VANCOUVER, BC, June 8, 2021 /CNW/ - Tectonic Metals
Inc. (TSXV: TECT) (OTCQB: TETOF) (FSE: T15B) (the "Company" or
"Tectonic") today announced the Company's 2021 exploration plans,
anchored by two oriented diamond drilling campaigns, on the
Company's Tibbs Gold Project ("Tibbs") and Seventymile Gold Project
("Seventymile") in Alaska.
Drilling is projected to commence mid-June at Tibbs, located less
than 35 kilometres ("km") from Northern Star Resources Ltd.'s
high-grade Pogo Gold Mine in
Alaska's Goodpaster Mining
District. Initial diamond drilling at Tibbs follows up on
drill targets identified by the Company's 2019 and 2020 Rotary Air
Blast ("RAB") drill programs, including high-grade gold-bearing
structures at the Michigan Zone ("Michigan") which returned 6.71
grams per tonne gold ("g/t Au") over 9.14m including 19.3 g/t Au over 3.05m, and at the Gray Lead Zone ("Gray Lead"),
where historical drilling returned 19.14 g/t Au over 5.70m in a high-angle quartz vein carrying
Pogo-style mineralization. On completion of drilling at Tibbs,
Tectonic will execute its second diamond drilling program at
Seventymile, a >40 km long, underexplored greenstone belt in
eastern Alaska. Tectonic looks
forward to building on the success of last summer's ~2,500m,
26-hole reconnaissance RAB program at Seventymile, which confirmed
the presence of both shear-hosted and tension-vein hosted gold
mineralization along an 8km trend. The two programs combined will
consist of approximately 4,800m of
oriented diamond drilling, a method never previously employed at
either project.
Tony Reda, President & CEO,
commented, "It's time! The old saying, "If you're not
drilling, you're not finding gold" could not be more fitting right
now for Tectonic. Our recent capital raise brought in
additional sophisticated shareholders to support us in our cause of
discovering more gold this summer through the execution of diamond
drill campaigns on two unique projects, Tibbs and Seventymile. To
say that we are excited about this year's programs would be an
understatement! From structural studies to reinterpreting
geophysical surveys to relogging historical core to in-depth
geochemistry, soil, rock, RAB chip and drill core analysis to 3D
modelling, we have left no stone unturned to provide us with the
best geological understanding of our drill targets. We can
assure you, our shareholders, that we are putting our best foot
forward and will do everything in our power to ensure this year's
programs are successful in creating value."
Tibbs Gold Project – Building on 2020 Success
Tibbs is
located less than 35km from Northern Star Resources' operating
Pogo Gold Mine in the Goodpaster
Mining District of Alaska. Tectonic's 2021 exploration
campaign at Tibbs will consist of two phases of oriented diamond
drilling separated by a TITAN-24 DCIP/MT ("TITAN") geophysical
survey. Drilling in Phase 1 is designed to validate and expand upon
known high-grade gold exploration targets such as the Michigan Zone
and test newly identified structural, and soil geochemical targets
delineated by Tectonic in 2020. Targets generated during the TITAN
survey will inform the Phase 2 oriented diamond drilling with the
goal of identifying low-angle structures within the unexplored
gneissic rocks in the western portion of Tibbs, which host
compelling gold-in-soil anomalies with the exact same geochemistry
as mineralization observed at Pogo.
Tibbs Drill Targets
- To view the Tibbs Drill Plan Maps with proposed drill target
locations, click here.
- Michigan Zone: Drilling will focus on both identifying controls
on high-grade gold mineralization through oriented core drilling
and stepping out to the southwest along the interpreted trend of
the northeast-trending Michigan
structure. 2020 drilling delineated over 275m of strike with all drill holes intersecting
gold mineralization along a northeast-trending corridor open to the
northeast, southwest, and at depth.
- West Trench Prospect: In 2020, a high-tenor gold-in-soil
anomaly with coincident arsenic, bismuth and tungsten was
discovered 1,200m west of the Tibbs
Lower Trench Zone ("Lower Trench") and is hosted by gneissic rocks
cut by a mapped diorite dike. At Pogo, the gneissic rocks
host mineralization. For the first time ever at Tibbs,
Tectonic will drill the gneissic rocks hosting this robust
gold-in-soil anomaly.
- Wolverine Prospect: Despite being the site of the largest
gold-in-soil anomaly (~800m x 1000m)
at Tibbs, previous drilling at Wolverine was unable to explain the
source of the high-tenor gold in soils (trace to 1.385 g/t
Au). Tectonic now aims to drill a newly identified and
untested east-west trending structure at Wolverine.
- Johnson Saddle Prospect: High-grade soil (trace to 755 ppb
Au) and rock anomalies including a 5.9 g/t Au rock sample with
associated bismuth and tungsten uncovered in Tectonic's 2018
trenching program require further investigation. Drilling will
further test Tectonic's hypothesis that the Johnson Saddle prospect
is situated at a prominent intersection zone of northeast and
north-northeast trending structures found within and adjacent to
prospective gneissic rocks on a mapped low angle thrust fault.
- Gray Lead - Hilltop/Oscar
Zone: Oriented diamond drilling will help determine
structural controls and continuity at the high-grade, 275m long Gray Lead in conjunction with step out
drilling to the northeast at Hilltop/Oscar. Gray Lead hosts
Pogo-style quartz veins and is open along strike and at depth.
