Nord Precious Metals Unveils New Silver Zone at Castle East; Introduces “All-Stars” Zone with up to 5,441 gpt Silver
(TheNewswire)
The prolific Miller Lake Basin
produced over 60M ounces of Silver from limited mining of the
northwestern edge, there remains the opportunity to explore and
discover new mineralization.
May 21, 2024 –
TheNewswire –
Coquitlam, BC – Nord Precious Metals Mining
Inc.,
(TSXV: NTH) (OTCQB: CCWOF) (Frankfurt:
4T9B) (the “Company” or “Nord” or “Nord Precious
Metals”), a prominent exploration company specializing in silver and
cobalt, is thrilled to announce the discovery of a significant new
silver zone at the Castle East property, named the “All
Stars” zone. This exciting discovery marks a pivotal moment in
the development of Castle East and underscores the potential for
substantial silver resources within the project area.
Highlights:
-
Two separate vein structures grading 5,441 and 3,730
grams per tonne (gpt) silver discovered in the former Capitol Silver
mine, now on Nord mining leases
Nord Precious Metals is pleased to report significant
silver intercepts from the recent drilling campaign at the
“All-Stars” zone. In hole CS-23-123, the company intercepted
notable silver mineralization, including a high-grade interval of
5,441.4 grams per tonne (gpt) silver over 0.37 meters at a depth of
446.55-446.92 meters downhole. Additionally, an intercept from
461.25-462 meters (0.75 meters) returned 3,730 gpt silver. These
intercepts demonstrate the rich silver potential within the project
area.
Click Image To View Full Size
Figure
1
: Portion
of Interval CS-23-123, 446.55m, 5,441.4 gpt Ag
This new mineralization is about 400-500 meters away
from the Robinson and Big Silver veins. In the Gowganda context, that
is huge as there isn’t a large distance required to have significant
and distinct mineralization in these types of systems. By looking at
the historic mining in the area, there is continuity of
these veins running many hundreds of meters and with vertical
extents over many levels in the mines. This represents the first time
we have really entered the historic Capitol Mine system directly, and
it will be interesting to see if it extends toward the Robinson. There
is some geophysical evidence and mineralogical evidence of a
significant east-west trend there.
The Capitol and O’Brien mines in Gowganda produced
about 52.02 million ounces of silver and 1.6 million pounds of cobalt
of the over 60 million ounces produced in Gowganda. (
Gowganda | Battery Mineral Resources
Corp. (bmrcorp.com)
)
This is the first time
Nord Precious Metals has investigated the mineralization of the
Capitol extending onto Nord’s leases. We are aware that the system
was never completely mined out due to infrastructure constraints
because ore from deeper levels had to be handled a number of times
through a series of winzes before being hoisted to surface. (
PROSPECTUS OF MILNER CONSOLIDATED
SILVER MINES LTD (gov.on.ca)
)
“The opportunity here in Gowganda is significant. We
must remember that only about 25 percent or less of the Miller Lake
Basin was mined – almost all of which was in the northwestern edge of
the basin
’the low hanging
fruit’
. Extensions from the Capitol Mine
system are an important part at expanding resources,” commented
Matthew Halliday, P.Geo., President of Nord Precious Metals. “We
have multiple targets to explore, and a big system to do it
in.”
The first intercept at 446.55 meters is situated
between two historic stopes of the Capitol Mine, indicating continuity
of mineralization within the established mining areas. The subsequent
intercept at 461.25 meters extends beyond the second stope,
highlighting the potential for mineralization expansion into
previously unexplored zones.
Hole CS-23-123 intersected Nipissing Diabase, the
primary lithology hosting silver and cobalt mineralization, from 351.9
to 471 meters downhole. Additional analyses for cobalt and silver are
underway, focusing on identified mineralized zones such as a calcite
vein with cobalt at 390.9 meters and trace silver and cobalt in a vein
at 392.8 meters downhole. Cobalt mineralization was also observed in
veins at 434.4 and 442.7 meters, with another vein logged at 462.7
meters downhole.
In light of the “All Stars” zone discovery,
Nord Precious Metals plans on initiating infill drilling on a grid
between the “All Stars” zone and the Robinson Zone – another
key vein system within the Castle East property. This strategic
drilling campaign aims to investigate potential linkages between these
vein systems and unlock additional mineralization
opportunities.
