(TheNewswire)
Vancouver, British Columbia – TheNewswire - August 8, 2023 – RacklaMetals Inc. (TSXV:RAK) (the “Company”) is pleased to announce thatthe Company has completed 1,687 m of diamond drilling in 10 holes atthe Company’s flagship Astro project, as of August 8th. The 3,000 mdrill program is focussed on targeting a Reduced Intrusion-relatedGold System (RIRGS) in the intrusive bodies at the Astro plutoniccomplex. To date, drill core samples from the first 8 holes have beensent to ALS Global in Whitehorse, Yukon for analysis. The drillresults are expected in the coming weeks. The Astro intrusive complexincludes the Astro, HIT and SER properties, and covers approximately22,500 Ha located in the Tombstone Gold Belt that extends across theYukon and Northwest Territories border.
The drill program to date has focused on the Radio-UVtargets where previous operators identified a strong gold anomaly intalus and soil samples across a broad valley underlain by a Tombstonesuite intrusive stock. Broad spaced drilling across the valley hasidentified sheeted quartz veining with minor amounts of sulphideminerals in the intrusive. (Figure 1). In many instances, there is asignificant alteration halo containing disseminated sulphide mineralsbordering the veins as is evident in the photo below. Follow-updrilling will continue upon receipt of results.
Figure 1: Drill core from hole AST-003showing sheeted quartz veins with alteration halos around the veins.
The Company has alsocompleted airborne geophysical surveys on a number of the company’sproperties. The surveys were conducted byPrecision GeoSurveys Inc., utilizing their triple boom, gradientmagnetic, radiometric and VLF-EM system. On the Astro, HIT and SERproperties the Company expanded on a previously flown airbornemagnetic survey to cover the western portion of the Astro and capturethe HIT and SER mapped intrusive bodies. (Figure 2). This surveyfurther defined the extent and geophysical contrast within the Astroplutonic complex and identified a number of potential buried orunmapped intrusive centres associated with strong gold in streamanomalies.
Figure 2: Airborne Magnetics (RTP)
On the HIT property, the survey has defined theintrusion to be a magnetic low and the hornfelsed country rock to bemagnetic highs surrounding and overlying the intrusion. The HITintrusion measures 2 km in diameter. Numerous contact metasomaticskarn mineral occurrences, identified by previous operators, are shownto occur in the hornfels margins of the intrusion (Figure 3). TheCompany has focused efforts on the intrusive body and has identifiedseveral areas at HIT where a strong system of sheeted veins appears tobe the feeder system and cause of the hornfelsing and gold skarnmineralization. Soil and rock sample results are pending and work isongoing to define drill targets at the HIT property.
Figure 3: HIT property airbornemagnetic response, mineral showings and gold-bearing rock samples.
Similar to the HIT, the magnetic survey on the SERproperty has clearly defined the intrusion to be a magnetic low andthe hornfelsed country rock to be magnetic highs surrounding andoverlying the intrusion. The intrusion measures 2 km in diameter andhas been only slightly unroofed leaving much of the cupola intact. TheCompany has digitized historic work by previous operators andidentified very significant gold anomalies from rock samples collectedalong the exposed margins of the intrusion (Figure 4). The Company isfollowing up on these anomalous areas with plans to define drilltargets this season.
Figure 4: SER property airbornemagnetic response and anomalous gold-bearing rock samples.
On the Excite property, located immediately west ofSnowline Gold’s Rogue property, the magnetic survey returned thecharacteristic response of an RIRGS intrusion: a magnetic low withsurrounding magnetic highs (Figure 5). The lowmight represent the centre of a buried intrusion, while the high wouldbe a typical response of hornfelsed sedimentary or volcanic rocks.Interestingly, the circular magnetic anomaly is surrounded byanomalous gold values from heavy mineral concentrate samplingcontaining up to 11 ppm gold. The company plans to follow-up theseresults with prospecting and a soil sample survey later thismonth.
Figure 5: Excite property airbornemagnetic survey with heavy mineral concentrate gold values (ppm).
Field crews have been conducting stream sediment, soiland rock geochemical sampling, prospecting and mapping on all of theCompany’s properties. Results from this work will be received overthe next few weeks. The company will also be conducting a LiDAR surveyon the Astro plutonic complex once conditions allow.
Simon Ridgway, CEO commented: Inmid-July I joined the Rackla team for a site visit. They have beenworking diligently with contractors to meet our timeline andcomplete the geophysical survey on a number of our projects and our geologists have beenon the ground mapping and sampling across the Astro plutonic complex.Our first drilling is well timed as there is a growing interest by anumber of companies in making a discovery in the Tombstone Gold Beltand I am pleased that investors can expect to see the results of ourfirst sampling on the HIT and SER projects fairly soon and results ofour drilling on Astro are expected by the end of the summer.
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 targetingRIRGS (Reduced-intrusion Related Gold System) 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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