(TheNewswire)
Toronto, Ontario - The Newswire –June 12, 2024 - Loyalist Exploration Limited
(CSE: PNGC) ("Loyalist" orthe "Company") is pleased to announceresults from recent sampling on the Company’s 100% owned SpringdaleProperty (see below under the heading “Amalgamation of Loyalist andMillbrook Minerals Inc.) ( the“Property”) located 320 km northwest of StJohn’s Newfoundland. The Property has exceptional logistics and islocated in the core of a well mineralized belt hosting several pastproducing gold and base metal mines including the Whalesback / LittleDeer Mine (7 MT grading 2% Cu) located 5 km to the north of the Property and the LittleBay Mine (2 MT grading 2% Cu) located 9 km to the northeast. The Property hosts theStirling/Twin Pond deposit with an historic copper resource of 1 MTgrading 1% copper (see disclaimer below). All indicators are that theProject presents an exciting exploration opportunity with outstandingpotential for success.
Geological map of the Springdale illustrating rocksampling results.
The results of the samples recently collected from theProject display very prospective results over widely spaced localitieson the Property. They show very significant and prospective copper,cobalt, gold and silver analytical results that merit comprehensivefollow-up. Copper and cobalt are considered Critical Minerals under the Canadian Mineralsand Metals Plan and Canadian Critical Minerals Strategy. The demand for these minerals is forecast to expandenormously to supply applications vital to the North American economyand clean energy initiatives.
The Springdale Property consists of 76 claims covering 2144 ha and encompasses at least tencopper-cobalt-gold-silver targets including the Stirling deposit, LadyPond, Twin Pond, Sullivan Pond, Anvil, Buckshe Brook, and Old Minesmineral occurrences. Historic geological, geochemical and geophysicalsurveys have been conducted, and 92 historical drill holes totaling 14,599 m have been completed on the Property.This data provides a solid knowledge base, prospective explorationresults, and multiple exploration targets for future work programs.
Recently collected samples (tabulated below, seelocations on map) were collected from widely spaced localities up to5.3 km apart on the Property. The Lady Pond occurrence (sample IDsLP22 and LP24) yielded values ranging from 0.78-19.4% Cu, and up to0.14% Co. The significant cobalt concentrations from this locality aredistinctly anomalous and not previously documented. Goldconcentrations at Lady Pond ranged up to 1094 ppb. Silver content fromsamples at the Old Mine occurrence (sample ID OM24) grade up to 81.7g/t. Two mineralized grab samples taken approximately 1700 msouthwest of the Buckshe Brook occurrence yielded values greater than1% Cu.
Sample ID | NAD83_E | NAD83_N | Cu_Pct | Au_ppb | Ag_ppm | Co_ppm | Co_pct |
BB24-01 | 567319 | 5486284 | 1.12 | 37 | 1.5 | 49 | --- |
BB24-02 | 567315 | 5486265 | 1.59 | 32 | 1.7 | 55 | --- |
LP24-01 | 569573 | 5488421 | 1.85 | 77 | 1.9 | 173 | --- |
LP24-02 | 569573 | 5488421 | 1.03 | 83 | 1.6 | 107 | --- |
LP24-03 | 4.10 | 1094 | 4.4 | 550 | 0.111 | ||
LP24-04 | 5.51 | 903 | 4.6 | 550 | 0.114 | ||
LP24-05 | 569460 | 5488363 | 0.78 | 569 | 2.6 | 550 | 0.140 |
LP24-06 | 569510 | 5488483 | 1.13 | 87 | 0.8 | 69 | --- |
OM24-01 | 565599 | 5484783 | 2.43 | 819 | 10.5 | 17 | --- |
OM24-02 | 565597 | 5484784 | 6.66 | 272 | 81.7 | 64 | --- |
OM24-03 | 565603 | 5484793 | 2.33 | 149 | 12.2 | 19 | --- |
LP22-01 | 569556 | 5488419 | 19.40 | 254 | 2.9 | 454 | |
LP22-02 | 569557 | 5488416 | 3.02 | 97 | 2.4 | 59 | |
LP22-03 | 569457 | 5488486 | 6.78 | 461 | 4.3 | 1280 | |
LP22-04 | 569410 | 5488477 | 2.79 | 218 | 3 | 2000 |
All samples were analysed by Eastern Analytical:samples were submitted to their facility in Springdale, Newfoundland.Eastern Analytical is accredited under ISO/IEC 17025:2017. Sampleswere analysed for 34 elements using an ICP-OES trace elementanalytical package. Over-limits for Cu, Co and Ag were analysed by oregrade assay AA method.
Amalgamation of Loyalist and Millbrook MineralsInc.
The Springdale Property, along with the Company’sRolling Pond and Hungry Hill Projects are subject to a binding letterof intent for the Loyalist to amalgamate with Millbrook Minerals Inc.(see Loyalist press release dated June 5, 2024). The Amalgamation isexpected to close no later than September 1, 2024. Following theamalgamation, all of the properties of Loyalist and Millbrook will bethe properties of the amalgamated company.
Disclaimer
The potential quantity and grade of the historicresource at the Sterling Mine is conceptual in nature and there hasbeen insufficient exploration to define a mineral resource. Loyalistis not relying on the historic resource. It is uncertain if furtherexploration will result in the discovery of a mineral resource.
Dean Fraser , P.Geo, acts asQualified Person under National Instrument 43-101. Mr. Fraser has reviewed and approved the technical contents ofthis news release.
About Loyalist ExplorationLimited
Loyalist Exploration Limited is a mineral explorationcompany focused on acquiring, exploring,
and developing quality mineral properties in Canada.
For further information please visitthe Company's website at loyalistexp.ca or contact:
Loyalist Exploration Limited
Loyalist Exploration Limited
Errol Farr, President and CEO
Email: efarr001@icloud.com
Tel: 647-296-1270
Neither theCanadian Securities Exchange nor its Market Regulator (as that term isdefined in the policies of the Canadian Securities Exchange) havereviewed or accept responsibility fortheadequacy or accuracy of thisrelease.
This news release contains "forward-lookinginformation" (within the meaning of applicable Canadiansecurities laws) and "forward-looking statements" (withinthe meaning of the U.S. Private Securities Litigation Reform Act of1995). Such statements or information are identified with words suchas "anticipate", "believe", "expect","plan","intend","potential","estimate", "propose", "project","outlook", "foresee" or similar words suggestingfuture outcomes or statements regarding an outlook. Such statementsinclude those regarding the exploration opportunity and potential forsuccess of the projects and the completion of the Amalgamation.Although the Company believes that the expectations reflected in theforward-looking information or statements are reasonable, prospectiveinvestors in the Company’s securities should not place unduereliance on forward-looking statements because the Company can provideno assurance that such expectations will prove to be correct.Forward-looking information and statements contained in this newsrelease are as of the date of this news release and the Companyassumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
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