Murchison Minerals Triples Land Holdings and Doubles Size of Airborne Survey at Brabant Lake
TSX VENTURE: MUR
TORONTO, Jan. 10, 2019 /CNW/ - Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV: MUR) is pleased to announces that it has doubled the size of the previously announced VTEM airborne survey and tripled its mineral land holdings at the Zn/Cu/Ag Brabant VMS project.
Murchison announces that it has tripled its mineral rights holdings at its 100 percent owned Brabant VMS project in central Saskatchewan with the recent staking of 14,807 hectares of mineral claims contiguous to its current land holdings. The Company now controls 221.8 km2 of mineral rights over a strike length of approximately 29 kilometres.
Preliminary interpretation of the ongoing VTEM airborne geophysical survey shows multiple conductors that range in strike length from 200 metres to in excess of 6 kilometres. They are located within a favourable Archaean greenstone belt geological environment that has the potential to host a prolific VMS camp. Several of these strong electromagnetic ("EM") conductors have coincident magnetic ("Mag") highs, which is the case with the Brabant McKenzie VMS deposit located within Murchison's claims. Preliminary analysis of the various conductors suggests that their depth vary from sub-cropping to in excess of 200 metres. St-Pierre Geoconsultant Inc. is reviewing results of the VTEM survey.
Additional claims were staked to cover a lake sediment gold anomaly located at the south end of the Company's land holdings. This anomaly was originally identified as a result of a 1975 lake sediment sampling survey undertaken by the Geological Survey of Canada. This gold anomaly appears to share similar characteristics to the lake sediment gold anomaly associated with the Seabee gold mine located about 30 kilometres to the southeast.
VTEM Airborne Survey:
Murchison initiated a 551 line kilometre helicopter based VTEM airborne survey including magnetics over much of the new claims acquired in the past 2 years (see Press Release dated December 6, 2018). The airborne survey is being completed by Geotech Ltd.'s Versatile Time-Domain Electromagnetic (VTEM™ Max) geophysical system. Preliminary results from the early flight lines were highly encouraging, identifying a number of strong EM/Mag anomalies, which led to the decision to stake additional claims and to double the survey size to 1,050 line kilometres. This survey has confirmed that all of the known sulphide-bearing mineral showings in the land package are associated with strong EM conductors. The survey continues to identify new anomalies, which is very encouraging as VMS deposits tend to occur in clusters.
A number of these EM conductors share similar characteristics with those registered over the wholly-owned Brabant McKenzie VMS deposit where a resource of 2.1 million tonnes averaging 9.98% Zn equivalent in the indicated and 7.6 million tonnes averaging 6.29% Zn equivalent in the inferred categories has already been identified. Previous studies on the Brabant McKenzie VMS deposit concluded that it lies in a similar geological setting and is of the same age as the Flin Flon VMS mining camp in Manitoba.
The final report on the ongoing airborne VTEM survey is expected in early March.
Future plans include field prospecting over all of the newly identified anomalies following the spring breakup.
About the Brabant-McKenzie Project:
The Brabant-McKenzie project is located 175 kilometres northeast of La Ronge, Saskatchewan and approximately 3 kilometres from the community of Brabant Lake. The area is accessed year-round via provincial Highway 102 and is serviced by grid power. The project consists of one mining lease, which hosts the Brabant McKenzie VMS deposit, and an additional 20 mineral claims totalling 22,180 hectares, which cover approximately 29 kilometres of strike length over favourable geological horizons, multiple known mineralized showings and identified geophysical conductors.
About Murchison Minerals Ltd.
Murchison Minerals Ltd. is a Canadian based exploration company focused on the exploration and development of the 100% owned Brabant-McKenzie zinc-copper project in north-central Saskatchewan. The Company also has a 50% interest in the HPM nickel/copper/cobalt project in Quebec and gold projects in the Pickle Lake area of north western Ontario. Murchison has 44.2 million shares issued and outstanding.
Additional information about Murchison and its exploration projects can be found on the Company's website at www.murchisonminerals.com.
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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