VANCOUVER, BC, Aug. 24,
2022 /CNW/ - Zacapa Resources
(TSXV: ZACA) (OTCQB: ZACAF) (DE: BH0) is pleased to
provide an update on exploration activities (completed and ongoing)
at its 100% owned South Bullfrog gold project in the Beatty District of Nevada.
HIGHLIGHTS
- Follow up soil geochemistry at the newly identified Longtail
target reveals strongly elevated pathfinder epithermal suite
elements including gold, silver, and mercury associated with
silicified, alunite-bearing, brecciated subcrop surrounded by
alluvial cover
- Recently completed gravity geophysical survey mapped a
prospective low gravity feature coincident with a magnetic low
feature at the Longtail target which could represent structurally
controlled alteration
- Consulting report on integrated geophysical interpretation
has identified new targets and reinforced conviction on existing
targets
- Sledge, Shingleback, and Longtail prospects identified as
areas to be fast tracked for drilling in 2022
"The coincidence of gravity and magnetic anomalies in proximity
to strongly altered outcrops and anomalous soil geochemistry
reinforces our confidence in the value of Longtail as a significant
new prospect in the Beatty
District," comments Adam Melnik, CEO
and Director. "Zacapa's technical team has been working efficiently
to identify the most prospective drill targets for testing and the
highly compelling Longtail target is representative of the success
our approach can deliver when challenged with exploring through
cover."
Follow up soil sampling
An infill soil sampling program was conducted at the recently
identified Longtail target (see June 6,
2022). The new soil sampling was conducted between
previously collected reconnaissance soil sampling points that cross
through the Longtail target area to determine if a more closely
spaced grid could help refine the soil anomaly and correlate it to
structures visible in magnetic geophysical surveys. The strict
adherence to Zacapa's rigorous sampling protocol resulted in
significantly elevated gold, silver, and mercury values relative to
the prior survey. Of the 24 samples collected, 9 are among the top
50 in terms of gold concentration for the entire South Bullfrog
Project area, which includes 963 soil samples (Table 1). To date
more than a quarter of the 50 highest Au and Hg values at the South
Bullfrog Project occur at Longtail. A detailed soil sampling
campaign will commence at Longtail in mid-September to more fully
resolve the extent of the anomaly and aid in identifying
controlling structures that may be concealed under alluvial cover.
Preparation and analysis of the soil samples was completed by ALS
using their Super Trace Gold and Multi-element package. Lab
inserted quality control materials included four standards, two
blanks, and two duplicates.
In conjunction with the Longtail soils program additional
follow-up soil sampling is slated at the Bottom's Up target where
reconnaissance lines showed anomalous pathfinder elements and
mapping revealed zones of strong silicification. Additional soil
sampling will also be completed at the Sourdough prospect to test
the continuation of a major structure extending north off the
Fluorspar Canyon detachment zone that is associated with
significant alteration at the Vanderbilt Minerals clay mine.
Gravity survey over Shingleback,
Bottom's Up, and Longtail target areas
A ground-based gravity geophysical survey was completed on
northern portions of the South Bullfrog project. The gravity survey
was targeted at identifying potential fault zones and other
structural discontinuities that may have provided fluid pathways
for mineralizing solutions. The survey was particularly useful in
the Longtail area where coincident gravity and magnetic lows occur
along interpreted fault zones and could potentially be related to
hydrothermal alteration (Figure 2).
Integrated geophysical
interpretation completed
Dr. Jon Woodhead has completed a
full geophysical interpretation incorporating data from magnetic,
radiometric, gravity, and induced polarization geophysical surveys
with regional and local geologic mapping, surface geochemistry, and
remote sensing to provide a robust new interpretation of the
geophysical data that Zacapa has collected. The results of this
study show a good correlation between existing targets and targets
selected based on geophysics and also identifies other areas of
interest (Figure 3).
Table 2: Established Resources of the Beatty District
Deposit
|
Resource
|
Tonnes
|
Avg.