“We are thrilled to unveil the discovery of the
‘All Stars’ zone at Castle East, marking a turning point in our
exploration endeavours,” commented Matthew Halliday, P.Geo.,
President of Nord Precious Metals. “It is imperative that we
conduct infill drilling to thoroughly assess the connectivity between
the ‘All Stars’ zone and the Robinson Zone, as we believe this could
reveal valuable insights into the property’s geological
potential.”
Table
1: Location of holes, Nad83 Zone
17N
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nord Precious Metals remains committed to advancing
exploration efforts at Castle East and leveraging its expertise to
maximize the value of its silver and cobalt resources, as well as to
exploring and unlocking the full potential of the Gowganda Camp. With
these promising initial results, we are poised to continue our
rigorous exploration efforts, furthering our understanding of the
region’s geological intricacies and unlocking its mineral wealth.
Interested investors can access information
about Nord Precious Metals at its website,
NordPreciousMetals.com
and its social media channels at X(Twitter), LinkedIn,
Facebook, and YouTube for which links are available on the Company’s
website.
Qualified person
The technical information in this news release was
approved by and prepared under the supervision of Matthew Halliday,
P.Geo., (PGO), President and COO Nord Precious Metals., a qualified
person in accordance with National Instrument 43-101.
Quality Control and Reporting
Protocols
The 2023 assay results are from Temiskaming Testing
Laboratories (TTL) in Cobalt, Ontario. The drill program, quality
assurance, quality control (QAQC), and interpretation of results are
performed by qualified persons employing procedures consistent with NI
43-101 and industry best practices. Standards and blanks are included
with every 20 samples for QAQC purposes for this program in addition
to the lab QAQC.
About Nord Precious Metals Mining
Inc.
Nord Precious Metals Mining Inc. (formerly Canada
Silver Cobalt Works Inc.) recently discovered a major high-grade
silver vein system at Castle East located 1.5 km from its 100%-owned,
past-producing Castle Mine near Gowganda in the prolific and
world-class silver-cobalt mining district of Northern Ontario. The
Company has completed a 60,000 m drill program aimed at expanding the
size of the deposit with an update to the resource estimate
underway.
In May 2020, based on a small initial drill program,
the Company published the region’s first 43-101 resource estimate
that contained a total of 7.56 million ounces of silver in Inferred
resources, comprising very high-grade silver (8,582 grams per tonne
un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections
(1A and 1B) of the Castle East Robinson Zone, beginning at a vertical
depth of approximately 400 meters. Note that mineral resources that
are not mineral reserves and do not have demonstrated economic
viability. Please refer to the Nord Precious Metals (previously Canada
Silver Cobalt Works) Press Release May 28, 2020, for the resource
estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical
Report Mineral Resource Estimate for Castle East, Robinson Zone,
Ontario, Canada, with an effective date of May 28, 2020, and a
signature date of July 13, 2020.
The Company also has: (1) 14 battery metals properties
in Northern Quebec where it has recently completed a 16,000-metre
drill program; (2) the prospective 1,000-hectare Eby-Otto gold
property close to Agnico Eagle’s high-grade Macassa Mine near
Kirkland Lake, Ontario where it is exploring. And (3) St.
Denis-Sangster lithium project – 260 square kilometers of greenfield
exploration ground with numerous pegmatites focussed along a
significant volcanic sedimentary rock – Archean granite contact near
Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium
properties.
Nord Precious Metal’s flagship silver-cobalt Castle
mine and 78 sq. km Castle property feature strong exploration upside
for silver, cobalt, nickel, gold, and copper. With underground access
at the fully owned Castle Mine, an exceptional high-grade silver
discovery at Castle East, a pilot plant to produce cobalt-rich gravity
concentrates, a processing facility (TTL Laboratories) in the town of
Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox
(for the creation of technical-grade cobalt sulphate as well as
nickel-manganese-cobalt (NMC) formulations), Nord Precious Metals is
strategically positioned to become a Canadian leader in the
silver-cobalt space. More information is available at
www.nordpreciousmetals.com
X(Twitter):
LinkedIn:
Facebook:
“Frank J. Basa”
Frank J. Basa, P. Eng. Professional Engineer
Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E:
waynecheveldayoff@gmail.com
Caution Regarding Forward-Looking
Statements
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are subject
to various risks and uncertainties. Except for statements of
historical facts, comments that address resource potential, upcoming
work programs, geological interpretations, receipt and security of
mineral property titles, availability of funds, and others are
forward-looking. Forward-looking statements are not guarantees of
future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause
actual results to vary materially from forward-looking statements.
The Company does not undertake to update any
forward-looking information in this news release or other
communications unless required by law.
Copyright (c) 2024 TheNewswire – All rights reserved.