(TheNewswire)
Calgary, AB - TheNewswire - January 17, 2023 - Tocvan Ventures Corp. (the “Company”) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , is pleased to announce drill resultsfor the remaining drill holes completed at its El Picacho Gold-Silverproject in Sonora, Mexico. Ten drill holes totalling 1,075.1-meterswere completed at the San Ramon Prospect testing for low-grademineralization adjacent to historic underground workings that havereturned high-grade gold with silver. Drilling aimed to test differentstructural orientations to determine the best way to targetmineralization. Mineralization associated with historic undergroundworkings was confirmed and the most significant mineralization wasdiscovered in a 100-meterstep-out from the historic workings of the SanRamon target, confirming the model that mineralization continues atdepth in west-dipping system. Hole SRA-22-010, returned the mostsignificant results to date intersecting 44.2-meters of 0.6 g/t Au, including 12.2-meters of 2.0g/t Au and 7 g/t Ag from a downhole depth of41.2-meters (approx. 25-meters from surface). Mineralization has nowbeen intersected over a 300-meter strike and 200-meters down-dip fromthe surface exposure. Analysis and interpretation of this data will beused to plan follow-up drilling. El Picacho is host to several othertarget areas permitted for drilling that span across the 24km 2 project area.
Highlights
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100-meter Step-out , Hole SRA-22-010 returned 44.2-meters of 0.6 g/t Au, from 41.2-metersdepth
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including 12.2-meters of 2.0 g/t Auand 7 g/t Ag
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including 3.1-meters of 7.6 g/t Auand 9 g/t Ag
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Hole SRA-22-008 returned 16.8-meters of 0.5 g/t Au, from21.4-meters
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including 4.6-meters of 1.8 g/t Auand 6 g/t Ag
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Best Result to Date in Step-outfurthest from Historic Mine Workings and SurfaceOutcrop
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All drill holes contain quartzveining and alteration associated with robustmineralized systems
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300-meters of Strike Tested withFirst Phase of Drilling, c onfirms exploration model of at and near-surface oxide goldmineralization connected to underground workings
"We are extremely pleased withthe results of this first program at El Picacho where we have not onlyconfirmed mineralization tied to the old workings but also stepped-outand discovered even better mineralization at depth,” stated Brodie Sutherland, CEO . “We now have a better understanding onthe optimal drill orientation to test the system and look forward tofollowing-up on not only the San Ramon prospect but testing the otherprospects across the large land package. To be able to test our model,adjust on the fly and use this information to successfully hit thebest mineralization in our first step-out is a massive testament tothe team. We look forward to analyzing these results to plan for thenext stage of drilling at El Picacho.”
For a detailed discussion on thesedrill holes, view here:
Other Highlights
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Hole SRA-22-004 returned 13.7-meters of 5 g/t Ag , from 128.1-meters
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Confirms Mineralization in LowerMetasediments – 2 g/t Ag over 100.6-meters
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Hole SRA-22-005 returned 4.6-meters of 0.5 g/t Au and 5 g/tAg , from21.4-meters
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Hole SRA-22-007 returned 7.6-meters of 0.3 g/tAu and 17 g/t Ag, from24.4-meters
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Including 3.1-meters of 0.6 g/t Au and 31 g/t Ag
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Figure 1. ElPicacho Project, San Ramon Prospect Target Map.
Figure 2. ElPicacho Project, San Ramon Prospect SRA-22-010 Cross-Section.
Table 1. SummaryResults
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) |
SRA-22-010 | 0.0 | 160.1 | 160.1 | 0.2 | 1.0 |
including | 41.2 | 137.3 | 96.1 | 0.3 | 1.5 |
including | 41.2 | 90.0 | 48.8 | 0.5 | 2.5 |
including | 41.2 | 85.4 | 44.2 | 0.6 | 2.6 |
including | 44.2 | 67.1 | 22.9 | 1.1 | 4.9 |
including | 44.2 | 61.0 | 16.8 | 1.5 | 5.3 |
including | 45.8 | 58.0 | 12.2 | 2.0 | 6.5 |
including | 47.3 | 50.3 | 3.1 | 7.6 | 9.3 |
including | 48.8 | 50.3 | 1.5 | 14.2 | 12.9 |
SRA-22-008 | 12.2 | 54.9 | 42.7 | 0.2 | 1.0 |
including | 21.4 | 38.1 | 16.8 | 0.5 | 2.2 |
including | 22.9 | 27.5 | 4.6 | 1.8 | 6.3 |
including | 22.9 | 24.4 | 1.5 | 3.9 | 6.9 |
SRA-22-004 | 128.1 | 141.8 | 13.7 | 0.0 | 5.1 |
SRA-22-005 | 19.8 | 42.7 | 22.9 | 0.1 | 4.2 |
including | 21.4 | 38.1 | 16.8 | 0.2 | 5.2 |
including | 21.4 | 25.9 | 4.6 | 0.5 | 5.5 |
SRA-22-006 | 29.0 | 30.5 | 1.5 | 0.2 | 7.5 |
SRA-22-007 | 24.4 | 32.0 | 7.6 | 0.3 | 16.8 |
including | 24.4 | 27.5 | 3.1 | 0.6 | 30.5 |
SRA-22-009 | 21.4 | 36.6 | 15.3 | 0.1 | 4.7 |
including | 27.5 | 32.0 | 4.6 | 0.1 | 10.3 |
Discussion
The drill program was successful in identifyingmineralization in three target areas: Las Guijas, San Ramon and thenewly discovered extension to San Ramon. Initial review of the datasuggest drilling in a southeast direction (azimuth 120) provides thebest result for testing high-grade mineralization and adjacentlow-grade. Hole SRA-22-010 has proven the model of a west-dippingpackage of altered and mineralized quartz veins and shear zones existand appear to continue at depth and remain open to the west and southof the known area. A detailed account of the key drill holes isprovided below.
