Eagleone Provides Results Of Phase I Exploration On Its Magusi West Gold Project
The Phase I program on the Project consisted of detailed ground geophysics comprised of magnetometer, very low frequency electromagnetic (VLF-EM) and induced polarization (IP) surveys. This work was followed by soil sampling, outcrop stripping, and channel sampling, plus geological mapping and whole-rock sampling of selected exposed outcrops to detect lithogeochemical indicators for potential gold and base metal (copper, zinc) mineralization.
The sampling portion of the program involved the collection of 618 soil samples from various regions of the Project. Key highlights from the results include the following:
- 10 samples that assayed 0.02 ppm gold or above with a high of 0.156 ppm;
7 samples that assayed 100 ppm copper or above with a high of 186 ppm; and 21 samples that assayed 150ppm zinc or above with a high of 200ppm;
To better interpret the soil survey results, response ratios were determined for the survey dataset. Examination of the soil survey analytical results (both raw data and response ratios) demonstrate that the values obtained were uniform. This is most likely due to the sampled surface layer being primarily derived from silt- and clay-rich soil formed from the extensive, unconsolidated glaciolacustrine sediments (often varved clays) deposited by the immense post-glacial Lake Ojibway.
The Company's consulting geologists also constructed a geochemical probability plot in order to visualize geochemical data to understand its distribution, identify distinct populations, and estimate background and anomalous values.
These two techniques both identified three clusters of anomalous values among the soil assay results. The two most interesting clusters are located within the southern half of the property. The western cluster occurs a short distance north of, and partially flanks, the Baie Fabie Fault zone a short distance southeast of a possibly synvolcanic diorite intrusion that intrudes mafic to intermediate metavolcanic flows (primarily basalt and andesite), intermediate metavolcanic rocks (dacire), and felsic metavolcanic flows (rhyolite). The larger eastern cluster flanks the Baie Fabie fault zone in close association with a potentially synvolcanic diorite body intruding andesite and rhyolite. This cluster extends about 600m south of the fault and about 700m in an east-west direction.
The Company's consulting geologists recommend that both of these clusters be examined further by having the resistivity and chargeability data from the IP geophysical survey expressed on colour plan maps. Additionally, the two types of IP data should be accompanied by several subsurface depth slices that will display the information originally provided by IP pseudosections on coloured plan maps that are easier to understand and will highlight any anomalous patterns that may be present. Any anomalies expressed on these maps that coincide with, or are located up-ice from, the soil anomaly clusters will then comprise suitable targets for follow-up exploration, particularly as diamond drill targets. The consulting geologists recommend obtaining several plan plots (50m, 100m, 150m) of the IP results and overlay them onto the other data (magnetics, EM conductors and soils) and identify potential drill targets.
Due to the extensive clay cover, exploration in the south region of the Project is challenging. There is outcrop of the intrusive diorite and also volcanics, but not in the area of the diorite margin in contact with the volcanics, which appears most interesting in the soil data.
Qualified Person
Allan MacTavish, M.Sc., P.Geo., a Qualified Person who is independent of the Company, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the technical content of this news release.
About EagleOne Metals Corp.
EagleOne is a Canadian-based precious and base metal explorer that holds the option to acquire a 100% interest, subject to a 2% net smelter returns royalty, in 11 claims comprising the Magusi West Gold Project, which is located in Abitibi greenstone belt of Quebec – one of the world's most productive and highest ranked gold mining jurisdictions. The Company seeks to unlock shareholder value through the diligent exploration of carefully selected exploration projects in some of Canada's most prolific exploration and mining areas. EagleOne is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Matthew Markin
President & CEO
T: 778-900-1620
E: ...
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FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking information"), including statements regarding: the results of future exploration on the Project, the timing of any future Project exploration, and the Company's financing and completion of additional exploration on the Project. Forward-looking information is based on assumptions that management believes are reasonable as of the date of this news release, including assumptions regarding commodity prices, exploration budgets, availability of financing, the timely receipt of required approvals and permits, and the performance of contractors and counterparties.
Forward-looking information is inherently subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including risks related to exploration, sampling and geophysical interpretation; geological uncertainty; operating and capital cost inflation; regulatory approvals (including CSE acceptance); commodity price volatility; capital markets conditions and access to financing; reliance on third parties; and the other risk factors described in the Company's public filings. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update forward-looking information except as required by law.
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SOURCE: EagleOne Metals Corporation
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