------------------|
|PLV-005|104.80 |105.15|0.35 |2.05 |0.03|0.36 |
|----------------------------------------------------|
|PLV-005|114.45 |115.45|1.00 |0.06 |0.44|2.42 |
|----------------------------------------------------|
|PLV-005|116.00 |116.70|0.70 |0.05 |0.45|1.64 |
|----------------------------------------------------|
|PLV-006|153.75 |154.07|0.32 |0.01 |0.06|0.31 |
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A plan map of geology, with identified VMS Horizons, and deposits shown on Figure 1 and Figure 2. Drill Hole collar locations and directions are shown in Figure 3. The vertical drill section is presented in Figure 4.
Figure 1. Regional Geology of Superior Project
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Figure 2. Plan View of Superior Project with recent boreholes in relation to the geology and known deposits
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Figure 3. Recent Borehole traces in Pick Horizon showing significant intersections at the Pick Horizon/Deposit
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Figure 4. Section view of recent boreholes showing significant intersections in the Upper Pick Horizon based on interpretation of electromagnetic geophysical data
Ongoing Work
Compilation and analysis of historical whole rock geochemistry by Metallum has outlined significant alteration zones along the Winston Lake Horizon that have seen little or no drilling to date. Whole rock data from the Phase 1 drilling has confirmed VMS-associated footwall alteration in the target areas of Holes PLV-003 and PLV-006. Holes PLV-001, 004, and 005, which tested the Pick Lake Horizon near surface, intersected significant disseminated to locally massive sulfide mineralization with highly anomalous Cu, Zn and Ag values.
Re-interpretation of the historic VTEM and TDEM geophysical surveys resulted in the generation of new near-surface targets up dip of the Pick Lake Deposit. Phase 1 drilling tested these targets and had positive results, intersecting the mineralization and hydrothermal alteration. Based on these, Phase 2 drilling will continue to use this re-interpreted data to explore for thicker, higher-grade mineralization along the Pick Lake Horizon which is largely underexplored near surface.
The geology of the Superior project, with known VMS Horizons and drillhole locations, is shown in Figures 1 and 2. A drill section is presented in Figure 3. The mineralization of Lower Pick Zone is similar to that of Winston Mine, which produced 3.3 Mt @ 14% Zn, 1% Cu, 1g/t Au and 30 g/t Ag.
Click Image To View Full Size
The JORC Compliant Bankable Feasibility Study is being converted with updated numbers into an NI 43?101 Feasibility Study. The final Feasibility Study is expected to be published at the beginning of September 2021.
Technical Information
All scientific or technical information contained in this news release was reviewed and approved by Kerem Usenmez, M.Sc., P.Eng., who is a Qualified Person as defined in NI 43-101, and a licensed geological Engineer in the Provinces of Ontario and Manitoba.
About Metallum
Metallum Resources is a zinc and copper focused, base metal resource company run by a Canadian-based management team with extensive experience in the acquisition, exploration and development of resource properties. The Company is developing its flagship Superior Zinc and Copper Project located in Ontario, Canada.
For further details about the Company and the Superior Project, please visit the Company's website at metallumzinc.com.
ON BEHALF OF THE BOARD
Kerem Usenmez,
President & Chief Executive Officer
Symbol: TSXV-MZN
For further information, contact:
Kerem Usenmez, President & CEO
Tel: 604-688-5288; Fax: 604-682-1514
Email: info@metallumzinc.com
Website: metallumzinc.com
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