(TheNewswire)
March 8 , 2022 – TheNewswire - DAMARA GOLD CORP.(TSXV:DMR) (OTC:SLMZF) ( “ Damara ” or the “ Company ” ) is pleased to report that it’s 2021 drill program hassuccessfully extended gold mineralization at the Main Vein, whichcontinues to remain open to the west, with drill hole MV-21-06intersecting 1.40 meters of 34.12 g/t Au and 87.74 g/t Ag on its Placer Mountain Project south of Princeton, BC(“ PlacerMountain ” or the “ Property ”). Thisnews release reports the first 6 of 18 drill holes completed duringthe 2021 program. The 2021 drill program successfully extended highgrade intercepts from the 2020 maiden drill program, including 1.0 mof 48.60 g/t Au and 30.80 g/t Ag (See April 5, 2021 News Release) andhighlights the potential for a large scale orogenic gold system atPlacer Mountain. The intersection of high-grade gold in MV-21-06indicates significant expansion potential even further to the west, asthe gold system now extends into areas previously untouched, due tothick overburden cover. Following this second phase drill program, thepresence of a strong orogenic gold system is becoming apparent atPlacer Mountain.
Assays also remain pending for the remainder of theMain Zone as well as 8 maiden holes drilled at the new Kodiak Zone,which was discovered during a 2021 soil sampling and trenching programearlier this year. The drilling at Kodiak intersected strong veiningand sulfide mineralization, with broad alteration halos, similar tothat encountered in the Fall program (See news release December 2,2021).
Main Vein Expanded; Remains OpenAlong Strike and at Depth
All holes within the Main Zone have intersected theMain Vein, with the exception of MV-21-04, which was terminated shortof the vein due to drilling difficulties associated with the recentflooding events in Princeton and MV-21-05 which was collared justsouth of the vein, which is covered by thick overburden at surface.The Main Vein has now been traced in drill core for a total strikelength of 385 meters (Figure 1). The Company has noted strongsimilarities to the drilling at Gold Mountain Mining Corp’s. ElkDeposit 1 , which recentlybegan commercial production on a similar style orogenic gold system,just 76 km to the north of Placer Mountain. The Elk Deposit, whichis defined by approximately 50,000 meters of drilling in 973 drillholes, is centered along the contact of Nicola Group rocks with theJurassic Osprey Lake Batholith, in a geological setting that is verysimilar to that at Placer Mountain.
Table 1 - Select Intercepts from Main Vein
Hole | From (m) | To (m) | Length (m)* | Au (g/t) | Ag (g/t) |
MV-21-01 | 36.25 | 38.00 | 1.75 | 3.67 | 34.10 |
And | 62.50 | 63.00 | 0.50 | 3.12 | 11.40 |
And | 92.00 | 92.50 | 0.50 | 1.82 | 9.00 |
And | 162.00 | 162.50 | 0.50 | 1.93 | 9.40 |
MV-21-02 | 48.50 | 49.40 | 0.90 | 19.80 | 83.00 |
And | 58.90 | 63.00 | 4.10 | 1.93 | 15.90 |
MV-21-03 | 6.15 | 9.00 | 2.85 | 0.40 | 2.22 |
MV-21-04 | 16.50 | 2.05 | 4.00 | 0.49 | 11.36 |
MV-21-05 | 12.00 | 14.50 | 2.50 | 0.27 | 36.42 |
MV-21-06 | 62.80 | 64.25 | 1.45 | 34.12 | 87.74 |
* Theintervals reported in these tables represent drill intercepts andinsufficient data are available at this time to state the truethickness of the mineralized intervals. All gold values areuncut.
