Scottie Resources Commences 2019 Exploration Program at Summit Lake, Golden Triangle
TSX VENTURE: SCOT
VANCOUVER, British Columbia, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) announces commencement of its 2019 exploration program on its Summit Lake property which consists of claims that it owns or has the option to purchase 100% interest in. The Summit Lake property is comprised of 4,877 ha of mineral claims that surround the historic Scottie Gold Mine, which produced 95,400 ounces of high-grade gold (BC Minfile), located approximately 50 kilometers north of Stewart, British Columbia in the Skeena Mining Division. The Scottie Gold Mine is situated 14 km north of the Premier Gold Mine, and 20 km south of Brucejack Gold Mine, all within the prolific Golden Triangle of northern British Columbia.
The geological setting of the Scottie Gold Mine and the surrounding Summit Lake property is comprised of Jurassic age Hazelton Group volcanics and phases of the Texas Creek Plutonic Suite. The location of the Scottie Gold Mine and surrounding Summit Lake claims within the Golden Triangle have a similar geological setting to several nearby world-class gold deposits including: Eskay Creek, Brucejack, Premier, Snip, Red Mountain and Scottie Gold Mine. All together the Golden Triangle has reported mineral resources (past production and current resources) of 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper (Fig. 1).
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Mineralization at the Scottie Gold Mine consists of at least thirteen zones of gold bearing quartz-carbonate sulphide (pyrite- pyrrhotite +/- chalcopyrite +/- galena+/- sphalerite) veining. These veins appear to be controlled by complex, sub-parallel shear and fracture zones related to the emplacement of the Texas Creek Suite - Summit Lake Pluton. Within these veins highly anomalous gold values occur in discreet shoots. Base metal and silver values are in general, only slightly to moderately enriched. The style of mineralization is characteristic of deposits classified as being intrusion related mesothermal veins. Mineralization occurs over a vertical extent of at least 1250 m, from a topographic height of approximately 2100 m down to at least 850 m.
Within the Summit Lake mineral claims the company has delineated an area coincident with the Summit Lake Stock boundary of at least 5 km length that has potential to host mineralization within silicified zones and veins. Historic work on the Summit Lake claims has been minimal - no drill results despite very promising geophysical targets, and only an estimated 10-20% of the claims have seen reasonably detailed prospecting for potential gold-bearing structures. Mineralization is comprised of high-grade gold associated with pyrite-pyrrhotite veins which produce a distinctive magnetic and electromagnetic signature. Within the Scottie Gold Mine and the Summit Lake property airborne and ground geophysical surveys have delineated 6 geophysical anomalies that are targeted for follow-up (Fig. 2).
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In 2016, a new zone called the 6 Ounce Zone was located at the south boundary of the Scottie Gold Mine Crown Grants (now contiguous with the Summit Lake claims, Fig. 2). Sampling in the area returned grab samples with values of 205.5 g/t (6 oz) and 11.21 g/t gold. This new zone is at least 2 km south of the past mine workings and is part of an area that contains numerous sulphide-rich veins that have been recently exposed by retreating glaciers.
The northern portion of the Summit Lake claims is transected by a 5 km interval of the tunnel that was created to provide access between the Granduc Mine and mill – investigation of rocks exposed in the tunnel will provide invaluable information to the geology of the area.
Thomas Mumford, Ph.D., P.Geo, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie Resources Corp. is a gold exploration company focused on exploring and advancing the Scottie Gold Mine and its other properties. The company is the first to acquire such a significant land package to compliment the Scottie Gold Mine and add to its regional potential. Scottie has 100% ownership of the Scottie Gold Mine, Stock, Ruby Silver, and the Black Hills properties, which together total 8,800 ha. Scottie has the option to purchase 100% interests in the Bow property, the Bitter Creek property and the Summit Lake property.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENT
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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