Highlights include:
- 52.4 m at 0.45% Cu and 0.44g/t Au, or 1.14 g/t Au EQ
- 20.2 m at 0.66% Cu and 0.40 g/t Au, or 1.43 g/t Au EQ
- 9.0 m at 0.95% Cu and 0.14 g/t Au, or 1.62 g/t Au EQ
TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (“ Sulliden ” or the “ Company ”) (TSX: SMC) is pleased to announce the results of its 2019 and 2020 drilling campaigns on its 100% owned East-Sullivan property (the “ Property ”). The Property is located in the heart of one of the most prolific gold and copper greenstone belts in the world, which is within the historical mining camp of Val-d’Or, Quebec, Canada. The Property is adjacent to and less than 2km away from Eldorado Gold Corp.’s Lamaque mining operation (Triangle zone, Figure 1). Note that Eldorado has entered into a definitive arrangement agreement pursuant to which it is expected that Eldorado will acquire 100% of QMX Gold Corp. (“ QMX ”), which owns properties directly north of the Property (see QMX’s press release dated January 21, 2021). QMX reports an indicated mineral resource of 397 KOz at an average grade of 1.67 g/t Au (see QMX’s press release dated December 2, 2020).
The Property also hosts the former East-Sullivan mine, a major producer that operated from 1949 to 1966. Ore was historically mined from a multi-lens, polymetallic base metal deposit (Cu, Zn, Au, Ag, ±Pb) and past production amounted to 14,968,918 tonnes at an average of 1.05% Cu, 0.78% Zn, 0.38 g/t Au and 10.63 g/t Ag according to the compilation of yearly production figures produced by the Department of Mines of the Province of Quebec.
Figure 1. Claim map showing the Property, drill hole locations and neighboring claim positions. Note the underground extension of the Triangle operation in dashed line: https://www.globenewswire.com/NewsRoom/AttachmentNg/45ba8153-5464-45d7-be0a-6416c6db36e1
Drilling on the Property was conducted in two phases:
| 1- | In September 2019, Sulliden completed drill holes SU-19-001 and SU-19-002 to test the eastern extension of the East-Sullivan past producing mine. Both SU-19-001 and SU-19-002 intersected mineralization. Highlights are 52.4 meters grading 0.45% Cu and 0.44 g/t Au for the first hole, and 20.2 meters grading 0.66% Cu and 0.4 g/t Au for the second hole (Table 1). | |
| 2- | In October 2020, drill holes SU-20-001 and SU-20-002 tested a magnetic anomaly at the western contact of the East-Sullivan pluton and the western extension of the East-Sullivan past producing mine, respectively. Drillhole SU-20-002 intersected 9 meters averaging 0.95% Cu and 0.14 g/t Au (Table 1). |
Drill hole coordinates and locations are shown in Table 2 and Figure 1.
A compilation of surface and underground drill data respecting the former East-Sullivan mine was completed in 2020, which lead management to a better understanding of mineralization trends and controls. The eastern extension of the mineralization straddles the East-Sullivan pluton contact oriented N50E, whereas the western extension is oriented east-west. The true thickness of the mineralized drill intervals could thus be estimated and is reported in Table 1.
Table 1: Drill hole mineralized intersections
| Drill Hole |
From
(m) |
To
(m) |
Width
(m) |
Estimated
True Width (m) |
Cu (%) |
Au
(g/t) |
| SU-19-001 | 344.0 | 396.4 | 52.4 | 16.2 | 0.45 | 0.44 |
| SU-19-001 | 411.1 | 420.0 | 8.9 | 2.8 | 0.38 | 0.22 |
| SU-19-002 | 426.0 | 446.2 | 20.2 | 10.2 | 0.66 | 0.40 |
| SU-19-002 | 464.0 | 474.8 | 10.8 | 5.5 | 0.55 | 0.17 |
| SU-19-002 | 494.0 | 522.0 | 28.0 | 14.2 | 0.44 | 0.09 |
| SU-20-001 | - | - | - | - | - | - |
| SU-20-002 | 459.0 | 473.0 | 14.0 | 7.0 | 0.69 | 0.12 |
| Incl. | 464.0 | 473.0 | 9.0 | 4.5 | 0.95 | 0.14 |
Table 2 : Drill hole coordinates
| Drill Hole | E_MTM83 | N_MTM83 | Elevation (m) | Length (m) | Azimuth | Dip |
| SU-19-001 | 214918 | 5326304 | 317 | 420 | 003 | -65 |
| SU-19-002 | 214892 | 5326689 | 320 | 522 | 168 | -55 |
| SU-20-001 | 214423 | 5326067 | 320 | 567 | 136 | -75 |
| SU-20-002 | 214251 | 5326630 | 322 | 524 | 185 | -60 |
“The recent exploration campaign delivered positive results and exciting news for Sulliden,” stated Stéphane Amireault, a consultant and member of the board of directors of Sulliden. He continued, “It confirms the potential of the Property and potential extensions around the past producing East-Sullivan mine.”
“We are bullish on the price of both copper and gold, and we believe recent market action suggests that we may be in for a strong market in precious and base metals. Many mines are discovered in the “shadow” of existing mines, and this may be no exception. With excellent infrastructure in place, we are optimistic that we could have an exciting project here. We have an excellent track record of discovering and developing mines, including the Shahuindo mine in Peru (which is producing over 200,000 ounces of gold per year and was sold to Pan American Silver Corp.) and the Troilus mine, now in an advanced development stage in Chibougamau, Quebec,” said Stan Bharti, CEO of Sulliden.
Qualified Person
The technical and scientific content of this news release has been prepared, reviewed and approved by Mr. Stéphane Amireault. P.Eng., M.Sc.A., who is a qualified person defined by National Instrument 43-101 –
Standards of Disclosure for Mineral Projects
.
Quality Assurance/Control
Sulliden operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of NQ-size diamond drill core. In 2019, samples were prepared and assayed at AGAT Laboratories in Val-d’Or. The assay results for Cu, Zn, Pb, and Ag are obtained from an Agua Regia digestion and ICP-AAS finish. In 2020, samples were prepared and assayed at ALS Chemex Laboratories in Val-d’Or. The assay results for Cu, Zn, Pb, and Ag are obtained from a four acid digestion and ICP-MS finish. All Au assays for the 2019 and 2020 drill programs are based on fire assay analysis of a 30 g charge followed by an atomic absorption finish. Certified standard reference materials, field duplicate and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.
About the East-Sullivan Property:
The East-Sullivan property is located 5 kilometers to the southeast of the city of Val-d’Or. It contains the former East-Sullivan polymetallic deposit that produced 14,968,918 tonnes of ore at an average of 1.05% Cu, 0.78% Zn, 0.38 g/t Au and 10.63 g/t Ag from 24 lenses starting from surface and extending to a vertical depth of 930 meters. Mineralization consists of sulphide dissemination, sulphide stringers, as well as semi-massive and massive zones characterized by chalcopyrite, sphalerite, pyrrhotite, and pyrite hosted in altered volcanic rock units. The Property also hosts a structurally controlled gold zone, located 750 meters to the east of a former mine. Historical drillholes revealed shear hosted quartz veining measuring up to 6 meters thick.
About Sulliden
Sulliden is a venture capital company focused on acquiring and advancing brownfield, development-stage and early production-stage mining projects in the Americas.
For more information, please contact:
Stéphane Amireault
Director
SAmireault@sulliden.com
Cautionary statement regarding forward-looking information
T his press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Company’s future plans, operations and activities, projected mineralization, predictions with respect to precious and base metal markets, and the ability of the Company to execute its business plans. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.sulliden.com . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
