(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 18, 2023 : Inflection Resources Ltd. (CSE:AUCU ) ( OTC:AUCUF ) ( FSE:5VJ) (the "Company" or"Inflection") is pleased to announceit has completed four drill holes on its Carron Project in NorthernQueensland, Australia.
Summary Highlights:
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Four drill holes totalling 1,055 metres were recentlycompleted on the Carron Project
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Drilling tested four separate aeromagnetic targets overan approximate 20 kilometre distance
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Three holes intercepted a number of orogenic lodequartz veins considered by Inflection to be similar to those found atthe nearby Croydon Goldfields;
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The majority of the drilling was funded by aAUD$200,000 grant awarded by the Government of Queensland as part ofthe Government’s Collaborative Exploration Initiative; and,
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All samples have been submitted for analysis and theresults are pending.
Alistair Waddell, Inflection’s President and CEO,states: “We are encouragedto have intercepted orogenic quartz veining which we consider similarto that at the Croydon Goldfields under a sequence of post-mineralsedimentary cover. We are encouraged by what we see in the core butwill await the assay results prior to making any further explorationplans for the project next year”.
Carron Drilling:
Inflection has completed an additional four drill holes(CADH005–008 - Figure 2) totalling 1,055 metres and tested a varietyof different aeromagnetic targets, three of which were interpreted torepresent structures mostly defined by north and northwest trendingmagnetic lows which are considered to have the potential to hostCroydon style vein mineralisation. Orogenic quartz bearingpyrite-pyrrhotite + chalcopyrite ± arsenopyrite veins wereintercepted in holes CADH005, CADH006 (Figure 1) and CADH007. Thenorthernmost hole, CADH008, did not intersect appreciable quartz veinsbut it did intersect minor disseminated chalcopyrite and pyrrhotitehosted in fine grained metasediments with variable amounts of patchyquartz-sericite alteration. The Company interprets the quartz veinsto be similar to those found at the Croydon Goldfields locatedapproximately 30 kilometres to the south although the recent drillingtested structures located further east of the previous Inflectiondrilling which intercepted quartz veining but with no significant goldvalues. Each of the wide spaced holes was designed to test separatemagnetic anomalies interpreted to be the manifestation of alterationand quartz veins over approximately 20 kilometres.
Each hole broadly intercepted between 90 and 150 metresof post-mineral cover before cutting a sequence of Mesoproterozoicaged metasedimentary rocks and granitic intrusions.
Figure 1: Drill core from holeCADH006, massive orogenic quartz vein withpyrite-pyrrhotite-marcasite-sphalerite-galena mineralization from186.93 – 187.58 metres.
The majority of the Inflection drilling was funded by aAUD$200,000 grant the Company received from the Government ofQueensland. The grant was awarded as part of the Queensland Government’s Collaborative ExplorationInitiative designed to encourage mineral exploration inQueensland.
Figure 2: Drill hole location mapsincluding regional geology and 1VD RTP magnetics.
About the Carron Project:
The Carron project is located approximately 400kilometres west of Cairns in Northern Queensland. Inflectionidentified a series of orogenic, potentially gold-bearing quartz veinand intrusion related gold targets on trend from the historic CroydonGoldfields, one of Queensland’s more significant high-grade goldmining districts. Total production from the Croydon Goldfields after1885 is reportedly over one million ounces from numerous quartz-veinlode deposits reportedly with an average grade of 35 g/tAu (1) .
The Carron targets were generated by analysing datafrom a regional airborne magnetic survey completed by the QueenslandGovernment. Interpretation of the magnetic data identified a seriesof extensive large north-west trending structures under post-mineralsedimentary cover, which intermittently extend for over approximately30 kilometres. Consequently, the Company flew a 3,855-line kilometreairborne high-resolution magnetic survey with 50-metre line spacingfor better target definition of the structures to enable drill holepositioning. The high resolution airborne magnetic data wasprocessed and 3D magnetic vector inversion and conventionalsusceptibility inversion modelling completed.
In late 2021, Inflection completed an initial fourdrill holes totalling 1,030 metres at Carron which were successful inintercepting orogenic style quartz veins as modelled by the Company,although only anomalous gold and base metal values werereturned.
Project Earn-InDetails:
The Carron project is the subject of an ExplorationFarm-in Agreement in which the Company may earn up to a 100% interest. The Company currently owns a 70% interest in the project.
Qualified Person and Sampling QualityControl:
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 Mineral Projects. Drilling is being conducted using atruck-mounted multi-purpose drill rig. Mud rotary drilling isutilised to drill through the cover sequence before transitioning todiamond drilling using NQ sized core at the unconformity. Core islogged at the Company’s field office, photographed and marked beforebeing cut to the Company’s specified sample intervals. Half coresamples are placed in bags with internationally certified blanks andstandards inserted. Samples are dispatched to ALS Laboratories, anaccredited analytical laboratory meeting ISO/IEC 17025:2005 and ISO9001:2015. Samples are prepared by crushing and grinding via ALSmethods CRU-21 and PUL-32 respectively. The pulps are then assayedfor 48 elements via ALS method ME-MS61 using a 25g sample after a fouracid near total digest with an ICP-MS finish. Gold is assayed byfire assay using ALS method Au-AA23 using a 30g sample charge and AASfinish. Laboratory standards and QA-QC are monitored by theCompany.
1. Van Eck M, Child R 1990 – Croydon Gold deposits:in Hughes F E (Ed.), 1990 Geology of the Mineral Deposits of Australia& Papua New Guinea The AusIMM, Melbourne Mono 14, v1 pp979-982
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 .
Inflection is part of the NewQuestCapital Group which is a discovery-driven investment company thatbuilds value through the incubation and financing of mineral projectsand companies. Further information about NewQuest can be found at www.nqcapitalgroup.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 sufficient financing to fund its business activitiesand plans, delays in obtaining governmental and regulatory approvals(including of the Canadian Securities Exchange), permits or financing,changes in laws, regulations and policies affecting mining operations,the Company's limited operating history, currency fluctuations, titledisputes or claims, environmental issues and liabilities, as well asthose factors discussed under the heading "Risk Factors" inthe Company's prospectus dated June 12, 2020 and other filings of theCompany with the Canadian Securities Authorities, copies of which canbe found under 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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