TCVNF - Tocvan Identifies High Priority Target Areas to Advance Gold-Silver Drill Targeting within Expansion Area
(TheNewswire)
Highlights
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Due Diligence Complete on PilarExpansion
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High Priority Target Areas withHistoric Workings and Silicified Breccias Identified
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Assay Results Pending from SurfaceSampling
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Video:
Calgary, Alberta - TheNewswire - October 6, 2023 - Tocvan Ventures Corp. (the “ Company ” ) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , is pleased to announce it hasidentified several target areas through its due diligence field workcompleted within the Pilar expansion area in Sonora, Mexico. Duediligence including ground reconnaissance is complete for the landexpansion acquisition surrounding Pilar (see News Release, July 27,2023) and the Company is now finalizing a definitive agreement. Recentplacer activity, historic workings, and prospective geology allindicate the area is highly prospective for gold and silver. Surfacesamples collected during due diligence of the area have been submittedfor analysis, results are pending.
“We are alreadyseeing excellent indications of a robust mineralized system beyondPilar,” stated BrodieSutherland, CEO. “The presence of pervasive hydrothermalalteration, silicified tourmaline breccias along with significanthistoric underground workings and years of active placer goldextraction are providing key indications that the area is prospectivefor drill targeting. Our priority is to advance these drill targets asquickly as possible to begin the evaluation of these areas and drivenew discoveries.”
Figure 1. PilarExpansion area coves over 21 square-kilometers of prospective groundsurrounding the established Pilar project. Recent placer activity,historic workings and prospective geology all indicate the area ishighly prospective.
Plate1. Rock samples from theexpansion area showcasing silicified tourmaline breccias. Historicunderground workings along prominent mineralized structures.
Figure2. Pilar Expansion area covesover 21 square-kilometers of prospective ground surrounding theestablished Pilar project. Recent placer activity, historic workingsand prospective geology all indicate the area is highly prospective.Preliminary target areas (red dots) and their relative distance toPilar.
Grant of Options
The Company is pleased to announce the grant of 500,000stock options to consultants pursuant to the terms and conditions ofthe Corporation's stock option plan. The stock options are exercisableat $0.50 per share and shall expire five years from the date ofgrant.
About the Pilar Property
The Pilar Gold-Silver property has recently returnedsome of the region’s best drill results. Coupled with encouraginggold and silver recovery results from metallurgical test work, Pilaris primed to be a potential near-term producer. Pilar is interpretedas a structurally controlled low-sulphidation epithermal system hostedin andesite rocks. Three primary zones of mineralization have beenidentified in the north-west part of the property from historicsurface work and drilling and are referred to as the Main Zone, NorthHill and 4-T. The Main Zone and 4-T trends are open to the southeastand new parallel zones have been recently discovered. Structuralfeatures and zones of mineralization within the structures follow anoverall NW-SE trend of mineralization. Mineralization extends along a1.2-km trend, only half of that trend has been drill tested so far. Todate, over 23,000-m of drilling has been completed.
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2022 Phase III Diamond DrillingHighlights include ( all lengths are drilled thicknesses ):
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116.9m @ 1.2 g/t Au, including 10.2m@ 12 g/t Au and 23 g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @7.6 g/t Au and 5 g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag,including 29.9m @ 0.9 g/t Au and 18 g/t Ag
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2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
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2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @10.8 g/t Au and 38 g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @6.0 g/t Au and 12 g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag,including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
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15,000m of Historic Core RCdrilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5 g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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Bulk Sample and MetallurgyResults
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Head Grade of 1.9 g/t Au and 7 g/t Ag
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Bulk Heap Leach Results of coarse fraction, 62%recovery of Au and 47% recovery of Ag
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Agitated Leach Results, 80% recovery of Au and94% recovery of Ag after just 24-hours of retention time
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Initial Gravity and Agitated Leach tests returned over 95%recovery of Au, over 73% recovery of Ag
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About the El Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic goldsystem within the regional Caborca Orogenic Gold Belt known forproducing gold mines that include La Herradura (>10 Moz Au) and SanFrancisco (>3 Moz Au). The project is 140 kilometers north ofHermosillo and only 18 kilometers southwest of the producing SanFrancisco Mine. The Project totals 24 square kilometers (2,400 ha).Five primary zones of mineralization have been identified across theproperty totalling over six kilometers of prospective trends. Surfacesampling and historic workings have identified high-grade gold andsilver values. The project has only seen widely spaced reconnaissancedrilling with no follow-up. Tocvan believes this provides an excellentopportunity for discovery of a multi-million ounce district. In December of 2022, the Company completed its first everdrill program at El Picacho leading to the discovery of significantnear surface mineralization at the San Ramon target highlighted by44.2m @ 0.6 g/t Au.
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn in the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately40 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan VenturesCorp. and a qualified person (" QP ") as definedby Canadian National Instrument 43-101, has reviewed and approved thetechnical information contained in this release.
Cautionary Statement RegardingForward Looking Statements
This news release contains“forward-looking information” which may include, but is notlimited to, statements with respect to the activities, events ordevelopments that the Company expects or anticipates will or may occurin the future. Forward-looking information in this news releaseincludes statements regarding the use of proceeds from the Offering. Such forward-lookinginformation is often, but not always, identified by the use of wordsand phrases such as “plans”, “expects”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, or “believes” or variations(including negative variations) of such words and phrases, or statethat certain actions, events or results “may”, “could”,“would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements,and any assumptions upon which they are based, are made in good faithand reflect our current judgment regarding the direction of ourbusiness. Management believes that these assumptions are reasonable.Forward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include,among others, risks related to the speculative nature of theCompany’s business, the Company’s formative stage of developmentand the Company’s financial position. Forward-looking statementscontained herein are made as of the date of this news release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults, except as may be required by applicable securities laws.
There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir @tocvan.c a
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