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(via TheNewswire)
Vancouver, British Columbia – August 28, 2024 – TheNewswire – Rackla Metals Inc. (TSX-V: RAK) (the “Company ”) is pleased to announce that it has staked the Grad Property in the Northwest Territories (NWT) and initial sampling on the new claims has returned grades up to 92.4 g/t Au.
Rackla staked the 4,000 hectare Grad Property within the Tombstone Gold Belt in the NWT centered on anomalous government regional geochemical survey stream sediment samples in a region that has experienced minimal historical exploration. The claims cover a mapped Mid-Cretaceous, Mayo Suite, granitic stock and at least one other unmapped felsic intrusive body. The mapped Mayo Suite intrusion measures 1.8 by 1 km, while the secondary intrusion is slightly smaller. Both intrusions have a sizable, intensely altered, contact aureole expressed as hornfelsed and iron-stained gossanous Earn Group sediments.
During the staking, quartz sulfide veining was noted on cliffs within the intrusive body and in float in the talus trains. The field crew collected 25 grab samples from outcrop and sub-crop while completing the staking. The analytical results returned over 50% of the samples anomalous for gold. In particular, two samples returned spectacularly high-grade Au-Bi-Te from the mapped intrusion. At the site of these samples abundant quartz-tourmaline veining and disseminated pyrite throughout the intrusion was observed. Both of these samples were from outcrop. One of the samples returned 92.4 g/t Au, >1% Bi, >500 g/t Te. The other, located 40m to the east, returned 15.85 g/t Au, 0.9% Bi, and 331 g/t Te. The preliminary observations from the intrusive stock and these results indicate a multiphase intrusion with stockwork veining, which may represent the upper carapace of a mineralized Reduced Intrusion-Related Gold System.
The Company immediately initiated a follow-up program consisting of stream sediment sampling, talus fine sampling, a photogrammetry survey and detailed rock chip sampling of the face that returned the high-grade gold values. The results of this additional work are pending. Based on the early success of exploring this new property, and the various unmapped intrusive bodies identified, Rackla is staking a larger land position in the area.
CEO Simon Ridgway stated, “The first assays returned from the Grad property have generated some excitement within the team. This is a grassroots discovery in an area that has seen limited exploration activity. The team will look to establish the extent of this high-grade Au-Bi-Te system.”
Figure 1 - Grad Property Sampling and Mayo Suite Intrusive Outline
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The Rackla team has also completed an exploration program on its Flat and Black properties located near the Cantung mine site. The 2024 program on the Black property included a large soil sample grid (1196 soil samples), prospecting that yielded 66 rock samples and a photogrammetry survey. The target at Black is gold-bearing quartz-arsenopyrite veins hosted in Hyland Group metasedimentary rocks on the margins of a Cretaceous intrusion. The program on the Flat property consisted of prospecting (7 rock samples), stream sediment sampling (3 samples) and a photogrammetry survey. The Flat property is also underlain by Hyland Group sedimentary rocks that host gold-bearing quartz-arsenopyrite veins on the margins of the Cretaceous-aged Tungsten Suite, Boundary Stock. Results from the sampling on these properties are pending.
Qualified Person
Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of the Company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company’s Qualified Person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.
About Rackla
Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canada based junior gold exploration company. The Company is targeting Reduced Intrusion-Related Gold Systems (RIRGS) mineralization on the southeastern part of the Tombstone Gold Belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RIRGS deposit types, has the potential to be the next frontier for the discovery of these large gold systems.
ON BEHALF OF THE BOARD
Simon Ridgway, CEO and Director
Tel: (604) 801-5432; Fax: (604) 662-8829 Email: [email protected] Website: www.racklametals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, the Company’s future exploration activities; and general business and economic conditions. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and planned exploration activities at its properties will be achieved; that there will be no material adverse change affecting the Company, its properties or its securities; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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