(TheNewswire)
Toronto, Ontario - (The Newswire –June 27, 2024) - Loyalist Exploration Limited (CSE: PNGC)("Loyalist" or the "Company") is pleased to provide a progress report on its recentlyannounced acquisition of 100% of the Hungry Hillpolymetallic project ( “Hungry Hill” of the “Project” )located in central Newfoundland approximately 300km west of St. Johns through its proposed amalgamation with MillbrookMinerals Inc. . The projectis in the world classBuchan’s mining camp hosting polymetallic basemetal and gold deposits including the Buchans Mine, one of the richest polymetallic mineral deposits ever mined;over a 50 year mine life, the prolific Buchans Mine produced 16,196,876 t grading 14.5% Zn, 7.6% Pb, 1.3% Cu,126 g/t Ag and 1.4 g/t Au.
Loyalist recently expanded the footprint of the Projectwith the acquisition by staking of a block of 63 adjacent andcontiguous claims covering ~1570 hectares of new, prospective terrain(claim block 038030M – see map). These claims surround the historicwork (see below) to the west, east and north and where the Companybelieves the mineral occurrences continue down dip.
Discovered in 1996 the Hungry Hill occurrence consistsof a large, attractive, under-explored targetcontaining the critical minerals (as defined bythe Canadian Minerals andMetals Plan and Canadian Critical MineralsStrategy ) copper-zinc-lead(plus gold and silver) with many similarities to Buchans stylepolymetallic volcanogenic massive sulphide (“VMS”) mineralization (as noted by G. Thurlow, Buchans Minegeologist, in a 2000 report). The project hasseen a program of 28 shallow diamond drill holes as well asgeological, geochemical and geophysical surveys. The work to date hasidentified a mineralized zone 1500 m long. The best historic intersection obtained in this zone was 3.06% Zn., 0.16% Cu, 20.9 g/t Ag, and0.81g/t Au over 10.8 m (in DDH HH-97-16). A composite sample of mineralized fragments taken fromsurface boulders within the mineralized zone assayed 20.1% Zn, 12.1% Pb, 0.6% Cu, 66 g/t Ag, and0.3 g/t Au . The zoneremains open along strike and to depth, with no significant newexploration in the past 15 years.
The renewed motivation for exploration planned byLoyalist during 2024 is:
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Critical Minerals target
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Proximity to past producing base metal mines in thesame geological setting
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Prospective historic exploration results at theProject
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Large (1500 m long) mineralized target identified –open in all directions
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Observation of the remarkable similarity of thegeologic setting and mineralization at Hungry Hill to that of theBuchans Mine
Planned work at the Property will expand coverage toother base metal targets via pitting, trenching, and sampling, groundand airborne geophysics, and diamond drilling to expand the already identified mineralized zone along strikeand down dip.
Errol Farr, CEO of Loyalist states “the team is justgetting started with reviewing of the historic data at Hungry Hill,adding this additional ground covers the historic work in alldirections”.
Dean Fraser , P.Geo, acts asQualified Person under National Instrument 43-101. Mr. Fraser hasreviewed and approved the technical contents of this news release.
About Loyalist ExplorationLimited
Loyalist Exploration Limited is a mineral explorationcompany focused on acquiring, exploring, and developing qualitymineral 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 for the adequacy 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 and includestatements regarding the planned work on the project. Although theCompany believes that the expectations reflected in theforward-looking information or statements arereasonable, prospective investors in the Company’s securities shouldnot place undue reliance on forward-looking statements because theCompany can provide no assurance that such expectations will prove tobe correct. Forward-looking information and statements contained inthis news release are a s of the date of this news release and theCompany assumes no obligation to update or revise this forward-lookinginformation and statements except as required by law.
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