(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 24, 2023 : Inflection Resources Ltd.(CSE:AUCU ) ( OTC:AUCUF ) ( FSE:5VJ) (the "Company" or"Inflection") is pleased to announcethat following the signing of the Definitive Agreement with AngloGoldAshanti Australia Limited (“AngloGold”) announced on June 14,2023, the Company has commenced a large-scale drill program comprisingof approximately 35,000 metres across the Company’s 100% ownedportfolio of copper-gold projects in New SouthWales, Australia.
Summary Highlights:
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Drilling has commenced and will test a wide variety ofintrusion related targets across the portfolio. Drilling willinitially focus on the Duck Creek, Myallmundi and Trangie targetswhere earlier drilling by the Company returned favourableresults;
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AngloGold will fund up toAUD$10,000,000 of exploration expenditures across the portfolio ofprojects in New South Wales as part of a Phase Iexploration drill program;
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The two-rig drill program is estimated to comprise ofapproximately 100 drill holes totalling 35,000 metres. Drilling willbe completed using combination mud-rotary/diamond core rigs;and,
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Inflection is operating the exploration program andwill receive a 10% management fee.
Alistair Waddell, Inflection’s President and CEO,states: “The Inflectionteam is excited to get this next chapter of the copper - goldexploration program in New South Wales underway, which is expected tocomprise of approximately 35,000 metres of drilling and now fullyfunded by AngloGold. We estimate this phase of drilling will takeapproximately eighteen months to complete and will test twenty-fourprincipal target areas of interest with each target area requiringmultiple drill holes. We look forward to keeping shareholdersupdated with regular news flow from the ongoing drilling.”
Duck Creek - Drilling:
The Company considers the Duck Creek explorationlicense to be highly prospective for large-scale alkalicporphyry-related copper-gold style targets comprising favourablemagnetic and gravity features which the Company interprets to be partof the prospective Macquarie Arc volcanic sequence. The principaltarget area comprises a large 10 by 15-kilometre gravity low embaymentwithin the large regional magnetic high. The Company considers thegeological setting highly analogous to CMOC’s Northparkes minelocated approximately 200 kilometres to the south. Specifically, theCompany is drill testing high-amplitude, complex, magnetic patternsvery similar to those typical of the intrusion-related signatures ofthe Macquarie Arc mineralized districts.
Drilling is underway in the area of previous Inflectiondrilling which intersected stronglyhydrothermally altered rocks with characteristics similar to thoseoften found adjacent to mineralized alkalic copper–gold systems suchas Newcrest’s Cadia mine and the Northparkes mine complex. Previous Inflection drill holes DCKDH002, 005and 006 intercepted porphyry-style alteration over an approximate 400by 250 metre area which included biotite-albite-K-feldspar-tourmalineand blebs of bornite. The Company is now targeting this specificarea with deeper drilling with holes estimated to be 600-800 metresdeep. The principal target area of interest is associated with an800 by 1,300 metre aeromagnetic low feature interpreted to representmagnetite destruction associated with hydrothermal alteration.
Twenty other priority targets within the broader DuckCreek Exploration license have also been generated by analysing theaeromagnetic geophysical survey data and will be systematically drilltested as part of this ongoing program.
Duck Creek – Ground geophysical survey:
Three separate areas within the Duck Creek explorationlicense will be tested with a total of 35-line kilometres of IP/MT(Induced polarisation/magnetotelluric) electrical geophysics. Thesurvey is designed to identify zones of elevated chargeabilityindicative of sulphide mineralisation and high resistivity oftenassociated with the margins of porphyry intrusions. The survey willbe initiated in the coming weeks and it is anticipated will furtherrefine the ultimate positioning of certain drill holes on the DuckCreek exploration license.
Figure 1: NSW target locationmap
Myallmundi - Drilling:
Six drill holes are planned to be completed on theMyallmundi target testing an approximate 1.5 by 2-kilometre zone ofmagnetite enrichment evident in the aeromagnetic data. This magneticfeature is coincident with quartz-chalcopyrite-molybdenite-pyritebearing quartz veins in sericite altered volcanics rocks intersectedin Inflection drill hole MYLDH003. The alteration assemblagesuggests proximity to a porphyry intrusion. The first drill holewill test the centre of a distinct magnetic high located approximately300 metres east of hole MYLDH003.
Trangie – Drilling:
Eight holes are planned for the broader Trangie targetarea which will test the depth extent of an approximate 2 by2-kilometre zone of strongly hydrothermallyaltered rocks characteristic of those adjacent to mineralized alkaliccopper–gold systems. Alteration comprises of biotite-magnetite and albite-epidote, which was intersected inprevious Inflection drill holes TRNDH006, 007, 011, 013, 014, 015 and018.
