VANCOUVER, BC, Jan. 28, 2021 /CNW/ - Mineral Mountain Resources Ltd. and Mineral Mountain Resources (SD) Inc. ("Mineral Mountain" or the ("Company") (TSXV: MMV) is pleased to report, that over the last few months, the Company has significantly advanced its understanding of underlying geological controls on gold mineralization in the Rochford district, and, particularly in the vicinity of the Standby Mine. This has been accomplished through recently completed and ongoing structural, stratigraphic and geochronologic studies, along with the application of innovative geochemical and multi-isotopic vectoring methods. This on-going work continues to highlight the Standby Mine as a significant exploration target with many of the architectural elements needed to host a major gold deposit.
The Standby Mine occurs at the intersection of a significant body of Rochford Iron Formation thickened in a synclinal fold axis with a regionally significant north-northwest-trending shear zone that guided mineralizing hydrothermal fluids from depth. Ten synclinal fold structures with a similar geometry and overall scale referred to as "ledges" contained economic gold mineralization mined at the Homestake Mine (see Figure 1 entitled Standby/Homestake Comparison posted on the Company's website at Rochford Standby – Mineral Mountain Resources Ltd. ). The geometry of the iron formation at Standby is now understood in detail from recently acquired high resolution geophysical surveys and will aid in further subsurface drill targeting. A well-defined zone of quartz veining, carbonate-chlorite alteration and shear fabric can be traced through the Standby mine area for at least 3,650 meters (12,000 feet) on surface, and marks the position of the shear zone that appears to control mineralization in this part of the district. The long-lived structural history of this shear zone, as the evidence suggests, is an important factor in the development of a significant shear zone-hosted gold deposit. Multiple episodes of this movement are indicated by the presence of several generations of crosscutting and variably deformed quartz-carbonate veins and shallow plunging drag folds associated with oblique thrust movement along the shear zone. Compositionally unusual albitite veins have intruded the shear zone at Standby and importantly, have also been seen in the largest ledge systems in the Homestake mine and in many of the world's significant orogenic gold camps such as in the Timmins gold district, northeastern Ontario.
Significant advances have also been made in the regional connections between the Rochford district and the spectacularly productive Lead-Homestake district to the north. Presently, the Rochford and Lead districts are only 25 kilometers apart, and significantly, at least 14 kilometers of net shear offset brings the two camps into direct juxtaposition (see Figure 2 entitled "Regional Connection: Homestake and Rochford posted on the Company's website at Rochford Standby – Mineral Mountain Resources Ltd.). During the time of major gold mineralization in the Black Hills, the two camps were neighbors across this shear zone and it is possible to consider the Rochford district "West Homestake". It is even possible that the two major antiforms were once aligned into a single large-scale structure prior to shear dismemberment. The portion of the antiform containing older (deeper) rocks, including the Homestake iron formation dominates exposure in the Lead District, while the younger (shallower) rocks are exposed in the Rochford district. The overall architecture of the two camps is remarkably similar. Given the similarity in deformation-metamorphic histories and the comparable lithologies of the Homestake and Rochford iron formations, the Rochford district should contain significant gold resources available for discovery. The displaced eastern lower portion of this major early structure produced, in excess of 41 million ounces of gold.
Mineral Mountain Resources Ltd. will be raising sufficient capital to support a fully permitted core drilling program in early 2021 that will test the Standby Trend. In addition, Mineral Mountain is also conducting a district scale structural foliation study and a specific type of geochemical study that has proven successful at providing vectors to mineralization at the Homestake Mine.
Nelson Baker, President and CEO of Mineral Mountain offers: "Our technical team are very encouraged and excited about the initial results of our study on contours of the dip of a specific foliation to spatial relationships with gold mineralization in the Rochford District. This novel approach was successfully applied in Australia by an esteemed structural professor on several synorogenic gold deposits and has also been mirrored successfully in unpublished work from former Homestake Mine geologists at the Homestake Mine. Initial work by MMV is providing positive results validating known gold systems such as the Standby and Cochrane deposits in the Rochford District and identifying other anomalies that need to be field checked and evaluated."
Mineral Mountain also announces that it has granted an aggregate of 2,275,000 incentive stock options to directors, officers and consultants of the Company in accordance to the Company's stock option plan. The options are exercisable at a price of $0.25 per share for periods between three and five years from January 27, 2021, the date of grant, in accordance with their respective vesting provisions. The options are subject to the approval of the TSX Exchange.
About Mineral Mountain
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is an exploration and development Company with a strong management and technical team which has many years of experience in the Homestake area. The parent Company, Mineral Mountain Resources Ltd., is based in Vancouver, B.C.
The Company now owns one of the largest land packages, now totaling over 7500 acres, in the Rochford District located in the Black Hills of South Dakota, U.S.A. about 25 kilometers south of the richest and largest gold deposits in the world, the Homestake Mine gold system, which produced over 41 million ounces of gold! The Company also owns a comprehensive database for the entire Rochford Gold District, a large supporting land position within the second most productive gold districts in the United States.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information
This release includes certain statements that may be deemed to be "forward-looking information" under Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, constitute forward looking- information. Forward looking information consists of statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information does not constitute guarantees of future performance and actual results may differ materially from those in forward- looking information. Factors that cause the actual results to differ materially from those in forward-looking information include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking information should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.