(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 11, 2023 : Inflection Resources Ltd.(CSE:AUCU ) ( OTC:AUCUF ) ( FSE:5VJ) (the "Company" or"Inflection") is pleased to provide anupdate on its ongoing exploration programs in New South Wales,Australia conducted under an Exploration Agreement with AngloGoldAshanti Australia Limited (“AngloGold”) announced on June 14,2023.
Summary Highlights:
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Initial drilling has focused on two principal targetareas, Duck Creek and Myallmundi where earlier drilling by the Companyintercepted favourable alteration indicative of being in proximity toa possible porphyry system;
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6,845 metres of drilling comprising fourteen holes hasnow been completed using two combination mud rotary/diamond drillrigs. All assays are pending from the laboratory;
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One deep drill hole has been completed on the northernsector of the Duck Creek exploration license. Hole DCKDH007intersected biotite-magnetite ± K-feldspar altered andesitic volcanicrocks cut by minor quartz-magnetite and porphyry-style B veinsindicative of a porphyry-proximal outer potassic environment. Thealteration suggests this hole vectored to a more distal area of thepotential mineralised porphyry. To improve targeting, geophysicalsurveys are underway over this specific area prior to drilling thenext phase of deeper drill holes;
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Two separate geophysical surveys are currently underwayon the northern Duck Creek exploration license including Ambient NoiseTomography (ANT) and an Induced Polarisation/Magnetotellurics (IP/MT)survey. Both surveys are expected to be completed shortly. A thirdsurvey, a ground gravity study, was just completed by the Company;and,
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Four follow-up drill holes completed on the Myallmunditarget intersected chalcopyrite and molybdenite bearing quartz veinswhich locally exhibit K-feldspar selvages along with earlybiotite-magnetite-epidote alteration indicative of being in theporphyry proximal environment. The occurrence of chalcopyrite andmolybdenite bearing quartz veins have been reported on the margins ofmineralised porphyry copper deposits in the Macquarie Arc includingNewcrest’s Cadia East mine.
Alistair Waddell, Inflection’s President and CEO,states: “We are pleasedwith the initial progress of the resumed drill program in New SouthWales. Initial deep drilling on our northern Duck Creek target areahas provided guidance in terms of a vector towards a potentialporphyry centre and when combined with the soon to be completedgeophysical surveys should greatly assist the positioning ofadditional deep holes. We are also highly encouraged by theMyallmundi target which has returned the most significant coppersulphide and molybdenite mineralisation since the Company starteddrilling in Australia. These wide spaced drill holes, which extendover an approximate distance of ~1,400 metres, exhibit alterationindicative of a porphyry-proximal environment which will be followedup with additional drilling once all assays from this phase have beenreceived.”
Duck Creek – Drill Update:
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 are interpreted to be part of theprospective Macquarie Arc volcanic sequence. Nine additional drill holes (DCKDH007-015)totalling 4,632 m have recently been completed on the Duck Creekexploration license (Figure 1) .
Figure 1: Duck Creek drill holelocation map with showing aeromagnetic data (reduced-to-pole) asbackground.
Drill hole DCKDH007 was drilled to a depth of 819metres on the northern target where previousInflection drilling intersected stronglyhydrothermally altered rocks with characteristics similar to thoseoften found adjacent to mineralised 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 principal target area of interest isassociated with an 800 by 1,300 metre aeromagnetic low featureinterpreted to represent magnetite destruction associated withhydrothermal alteration. DCKDH007 was an anglehole drilled with a 115° azimuth and -70° dip which intersectedbiotite-magnetite ± K-feldspar altered andesitic volcanoclasticconglomerate cut by minor quartz-magnetite and porphyry-style B veins(Figure 2). This hydrothermal alteration and vein style areindicative of a porphyry-proximal outer potassic environment andsuggests being more distal from a potential mineralised porphyryrelative to the earlier holes. The decision was taken, inconjunction with AngloGold, to complete three different geophysicalsurveys over this specific area prior to the next phase of deeperdrill holes. These surveys are almost complete and drilling in thisspecific area is expected to recommence once all the processed datahas been received and interpreted in late October, 2023.