Other Drill Targets:
With sequencing based largely on drilling logistics,other targets including Fairholme, Meringo, Nine Mile and Marratargets (Figure 1) are planned to be systematically drill tested. Further updates will be provided as drilling progresses.
Phase I AngloGold AgreementTerms :
AngloGold will sole fund up toAUD$10,000,000 on exploration expenditures across a wide range ofdifferent intrusive related exploration targets over a maximum36-month period, which includes a minimum expenditure commitment ofAUD$6,000,000. Inflection will operate Phase I and will receive a10% management fee for doing so. Upon completion of Phase I,AngloGold then retains the right to designate up to five projectswhere it may potentially earn up to a 75% interest in each project bycompleting various milestones. See Inflection news release datedJune 14, 2023 for further details.
About Inflection’s NSWProjects:
The Company is systematically exploring for large copper-gold and gold deposits in the northern interpretedextension of the Macquarie Arc, part of the Lachlan Fold Belt in NewSouth Wales . TheMacquarie Arc is Australia’s premier porphyry copper-gold provincehost to Newcrest Mining’s Cadia deposits, the CMOC Northparkesdeposits and Evolution Mining’s Cowal deposits plus numerousexploration prospects including Boda, the discovery made by AlkaneResources.
The Company uses cost-effective mud-rotary drilling tocut through unmineralized post-mineral sedimentary cover beforetransitioning to diamond core drilling once basement is reached. Itis well documented that mineralized bodies elsewhere in the belt, inparticular porphyry and intrusive related systems, have largedistrict-scale alteration and geochemical halos or footprintssurrounding them.
The Company completes a series of short diamond drillholes into bedrock rather than just one or two deep and more expensivediamond drill holes. Multiple data points gained from alteration andmineral geochemistry is then used to vector additional deeper holes. This is a proven exploration strategy in thecovered segments of the Macquarie Arc having been directly responsiblefor the discovery of the Northparkes and Cowal deposits.
Qualified Person:
The scientific and technical information contained inthis news release has been reviewed and approved by Mr. Carl Swensson(FAusIMM), a “Qualified Person” (“QP”) as defined in NationalInstrument 43-101 – Standards of Disclosure for MineralProjects.
About Inflection ResourcesLtd. Inflection is a technically drivencopper-gold and gold focused mineral exploration company listed on theCanadian Securities Exchange under the symbol “AUCU” and on theOTCQB under the symbol “AUCUF” with projects in Australia. For more information, please visit the Companywebsite at www.inflectionresources.com .
On behalf of the Board ofDirectors
Alistair Waddell
President and CEO
alistair@inflectionresources.com
For further information, pleasecontact:
Brennan Zerb
Investor Relations Manager
+1 (778) 867-5016
Forward-Looking Statements: This news release includes certainforward-looking statements and forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian securities legislation. All statements,other than statements of historical fact, included herein including,without limitation, statements regarding future capital expenditures,amount of drilling, receipt of the maximum amount of available grantfunding, anticipated content, commencement and cost of explorationprograms in respect of the Company's projects and mineral properties,AngloGold’s anticipated funding of the Minimum Commitment and timingthereof, and the anticipated business plans and timing of futureactivities of the Company, are forward-looking statements. Althoughthe Company believes that such statements are reasonable, it can giveno assurance that such expectations will prove to be correct. Often,but not always, forward looking information can be identified by wordssuch as "pro forma", "plans", "expects","may", "should", "budget","scheduled", "estimates", "forecasts","intends", "anticipates", "believes","potential" or variations of such words including negativevariations thereof, and phrases that refer to certain actions, eventsor results that may, could, would, might or will occur or be taken orachieved. Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to differ materially fromany future results, performance or achievements expressed or impliedby the forward-looking statements. Such risks and other factorsinclude, among others, statements as to the anticipated business plansand timing of future activities of the Company, including theCompany's exploration plans. the proposed expenditures for explorationwork thereon, the ability of the Company to obtain sufficientfinancing to fund its business activities and plans, delays inobtaining governmental and regulatory approvals (including of theCanadian Securities Exchange), permits or financing, changes in laws,regulations and policies affecting mining operations, the Company'slimited operating history, currency fluctuations, title disputes orclaims, environmental issues and liabilities, as well as those factorsdiscussed under the heading "Risk Factors" in the Company'sprospectus dated June 12, 2020 and other filings of the Company withthe Canadian Securities Authorities, copies of which can be foundunder the Company's profile on the SEDAR website at www.sedar.com .
Readers are cautioned not to place undue reliance onforward-looking statements. The Company undertakes no obligation toupdate any of the forward-looking statements, except as otherwiserequired by law.
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