SXOOF - St-Georges Discovers a New 80 Meters Long Gold Mineralized Zone at Thor Gold Project
(TheNewswire)
Reykjavik - TheNewswire - November 23, 2020 - St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) i s pleased to disclose the results of the reversecirculation research hole TRC 20-01 authorised prior to theacquisition of Melmis EHF earlier this fall.
The 124m hole intersected a broadzone of low grade disseminated mineralization near surface. At depthof 41.5m the team intersected and confirmed with preliminary assaysthe existence of a thickinterval that contained gold mineralization averaging 0.24 g/t over 80meters with gold grades ranging from 0.01 g/t up to 6.21 g/t.
Within that zone a section of 9.9 meters averaged 0.7g/t gold starting at 55 meters depth and included 2.1 meters of 1.67g/t gold. A separate zone assayed 6.21 g/t over 0.3 meters at a depthof 98 meters.
The company is in the process of renting new facilitiesthat will allow a streamlined sampling process. As soon as theinstallation is ready, all samples on 30cm intervals will be reloggedand certain samples will be reanalyzed for gold and trace elements byindependent laboratories in Dublin Ireland. Duplicate samples are anecessary protocol when gold values exceed one g/t gold in a known lowsulfidation vein system with historic high-grade gold values. Traceelement geochemistry may further assist in vectoring in on the betterparts of the system. The company expects to conduct the next hole atan angle of 85? from the same location to confirm itshypothesis.
This initial hole was drilled between two previouslyknown mineralized and drilled areas of the project. The purpose of thehole was to provide continuity of alteration and mineralizationbetween these two zones. Additional holes are planned along strikeand at depth as a follow-up of hole TRC 20-01. This RC hole wasdrilled at -45 degrees and azimuth 110?. Following the acquisition ofMelmis, St-Georges is less restricted on the location and depth offuture drilling.
Based on geological logging to date, mineralization isdisseminated over a thicker interval and not limited to quartz veiningwhich is the preferential host for high-grade gold elsewhere in theThor system.
Based on the results from this recent hole, St-Georgesgeological team believes that we are looking at a strong hydrothermalsystem that is mineralized with gold over apparent broad widthscurrently more than 700 meters of strike.
Iceland Resources, St-Georges' Iceland wholly owned subsidiary's CEO, Thordis Bjork Sigurbjornsdottir , commented:"(...) We are very pleased withthe preliminary results from our maiden hole within the project, wefeel it supports our theory in regards of the geological settings andthat the system could potentially prove to be expanded on a muchlarger surface than what was previously expected. These results areencouraging on our path to our first maiden resource. The team isevaluating next steps and is anticipating additional positivesurprises with further work(...)".
Figure 1 Location of RC DrillHole
Quality Control
Samples were collected in buckets then sealed andtransported directly from the site to Iceland Resources' securedwarehouse facilities in Reykjavik by the SX geological team. Thegeological team sampled each bucket. The samples along with duplicateand Q/C blank samples were added to 2 shipments that traveled by planeto ALS Global Laboratories (ISO/IEC 17025 accredited) in Loughrea,Ireland. All samples were tested using four acid trace analysis(ME-ICP61).
About Thor Gold
The Thormodsdalur Gold Project is located about 20km east of the citycenter of Reykjavik and south-east of the Lake Hafravatn. The projectwas discovered in 1908. The property produced a gold concentrate from1911 to 1925, which shipped to Germany for processing. Over 300meters of tunnels explored and mined one or more quartz veins and wallrock below 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 circulation holedrilled by St-Georges in the Fall of 2020.Gold values vary from lessthan 0.5 g/t to a maximum of 415 g/t. (These values were obtained fromselected random intervals and cannot be construed to be representativeof any particular thickness or overall length.) Historically, the bestintercepts from the diamond drilling are 33.5m of 8.0 g/t Au (truethickness) and 5.2m of 35.4 g/t Au (true thickness).
Gary McLearn, A professionalgeoscientist (Ontario APGO #2900) and an Independent Qualified Personas defined by National Instrument 43-101, has prepared, supervised thepreparation or approved the scientific and technical disclosure in thenews release.
The technical information in thisrelease has been reviewed and approved by Mr. Herb Duerr, P. Geo.St-Georges' director, a qualified person as defined by NationalInstrument 43-101 Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
"Vilhjalmur T. Vilhjalmsson"
VILHJALMUR THOR VILHJALMSSON
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 Quebec'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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