Green Bridge Metals Corporation Plans to Complete Current Mineral Resource Estimate Report on the Titac Property in the South Contact Zone, Minnesota
Vancouver - Green Bridge Metals Corp. (CNSX: GRBM, OTCQB: GBMCF, FWB: J48, WKN: A3EW4S) ("Green Bridge" or the "Company") is pleased to announce plans to complete an Initial Mineral Resource Estimate on the Titac South property at its South Contact Zone group of properties in the Duluth Complex of Minnesota. In 2012 Cardero Resources published a resource of 45M tonnes of 15% TiO21*, based on 22 drill holes for 7,974 meters from the 2010 drill campaign; the Company is treating the estimate as historical in nature and plans to update this historical resource over the next two months. Historical drilling at the Titac South property encountered significant TiO2 mineralization within an Oxidized Ultramafic Intrusion (OUI) which also contains significant copper (Cu) and vanadium (V2O5). However, copper and vanadium were not modeled in this historical resource. The Company plans to evaluate if there is the potential for additional value to be added in the project with additional drilling at the Titac South property. In addition, the Company is evaluating the historical drilling from the Titac North prospect to determine if there is opportunity to increase the resource potential of the Titac property. Table 1 below highlights historical drill intercepts from the Titac South and Titac North prospects.
"We are seeing a positive shift in metals prices globally and equities are following suit with some equities on their way back to 52 week highs. At Green Bridge, we have prime leverage to multiple different metals including copper, nickel and titanium. We are compelled to move quickly to daylight the opportunities and advance them rapidly. Plans in the near term to announce a current mineral resource estimate show confidence by our technical team to establish a strong baseline as the Company develops plans to grow resources. We look forward to updating shareholders and the broader market with targeting and drill plans in the near future," stated David Suda, CEO of Green Bridge Metals.
The Company has also identified targets for follow-up exploration to the south of the Titac area based on historical drilling at the Boulder prospect. The Boulder prospect was historically drilled by Phelps Dodge, American Shield, and the Natural Resource Research Institute (NRRI) of the University of Minnesota Duluth from 1969 - 1970. A selection of these core holes were subsequently relogged and re-assayed by Encampment Minerals Inc. in 2012 and yielded significant titanium-vanadium-copper mineralization hosted in an OUI that has similar characteristics to those encountered at the Titac South and North prospects (Table 1).
Finally, the Company is developing additional drill targets based on historical geophysical surveys in the Titac and Boulder areas that will be detailed in a subsequent news release in the coming weeks.
| HOLE ID | Location | Interval (m) | Cu % | Ni % | TiO2 % | V2O5 % | |
| Boulder | |||||||
| IV-1 | Boulder | 57.0 | 0.22 | 0.03 | 23.2 | 0.42 | |
| 36.6 | 0.19 | low | 26.8 | 0.52 | |||
| IV-6 | Boulder | 15.8 | 0.28 | 0.06 | 16.1 | 0.19 | |
| IV-8 | Boulder | 32.2 | 0.25 | 0.03 | 21.8 | 0.27 | |
| 18.3 | 0.24 | low | 25.8 | 0.3 | |||
| Titac | |||||||
| TTC-03 | Titac North | 36.4 | 0.34 | 0.02 | 17.7 | 0.06 | |
| TTC-05 | Titac North | 12.6 | 0.28 | 0.02 | 18.1 | 0.12 | |
| TTC-10 | Titac South | 39.6 | 0.27 | 0.03 | 22.2 | 0.15 | |
| TTC-14 | Titac South | 571.5 | 0.19 | 0.18 | 14.3 | 0.08 | |
| including | 145.1 | 0.39 | 0.02 | 20.6 | 0.08 | ||
| TTC-15 | Titac South | 199.3 | 0.21 | 0.02 | 10.2 | 0.05 | |
| TTC-19 | Titac South | 461.9 | 0.37 | 0.02 | 20.6 | 0.07 | |
| TTC-27 | Titac South | 356.0 | 0.25 | 0.02 | 14.1 | **N/A | |
| TTC-29 | Titac South | 101.9 | 0.19 | 0.03 | 17.1 | **N/A | |
| **N/A indicates "Not Analyzed" Assay data is historical and a QP has not done sufficient work to independently validate the assay drill core results. Intervals are core length and generally thought to represent 70 to 90% true width. | |||||||
Table 1. Historical significant drill intercepts from the Boulder and Titac properties. Note that in some cases, elements of interest were not analyzed (Boulder drill results from EMI Internal Report, 2012, Titac results from Cardero Ni 43-101 Technical Report, verified by original assay certificates)2,3.
