SXOOF - Exploration Update and Management Reorganisation
(TheNewswire)
Montréal – TheNewswire - September 13, 2021 – St-GeorgesEco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF)(FSE:85G1) is pleased to provide an update onits multiple exploration initiatives currently underway on three ofits mineral projects focusing on energy metals and gold and located inIceland and on the Québec North-Shore.
Thor Gold DrillingReport
The first of 22 planned drill holes ranging from 125 to 500 metersin depth is underway on the Thor Gold Project in Iceland. Drillingtargets will allow for infill drilling and twin drilling of some ofthe historical holes to allow a NI 43-101 resource estimate and forthe future definition of the gold deposit. This campaign is fullyfunded and should stretch over the next three months for a total of4,060 meters.
Picture 1. Drill Rigon Thor Gold Project
The first of two core drill rigs has been moved on-siteat Thor. Currently, three holes have been completed for a total of478 meters. As with many drill programs, the drilling at Thor hassome issues that are being resolved.
The first hole, TH 1, was abandoned at 84 meters due topoor recovery and issues with drilling methods. Hole 1 appeared toend in mineralization, but recoveries were very poor towards the endof the hole.
Hole TH 1B offset TH 1 by three meters and redrilledthe same sequence. Although this hole was able to reach 110 meters,the recovery remained poor through what was perceived to be the targetzone at about 80 meters. Drilling continued to 110 meters, where thecore rods became stuck and suffered a complete recovery loss. Thehole was terminated in a second altered and possibly mineralized zone. The team suspected from recent mapping and historical drilling thatat least two and possibly three zones of gold- bearing alteration may be present as mineralized zones thatare either parallel or in repeating fabric of veins opened up along asigmoidal curve.
Hole TH 2 has just finished at a targeted depth of 184meters. This hole intersected two zones of alteration withquartz-adularia veining and clay alteration. This appears to confirmthe potential for additional mineralization within the Thor trend.
Samples have been submitted to the ALS assay laboratoryin Ireland, and results are awaited.
Julie Nickel ProjectDrilling Report
Drilling is ongoing on the Julie Project. 5 holes have beencompleted so far on the first drilling phase for a total that is nowexceeding 2,500 meters.
The first four holes consist of deeper holes configured toaccommodate a significant down hole geophysical effort that is to becompleted in mid-September.
Hole 5, which was not part of this effort, will need to be redrilledas Hole 5B when the Company restarts drilling later this fall afterthe pause taken during the big game hunting season. The drillingencountered problems after drilling over 500 meters of length while ina significant fault. Solutions are being studied in order to twindrill this hole using technologies and material that would secure thehole integrity and allow the Company to complete drilling of itsexpected 650 meters plus length.
The drill rig has been moved in the vicinity of the Bastien showinglocated about 400 meters west-south-west of the Julie Trench #1. Thearea had two Phase 2 holes planned that will be initiated today andcould be completed before the hunting season break.
Manicouagan Palladium ProjectExploration Report
Surface exploration consisting of mapping, trenching,and sampling via different methods, including an important channelcutting and sampling program, is underway. Vegetation and glacialtill overlying much of the area coupled with lack of access and a fewlakes provide some extraordinary issues to overcome. Trenching isfocused on the geophysical targets first identified by aerialgeophysics and then followed up by Beep Mat on the ground. Landingsites for the helicopter are being prepared for each trench area.Several of the new trenches have uncovered similar massive sulfidezones previously targeted at the Bob Showing. These new finds will betargeted within the 10,000 meters shallow drill program that is set tostart this month.
In parallel, the systematic cutting and logging of thehistorical cores at our contractor locations in Ville de La Baie areongoing. The Company expects to send a significant number of samplesto the ALS labs for analysis over the coming weeks.
Management Reorganisation
Certain concerns with management were raised as theCompany deploys its mineral processing technology and negotiates withgovernments, interested third-party potential commercial partners, andputs in place an Annual Information Form (AIF) Prospectus.
Conflicts of interest related to otherbusinesses and personal holdings have put Mr. Gary Johnson, a directorand long-time collaborator of St-Georges, in a particular positionthat needed to be remediated. Mr. Johnson has resigned from his boardposition, and the board of St-Georges has accepted his departureeffective immediately. Gary will act as an advisor in the future oninitiatives related to nickel-copper metallurgical processes that arenot in conflict with St-Georges’ imminent start of industrialoperations.
Frank Dumas, COO and Director of St-GeorgesEco-Mining, said, “Gary’sinfluence on the board of directors will be sorely missed. To date, wehave kept him siloed from activities that may cause a conflict ofinterest, which is not a situation that could continue ad infinitum.We look forward to working with Gary on special initiatives, and hewill always have a place on our team .”
A similar dynamic, together with the evolution of the new mandate ofMr. Paul Pelosi Jr. within EVSX, has now required him to step down asan officer and director. Paul will be taking the role of EnvironmentalAdvisor to the Board of St-Georges. As the Company ramps up itslobbying activities in the USA over the next few quarters, managementbelieves that this change in the management and directorshipstructures will allow its main resource more freedomof operations.
Frank Dumas, COO and Director of St-Georges Eco-Mining,said, “ Paul is a tremendousasset to our team, and we did not want to lose him due to theappearance of political influence. Moving him to the position ofEnvironmental Advisor opens up more opportunities to capitalize onPaul’s strengths for the entire St-Georges operation.”
The technicalinformation contained in this report in regard to the Julie &Manicouagan Projects has been reviewed by Roger Ouellet. P. Geo, anindependent qualified person as per NI 43-101. The technicalinformation contained in this report in regards to Iceland has beenreviewed by Herb Duerr, P.Geo, a qualified person as per NI43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“HerbDuerr”
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges is developing new technologies to solve someof the most common environmental problems in the miningindustry. The Company controls all the activemineral tenures in Iceland. It also explores for nickel on the JulieNickel Project & the Manicouagan Palladium Project on Quebec’sNorth Shore. Headquartered in Montreal, St-Georges’ stock is listedon the CSE under the symbol SX, on the US OTC under the Symbol SXOOFand on the Frankfurt Stock Exchange under the symbol 85G1.
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release .
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