Grade
|
Avg.
Grade
|
Koz
|
Koz
|
M
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold
|
Silver
|
Sterling1
|
|
Inferred
|
33.41
|
0.78
|
-
|
914.0
|
-
|
Reward2
|
|
Measured
|
6.19
|
0.86
|
-
|
169.9
|
-
|
|
Indicated
|
11.58
|
0.69
|
-
|
256.8
|
-
|
|
Inferred
|
1.23
|
0.68
|
-
|
27.1
|
-
|
Bullfrog3
|
|
Measured
|
25.8
|
0.55
|
1.28
|
452.6
|
1063.54
|
|
Indicated
|
38.31
|
0.52
|
1.15
|
642.0
|
1416.65
|
|
Inferred
|
15.44
|
0.47
|
0.80
|
235.2
|
397.02
|
Montgomery-Shoshone4
|
|
Measured
|
1.97
|
0.64
|
3.35
|
40.4
|
212.12
|
|
Indicated
|
1.35
|
0.56
|
2.85
|
24.0
|
123.66
|
|
Inferred
|
1.05
|
0.59
|
3.45
|
19.8
|
116.41
|
Motherlode (Total
Milling+Heap Leach)4
|
|
Measured
|
24.33
|
0.63
|
0.91
|
491.0
|
713
|
|
Indicated
|
35.91
|
0.92
|
0.69
|
1061.0
|
796
|
|
Inferred
|
9.86
|
0.55
|
1.26
|
173.0
|
399
|
North Bullfrog
(Total Milling+Heap Leach)4
|
|
Measured
|
37.14
|
0.56
|
3.19
|
669.0
|
3816
|
|
Indicated
|
155.00
|
0.29
|
1.30
|
1438.0
|
6490
|
|
Inferred
|
67.67
|
0.19
|
0.60
|
414.0
|
1292
|
Silicon5
|
|
Inferred
|
120.44
|
0.87
|
-
|
3370.0
|
-
|
Prospects being fast tracked for drilling in 2022
Work to date, including advice of consultants with decades of
experience in the Beatty District,
has indicated that Shingleback, Sledge, and Longtail are high
priority target areas. Additional rock sampling is underway to aid
in refining the most prospective zones along outcropping structures
for drill testing.
Drill permitting is progressing, including the required surveys,
and a drill contractor procurement process is nearing completion.
Drilling is expected to commence in Q4 2022.
About the South Bullfrog Gold
Project
The South Bullfrog gold project is centrally located in the
Beatty District in the heart of
the Walker Lane Trend. The Beatty
District has seen rapid increases in gold resources, currently over
8.6 million ounces of gold. Zacapa's project area is 5 kilometres
south of AngloGold Ashanti's North Bullfrog development project
which is anticipated to be operational in the next 3 years, and the
central hub in a hub-and-spoke development scenario outlined by
AngloGold Ashanti following its US$370M6 acquisition of Corvus Gold.
AngloGold has stated that the combined assets will help the
Beatty District become a large,
long life, low-cost operation with the potential to develop Tier-1
"company making" mines (Figure 1)7. South Bullfrog is
comprised of 488 unpatented mining claims covering approximately
9,900 acres with a clear path to value creation by executing
rigorous exploration in the middle of an increasingly active
district where major gold mining companies are actively acquiring
property and developing new mines.
About Zacapa
Resources
Zacapa is a copper and gold focused mineral exploration company
engaged in responsible exploration for the new energy economy. Its
projects are concentrated in world class jurisdictions in the
southwest U.S., including Arizona,
Nevada, and Idaho. The portfolio includes porphyry copper
projects at Red Top, Pearl, and Dewdrop Moon, and epithermal gold
projects at South Bullfrog and Miller
Mountain. These assets are being advanced by a highly
disciplined and seasoned professional team with successful track
records of discovery, resource development and mine permitting.
