(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 31, 2023 - Rackla Metals Inc. (TSX-V:RAK) (the “ Company ”) ispleased to announce that the Company has intersected significant goldmineralization from its maiden diamond drill program on its 100% ownedHIT property in Yukon. The HIT property is located in the TombstoneGold Belt at the Yukon-NWT border and is accessible from the NorthCanol road.
The property is centered around the Canol Trail Stock,a monzogranite intrusion belonging to the Cretaceous-aged TungstenSuite intrusions. Cretaceous intrusions in the Tombstone Gold Belthost significant gold deposits such as the Fort Knox Mine in Alaska(12.1 Moz gold), the Eagle Mine in Yukon (7.8 Moz gold) and the newlydiscovered Valley gold occurrence belonging to Snowline GoldCorp.
Rackla completed a comprehensive program at HIT in2023, including stream sediment, soil, talus and rock sampling,prospecting, geological mapping, and airborne geophysics to definedrill targets. The 2023 program culminated with the drilling of 997 min 5 holes on 4 separate targets. Theses were the first holes everdrilled into the Canol Trail Intrusive stock. Below is a summary ofsignificant drill intercepts:
Table 1: Hit Property – significant intercepts of the 2023 drillprogram.
Holes HIT-003 and HIT-004 were drilled from the same pad, in oppositedirections in the vicinity of the Mehitabel Prospect, which washistorically identified as a copper-gold skarn mineral occurrence inthe sedimentary rocks at the margin of the Canol Trail Stock. The workby Rackla has shown that there is much more to the occurrence. Mappingand prospecting on surface identified an abundance of sheetedquartz-sulphide veining in the intrusion that has been mapped inexposed outcrop over an area that measures 2.2 km by 1.2 km (seeSeptember 26, 2023 press release). Soil and talus sampling in the areaof the occurrence has defined a gold-bismuth-arsenic anomaly thatmeasures 1.5 km by 1.0 km and is open to the northwest and to thesoutheast.
Historic and current rock sampling has returned an abundance ofsamples with greater than 1.0 g/t gold in the area of the Mehitabeloccurrence and in the area of the soil and talus geochemical anomalies(Figure1).
Figure 1 : Hit Property compilation map with 2023drill hole locations.
The airborne geophysical survey returned the characteristic magneticsignature of Tombstone Gold Belt RIRGS occurrences: a magnetic lowoverlying the centre of the intrusion, with magnetic high shouldersaround the margins of the intrusion where the sedimentary country rockhas been metasomatized and the hornfelsed aureole is enriched in themagnetic mineral pyrrhotite.
Rackla is encouraged by the density of sheeted quartz-sulphide veinsobserved on surface and in the drill core in holes HIT-003 andHIT-004, which is as high as 55 veins per metre. The veins havevariable, but in some instances wide sericite-carbonate alterationhalos. These holes were drilled across the strike of the veins, withveins striking 135 o anddipping steeply to the west. The cross section in Figure 2 belowillustrates that sheeted quartz-sulphide veins occur throughout bothholes and across a total width of 273 m with both holes ending in thevein system. An example of the sheeted veins in drill core from holeHIT-004 is shown in Figure 3 below and photographs with gold assaysindicated on the core for holes HIT-003 and HIT-004 can be viewed at https://racklametals.com/projects/tombstone-gold-belt-properties/#core-photos .
Figure 2 : Cross Section of drill holes HIT-003and HIT-004 showing vein density and gold-bearing intervals.
Figure 3: Drill core from hole HIT-004 showing sheeted quartz veinswith sericite-carbonate alteration halos around the veins.
The analytical results of the drill core and surfacesamples shows a geochemical correlation of gold with bismuth,tellurium +/-arsenic, which is a further indication of themineralization at HIT being related to a Reduced Intrusion-relatedGold System.
The Company has completed one field season of work atHIT. Rackla is very excited with these results, particularlyconsidering how rapidly the target has advanced. The results from the2023 program will be used to vector towards the heart of the RIRGStarget at HIT. Over the next few months, the Company will complete athorough review of the data collected and formulate plans forfollow-up drilling in 2024. Rackla is well funded and has sufficientcash for the commencement of the 2024 drill campaign.
