(TheNewswire)
Highlights
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Hole SRA-22-003 returned 27.5-meters of 0.5 g/t Au, including12.2-meters of 1.1 g/t Au, from 21.4-meters depth
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Confirms exploration model of at and near-surface oxide goldmineralization connected to undergroundworkings
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All three drillholes contain quartzveining and alteration associated with robustmineralized systems
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Seven drill holes are pending resultsfrom two separate areas, 200-meters apart
Calgary, Alberta – TheNewswire - January 10, 2023 Tocvan Ventures Corp. (the “Company”)(CSE:TOC ) ; ( OTC:TCVNF ) ; ( FSE:TV3), is pleased to announce drillresults for the first three drill holes completed at its El PicachoGold-Silver project in Sonora, Mexico. Ten drill holes totalling1,075.1-meters were completed at the San Ramon Prospect testing forlow-grade mineralization adjacent to historic underground workingsthat have returned high-grade gold with silver. Results for the firstthree drill holes are provided in this release. These holes focused onthe northern-most area of historic workings called Las Guijas. Allthree drill holes intersected oxidized quartz vein zones withalteration indicating the potential for gold and silvermineralization. Hole SRA-22-003 yielded the best result to date,returning 27.5-meters of 0.5g/t Au , including 12.2-meters of 1.1 g/t Au starting at a downhole depth of 21.4-meters (approx.10-meters from surface). The Company is extremely pleased in havingintersected significant oxide gold mineralization so soon in itsefforts to understand the potential for a significant mineralizedsystem at El Picacho. Results for the remaining seven drillholes arepending. The remaining drill holes tested two separate areas both200-meters to the south and southeast of Las Guijas. Analysis andinterpretation of this data will be used to plan follow-up drilling.El Picacho is host to several other target areas permitted fordrilling that span across the 24 km 2 project area.
Table 1. Summaryof SRA-22-003 Results
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) |
SRA-22-003 | 0.0 | 48.8 | 48.8 | 0.30 | 0.5 |
including | 21.4 | 48.8 | 27.5 | 0.51 | 0.8 |
including | 29.0 | 48.8 | 19.8 | 0.71 | 1.0 |
including | 35.1 | 47.3 | 12.2 | 1.14 | 1.4 |
including | 35.1 | 36.6 | 1.5 | 4.73 | 2.0 |
For a detailed discussion on these 3 drill holes, viewhere:
"To hit significantmineralization in the first round of drilling at El Picacho is amassive achievement and there is still more to come,” stated Brodie Sutherland, CEO . “We have now confirmed that the SanRamon Prospect has the potential to host a sizable near-surface bulkoxide-gold target and we look forward to reviewing the remaining drillholes to plan our next steps at El Picacho. It is important to notethe significance of hitting mineralization of this style with arelatively modest drill program. We have essentially started to proveour model is correct within the first 400-meters of drilling. Part ofour objective with this program is to test different orientations tobetter understand which drill direction yields the best resultsrelated to higher grade vein hosted gold and silver. With thesimilarities to the local San Francisco Mine (18 kilometers to thenortheast) which was discovered from very similar surfacecharacteristics and substantial artisanal workings. We look forward toevaluating these results and data to further unlock the potential ofEl Picacho.”
Figure 1. ElPicacho Project, San Ramon Prospect Target Map.
Figure 2. ElPicacho Project, San Ramon Prospect SRA-22-003 Cross-Section.
Discussion
SRA-22-001 – Azimuth 080, Dip-45 o , Total Depth198.3m
This hole targeted the northern flank of the Las Guijasunderground workings. Although no significant mineralization wasintersected, an anomalous zonefrom surface to 9.2-meters depth was encounteredfollowed by an oxidized quartzvein zone from 36.6-meters to45.8-meters . This vein zone returned anomalous Au, Ag, As, Sb andW , averaging 0.1 g/t Au, 3 g/t Ag, 339 ppm As, 134 ppm Sb and 60 ppmW . A large fault zone was encountered at 64.1-meters to 77.8-meters followed by anoxidized vein zone to 102.2-meters . Altered andoxidized metasediments were found in the footwall of the fault zonetransitioning to less oxidized quartzites and metasandstones to theend of the hole.
