(TheNewswire)
Calgary, A B - TheNewswire - April 20, 2023 - Tocvan Ventures Corp. (the “ Company ” ) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , is pleased to provide an update onoperational plans for 2023 at both Pilar and El Picacho gold-silverprojects in Sonora, Mexico. At Pilar, with the bulk sample processongoing, results from the test will be provided as available. Initialsampling of crush reject or duplicate material from the first two-daysof crushing blended material has returned consistent gold values.Samples were submitted to local certified lab, LTM. In total, 15 samples were collected averaging 1.64 g/t Au (see Table 1 for fullresults). An additional 101 samples have been submitted to ALS forfull Fire Assay and ICP analysis to evaluate gold and silver; resultsare pending. Trenching at Pilar for the excavation of the bulk samplehas opened up new ground and uncovered old workings along keyhigh-grade structures. The Company plans to conduct systematic channelsampling across each of these new areas to guide drill targeting andprovide important geochemical information of the surfacemineralization which will be used in future resource estimation.
Highlights
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Channel Sampling of New TrenchesPlanned to Assist in Drill Targeting
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Next Phase of Drilling Set toCommence
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Crushing Complete for BulkSample
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Initial Duplicate Sampling of BulkCrush Material Returning Consistent Gold Values
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15 samples range between 1.11 and2.18 g/t Au, averaging 1.64 g/t Au
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Pilar is permitted for 83 drill pads, totalling aminimum of 10,000-meters of drilling across the property to continueto evaluate expansion potential of the known area of mineralization.Over half of the Pilar property has yet to be systematically drilledwith follow-up on several new parallel zones to the Main Zonerequired. The Company will also look to identify new water sources forfuture use, past drilling has intersected temporary artesian wellsthat could provide a local source of water. In addition, keyenvironmental information will be compiled for upcoming permitapplication for mine development. At El Picacho, initialreconnaissance drilling at the Jabali target is planned along withstep-out drilling at the new discovery area at the San Ramon target.El Picacho is currently permitted for 14,000-meters of drilling and2,000-meters of trenching.
"Results fromthe bulk sample material being crushed are showing very consistentgold grades above the regional average of mines in thearea” stated BrodieSutherland, CEO. “With the bulk sample progressing we are nowplanning for the next phase of exploration and drilling at both Pilarand El Picacho. New surface exposure at Pilar from trenching willprovide key information of surface mineralization and with systematicchannel sampling can be tied into future resource estimates. This willassist in future drill targeting at Pilar as we look to expand theknown footprint of mineralization even further. Across both of ourprojects we are currently permitted for over 24,000-meters ofdrilling, which we will look to utilize as we move both projectsforward with imminent drilling.”
About the Bulk Sample
Over 1,400 tonnes of oxide-gold material have beenextracted from select areas exposed at surface across the projectarea, focusing on the Main Zone and 4-T Trends where preliminarycolumn leach studies have returned promising head-grade and recoveryresults. Bulk Sample material will be prepared for processing byheap-leach method at a private mining operation less than 25kilometers to the west of Pilar. Information from the sample will aimto provide a more detailed account of expected head-grade and recoverypercentage of gold along with providing key information to optimize future production facilities. Theinformation provided from the sample will be used for planning incoordination for permitting of full-scale mine and process facilitieson-site at Pilar.
Crush RejectSampling Results
A total of 15 were collected during the first two-daysof crushing for the bulk sample. Results are showing very consistentgrades averaging 1.64 g/t Au with a range between 1.11 and 2.18 g/tAu. Samples were collected from the conveyor belt over selectintervals of time. Bulk Sample material was blended from differenttrench areas. An additional 101 samples have been collected over thepast week and submitted to ALS for Fire Assay and ICP analysis.Results are pending.
Sample ID | Au g/t |
332651 | 2.17 |
Duplicate | 1.80 |
332653 | 1.79 |
332654 | 1.89 |
332657 | 1.71 |
332658 | 1.83 |
332659 | 1.83 |
332660 | 2.18 |
332662 | 1.42 |
332663 | 1.25 |
332664 | 1.36 |
332665 | 1.53 |
332666 | 1.19 |
332667 | 1.11 |
332668 | 1.16 |
332669 | 1.99 |
Table1 . Summary of Results fromReject Duplicate Samples from On-site Crushing of Bulk SampleMaterial. Samples were collected during the first two-days ofcrushing.
Photo1. Crusher circuit processingPilar Bulk Sample Material.
Photo 2 &3. Above, Heap Leach Pile.Below, Site visit by LTM personnel.
Diagnostic LeachStudy Summary
Full results from the Diagnostic Leach Study areavailable on the Company’s website and in the March 29 th news release.A summary is provided below.