References – South
Bullfrog
1 https://www.coeur.com/_resources/news/nr_20220216.pdf
|
|
2
https://augustacorp.com/_resources/presentations/corporate-presentation-augustagold.pdf?v=0.339
|
|
3
Downer, R., and House, A., 2021. NI 43-101 Technical
Report Mineral Resource Estimate, Bullfrog Gold Project Nye County,
Nevada. EFFECTIVE DATE: December 31, 2021. ISSUE DATE: March 16,
2022 PREPARED FOR: Augusta Gold Corp.BY Forte Dynamics,
Inc.
|
|
4
Corvus Gold Inc., 2021, US Securities and Exchange Commission,
Form 10-K
|
|
5
Nicholson et al, 2022, Technical Report Summary Silicon Project:
An Initial Assessment Report: AngloGoldAshanti, 31 December
2021
|
|
6 AngloGold Ashanti Signs
Definitive Agreement to Acquire Corvus and Consolidate the Beatty
District of Nevada, September 13, 2021
|
|
7 Corvus Gold and AngloGold
Ashanti Announce Completion of Acquisition of Corvus by AngloGold
Ashanti, January 18, 2022
|
For more information, please visit www.zacaparesources.com. All
documents are available on Zacapa's profile page on SEDAR at
www.sedar.com.
All scientific and technical information contained in this press
release was prepared under the supervision of Daniel MacNeil, MSc., P. Geo., and a "Qualified
Person" as defined by National Instrument 43-101.
On behalf of the Board of Directors,
"Adam Melnik"
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. All statements within,
other than statements of historical fact, are to be considered
forward looking. Although Zacapa 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 or developments may differ
materially from those in forward-looking statements. Zacapa
cautions that all forward-looking statements are inherently
uncertain, and that actual performance may be affected by a number
of factors, many of which are beyond Zacapa's control. Accordingly,
actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. Readers
are advised to rely on their own evaluation of such uncertainties.
Except as required under applicable securities legislation, Zacapa
undertakes no obligation to publicly update or revise
forward-looking information.
Cautionary Note to US Investors
NI 43-101 is a rule developed by the Canadian Securities
Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
resource estimates contained in or incorporated by reference in
this press release have been prepared in accordance with NI 43-101
and the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource
and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they
may be amended from time to time by the CIM.
United States investors are
cautioned that the requirements and terminology of NI 43-101 and
the CIM Standards differ significantly from the requirements and
terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's disclosures
regarding mineralization may not be comparable to similar
information disclosed by companies subject to SEC Industry Guide 7.
Without limiting the foregoing, while the terms "mineral
resources", "inferred mineral resources", "indicated mineral
resources" and "measured mineral resources" are recognized and
required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide 7.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability, and US investors are cautioned not
to assume that all or any part of a mineral resource will ever be
converted into reserves. Further, inferred resources have a great
amount of uncertainty as to their existence and as to whether they
can be mined legally or economically. It cannot be assumed that all
or any part of the inferred resources will ever be upgraded to a
higher resource category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of a feasibility
study or prefeasibility study, except in rare cases. The SEC
normally only permits issuers to report mineralization that does
not constitute SEC Industry Guide 7 compliant "reserves" as
in-place tonnage and grade without reference to unit amounts. The
term "contained ounces" is not permitted under the rules of SEC
Industry Guide 7. In addition, the NI 43-101 and CIM Standards
definition of a "reserve" differs from the definition in SEC
Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made, and a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical
price is used in any reserve or cash flow analysis of designated
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. The mine
economics presented herein and derived from the PEA are preliminary
in nature and may not be realized. The PEA is not a feasibility
study. U.S. investors are urged to consider closely the disclosure
in our latest reports and registration statements filed with the
SEC. You can review and obtain copies of these filings at
http://www.sec.gov/edgar.shtml. U.S. Investors are cautioned not to
assume that any defined resource will ever be converted into SEC
Industry Guide 7 compliant reserves.
This press release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE Zacapa Resources