Drilling by a previous operator (2007-2008) reached a maximum depth
of 120m only. Tectonic will seek to
determine whether the Gray Lead vein is offset to the east beyond
the limits of historical drilling.
Seventymile Gold Project – Underexplored 40 km Long
Greenstone Belt
Seventymile is comprised of approximately
150,000 acres of land with numerous gold zones delineated by
reconnaissance drilling, trenching, and soil and rock sampling. The
highly prospective, 8km Flume orogenic gold trend is located in the
northwestern region of an underexplored 40km long late Paleozoic
greenstone belt, which constitutes the Seventymile Gold Project.
Tectonic's 2021 diamond drilling program at Seventymile is focused
on the Flanders, Bonanza,
Flume-Bonanza, and Flume Zones, where limited historical diamond
drilling in 1990 and 2000 demonstrated the presence of high gold
grades and significant strike potential. Tectonic's exploration
campaigns from 2018 to 2020 both validated and proved continuity of
these mineralized structures across the Flume trend. Drilling will
focus on obtaining detailed structural and geological information
while testing for expansion potential, grade, and scale at each
target.
Seventymile Drill Targets
- To view the Seventymile Drill Plan Maps with proposed drill
target locations, click here.
- Flanders: High grade
north-dipping quartz tension veins hosted by a distinctive
iron-rich basalt are open for expansion to the northwest, east,
southeast, and at depth. Unoriented diamond drilling in 1990 and
2000 by previous operators intersected highlight results of 107.75
g/t Au over 1.52m and 5.30 g/t Au
over 15.24m, both of which are open
along strike and at depth.
- Flume: Drilling will focus on expanding known shear-hosted
gold mineralization by testing the down-dip extent of the shear,
while also stepping east across Flume Creek to test the interpreted
continuation of the structure in an area of high-tenor gold-in-soil
anomalies (trace to 590 ppb Au), which remains untested.
- Bonanza: Complex structural domain with high-grade rock
samples at surface (trace to 21.5 g/t Au) and buried,
blind-to-surface mineralization confirmed by Tectonic in 2020.
Drilling will aim to obtain structural context for the
mineralization while stepping out on 2020 RAB results (1.37 g/t Au
over 19.81m).
- Flume-Bonanza: An 800m long
high-tenor (trace to 420 ppb Au) gold-in-soil anomaly,
Flume-Bonanza was tested by only a single RAB hole in 2020 which
returned 2.07 g/t Au over 6.10m.
Drilling will aim to test the structure along its extent and obtain
the first-ever diamond core from the target area.
- Alder: High tenor gold-in-soil anomalies with values from
trace to 2.34 g/t Au found in the same iron-rich basalt as observed
at the Flanders target remain
untested. Drilling will focus on stepping west of historic drilling
into the basalt.
Grant of Options
Tectonic further announces that it
has granted incentive stock options (the "Options") to employees
and consultants entitling them to purchase up to 450,000 shares in
the capital of the Company subject to the policies of the TSX
Venture Exchange. The Options are exercisable until June 3, 2026, at a price of $0.18 per share. The Options were granted in
accordance with the Company's Stock Option Plan adopted on
April 10, 2019. The Options will vest
as follows: One half (½) will vest on June
3, 2022, and one half (½) will vest on June 3, 2023.
About Tectonic
Tectonic Metals Inc. is a mineral
exploration company created and operated by an experienced and
well-respected technical and financial team with a track record of
wealth creation for shareholders. Key members of the Tectonic
team were involved with Kaminak Gold Corporation, the company that
raised C$165 million to fund the
acquisition, discovery and advancement of the Coffee Gold Project
in the Yukon Territory through to
the completion of a bankable feasibility study before selling the
multi-million-ounce gold project to Goldcorp Inc. (now Newmont
Goldcorp) for C$520 million in
2016.
Tectonic is focused on the acquisition, exploration, discovery
and development of mineral resources from district-scale projects
in politically stable jurisdictions that have the potential to host
world-class orebodies.
Tectonic believes that responsible mineral exploration and
development can positively impact the communities in which the
company lives and operates and is committed to early and ongoing
community engagement, best practices in environmental stewardship
and the development of a strong safety culture. Whether at home or
at work, the Tectonic team is grounded on the following core
values: passion, integrity, patience, focus, perseverance,
honesty, fairness, accountability, respect and a play big
mindset. The company works for its shareholders and is
committed to creating value for them.
On behalf of Tectonic Metals Inc.,
Tony Reda
President
and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news
release, please visit our website at www.tectonicmetals.com or
contact Tony Reda, President &
CEO of Tectonic, or Bill Stormont,
Investor Relations, at toll-free 1.888.685.8558 or by email at
info@tectonicmetals.com.
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Cautionary Note Regarding Forward-Looking Statements
Certain information in this news release constitutes
forward-looking information and statements under applicable
securities law. Any statements that are contained in this news
release that are not statements of historical fact may be deemed to
be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate",
"expect", "intend" and similar expressions.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining
governmental and other approvals and financing on time,
obtaining required licenses and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of
Tectonic, and there is no assurance they will prove to be
correct.
Although Tectonic considers these beliefs and assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect, and the forward-looking statements in
this release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from
those expressed or implied in such forward-looking statements.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation: the Company's ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; marketing and transportation
costs; loss of markets; volatility of commodity prices; inability
to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; competition; currency and interest rate
fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Although Tectonic
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Tectonic does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
[Neither the TSX Venture Exchange nor it's Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.]
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SOURCE Tectonic Metals Inc.