Simon Ridgway, Rackla Metals CEO, commented: “Broad and dense sheeted quartzveining is a characteristic of the plumbing system for prolificdeposits in the Tombstone Gold Belt. Our team is encouraged by boththe vein density and geochemistry intercepted in holes HIT-003 andHIT-004. We are certainly in or proximal to the carapace of a reducedintrusive that is host to significant sheeted veining, much of whichis gold bearing. Management is of the opinion there is real potentialfor an economic RIRGS deposit to be present within the Canol Trailstock. A significant drill program is planned for the project in the2024 season.”
Analytical Procedure
Drilling was generally performed with NQ2-sizedequipment. Occasionally drill holes were collared with HQ2-sizedequipment if ground conditions were difficult. Drill core wassystematically logged for geological attributes, photographed andsample intervals identified by a geologist at Rackla’s field camp.Samples were generally sampled at 1.5 m intervals, but occasionallyshorter intervals were sampled to isolate features of interest.Samples were collected by cutting the core in half along the axis ofthe core. Field duplicates were collected at regular intervals bycutting the half core to be sent to the lab into two ¼ core samples,each with unique sample numbers leaving a consistent record of halfcore material in the core box. Standard reference materials wereinserted by Rackla personnel at regular intervals into the samplestream. Samples were delivered by expeditor to ALS Global preparatoryfacility in Whitehorse, Yukon. Sample preparation was completed inWhitehorse, with analyses completed in North Vancouver, BC. ALS Globalis an accredited ISO/IEC 17025 and ISO9001 laboratory for qualitymanagement.
At the lab, drill core samples were crushed by ALS to>75% passing below 2 mm and split using a riffle splitter. 250 gsplits were pulverized to >85% passing below 75 microns. 0.5 g ofthe sample pulps were digested with aqua regia and analyzed by aninductively coupled plasma mass spectroscopy and inductively coupledplasma atomic absorption spectroscopy (ICP-MS+ICP-AES) finish for51-element analysis (ALS code: ME-MS41). All samples were analysed forgold content by fire assay with a gravimetric finish on 50 g samples(ALS code: Au-GRA22).
For the purposes of this release, mineralized intervalsare defined as runs of mineralization >0.1 g/t Au.
Qu alified Person
Scott Casselman, B.Sc., P.Geo., Vice-PresidentExploration of the Company, is a member of the Association ofProfessional Engineers and Geoscientists of British Columbia and isthe Company’s Qualified Person as defined by National Instrument43-101. Mr. Casselman has reviewed and approved the technicalinformation contained in this news release.
About Rackla
Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canadabased junior gold exploration company. The Company is targetingReduced Intrusion-Related Gold Systems (RIRGS) mineralization on thesoutheastern part of the Tombstone Gold Belt in eastern Yukon andwestern Northwest Territories. Management believes that this area,which is underexplored for RIRGS deposit types, has the potential tobe the next frontier for their discovery.
ON BEHALF OF THE BOARD
Simon Ridgway,
CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accept responsibility for the adequacy or accuracyof this press release.
Forward-Looking Information
Certain statements contained in this news releaseconstitute forward-looking statements within the meaning of Canadiansecurities legislation. All statements included herein, other thanstatements of historical fact, are forward- looking statements andinclude, without limitation, statements about the Company’s proposedexploration activities. Often, but not always, these forward lookingstatements can be identified by the use of words such as“estimate”, “estimates”, “estimated”, “potential”,“open”, “future”, “assumed”, “projected”, “used”,“detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”,“containing”, “remaining”, “to be”, “periodically”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negativevariations.
Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance or achievements of the Company to be materiallydifferent from any results, performance or achievements expressed orimplied by forward-looking statements. Such uncertainties and factorsinclude, among others, changes in general economic conditions andfinancial markets; the Company or any joint venture partner not havingthe financial ability to meet its exploration and development goals;risks associated with the results of exploration and developmentactivities, estimation of mineral resources and the geology, grade andcontinuity of mineral deposits; unanticipated costs and expenses; andsuch other risks detailed from time to time in the Company’squarterly and annual filings with securities regulators and availableunder the Company’s profile on SEDAR at www.sedar.com. Although theCompany has attempted to identify important factors that could causeactual actions, events or results to differ materially from thosedescribed in forward-looking statements, there may be other factorsthat cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements contained herein are basedon the assumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andplanned exploration activities at its properties will be achieved;that there will be no material adverse change affecting the Company orits properties; and such other assumptions as set out herein.Forward-looking statements are made as of the date hereof and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance that forward-looking statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, investors should notplace undue reliance on forward-looking statements.
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