Figure 2: Select Duck Creek diamond drill core - HoleDCKDH007 – 695.1m,K-feldspar flooded andesite conglomerate, 705.1m, Massive magnetitevein in K-feldspar altered andesite conglomerate, 729.1m, StrongK-feldspar with biotite-magnetite altered andesite conglomerate,746.6m Strong K-feldspar altered andesite conglomerate, 768.2mQuartz-pyrite vein in hematite-sericite altered andesiticvolcanics.
Eight additional scout holes (DCKDH008-015) weredrilled elsewhere on the Duck Creek license, testing new previouslyundrilled geophysical targets with distances ranging from 2 to 16kilometres south from DCKDH007. All holesintersected mixed andesitic volcanic rocks with regional propyliticalteration and no material mineralisation. Sample assays have yet tobe received for these holes although no copper or gold values ofsignificance are expected.
Myallmundi – Drill Update:
The Company has completed five additional drill holes(MYLDH014-018) totalling 2,214 metres on the Myallmundi target,testing an approximate 1.5 by 2.0-kilometre zone of magnetiteenrichment evident in aeromagnetic data (Figure 3). The drillprogram was designed to step out from porphyry-stylequartz-chalcopyrite-molybdenite bearing veins intersected infirst-pass drill hole MYLDH003.
Four of these drill holes (MYLDH014, MYLDH015, MYLDH016and MYLDH017) which extend over an approximate distance of ~1,400metres intersected chalcopyrite and molybdenite bearing quartz veinsthat locally exhibit K-feldspar selvages and are suggestive of aporphyry-proximal environment (Figure 4). The occurrence ofchalcopyrite and molybdenite bearing quartz veins have been reportedon the margins of mineralised porphyry copper-gold deposits such asNewcrest’s Cadia East Mine. Additionally, these drill holesexhibit early biotite-magnetite-epidote ± K-feldspar alteration, alsoindicative of a porphyry-proximal environment, which has beenoverprinted by silica-sericite alteration.
Figure 3: Myallmundi drill holelocation map with showing aeromagnetic data (reduced-to-pole) asbackground.
Figure 4: Select Myallmundidiamond drill core – Hole MYLDH016 – 384.0m:Quartz-epidote-chalcopyrite vein cutting magnetite-epidote alteredfeldspar porphyritic andesite; 387.7m: Quartz-chalcopyrite-magnetitevein which cuts chlorite altered andesite; 387.9m:Quartz-chalcopyrite-magnetite vein which cuts chlorite alteredandesite; 443.3m: Chalcopyrite veins which cut chlorite-carbonateveins in magnetite altered feldspar porphyritic andesite; HoleMYLDH017 – 211.4m: Quartz-chalcopyrite-molybdenite vein withK-feldspar selvage which cuts chlorite altered andesite; 285.5m:Quartz-molybdenite vein which cuts epidote-magnetite-chlorite alteredfeldspar porphyritic andesite; 293.7m: Quartz-chalcopyrite-molybdenitevein which cuts early biotite with sericite alteration overprintedfeldspar porphyritic andesite.
The Company is awaiting the core sample geochemistryand additional sample data to enable accurate positioning of furtherdrill holes into this developing priority target.
Duck Creek – Geophysicalsurveys:
Two separate geophysical surveys are currently underwayon the Duck Creek exploration license including Ambient NoiseTomography and an Induced Polarisation/Magnetotellurics (IP/MT)survey. A third survey, a ground gravity study, has also just beencompleted by the Company with the final delivery of data stillpending. The principal objective of the three surveys is to enablethe more accurate positioning of further deep drill holes specificallyon the northern Duck Creek target.
Ambient Noise Tomography(ANT) - The Company has engaged FleetSpace Technologies to complete an ANT survey . ANT is a passive seismic exploration technique that makesuse of pervasive seismic noise from natural and anthropogenic sourcesto visualise the three-dimensional subsurface. ANT offers theadvantages of covering a large area and can visualise below cover ofmore than 2,000 metres and can potentially indicate the depth ofpost-mineral cover and structures within the basement rock.