Sample ID | Location | Head Screen Assay | Gravity Concentrate Assay | Total Recoverable by Gravity andAgitated Cyanide Leach | ||||
Au (g/t) | Ag (g/t) | Au (g/t) | Ag (g/t) | Au (%) | Ag (%) | |||
494741 | Main Zone (Surface) | 6.2 | 23 | 76.2 | 237 | 95 | 78 | |
494743 | Main Zone (Surface) | 8.2 | 68 | 117.0 | 1152 | 98 | 97 | |
494745 | Main Zone (Surface) | 2.7 | 9 | 35.6 | 82 | 97 | 90 | |
494747 | 4-T (Surface) | 20.4 | 74 | 290.3 | 568 | 98 | 85 | |
494749 | Main Zone (Drill Core) | 24.9 | 9 | 231.1 | 53 | 99 | 73 |
Table2 . Summary of Results fromthe Precious Metals Diagnostic Leach Study completed by LTM.
Annual General Meeting
The Company is please to announce its Annual GeneralMeeting will be held on May 15, 2023, at 10:00 a.m. MST. The Companyencourages all shareholders to attend.
Stock Options
The Company announces it has approved the grant of400,000 incentive stock options to directors, and consultants of theCompany. The options vest quarterly over a one-year period followingthe grant date, are exercisable at a price of $0.72, and expire onApril 20, 2028.
About the Pilar Property
The Pilar Gold-Silver property has recently returnedsome of the regions best drill results. Coupled with encouraging goldand silver recovery results from metallurgical test work, Pilar isprimed to be a potential near-term producer. Pilar is interpreted as astructurally controlled low-sulphidation epithermal system hosted inandesite rocks. Three primary zones of mineralization have beenidentified in the north-west part of the property from historicsurface work and drilling and are referred to as the Main Zone, NorthHill and 4-T. The Main Zone and 4-T trends are open to the southeastand new parallel zones have been recently discovered. Structuralfeatures and zones of mineralization within the structures follow anoverall NW-SE trend of mineralization. Mineralization extends along a1.2-km trend, only half of that trend has been drill tested so far. Todate, over 23,000 m of drilling has been completed.
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2022 Phase III Diamond DrillingHighlights include ( all lengths are drilled thicknesses ):
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116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9g/t Au and 18 g/t Ag
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2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
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2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4g/t Au and 1,090 g/t Ag
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15,000m of Historic Core RCdrilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5 g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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About the El Picacho Property
The El Picacho Gold-Silver property is interpreted asan orogenic gold system within the regional Caborca Orogenic Gold Beltknown for producing gold mines that include La Herradura (>10 MozAu) and San Francisco (>3 Moz Au). The project is 140 kilometersnorth of Hermosillo and only 18 kilometers southwest of the producingSan Francisco Mine. The Project totals 24 square kilometers of areashowing similarities in geology and structure as the San FranciscoMine. Five primary zones of mineralization have been identified acrossthe property totalling over six kilometers of prospective trends.Surface sampling and historic workings have identified high-grade goldand silver values. Recently the Company completed its first drillprogram at El Picacho, confirming its model and hitting significantgold mineralization In a step-out to historic workings. Drill holeSRA-22-010, intersected 44.2-meters of 0.6 g/t Au, including 12.2-meters of 2.0 g/t Au and 7g/t Ag . As exploration and drilling continues,Tocvan believes this provide an excellent opportunity for discovery ofa muti-million ounce district.
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn in the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately39 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan VenturesCorp. and a qualified person (" QP ") as definedby Canadian National Instrument 43-101, has reviewed and approved thetechnical information contained in this release.
Quality Assurance / QualityControl
Composite samples were shipped for sample preparationand analysis to LTM in Hermosillo, Sonora, Mexico.
The LTM Hermosillo facilities are ISO 9001 and ISO/IEC 17025certified. Gold was analyzed using 30-gram nominal weight fire assaywith atomic absorption spectroscopy finish. Control samples comprisingcertified reference samples and blank samples were systematicallyinserted into the sample stream and analyzed as part of theCompany’s robust quality assurance / quality control protocol. Afull report from the Diagnostic Leach Study is available on theCompany website for review.
Cautionary Statement RegardingForward Looking Statements
This news release contains“forward-looking information” which may include, but is notlimited to, statements with respect to the activities, events ordevelopments that the Company expects or anticipates will or may occurin the future. Forward-looking information in this news releaseincludes statements regarding the use of proceeds from the Offering.Such forward-looking information is often, but not always, identifiedby the use of words and phrases such as “plans”, “expects”,“is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes”or variations (including negative variations) of such words andphrases, or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved.
These forward-looking statements,and any assumptions upon which they are based, are made in good faithand reflect our current judgment regarding the direction of ourbusiness. Management believes that these assumptions are reasonable.Forward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include,among others, risks related to the speculative nature of theCompany’s business, the Company’s formative stage of developmentand the Company’s financial position. Forward-looking statementscontained herein are made as of the date of this news release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults, except as may be required by applicable securities laws.
There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir @tocvan.c a
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