Awaiting Kodiak Zone Assays
The Company is currently awaiting assays from thesecond half of the 2021 drill program at the new Kodiak Zone, whichintersected strong veining and sulfide mineralization, with broadalteration halos, similar to that encountered in the Company’s Falltrenching program, as well as assays from the remaining 4 Main Zonedrill holes. The Company’s soil sampling program at Kodiak revealeda 1.5 kilometer long gold in soil anomaly which remains largelyuntested and open to the east under post-mineral volcanic cover (SeeDecember 2, 2021 News Release). Eight shortholes were drilled at the Kodiak Zone in 2021, testing just a smallportion of the anomaly which was easily accessible for winterdrilling.
Additional Staking to theNorth
The Company has also staked an additional 1,200hectares of mineral claims in further prospective ground to the northof Placer Mountain. The Company plans to utilize this new ground tocontinue its soil sampling and prospecting campaigns along theimportant intrusive–volcanic contact.
Larry Nagy, CEO, commented “ We are very pleased with our continuedsuccess at Placer Mountain, which highlights the scale of apotentially large orogenic gold system at the project. The 2021drill results have successfully extended the strike length of the MainVein, including high grade gold intersected in hole 6, where previouswas not able to reach bedrock. We are encouraged to see strong goldmineralization, which remains open to the west as we continue toextend the strike length of the Main Vein. Given the scale of thesystem we have uncovered with only 2,400m of drilling to date, weexpect 2022 to continue delivering exciting results. ”
Qualified Person
Dr. Gerald G. Carlson, PhD, PEng, technical advisor tothe Company, is the Qualified Person as defined by National Instrument43-101 who has reviewed and approved the technical data in thisreport.
About Damara
Damara Gold Corp. is a TSX Venture listed Canadianpublic company with a Board of Directors seasoned in the mineralexploration industry with extensive and successful internationalexperience with a focus on identifying and acquiring prospective andunder-explored gold properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORSOF DAMARA
“Larry Nagy”
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Larry Nagy
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-717-1840)
Disclaimer for Forward-LookingInformation
This news release contains statements that constitute"forward-looking Information", as suchterm is used in applicable Canadian securities laws . Such forward-looking information involves known andunknown risks, uncertainties and other factors that may cause theCompany’s actual results, performance or achievements, ordevelopments in the industry to differ materially from the anticipatedresults, performance or achievements expressed or implied by suchforward-looking information. Forward-looking information includesstatements that are not historical facts and are generally, but notalways, identified by the words "expects,""plans," "anticipates," "believes," "intends," "estimates,""projects," "potential" and similar expressions,or that events or conditions "will," "would,""may," "could" or "should" occur.
Although the Company believes the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by its natureforward-looking information involves assumptions and known and unknownrisks, uncertainties and other factors which may cause our actualresults, level of activity, performance or achievements, or otherfuture events, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking information.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; the Covid-19 pandemic;adverse industry events; the receipt of required regulatory approvalsand the timing of such approvals; that the Company maintains goodrelationships with the communities in which it operates or proposes tooperate, future legislative and regulatory developments in the miningsector; the Company ’ sability to access sufficient capital from internal and externalsources, and/or inability to access sufficient capital on favorableterms; mining industry and markets in Canada and generally; theability of the Company to implement its business strategies;competition; the risk that any of theassumptions prove not to be valid or reliable, which could result indelays, or cessation in planned work, risks associated with theinterpretation of data, the geology, grade and continuity of mineraldeposits, the possibility that results will not be consistent with theCompany’s expectations, as well as other assumptions risks anduncertainties applicable to mineral exploration and developmentactivities and to the Company, including as set forth in theCompany’s public disclosure documents filed on the SEDAR website at www.sedar.com .
THE FORWARD-LOOKING INFORMATIONCONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARAAS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TOCHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ONFORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATIONAS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT UNDERTAKETO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIREDIN ACCORDANCE WITH APPLICABLE LAWS.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this press release.
1 This news release contains informationabout adjacent properties on which Damara has no right to explore ormine. Readers are cautioned that mineral deposits on adjacentproperties are not indicative of mineral deposits on the Company’sproperties
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