SXOOF - Iceland: The Floor is Hot Lava
(TheNewswire)
Montréal – TheNewswire - March 31, 2021 – St-Georges Eco-Mining Corp.(CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE: 85G1) would like to provide an update on the volcanic activitiesfrom the Geldingadalir volcano located on its Reykjanes provisionalmineral exploration license in Iceland.
The volcano has been the site of a minor eruption forapproximately 11 days at the time of this release. St-Georges’geologists, working under the Company’s subsidiary, IcelandResources EHF, have taken a few kilos of rocks to obtain additionalmineral and metallurgic information about what is now some of theyoungest rocks on earth. The material coming out of the volcano hasbeen rich in Magnesium, Iron, and Titanium. This appears to bepreliminarily corroborated by observing the samples collected bySt-Georges submitted to a Portable X-Ray Fluorescence (XRF) reading.
See XRF readings of one of thesamples collected in the early days of the eruption in pictures 1& 2 below :
According to the Icelandic government volcanologists,this is about to change with an influx of copper and potentiallyprecious metals with lava originating from a different depth of themantle.
The Icelandic Meteorological Office (IMO) published asummary of the activities, commenting that: “(…) t he lava is basaltic and highly fluid with little explosive activity.It is a very small eruption, and the lava flow has been steady at 5-7m3/s since its onset. Currently the extent of the lava field is withinGeldingadalur but if the eruption keeps ongoing at a similar rate, itis modeled that the lava will flow east towards Merardalur valley. Ifthe volcano continues to erupt it could eventually end up beingcategorized as a shield volcano. Shield volcanoes are generally formedover long time periods with lava fields extending from a few toseveral kilometers around its source. There is no way to tell how longthe eruption will last.
The current magma is rich in MgO(8.5%) which indicates that it is from depths of around 17-20 km.There has been constant gas pollution close to the eruption site,spatially determined by local wind conditions. Gases can accumulate tolife-threatening levels in certain weather conditions. There have beenno indications of significant tectonic movements since the eruptionstarted. There is currently no indication of new openings at otherlocations along the magma injection path.(…)”.
St-Georges and Iceland Resourceswould like to invite visiting geologists, volcanologists, journalists,and avid volcano tourists to get in touch with us. We can helporganize visits to the site and provide geological support forscientific initiatives relating to the recent volcanic eruptions. Weare also planning small group visits to the Thor Gold Project forpeople interested. Please send us a quick note via our website at www.st-georgescorp.com
About the Reykjanes explorationlicense
The Reykjanes provisional license is part of thelicense application for active exploration work that is beingprocessed by the Icelandic authorities. It covers the area of theactive volcano. It is located in the Reykjanes Peninsula near thetowns of Keflavik and Grindavik and the International Airport. Readers can see the prospect area in the map provided by ISOR inFigure 1 below.
Pictures 3 to 6 – Pictures of lavasamples taken from the fresh lava on March 23, 2021, by St-GeorgesGeologists
Pictures 7 to 10 below: Site of theEruption
St-Georges other activities inIceland
Thor Gold Project
St-Georges is currently actively exploring on differentexploration licenses in Iceland. Its main active project is the ThorGold Project or Þormóðsdalur . The Company drilled an exploration reverse circulation holein the fall of 2020, for which it reported 82 meters of constantlow-grade gold-bearing mineralization. The Company has imported newsampling and preliminary testing equipment at its Reykjavik researchcenter. A rippler/splitter is now installed and will be used to createrepresentative samples to be sent to ALS Laboratories in Dublin,Ireland, for new analysis. The Company geologists have submitted thebuckets of the material collected during the RC drilling to XRFreadings for trace elements and found significant differences that areoutside the expected standard deviation compared with the lab resultsfrom last fall. The geological team has been convinced to resamplethis 82 meter section as part of the resampling effort alreadyinitiated on all the Thor Gold Project’s drill cores currently inthe Company’s possession.
Vopnafjörður – Vopna Project –Active License no. EL 06
T he Iceland Resources teamconducted a follow-up reconnaissance work within the Vopna license inOctober 2020. The focus was on an area within the land of Refsstaðir.The purpose was to follow up on the previous work where the presenceof gold was indicated. Four out of the ten in situ grab samples thatwere analyzed had traces of gold equal to or over 10 ppb. The resultsare encouraging. The Company expects to renew the Vopna license andconduct further sampling and mapping within the area duringspring/summer 2021.
Brekka Project
Access has been secured in order to conduct geologicalreconnaissance with the landowners on the Brekka license inHvalfjordur. The area was consolidated into the group of provisionallicenses of Iceland Resources with the acquisition of Melmis lastfall. Management is favoring cooperation with surface and landownerswithin provisional licenses in order to accelerate overexploration.
Thirteen samples were collected during last October’svisit to the sites. The results were inconclusive, but traces of goldwere present in all samples, making it a prospective area. The teamexpects to revisit the area when the snow melts.
Tröllaskagi Project - EL 05
An initial surface mapping effort was conductedmid-fall on the Tröllaskagi license. Samples were taken both withinthe Öxnadalur and Hörgárdalur section of the project for a total of24 samples. The majority of the samples, 21 in total, showed traces ofgold up to 40 ppb Au and up to 60 ppb Ag.
About Thor Gold
The Thormodsdalur Gold Project is located about 20km east of the citycenter of Reykjavík and south-east of Lake Hafravatn. The project wasdiscovered in 1908. The property produced a gold concentrate from 1911to 1925, which shipped to Germany for processing. Over 300 meters oftunnels explored and mined one or more quartz veins and wall rockbelow open cuts at the surface.
Studies between 1996 and 2013 identified the project mineralization asa low sulfidation system hosted by basic to intermediate flows ofPliocene to Miocene age. The host contains banded chalcedony andginguro within a fault zone up to 5 meters in width. To date, theidentified gold trend has a known strike length of 700 metersdetermined by drill intercepts. Petrographic analysis of the veinmaterial identified gold occurring in its free form and as part of anassemblage with pyrite and chalcopyrite. Petrographic and XRD studiesshow an evolution of the vein system from the zeolite assemblage toquartz-adularia and, lastly, to minor calcite.
Thirty-two holes have been drilled within the license area, for atotal of 2439 meters, excluding the 124 meters reverse circulationhole drilled by St-Georges in the fall of 2020. Gold values vary fromless than 0.5 g/t to a maximum of 415 g/t. (These values were obtainedfrom selected random intervals and cannot be construed to berepresentative of any particular thickness or overall length.)Historically, the best intercepts from the diamond drilling are 33.5mof 8.0 g/t Au (true thickness) and 5.2m of 35.4 g/t Au (truethickness).
ON BEHALF OF THE BOARD OF DIRECTORS
" Thordis BjörkSigurbjörnsdottir "
THORDIS BJÖRK SIGURBJÖRNSDOTTIR
Iceland Ressources EHF’s President & CEO
About St-Georges
St-Georges is developing new technologies to solve someof the most common environmental problems in the mining industry. TheCompany controls all the active mineral tenures in Iceland. It alsoexplores for nickel & PGEs on the Julie Nickel Project and theManicougan Palladium Project on the Québec’s North Shore.Headquartered in Montreal, St-Georges’ stock is listed on the CSEunder the symbol SX, on the US OTC under the Symbol SXOOF and on theFrankfurt 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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