SRA-22-010 – Azimuth 120, Dip-45 o , Total Depth180.0m
This hole targeted a 100-meter step-out on trend anddown-dip of known mineralization projected from the San Ramonunderground workings. From surface to 45.8-meters depth a moderatelyoxidized zone within gneiss was intersected with two 3-meters zones ofveining and pyrite, although altered no significant mineralization wasrecorded in this upper zone. At 45.8-meters a fault was encounteredtransitioning into a vein zone to 58.0-meters. This vein zone hoststhe majority of high-grade gold mineralization averaging 2.0 g/t Au over 12.2-meters , with values up to14.2 g/t Au . Below the vein zone anomalousmineralization (Au and Ag) continues until 90.0-meters depth where itthen breaks up into several anomalous zones before transitioning to aweakly altered/ oxidized diorite at 164.7-meters. Through the veinzone anomalous Au, Ag, As, Sband Pb are recorded averaging 2.0 g/t Au, 7 g/t Ag, 246 ppm As,168 ppm Sb and 381 ppb Pb .
SRA-22-008 – Azimuth 115, Dip-65 o , Total Depth151.0m
This hole targeted the area adjacent and underneath theSan Ramon underground workings. A weakly oxidized diorite was recordedfrom surface to 12.2-meters depth transitioning into a silicifieddiorite and vein zone until 45.8-meters depth. The vein zone returnedthe strongest mineralization from 21.4-meters to 38.1-meters returning16.8-meters of 0.5 g/t Au,including 4.6-meters of 1.8 g/t Au and 6 g/t Ag .Anomalous pathfinder elements (As, Sb, Pb and Zn) were recordedthrough the vein zone. Alteration weakens at 54.9-meters depth. At79.3-meters the gneiss unit was encountered until 122.0-meters depthwere the lithology changed to a metasediment unit for the remainder ofthe hole. Anomalous Ag, W and Cu were recorded in the lowermetasediment unit.
SRA-22-005 – Azimuth 130, Dip-45 o , Total Depth100.7m
This hole targeted the area adjacent and underneath theSan Ramon underground workings at its eastern-most extent. A weaklyoxidized diorite was recorded from surface to 18.3-meters beforecoming into an oxidized vein zone from 18.3-meters to 36.6-meters. Thevein zone returned anomalous Au, Ag, As, Ab, W, Pb and Zn with Au values up to 1.0 g/t and Ag values up to18.3 g/t . Below the vein zone a weakly altereddiorite was recorded to 79.3-meters where a felsic dyke wasencountered until 91.5-meters followed by the metasedimentary unituntil the end of hole.
The remaining holes all hit anomalous mineralizationand veining with elevated path finder elements while testing differentorientations. Although no significant mineralization was recorded thetechnical team views this as a great indicator of a robust mineralizedsystem. Hole SRA-22-004 intersected a vein zone from 18.3-meters to29.0-meters with elevated Au,Ag, As, Sb and Zn . A lower metasediment unitreturned elevated Ag and As nearly over the entire length, recording 2 g/t Ag over100.6-meters . Hole SRA-22-006 intersected asection of discontinuous veins before encountering an underground voidat 27.5-meters. Hole SRA-22-007 also hit an underground void justafter entering a vein zone from 21.4-meters depth with Au values up to 1.0 g/t and Ag values up to54 g/t . Hole SRA-22-009 recorded a vein zonefrom 13.7-meters to 36.6-meters with anomalous Au, Ag, As, Sb, W, Pb andZn .
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 awell-structured exploration development company. Tocvan was created inorder to take advantage of the prolonged downturn in the junior miningexploration sector, by identifying and negotiating interest inopportunities where management feels they can build upon previoussuccess. Tocvan has approximately 37 million shares outstanding and isearning 100% into two exciting opportunities in Sonora, Mexico: thePilar Gold-Silver project and the El Picacho Gold-Silver project.Management feels both projects represent tremendous opportunity tocreate 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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