(TheNewswire)
Calgary, Alberta – TheNewswire - April 14, 2022 Tocvan Ventures Corp. (the “Company”) (CSE:TOC ) ; ( OTC:TCVNF ) ; ( FSE:TV3), is pleased to announce drill results from its Pilar Au-AgProject in Sonora, Mexico. Results for drill hole JES-22-59 areprovided in this release, a core twin of RC drill hole JES-20-32 whichreturned 94.6-meters at 1.6 g/t Au (see Figure 1). Drill holeJES-22-59 was previously mentioned in a news release (see NR February15, 2022) where a mineralized breccia host was observed in drill corecorrelating to the Main Zone at Pilar. JES-22-59 returned 116.9-meters at 1.2 g/t Au and 7 g/tAg , including an impressive 48.1-meters at 2.8 g/t Au and 9 g/tAg . High-grade gold-silver mineralization wasrecorded adjacent to a heavily faulted and altered zone returning 10.2-meters at 12.0 g/t Au and23 g/t Ag , including 4.2-meters at 28.3 g/t Au and 49 g/tAg .
A total of 1,562 meters of Phase III drilling has beencompleted in nine drill holes providing key information across theMain Zone and 4-T Trend. Results for five drill holes arepending.
Drill Highlights
JES-22-59 (Core)
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116.9m at 1.2 g/t Au and 7 g/tAg
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Including 48.1mat 2.8 g/t Au and 9 g/t Ag
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Including 10.2mat 12.0 g/t Au and 23 g/t Ag
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Including 4.2mat 28.3 g/t Au and 49 g/t Ag
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“Once again core drilling hasconfirmed the significant grade and distribution of gold-silvermineralization at Pilar”, commented BrodieSutherland, CEO . “ This furthervalidates the strength of the shallow mineralized system at Pilar,especially in regard to the significant high-grade mineralizationadjacent to controlling structures. We look forward to reviewing theremaining results that test the extension of these controlling faultsto the southeast.”
Discussion of SignificantResults
As part of the Phase III program, nine drill holes havebeen completed totalling over 1,562 meters (Figure 1). Drilling lookedto expand the Main Zone through 25, 50 and 100-meter step-outs to thesoutheast in a gap zone that has seen little drilling focused on themain trend between hole JES-20-32 (94.6m at 1.6 g/t Au) and holeJES-21-50 (39.7m at 0.96 g/t Au). Drilling also covered the 4-T Trendtesting below trench T-21-3, which returned 19.5 meters at 0.61 g/tAu.
Confirmation of host rock and structure through theMain Zone was completed with core drilling, targeting key areas wherepast RC drilling has intersected significant gold—silvermineralization. Drill hole JES-22-59 was successful in intersecting asignificant zone of oxide gold with broad mineralization in asilicified brecciated andesite host (116.9 meters of 1.2 g/t Au,including 48.1 meters of 2.8 g/t Au and 9 g/t Ag). The intersectionincluded a high-grade fault bounded zone grading 12 g/t Au and 23 g/tAg over 10.2 meters. This broad interval correlates withmineralization seen in RC hole JES-20-32, which returned 94.6 metersat 1.6 g/t Au, including 9.2 meters at 10.8 g/t Au and 38 g/t Ag. Thehigh-grade controlling structures indicate a high probability ofcontinuation to the southeast, where pending drill results are locatedalong trend.
Figure 1. Map of Phase III DrillHoles.
Table 1. Summary of JES-22-59 DrillResults.
Hole ID | From (m) | To (m) | Width (m)* | Au (g/t) | Ag (g/t) |
JES-22-59 | 20.20 | 137.05 | 116.85 | 1.19 | 6.57 |
including | 55.70 | 103.75 | 48.05 | 2.81 | 9.03 |
including | 55.70 | 65.90 | 10.20 | 12.04 | 23.35 |
including | 55.70 | 59.90 | 4.20 | 28.34 | 48.91 |
*Reported widths are apparent widths, JES-22-59 was drilled at a 50degree inclination and is thought to be near perpendicular to the dipof mineralized structures.
Figure 2. Cross-Section ofJES-22-59.
Plate 1. Photo of Core fromJES-22-59.
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A. 102m to 104.5m, silicified mineralizedbreccia
Plate 2. Photos of Core fromJES-22-59. 55m to 60m.
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B. Major faultzone hosting high-grade mineralization.
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C. Start ofmineralized breccia zone.
AGM Summary and Results
The Company is pleased to announce the results ofvoting at its Annual General Meeting of Shareholders (“AGM”) heldFriday, April 8, 2022, in Calgary, Canada.
Shareholders voted in favour of all items putforward:
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The appointment of the Board of Directors and fixingthe Board size to five.
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The approval of audited Financial Statements.
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The appointment of Dale Matheson Carr-Hilton LabonteLLP, as Auditors of the Company for the ensuing year with theprovision that the auditors remuneration be fixed by the board ofdirectors.
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Ratifying and approving the continuation of theincentive Stock Option Plan of the Corporation.
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A total of 4,055,973 Tocvan common shares were voted,representing 12.79% of total shares issued and outstanding as at therecord date of the meeting.
The Company announced at the meeting a webinar will bescheduled for mid-May to go over recent drill results and outline nextsteps for Pilar and El Picacho. The Company also commented on theRogers Creek Property transaction, a detailed update including therecord-day to be eligible as shareholder will be provided once thedeal is nearing completion. The transaction is going forward and isplanned to be executed in Q2-Q3 of 2022, unlocking the value of theRogers Creek property to all shareholders of Tocvan in a new copperfocused company (see NR September 30, 2021).
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-Trench. Structural features and zones ofmineralization within the structures follow an overall NW-SE trend ofmineralization. Over 20,700 m of drilling have been completed to date.Significant results are highlighted below:
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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 @6.0g/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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17,700m of Historic Core RCdrilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5g/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 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 approximately32 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.
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 17025 certified. Gold was analyzed using 50-gramnominal weight fire assay with atomic absorption spectroscopy finish.Over limits for gold (>10 g/t), were analyzed using fire assay witha gravimetric finish. Silver and other elements were analyzed using afour-acid digestion with an ICP finish. Over limit analyses for silver(>100 g/t) were re-assayed using an ore-grade four-acid digestionwith ICP-AES finish. Control samples comprising certified referencesamples and blank samples were systematically inserted into the samplestream and analyzed as part of the Company’s robust qualityassurance / quality control protocol.
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
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