VANCOUVER, British Columbia, April 26, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to provide the following update on its Scottie Gold Mine property and its recently acquired Bow property (see news release dated December 13, 2018). The Bow property contiguous with the Company’s 100% owned Scottie Gold Mine property which hosts the past producing Scottie Gold mine.
- Bow property hosts exceptional high-grade gold exposed at surface
- Encouraging cobalt results in Bow’s ‘Bend vein’
- Two new zones identified on the Scottie property
Following the recent acquisition of the Bow claims, a comprehensive compilation and review of all available data was undertaken to help formulate exploration plans for the upcoming 2019 field season. Based on the data review, the mineralization present on the Bow property has strong similarities to that observed at the Scottie Gold Mine property, notably the vein mineralogy, host rock, grades and alteration. While the intercepts from the drilling done by Decade Resources Ltd. (“Decade”) on the Bow in 2014 and 2015 are impressive (see below), we suspect that they are not representative of true vein thicknesses. Regardless, we are strongly encouraged by the results as an indicator of the inherent grade potential and continuity within the system. The Company’s planned 2019 field work will aim to get a better sense of the true vein widths and delineate them at depth and along strike.
Bow’s high-grade gold mineralization
The Bow property hosts substantial vein-style high-grade gold mineralization at surface. Surficial grab sampling by Decade in 2014 returned 33 samples with over 100 g/t gold. Individual veins have been mapped on surface for up to 60 m along strike (widths averaging 1.5 - 2m), and have been traced subsurface for hundreds of meters. Decade’s 2014 and 2015 drilling of the mineralized veins returned exciting gold intercepts, including:
|DDH No.||From (m)||To (m)||Width (m)||Au (g/t)|
Despite the similarities to the Scottie Gold Mine mineralization and favourable gold intercepts, historic drilling programs on the Bow property have not tested the down dip potential of the vein, even though mineralization remains open at depth - almost all drilling has been limited to less than 75 m from surface. Assessing the vertical extent of the mineralization will be the primary objective during future drilling.
Bow’s cobalt-rich ‘Bend vein’
In addition to the high grade gold mineralization, the Bend vein (traced strike length of 700m) on the Bow property is distinctively cobalt rich, with mineralization primarily occurring as cobaltite. In 2005 Tenajon Resources completed 535 m drilling on the Bend vein. Within the drilled mineralized zone the weighted average grade was calculated at 13.3 g/t Au, 36.7 Ag, and 0.25% Co and 0.16% Cu across an average true width of 1.64 m. In 2016, significant cobalt was intersected in all 7 holes drilled by Decade; intercept widths (not true width) ranged from 2.19 to 6.4 m, with values ranging from 0.10% to 0.23% Co. Follow up work by the Company will focus characterizing the cobalt mineralization and understanding its distribution and controls.
New zones on the Scottie Gold Mine property
Mineralization at the Scottie Gold Mine property consists of a series of parallel, steeply dipping, NW-trending, pyrrhotite-dominant shear veins. Past production from the mine was principally from one vein (the M zone), however, four other local veins were tested with success for future production (O, L, N and S zones). In addition to these zones, two new zones have been identified on the Scottie Gold Mine property providing support for a geological model linking mineralization between the Scottie Gold Mine property and the Bow property.
Given the proximity and the similarities (mineralization and structure) between the Bow and Scottie Gold Mine properties, we are actively testing a recently proposed geological model that links the vein mineralization. This model is supported by evidence of smaller parallel veins between them, including two new vein zones identified during Scottie’s 2018 field season in the corridor between the Scottie Gold Mine property and the Bow property. The zones were discovered in a 2.1 km access tunnel that was built during production to allow all-season access to the mine. Surprisingly, no historical data has been found to indicate that the tunnel was ever geologically mapped or sampled. During the 2018 field program, limited prospecting of the tunnel yielded two mineralized grab samples, 2.0 g/t and 8.1 g/t gold, both found in vein structures parallel to the main Scottie Gold Mine mineralization.
Scottie’s VP Exploration, Dr. Thomas Mumford commented: “The Bow property hosts exceptional mineralization at surface and is only a few kilometres northeast of the Scottie Gold Mine. Decade’s drill results from the Bow property suggest a similar mineralization style to the Scottie Gold Mine. We are excited to get into the field this summer to confirm the numerous high-grade intercepts and follow-up by testing the down-dip continuity. The position and high-grade mineralization on the Bow Property strategically add to the Scottie Gold Mine property and are consistent with a recently proposed geological model for the formation and distribution of mineralization at the Scottie Gold Mine. Exploration work during this upcoming field season will focus on linking the mineralization between the two properties. We consider the Bow property to be a natural extension of the Scottie Gold Mine property, and are eager to test targets between the principal mineralized zones in the respective properties to prove the linkage.”
Thomas Mumford, Ph.D., P.Geo and VP Exploration of Scottie, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
The Company has granted a total of 1,000,000 stock options to an officer and consultant to the Company, entitling him to purchase one common share for each option held at a price of $0.22 per share and valid for a period of five years. The options will vest in accordance with the Company’s stock option plan.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high grade, past-producing Scottie Gold Mine property and has the option to purchase a 100% interest in the Bow property which is contiguous with the Scottie Gold Mine property. Scottie owns 100% interests in the Ruby Silver and Black Hills properties and has the option to purchase a 100% interest in the Bitter Creek property which joins the Ruby Silver property with the Black Hills property.
All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.
Further information on Scottie can be found on the Company’s website at www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
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