SRA-22-002 – Azimuth 110, Dip-45 o , Total Depth41.23m
This hole targeted the down dip projection ofmineralization seen at the Las Guijas underground workings . Anomalous gold was intersected fromsurface to 7.6-meters depth with values up to 0.5 g/t Au over1.5-meters . A quartz vein zone was intersected startingat 33.6-meters with coinciding elevated Au and pathfinder elements (As, Aband W) , at 36.6-meters a large void wasencountered thought to be an unknown extension of the undergroundworkings. The hole was stopped at 41.2-meters at the other side of thevoid to avoid complications with RC drilling.
SRA-22-003 – Azimuth 110, Dip-55 o , Total Depth149.5m
This hole was placed as a step back to SRA-22-002 toavoid hitting underground workings and test the down-dip projection ofmineralization, thought to be shallowly dipping in a western directionfrom the exposed workings. Azone of anomalous gold was intersected from surface to 13.7-metersdepth . At 21.4-meters anomalousvalues of gold were again encountered transitioning into a quartz veinzone from 35.1-meters to 50.3-meters depth . Thequartz vein zone returned the highest gold values averaging 12.2-meters of 1.1 g/t Au from35.1-meters depth, including 1.5-meters of 4.7 g/t Au . Through the vein zone anomalous pathfinder elements were recorded averaging 1 g/t Ag, 315ppm As, 79 ppm Sb and 50 ppm W . Below the veinzone altered diorite continueduntil 76.3-meters where a fault zone wasfollowed by altered metasediments until the end of hole. Elevated zones of Au, Ag, As, and Sbsuggest the metasedimentary units have the potential to hostmineralization .
About the El Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic goldsystem within the regional Caborca Orogenic Gold Belt known forproducing gold mines that include La Herradura (>10 Moz Au) and SanFrancisco (>3 Moz Au). The project is 140 kilometers north ofHermosillo and only 18 kilometers southwest of the producing SanFrancisco Mine. The Project totals 24 square kilometers. Five primaryzones of mineralization have been identified across the propertytotalling over six kilometers of prospective trends. Surface samplingand historic workings have identified high-grade gold and silvervalues. The project has only seen widely spaced reconnaissancedrilling with no follow-up. Tocvan believes this provide an excellentopportunity for discovery of a muti-million ounce district.
Figure 3. Overviewmap of the El Picacho Gold-Silver Project.
Figure 4.Schematic Cross-Section of The El Picacho Exploration Model.
San Francisco Pit outline shown assize reference only
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 22,000 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 23 g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @7.6 g/t Au and 5 g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag,including 29.9m @ 0.9 g/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 38 g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @6.0 g/t Au and 12 g/t Ag ;
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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
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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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Figure 5. Map ofSonora, Mexico with the location of Tocvan’s Projects relative toother major Sonora projects
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 approximately37 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.
Quality Assurance / QualityControl
RC chips and core samples were shipped for samplepreparation to ALS Limited in Hermosillo, Sonora, Mexico and foranalysis at the ALS laboratory in North Vancouver. The ALS Hermosilloand North Vancouver facilities are ISO 9001 and ISO/IEC 17025certified. Gold was analyzed using 50-gram nominal weight fire assaywith atomic absorption spectroscopy finish. Over limits for gold(>10 g/t), were analyzed using fire assay with a gravimetricfinish. Silver and other elements were analyzed using a four-aciddigestion with an ICP finish. Over limit analyses for silver (>100g/t) were re-assayed using an ore-grade four-acid digestion withICP-AES finish. Control samples comprising certified reference samplesand blank samples were systematically inserted into the sample streamand analyzed as part of the Company’s robust quality assurance /quality control protocol.
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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