The survey is covering an area of approximately 30km 2 across the northern Duck Creek Project area where previous drillingreturned encouraging results. The survey will produce an image ofthe paleotopographic surface allowing for detailed 3D constrainedmodelling of magnetic and gravity data. The aim of the survey is tomap the paleosurface and basement rocks to identify areas of potentialalteration or intrusions in the basement sequence for further drilltesting. The survey data is expected to befinished in mid October, enabling the Company to better positiondeeper drill holes in the Northern Duck Creek target area.
Induced Polarisation/Magnetotellurics(IP/MT) - The Company has commissioned FenderGeophysics to complete a focused ~35-line kilometre IP/MT survey overselected aeromagnetic targets in the northern Duck Creek explorationlicense area. The survey is configured for acquisition of standardPole-Dipole IP data at 200 metre dipole spacing. The purpose of thissurvey is to identify zones of elevated chargeability that mayrepresent sulphides commonly associated with porphyry systems inproximity to the area where previous drilling returned encouragingresults.
Gravity survey - The Company commissioned Daishsat Geodetic Surveyors to complete andinfill a ground-based gravity survey to enable almost full coverage ofthe broader Duck Creek exploration license. The now completed surveyincluded 1,190 stations collected on a 500 metre grid over an areadepicted in the sparsely collected NSW Geological Survey data as abroad zone of low gravity. The Northparkes porphyry Cu-Au minesituated approximately 180 kilometres southeast is associated with alarge gravity low indicative of a batholith and smaller porphyryintrusions at depth. The purpose of this survey is to identifysimilar gravity lows suggestive of porphyry intrusions within thegreater Duck Creek exploration license.
AngloGold Exploration AgreementTerms:
All the work programs noted above form part of theAngloGold Ashanti Exploration Alliance where AngloGold is sole funding up to AUD$10,000,000 on explorationexpenditures across a wide range of different intrusive relatedexploration targets over a maximum 36-month period, which includes aminimum expenditure commitment of AUD$6,000,000. Inflection isoperating Phase I and is receiving a 10% management fee for doing so. Upon completion of Phase I, AngloGold then retains the right todesignate up to five individual projects where it may potentially earnup to a 75% interest in each by completing various milestones. SeeInflection news release dated June 14, 2023 for furtherdetails.
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, theCMOC Northparkes deposits and Evolution Mining’s Cowal deposits plusnumerous exploration prospects including Boda, the discovery made byAlkane Resources.
The Company uses cost-effective mud-rotary drilling tocut through unmineralised post-mineral sedimentary cover beforetransitioning to diamond core drilling once basement is reached. Itis well documented that mineralised 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 diamonddrill holes into bedrock rather than just one or two deep and moreexpensive diamond drill holes. Multiple data points gained fromalteration and mineral geochemistry is then used to vector additionaldeeper holes. This is a proven explorationstrategy in the covered segments of the Macquarie Arc having beendirectly responsible for the discovery of the Northparkes and Cowaldeposits.
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 MineralProjects.
Drilling is being conducted using a truck-mountedmulti-purpose drill rig. Mud rotary drilling is utilised to drillthrough the cover sequence before transitioning to diamond drillingusing NQ sized core at the unconformity. Core is logged at theCompany’s field office, photographed and marked before being cut tothe Company’s specified sample intervals. Half core samples areplaced in bags with internationally certified blanks and standardsinserted. Samples are dispatched to ALS Laboratories in Orange NSW,an accredited 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 the Company. Coarse rejects from the sample preparation are subjected to spectralanalysis.
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 securitieslegislation. All statements, other than statements of historical fact,included herein including, without limitation, statements regardingfuture capital expenditures, amount of drilling, receipt of themaximum amount of available grant funding, anticipated content,commencement and cost of exploration programs in respect of theCompany's projects and mineral properties, AngloGold’s anticipatedfunding of the Minimum Commitment and timing thereof, and theanticipated business plans and timing of future activities of theCompany, are forward-looking statements. Although the Company believesthat such statements are reasonable, it can give no assurance thatsuch expectations will prove to be correct. Often, but not always,forward looking information can be identified by words such 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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