MBYMF - Mountain Boy Minerals Adds Theia Project in The Golden Triangle
(TheNewswire)
Vancouver, BC – TheNewswire - December 22, 2020 – Mountain Boy Minerals Ltd.(“Mountain Boy” or the “Company”) (TSXV:MTB ) ( Frankfurt:M9UA) (OTC:MBYMF) announces the acquisition, through staking and purchase ofanother highly prospective property in the Golden Triangle. Whileremaining solidly focused on the American Creek project, themanagement and technical team locked up another exceptionalopportunity.
This latest acquisition is in line with the Company’ssuccessful strategy of consolidating properties where a fresh look andconsolidation of results from previous explorers working smallportions of the property point to larger-scale potential.
Theia is Mountain Boy’s fifth project in the Golden Triangle. Itadds another 9,028 hectares, bringing the total Golden Triangleholdings to 36,186 hectares (361 square kilometers).
The Theia project is located in the midst of several advanced-stagesilver-gold projects. It is 10 km southeast of Ascot’s Red Mountaingold deposit. Ascot announced a US$105 million financing to fund are-start of mining at its Premier mine (1), with a feasibility studythat involves Red Mountain ore being trucked to the Premier mill (2).Theia is immediately north of the Homestake Ridge project of Fury GoldMines Limited with a Preliminary Economic Assessment announced inApril 2020 (3). The proposed access road to Homestake Ridge would comewithin 9 km of the Theia property. The past producing Dolly Vardensilver camp is located 12 km to the south of Theia. Dolly VardenSilver Corp has outlined a high-grade silver resource around the oldmines and is continuing to expand the resource (4). Hecla Mining, thelargest primary silver producer in the United States, is exploring theKinskuck Property, a large claim block that abuts the Theia propertyto the south (5).
Exploration began in the 1960s with a team of Kennecott geologistsexploring for base metals in the vicinity of the Theia property. Overthe next several decades, numerous companies explored the area,primarily looking for gold. The discovery of the Red Mountain golddeposit in 1989 kicked off a flurry of activity, focused on RedMountain style mineralization.
A compilation and comprehensive review of the results of previous workhas identified multiple mineralizing styles with widespread gold andsilver values found at surface. Field work in the past seasonconfirmed some of the previous showings and added further information.Assays from samples taken in the summer are pending. This area, likemuch of the Golden Triangle, is experiencing rapid glacial retreat,opening up areas that have not previously been examined, adding to theunexplored potential of this property.
Part of the acquisition involves a purchase of an internal claim (218hectares) from an arms-length individual for $10,000 and 50,000Mountain Boy shares (subject to regulatory approval), with the vendorretaining a 1.5% NSR royalty with a buy back provision.
Sale of Industrial MineralsProject
Mountain Boy also announces the sale of its industrialminerals Manuel Creek property in southern BC in order to better focuson the precious mineral projects in the Golden Triangle. Thepurchaser, a private company, exercised an option granted in April2019. The private company is working with Lafarge Canada Inc., a subsidiaryof LafargeHolcim, which is “the leading global building materialsand solutions company”. Lafarge carried out tests of the pozzolanwhich occurs on the property. Pozzolan is as an additive for concrete.The Lafarge report concluded: “Preliminary assessment of the dacitictuff as a natural pozzolan would qualify the material as suitable”(6). The property is road accessible and the material requires minimalprocessing for use in concrete. Mountain Boy retains a 3% royalty onthe project.
About American Creek:
The Company recently completed a 10-hole drill programon its American Creek project, with assays pending. (See News Releaseof November 12, 2020.) Highlights of the 2020 drill program includeintersecting significant silver mineralization in the Upper Ruby Zone,a newly discovered zone located 430 metres north of the MBSilver High-Grade Zone where kilogram silver values were drilled in2006 (MTB News Release, January 30, 2007). The Company successfullytested four target areas, with sulphide mineralization observed at alltargets.
The American Creek project is located in the highlyprospective American Creek corridor of British Columbia’s GoldenTriangle . The property, which has a richmining history, is road accessible and is 22 kilometresnorth of the deep-water seaport of Stewart . Mountain Boy hasconsolidated a 2,600-hectare property and compiled historic productionand exploration information.
Mountain Boy Minerals considers the area to have highpotential to host one or more deposits. The presence of numerousnearby past producers, the proximity to the Premier mill, an evolvingunderstanding of the geology and encouraging results and discoveriesin the region all support the highly prospective nature of thisproperty.
The technical disclosure in this release has been read and approved byAndrew Wilkins, B.Sc., P.Geo., a qualified person as defined inNational Instrument 43-101.
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(1) Ascot News Release, December10, 2020.
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(2) Premier & Red MountainGold Project, Feasibility Study Ni 43-101 Technical Report, BritishColumbia, May 22, 2020
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(3) Fury news release of April15, 2020.
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(4) Dolly Vardenwebsite.
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(5) Hecla website.
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(6) Report On PreliminaryAssessment Of The Manuel Creek Volcanic Ash Deposit As A CementitiousMaterial (Natural Pozzolan) by Eric FontaineM.Sc., Raw Materials and Mining Expert – Cement Division, LafargeCanada Inc .
On behalf of the Board ofDirectors:
Lawrence Roulston
President & CEO
For further information, contact:
Nancy Curry
VP Corporate Development
(604) 220-2971
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
This news release may containcertain "forward looking statements". Forward-lookingstatements involve known and unknown risks, uncertainties, assumptionsand other factors that may cause the actual results, performance orachievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by theforward-looking statements. Any forward-looking statement speaks onlyas of the date of this news release and, except as may be required byapplicable securities laws, the Company disclaims any intent orobligation to update any forward-looking statement, whether as aresult of new information, future events or results orotherwise.
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