(TheNewswire)
Vancouver, British Columbia - TheNewswire - December 20, 2023 : Inflection Resources Ltd.(CSE:AUCU ) ( OTC:AUCUF ) ( FSE:5VJ) (the "Company" or"Inflection") is pleased to provide anupdate on its ongoing drill program in New South Wales, Australiaconducted under the Exploration Agreement with AngloGold AshantiAustralia Limited (“AngloGold”) announced on June 14, 2023.
Summary Highlights:
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Recent drilling has focused on eight principal targetareas: Duck Creek, Fairholme, Canonba, Nine Mile, Meringo, Nyngan,Trangie and Marra;
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An additional 6,636 metres comprising 16 holes wasdrilled, bringing the total to 13,524 metres and 30 holes completedthus far under the AngloGold Agreement;
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Favourable hydrothermal alteration, interpreted to beassociated with an alkalic copper-gold porphyry system has beenintercepted in deeper drill holes in the Duck Creek target. Drillhole DCKDH017 intercepted an extensive zone of inner propylitichydrothermal alteration dominated by well-developedfracture-controlled to pervasive hematite – epidote – chlorite ±calcite alteration with lesser and variable amounts of magnetite,tourmaline, actinolite, pyrite, chalcopyrite and locally, bornitemineralisation. This style of inter propylitic alteration is oftenfound in proximity to other alkalic porphyry systems in New SouthWales and elsewhere;
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Initial scout drilling into the Fairholme targetintercepted a sequence of strongly deformed, fine-grained, biotitebearing rocks with localised chalcopyrite ± bornite-bearing quartzveins; and,
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Recent drilling at Duck Creek, Myallmundi and Fairholmewas reviewed by Inflection Technical Advisor Dr. Alan Wilson who is anEconomic Geologist and a specialist in alkalic porphyry systemsworldwide. Dr. Wilson completed the first PhD on Newmont’s CadiaValley porphyry gold-copper deposits located in the Macquarie Arc andwhich remains one of Australia’s largest copper-gold mines.
Alistair Waddell, Inflection’s President and CEO,states: “The Company isvery happy with the ongoing drill campaign in New South Wales and tohave drilled the most extensive zone of alteration on the Duck Creekproject to-date. We are particularly encouraged with the extent andintensity of favourable hydrothermal alteration in drill holeDCKDH017, which is interpreted to be inner propylitic domain dominatedby pervasive hematite with lesser and variable amounts of magnetite,tourmaline, actinolite, pyrite, chalcopyrite and bornite. This styleof alteration is often found directly adjacent to copper-goldmineralization in other Alkalic porphyry systems found worldwide. The Company is also highly encouraged with the first hole into theFairholme target. There are still many geological questions to beanswered, including the age of mineralisation, but we are happy tohave intercepted chalcopyrite-bornite bearing quartz veins with thefirst hole into this specific target area. The Company is lookingforward to follow-up drilling as well as continuing the program offirst-pass scout drilling in the New Year on the large portfolio ofdrill targets”.
Duck Creek - Drilling:
Two deep drill holes (DCKDH016 and 017) totalling1,401.8 metres have recently been completed on the northern Duck Creekexploration license (Figures 1 and 2). The two holes are locatedapproximately 1,200 metres apart and tested two distinct, circularmagnetic lows.
The Company considers the Duck Creek explorationlicense to be highly prospective for large-scale alkalicporphyry-related copper-gold style deposits related to favourablemagnetic and gravity features within part of the prospective MacquarieArc volcanic sequence. Inflection drilling intersected stronglyhydrothermally altered rocks with characteristics similar to thosefound adjacent to mineralised alkalic copper–gold systems such asNewmont’s Cadia mine (Cadia East and Ridgeway deposits) and theNorthparkes mine complex. In addition to strong inner propyliticalteration, chalcopyrite and blebs ofbornite are locally associated with biotite-albite-K-feldspar-tourmaline potassicalteration.
