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VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces it has filed for drill permits with the NB Department of Energy and Mines (“NB DEM”) for its initial phase 1 drill program at its California Lake VMS Project in the world-famous Bathurst Mining Camp, New Brunswick, Canada (“BMC”). Nine Mile has received its re-processing analysis and identified the high priority targets at California Lake. The initial drill program is slated for up to 2,000 meters, utilizing the Lantech Drilling Company track-mount drill rigs due on site in October.
Figure 1: California Lake VMS Project High Priority Targets Identified over Magnetic-Conductive Analysis is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b2a53d0-bf31-4097-a33a-f05ffdd46274
Figure 2: California-Spruce Lake VMS (N-NE) Trend, Stage 1 Drilling is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aad92ced-d927-4a00-95c0-f8418ec67c15
The Stage 1 drill program will focus on the Project’s eastern section, the California Lake VMS Trend, where EarthEX Geophysical Solution’s (“EarthEX”) industry leading data re-processing analysis has identified high-priority conductors. Numerous drill holes are planned to test the volcanic sediment contact where both favorable VMS mineralization and alteration, including chlorite and sericite, were identified in outcrop. The proprietary analysis has identified the subtle targets that have traditionally been successfully drilled and become economic deposits. Preliminary processing of legacy data by EarthEX has already identified high-priority conductors at California Lake coincident with favorable geologic markers.
Figure 3: California Lake VMS Project Geology is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b875a8f-ba65-40cc-8c3a-f1485172d279
The California Lake VMS Project covers a large stratigraphic section of the highly prospective Spruce Lake Formation which hosts numerous VMS deposits in the Bathurst Mining Camp, including the Caribou Mine to the north. Along the California Lake VMS Trend, there are 3 VMS occurrences including California Lake 32 South, California Lake 68 South and California Lake – Murray Brook respectively. Mineralization consists of both disseminated and stringer sulphides, in addition to tabular massive sulphides previously identified. At California Lake 32 South, fine grained sulphides occur along the contact of the felsic volcanics (hangingwall ) and metasediments. Mineralization consists of a Cu rich base grading upwards to a Pb / Zn rich zone. Iron formation, a key component in many of the BMC VMS deposits, was also identified in the zone.
The VMS potential of the California Lake Formation Group is well known; however, this portion of the BMC has been poorly explored in comparison to the northern section, which hosts the Caribou Mine, Restigouche and the Murray Brook Deposits.
“This portion of the California Group Formation has been under explored as is the Nine Mile Brook VMS Project area. There is limited outcrop, and the geology is complex, but new technology and 3D modeling with data re-processing utilizing proprietary algorithms has unlocked the potential for numerous new discoveries in the most prospective geological formation in the BMC. The California Lake VMS Project is a high priority for the Company, and we look forward to unlocking the value to the Company’s portfolio with the results of our 1st drill program on the California Lake VMS Project,” stated Patrick J. Cruickshank, MBA, CEO & Director.
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo. VP Exploration who acts as the Company’s Qualified Person, and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) VMS Project. The Company is focused on exploration of Minerals for Technology (MFT), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
ON BEHALF OF NINE MILE METALS LTD.
“Patrick Cruickshank”CEO and Director T: +1.512.521.4639E: [email protected]
Forward-Looking Information:This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. . Forward-looking statements in this press release include that (a) the Stage 1 drill program will focus on the Project’s eastern section, the California Lake VMS Trend, (b) numerous drill holes are planned to test the volcanic sediment contact where both favorable VMS mineralization and alteration, including chlorite and sericite, were identified in outcrop, (c) new technology and 3D modeling with data re-processing utilizing proprietary algorithms has unlocked the potential for numerous new discoveries in the most prospective geological formation in the BMC, and (d) the VMS potential of the California Lake Formation Group is well known. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct. The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