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Figure 1. Regional location map showing geology (MGS State Map Series S-21 2011), infrastructure, and neighboring Cu-Ni-PGE (+/- TiO2-V2O5) deposits. The Titac area includes the Titac North and Titac South prospects.
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Figure 2. Map showing the Titac and Boulder properties (black polygons) with historic drillhole locations (red circles). Titac contains the Titac North and Titac South prospects. Significant values for titanium dioxide, vanadium, and copper in drill intercepts for each prospect at Titac and Boulder are shown.
*The historical mineral resource estimate above for the SCZ was calculated prior to the implementation of the standards set forth in the current NI 43-101 and current CIM standards for mineral resource estimation. Resource definitions, terminology, and reporting standards have changed significantly since these series of reports. The estimates in these reports are all considered historical in nature and a QP has not done sufficient work to evaluate these resources as current resources. In order for these resources to be updated as current resources, a QP would need to, examine and analyse the existing drill core, validate and verify the existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore, the Company and the QP for this News Release are treating this estimate as historical in nature and are highlighting the estimate for the purpose of illustrating the potential extent of mineralization that may be present.
QP Statement:
Michael Dufresne, M.Sc., P.Geol., P.Geo., is an independent qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
ON BEHALF OF GREEN BRIDGE METALS,
"David Suda"
President and Chief Executive Officer
For more information, please contact:
David Suda
President and Chief Executive Officer
Tel: 604.928-3101
investors@greenbridgemetals.com
About Green Bridge Metals
Green Bridge Metals Corporation (formerly Mich Resources Ltd.) is a Canadian based exploration company focused on acquiring 'battery metal' rich mineral assets and the development of the South Contact Zone (the "Property") along the basal contact of the Duluth Intrusion, north of Duluth, Minnesota. The South Contact Zone contains bulk-tonnage copper-nickel and titanium-vanadium in ilmenite hosted in ultramafic to oxide ultramafic intrusions. The Property has exploration targets for bulk-tonnage Ni mineralization, high grade Ni-Cu-PGE magmatic sulfide mineralization and titanium.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the completion of a current NI 43-101 compliance mineral resource estimate on the Titac South property at the South Contact Zone Properties in the Duluth Complex of Minnesota; and the exploration and development of the South Contact Zone Properties.
Although management of the Company believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risk factors include, but are not limited to: the completion of a current NI 43-101 compliance mineral resource estimate on the Titac South property at the South Contact Zone Properties may not be completed as currently anticipated, or at all; the exploration and development of the South Contact Zone Properties may not result in any commercially successful outcome for the Company; risks associated with the business of the Company; business and economic conditions in the mining industry generally; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Certain figures and references contain information supported by public and corporate references that may have been updated, changed, or modified since their referenced date. The Company has not reviewed any resources and cannot comment on their accuracy.
References:
1Farrow, D., Johnson, M., (2012), January 2012 National Instrument 43-101Technical Report on the Titac Ilmenite Exploration Project, Minnesota, USA. SRK Consulting (Canada) Inc. SRK Project Number 2CC031.004. Cardero Resources Corp.
2DeMatties, T.A., (2020). Encampment Minerals, Inc., 2020 Winter Drilling Program at the Skibo (North) Property, St. Louis County, Minnesota, Technical Report. Encampment Minerals Inc.
3DeMatties, T.A. (2012). Encampment Minerals Inc., Duluth Copper-Nickel-PGM Exploration Program Boulder Lake North Property, St Louis County Minnesota, Technical Report (unpublished). Encampment Minerals Inc.
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