Figure 1: Target location map,northern New South Wales
The geology of the northern Duck Creek target consistsof andesitic volcanics, comprising both polymictic volcanicbreccias/conglomerates and massive andesites that are likely to beboth lava flows and subvolcanic intrusions. Equigranular to weaklyporphyritic hornblende-bearing monzonite to quartz monzonite occur inholes DCKDH016 (east side of target area – Figure 3) and DCKDH017(west side of target area – Figure 4) and are interpreted to bepre-alteration in timing due to their largely equigranular groundmassand variably altered nature. Hydrothermal alteration intercepted to-date at Duck Creek is dominated byinner propylitic assemblages and shows the following characteristicsand distribution:
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Well-developed fracture-controlled to pervasivehematite–epidote–chlorite ± calcite alteration with lesser andvariable amounts of magnetite, tourmaline, actinolite, pyrite,chalcopyrite and locally, bornite, is widespread in holes DCKDH007 andDCKDH017 (Figure 4);
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Porous and permeable volcaniclastic units are commonlypervasively altered to the above assemblage whilst massive and broadlyimpermeable andesites are subject to fracture-controlled and pervasiveinner propylitic alteration; and,
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Mineralisation associated with this alterationcomprises minor disseminations and clots of pyrite, chalcopyrite andlocally, bornite.
In the context of the known alkalic porphyrycopper-gold deposits of the Early Silurian Cadia district, innerpropylitic alteration is documented to extend 100 to >400 metresaway from the transition from this assemblage to copper-gold bearingpotassic and calc-potassic alteration at the high grade Ridgewaydeposit, whilst at the Cadia East deposit, the inner propyliticalteration extends for up to 400 metres from mineralised potassicalteration in the hanging wall of this inclined porphyry deposit. Inboth instances, porphyry-related quartz veining is reportedly veryminor to absent in areas of inner propylitic alteration.
Figure 2: Duck Creek drill holelocation map on background RTP magnetics.
Figure 3: Duck Creek diamond drill core - HoleDCKDH016 – 398.50 metres. Hematite altered quartz monzonite withquartz-pyrite-chalcopyrite veining. Hole was drilled to a depth of 506.7metres in an easterly direction (091º) with a dip of -70º.
Figure 4: Select Duck Creek diamond drill core - HoleDCKDH017. Drilled to adepth of 895.1 metres in an east-north-easterly direction (080º) anda dip of -70º. NQ sized core shows a variety of different innerpropylitic alteration styles.
See link here for high resolutionDCKDH017 core photos from the entire hole. DCKDH017 - Inflection Resources
The Company is still awaiting many assay results fromthe laboratory, as well as key geochronology samples, green rockanalysis, petrographic and spectral studies, all of which need to be reviewed and incorporated into our evolvinggeological model where we will apply a large-scale, systems-thinkingapproach to the ongoing drill targeting.
Duck Creek - GeophysicalSurveys:
Three separate geophysical surveys have been completedon the Duck Creek exploration license including Ambient NoiseTomography (ANT), an Induced Polarisation/Magnetotellurics (IP/MT)survey and a ground gravity study. All data has now been receivedand the results of the surveys are currently being interpreted byInflection and AngloGold in conjunction with Perth based consultantsMira Geoscience. Results of the integrated surveys will be releasedin the new year although preliminary indications are the ANT andgravity surveys have worked very well and the IP/MT did not appear topenetrate the post-mineral sedimentary cover.
Fairholme – Drilling:
One drillhole (FARDH002) totalling 534.3 metres wascompleted on the Fairholme target. The hole was designed to test themargin of a distinct magnetic high. Rocks in this hole are mainlyfine-grained, biotite-bearing, variably deformed and locallybrecciated often cemented by a fine-grained quartz diorite porphyry. The rock is cut by strongly deformed quartz veins that locallycontain abundant chalcopyrite and lesser bornite (Figure 5).
Whilst difficult to decipher, these rocks areinterpreted by Inflection to be fine-grained volcaniclastics withassociated biotite, chalcopyrite ± bornite-bearing quartz veins thathave experienced upper greenschist facies metamorphism and structuraldeformation. The Company is still awaiting the assays, severalpetrographic samples as well as a key geochronology sample beforeplanning any additional drilling.
