(TheNewswire)
Calgary, Alberta – TheNewswire - July 21, 2022 Tocvan Ventures Corp. (the “Company”) (CSE:TOC ) ; ( OTC:TCVNF ) ; ( FSE:TV3), is pleased to announce the successful completion of thelatest stage of drilling at its Pilar Au-Ag Project in Sonora, Mexico. Seven drill holes were completed, totalling1,382-meters. Drilling focused on step-out targets along the 4-T and anewly discovered trend between the Main Zone and 4-T (see Figure 1).All seven drill holes intersected target horizons. Results for allseven drill holes have been submitted to ALS (Hermosillo) foranalysis, results are pending.
The Company is also pleased to announce initial metallurgical results. Foursamples from trenches were submitted for column leach to a strategicpartner Minera Castor, a local private gold producer in México whichhas developed and operates its own heap-leach facilities. All foursurface samples underwent column leach testing to determine thepotential recovery of gold from different areas across the project.Over a 30-day testing period, all four samples returned a recovery ofgold above 85%. The Company cautions that although it has confidencein the capabilities of Minera Castor, who belong to a well-respectedgroup that provides contract services to major gold producers in theregion, the results provided were not conducted by a certified labfacility. The Company is in the process ofvalidation and analysis of sample material to confirm the results. TheCompany refers to 2021 bottle roll sampling completed by SGS Durango(see below) as a guide to the upper potential of recovery expected.
“These initial results areencouraging and suggest the gold recovery of oxide material at Pilarhas the potential to be relatively high.”, commented CEO, Brodie Sutherland . “Work is underway to validate theseresults at a certified lab. In the meantime, we await the results ofour latest stage of drilling at Pilar which aggressively targeted newareas beyond our Main Zone.”
2022 Initial Metallurgical SampleHighlights
-
Four (4) Column Leach Samples Submitted forAnalysis
-
Head Grade Range: 0.4 g/t Au to 5.0 g/t Au
-
Gold Recovery Range: 88.9% to 96.9%
* Important Note – Testing was completed by alocal private producer and contractor based in Sonora, Mexico. Thefacility used to calculate head-grade and recovery is not a certifiedlab. The Company is in the process of evaluating duplicate material tovalidate the results. These results are pending. Preliminary analysisof duplicate material suggests gold recovery may be variable and lessthan the values reported here.
Recap of 2021 Bottle Roll Results SGS(Durango) – RC Drill Hole Composites (from JES-20-32, 94.6m at 1.6g/t Au)
-
Sample 494801 – 1.15 g/t Au Head Grade, 91.6% Recovery ofAu
-
Sample 494804 – 0.63 g/t Au Head Grade, 90.6% Recovery ofAu
Update on Pilar Drill Program
As part of the ongoing Phase III drill program, a totalof seven reverse circulation (“RC”) drill holes have beencompleted, totalling 1,382-meters. Drilling focused on the 4-TExpansion and Extension targets and a new trend discovered during thelast stage of drilling (Figure 1). Samples from all seven drill holeshave been submitted to ALS (Hermosillo) for analysis, results arepending. As planned, drilling will pause at Pilar for the remainder ofthe summer and will resume in mid-September to follow-up and expand ontarget areas. In the interim, surface work will be evaluated on the ElPicacho project to continue the advancement of key targets.
Figure 1. Plan Map highlighting theseven completed drill holes from the latest stage of drilling atPilar.
Summary of Column Leach TestingParameters
Four samples were submitted for column leach studyrepresenting different areas across the project. Samples ranged intotal weight from 52.8 kg to 58.2 kg each. Material was homogenizedand crushed to approximately ½ inch size and used to fill 2-meters ofa 6-inch diameter column. A pH of 10.5 was maintained while NaCNconsumption ranged between 0.25 and 0.33 kg/t for the duration of thetests. Tests for each sample were completed over a 30-to-35-dayperiod.
A duplicate sample was submitted to SGS (Durango) forseparate analysis, final results are pending. Duplicates of head andtailing splits for each column sample have been submitted to ALS(Hermosillo) to validate the grades recorded, results are pending. TheCompany will provide an update once this information is available.
Update on Private Placement
The Company wishes to inform investors that thepreviously announced Private Placement (see News Release, June 30,2022) has passed all regulatory approvals. All regulatory filings havebeen submitted to the CSE. Pursuant to the terms of the SharingAgreement the first scheduled monthly payment will occur by July30 th .
About the Pilar Property
The Pilar Gold-Silver property is interpreted as astructurally controlled low-sulphidation epithermal project hosted inandesite rocks. Three zones of mineralizationhave been identified in the north-west part of the property fromhistoric surface work and drilling and are referred to as the MainZone, North Hill and 4-T. Structural features and zones ofmineralization within the structures follow an overall NW-SE trend ofmineralization. Over 22,000 m of drilling has been completed to date.Significant results are highlighted below:
-
2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
-
2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
-
94.6m @ 1.6 g/t Au, including 9.2m @10.8 g/t Au and 38 g/t Ag;
-
41.2m @ 1.1 g/t Au, including 3.1m @6.0g/t Au and 12 g/t Ag ;
-
24.4m @ 2.5 g/t Au and 73 g/t Ag,including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
-
-
15,000 of Historic Core RC drilling.Highlights include:
-
61.0m @ 0.8 g/t Au
-
16.5m @ 53.5g/t Au and 53 g/t Ag
-
13.0m @ 9.6 g/t Au
-
9.0m @ 10.2 g/t Au and 46 g/t Ag
-
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately36 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 defined by CanadianNational Instrument 43-101, has reviewed and approved the technicalinformation contained in this release.
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
Copyright (c) 2022 TheNewswire - All rights reserved.