(TheNewswire)
-
KZ-21-05 intersects 3.0 meters of39.2 g/t Gold and 80.4 g/t Silver in Southern BC, ~15 km from CopperMountain Mine
-
Kodiak Zone is open in alldirections, with a 1.5 km high-grade soil anomaly still open to theeast
-
Strong potential for additionaldiscoveries under post-mineral volcanics spanning a 2.5-km distancebetween the Kodiak and Main Zones
-
Quartz-sulphide veining intersectedin all drill holes at Kodiak Zone
-
Only 1/3 of the 600-meter-wide KodiakZone has been tested
-
The mineralization at Placer Mountainhas strong geological similarities to Gold Mountain Mining’s ElkDeposit 80 km to the north
-
Multiple gold occurrences found injust a single field season at Placer Mountain; additional groundstaked to the north along prospective geological structure withexpanded drilling planned for 2022
March 24 , 2022 – TheNewswire - DAMARA GOLD CORP.(TSXV:DMR) (OTC: SLMZF ) ( “ Damara ” or the “ Company ” ) is verypleased to announce it has confirmed a new high-grade gold zone at itsKodiak Zone prospect, located on the Company’s Placer Mountainproject in Southern BC (“ Placer Mountain ” orthe “ Property ”) . The Company rushed the processingand assays for hole KZ-21-05 which intersected 3.0 meters of 39.2 g/tGold and 80.4 g/t Silver within a new orogenic-style vein systemdiscovered through reconnaissance soil sampling and trenching in 2021(Figures 1, 2). The true width of the vein is unknown at this time,due to the broken and weathered nature of the recovered core, but highangle fractures suggest that the reported interval may be near to truewidth. The new gold system is characterized by quartz-sulphide veinshosted within a clay-sericite altered intrusive unit, near the contactwith Nicola Group volcanic and sedimentary rocks. Quartz-sulphideveining was intersected in all eight holes, revealing several parallelnear surface veins for which assays are pending.
Table 1 -Highlight Intercept from Rushed Drill Hole KZ-21-05
Hole ID | From (m) | To (m) | Interval (m)* | Au (g/t) | Ag (g/t) |
KZ-21-05 | 27.00 | 30.00 | 3.0 | 39.2 | 80.4 |
incl. | 27.00 | 28.00 | 1.0 | 27.4 | 62 |
incl. | 28.00 | 29.00 | 1.0 | 87.5 | 169 |
incl. | 29.00 | 30.00 | 1.0 | 2.8 | 10.1 |
* 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.
CEO Comment
Larry Nagy, CEO, commented “ Our maiden drill program has now confirmedthe presence of a second potentially large orogenic gold system atPlacer Mountain. The Kodiak Zone appears even more robust than theMain Zone, delivering the highest-grade gold ever intersected indrilling on the project. The new system was discovered by systematicsoil sampling and trenching along strike of the Main Zone, and ourmaiden drill program has now verified the high-grade nature of theveins trenched on surface. Our drilling has intersected significantquartz-sulphide veining in all holes, revealing a robust mineralizedsystem, of which we have only just scratched the surface. We lookforward to releasing assay results for the remaining drill holes, forwhich we expect assays very soon.
We are very pleased with theprogress made on the project since the first ever hole drilled inDecember of 2020. In just a single year, our drilling has now expandedthe Main Zone and unveiled a major new gold occurrence at the KodiakZone. We expect 2022 to be an even more momentous year for the Companyas we continue building on Southern BC’s newest orogenic golddiscovery. ”
Deposit Model
The Company has noted strong similarities to thedrilling at Gold Mountain Mining Corp’s. Elk Deposit 1 , which recentlybegan commercial production on an orogenic gold system just 76 km tothe north of Placer Mountain. The Elk Gold Deposit, which is definedby approximately 50,000 meters of drilling in 973 drill holes, iscentered along the contact of Nicola Group volcanic and sedimentaryrocks with a Jurassic aged intrusion. Both the Main Zone and the newlydiscovered Kodiak Zone are both situated along a similar geologicalcontact at Placer Mountain, which represents an important structuralcontrol and guide to the Company’s future exploration.
Figure 1 – Cross-Section ofKZ-21-05 at Kodiak Zone
Figure 2 – Plan View ShowingLocation of KZ-21-05 at Kodiak Zone
The Company has staked additional ground along thisimportant geological structure, adding several km of untested strikelength to the north of the Kodiak Zone. The Company also plans tocarry out a large geochemical program to the south of the Main Zone aswell, along the newly realized important structural control, which hasnever before seen exploration.
2022 Exploration Program
The Company is currently planning it’s 2022exploration program for Placer Mountain, which will be focused onextending the orogenic gold system at depth and along strike at boththe
Main Zone and the Kodiak Zone. The program will alsoinvolve further soil sampling along the important NicolaGroup-Jurassic Intrusive contact; a newly recognized structuralcontrol on emplacement of vein systems. Up to 20 km of untested strikewill be sampled to the north of the Kodiak Zone, south of the MainZone and between the two zones, to explore for additional high-gradeorogenic gold veins.
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.
QA/QC Procedures
Drill core samples were prepared and analyzed at MSALabs laboratory in Langley, B.C. by analytical code AuAg12, whichassays gold by fire assay and silver by aqua regia digest. Prior toshipment, blind quality control samples were inserted at a frequencyof in every 10 samples, including blank material, 3 differentcertified reference standards (high, medium and low grade gold andsilver), ¼ core duplicates and empty bags for pulp duplicates. Samplepreparation at the laboratory was completed by crushing the entiresample to 70% passing -2mm, riffle splitting off 1 kilogram andpulverizing the split to greater than 85% passing 75 microns. Using a30 gram sub-sample, the gold values are determined by fire assaymethod, with atomic absorption finish, which reports results in partsper million (ppm) (equivalent to grams per tonne (g/t)). Silverresults were determined by aqua regia digestion with ICP-ES finish.Analytical results for the quality control samples were independentlyverified to pass.
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
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 orconditions "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 requiredregulatory approvals and the timing of such approvals; that theCompany maintains good relationships with the communities in which itoperates or proposes to operate, future legislative and regulatorydevelopments in the mining sector; the Company ’ s ability to access sufficientcapital from internal and external sources, and/or inability to accesssufficient capital on favorable terms; mining industry and markets inCanada and generally; the ability of the Company to implement itsbusiness strategies; competition; the risk thatany of the assumptions prove not to be valid or reliable, which couldresult in delays, or cessation in planned work, risks associated withthe interpretation of data, the geology, grade and continuity ofmineral deposits, the possibility that results will not be consistentwith the Company’s expectations, as well as other assumptions risksand uncertainties 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
Copyright (c) 2022 TheNewswire - All rights reserved.