Figure 5: Drill hole FARDH002 –501 metres - Quartz–chalcopyrite–bornite veins that displayductile folding.
Nine Mile:
Five drillholes (NMLDH005-009) totalling 1,446 metreswere completed on the Nine Mile target. The five holes were drilledto test a variety of different geophysical targets. Holes NMLDH005and NMLDH009 intersected weak to moderately chlorite-epidote alteredand magnetic feldspar porphyritic andesite. Drill hole NMLDH006intersected well bedded siltstone and holes NMLDH007 and NMLDH008intersected magnetic, unaltered equigranular diorite. Assays are pending although no values of economic interestare anticipated.
Meringo:
One drillhole (MERDH004) totalling 450 metres wascompleted on the Meringo target. The hole was drilled to test a large aeromagnetic complex inferred to representa zone of magnetite enrichment, associated with porphyry-copper-goldmineralisation below unconformable Devonian to Silurian limestones. Beneath the limestones the hole interceptedhighly magnetic, unmineralized megacrystic andesites interpreted to belava flows. Assays are pending although novalues of economic interest are anticipated and no further work isplanned on the Meringo target.
Trangie:
Four drillholes (TRNDH019, 020, 021, 022) totalling1,980 metres were completed on the Trangie target to step-out fromprevious holes which intersected intense epidote-albite alteration andelevated porphyry-related path-finder elements. The four holes allintersected an intercalated sequence of moderate chlorite andweak-moderate epidote altered volcaniclastic sediments and andesites. A full review of these and all previous holes will be completedprior to planning any additional holes into this target. Assays have only been received for drill hole TRNDH019which returned maximum values of 2 metres at 0.23% Cu and 0.09 g/t Aufrom 433 metres. Assays from all other holes are pending.
Nyngan:
One drillhole (NYNDH001) totalling 169.9 metres wascompleted on the Nyngan target. The hole tested the margin of adistinct magnetic high and intercepted a mixed package of epidote andhaematite altered andesites and andesitic volcaniclastics with patchydisseminated pyrite and occasional quartz veins. Assays are pending.
Canoba:
One drillhole (CANDH001) totalling 474.5 metres wascompleted on the Canoba target. The hole tested a discreetaeromagnetic high and intersected intercalated chlorite alteredsiltstone and epidote altered magnetic andesite. Assays are pending although no values of economic interestare anticipated, and no further work is planned on the Canobatarget.
Marra:
One drill hole (MARDH003) was drilled on the Marratarget to a depth of 190 metres to test a distinct, circular magneticlow. Drilling intersected a heavily fractured,flow-banded, hematite-sericite altered quartz-alkali feldspartrachyte. Assays are pending although no values of economic interestare anticipated, and no further work is planned on the Marratarget.
Drilling Plans Going Forward:
The Company is still awaiting a large number of assayresults from the laboratory, as well as key geochronology samples,green rock analysis, petrographic and spectral studies, all of whichwill be incorporated into our evolving geological models for thevarious targets including Duck Creek and Myallmundi. Early in thenew year while awaiting all the various results, drilling willinitially focus on the northern-most targets, specifically, Newhaven,Whiskey Creek, Wombat Creek, Boorooma, Borgara, Brewon, Warrawing,Merri Merri and Minoru (Figure 1).
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 forfurther details. https://inflectionresources.com/inflection-resources-and-anglogold-ashanti-sign-definitive-exploration-agreement-across-portfolio-of-copper-gold-projects-in-australia/
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 Newmont’s Cadia deposits, the CMOC Northparkes deposits andEvolution Mining’s Cowal deposits plus numerous explorationprospects including Boda, the discovery made by AlkaneResources.
The Company uses cost-effective mud-rotary drilling tocut through unmineralised post-mineral sedimentary cover beforechanging to diamond core drilling once basement is reached. It iswell 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 typically completes a series of shortdiamond drill holes into bedrock rather than just one or two deep andmore expensive 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 .
Inflection is part of the NewQuest Capital group whichis a discovery-driven investment company that builds value through theincubation and financing of mineral projects and companies. Furtherinformation about NewQuest can be found on the company website 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 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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