GREENWOOD, BRITISH COLUMBIA / October 27, 2017 / JMN Wire / New Nadina Explorations Limited (TSX VENTURE: NNA) reports completion of drilling the first target at it 100% owned Silver Queen property near Owen lake, BC.
Drill hole 17S-1 at Silver Queen has confirmed the high conductive geophysical anomaly (Jun 30, 2017 NR) contains sulfides. Drill hole 17S-01, drilled to a length of 816M, successfully intersected the conductive geophysical anomaly (blue) to the northwest of the Itsit Copper-Molybdenum-Gold porphyry. The single drill hole, as indicated in the figure below, has shown that the target consists of sulfides visually identified as bornite, sphalerite, galena, pyrargyrite. 108 Samples are expected to be completed and shipped for assaying within a week.
Based on visual observations the Company believes an 261M interval from 555 to 816M (open to depth), including 132M where the above mentioned minerals have been recognized is of interest.
The structure of the core mineralization is an intense stockwork veining grid with sub-vertical sulfide (low silica) veins up to 1.5cm and down to 10 cm spacing. Pictures of the core will be posted on the Company website nadina.com when available.
Historically, this deep seated target has not been drilled, with one exception: a vertical hole drilled by Northgate in 1970, which tested the NG3 vein from approximately 115 to 136m and the area below. At 437m a 5 foot 7 inch un-named intercept with 24.6 oz/ton Ag, 0.08 % Cu, 12.2 % Pb, and 27.2% Zn has been reported (Process Report New Nadina Ltd. Feb 17/81). According to the report of the geophysical anomaly mentioned above, this intercept most likely represents a thin southern sliver of the target (blue), which is located approximately 400m SSW of the intercept reported above, which truncates the target on the northeastern side.
Additional drilling of this deposit can be expedited from closer sites, on Crown Land, located to the immediate North-Northeast, West, and Southwest of the target. The Company’s work permit allows up to 50 drill sites. The Company is requesting a four year (2013-2017) permit extension to compensate when no work was conducted due to the landowner opposition/obstruction hiatus.
Drill hole 17S-02 has commenced and will target both the high grade silver veins (intercepted in drill hole 12S-05 NR Jun 30, 2017) and the high chargeability, low resistivity anomaly, respectively. Within this target area, two holes are planned and, depending on duration and funding available, an additional hole is anticipated.
GEOLOGICAL UPDATE
Re-cognoscente geological work has shown that the Silver Queen vein system and the recently drilled target are located within a caldera, which formed during repetitive explosive eruptions producing pyroclastic volcanic (tuffs). The apparent ring structure of the ancient volcano plays an important role in the development of the Itsit porphyry system adjacent to the South of it by providing heat and metal bearing fluids. Pyroclastic flows of eruptive events, forming layers of tuff and ash, deposit at an angle of about 32-34 degrees on the flank of the volcano. In the case of high temperatures during deposition, it will form a welded tuff. Often, welded tuffs are located above an ash layer of a previous event cycle. Ash tuff layers, due to their high reactive particle surface, tend to turn into clay soon after deposition. In the case of the Itsit Porphyry, located outside of the caldera under the flank of the volcano, multiple welded tuff layers and underlain clay layer, latter formed from a previous ash tuff, capped the top of the porphyry. Therefore, the asymmetric shaped deposit formed by fluids due to the permeability (porphyry) and the lack of it (cap at a 32 degree angle), rather than by shearing it off by a thrust fault.
Dr. Mathias Westphal. P.Geo., a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.
PRIVATE PLACEMENT OFFERING UPDATE (Jun 30, 2017 NR, Sept 26, 2017 NR)
The Company announces it will finalize and cancel the unsubscribed remainder of the 8 cent unit offering first announced June 30, 2017. At this date, the Company has 13,934,933 issued shares, 1,025,000 outstanding unexercised share Options and 1,287,500 outstanding unexercised warrants.
