Vancouver, British Columbia – February 11, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Silverstock Metals Inc. (CSE: STK) (the “Company” or “Silverstock”) provides an update on the recent exploration work carried out on the Gold Cutter Property (the “Property”).
Two geologists and a prospector spent five days on the Gold Cutter Property for Silverstock in October 2021, conducting additional sampling and geological reconnaissance. 111 grab samples were collected.
Results from a work program conducted in 2020 had verified the presence of significant precious and base metal values in intrusive-hosted veins around the original discovery zone (Fig. 1). Gold results varied from below detection to a high of 9.81 g/t; nine samples had in excess of 0.5 g/t Au. Silver ranged from below detection up to 101 g/t. Base metal values varied from very low to highs of 0.23% (Cu), 0.29% (Pb) and 0.09% (Zn). Molybdenum had a highest value of 0.22%.
James Walchuck, CEO of Silverstock, commented: “These levels of gold mineralization and polymetallic enrichment are considered encouraging for an early stage project. Once we have analyzed the 2021 results, we will have a better idea of the Property’s potential and lay out a path forward for 2022.”
The follow-up work completed in 2021 extended a north-northeast trending zone of quartz-ankerite-pyrite alteration in volcanics (now ~55 m long by up to 10 m wide) discovered in 2020, and further assessed soil/lithogeochemical and magnetic/structural targets inferred from 2020 data. Fill-in prospecting and geological mapping in areas not previously assessed were also undertaken.
The Company will continue to review and assess the information it has currently on hand and will have a better idea of the potential of the entire Property once the results from the 2021 program have been analyzed.
About the Property
The Gold Cutter Property consists of two mineral tenures covering a total of 1,821.1 hectares (~18.2 km2), 85 km north of Kamloops in south-central BC.
The Property lies within the Quesnellia terrane, in the southern Intermontane Belt of the Canadian Cordillera. In the Kamloops area, the Quesnellia terrane comprises marine clastic and chemical sediments and mafic volcanic cover rocks of three unconformity-bounded successions: the Devonian to Triassic Harper Ranch Group, the Late Triassic Nicola Group, and the Early Jurassic Rossland Group. These rocks have been cut by a series of Early Jurassic-aged plutons that form a ~375 kilometre-long, arcuate belt, prospective for gold, copper and molybdenum mineralization (Fig. 2).
The Property is underlain by siltstone/sandstone of the Harper Ranch Group and augite-phyric mafic volcanics of the Nicola Group. Dikes and other small intrusions, likely associated with either an elongate syenite-monzonite stock mapped in the southern part of the Property or the Thuya Batholith mapped immediately north of the Property (Fig. 1), have been subsequently emplaced into rocks of both groups.
Two geologists and two prospectors spent one week on the Property for Silverstock in October 2020, conducting geological reconnaissance/sampling and local detailed mapping. 133 grab samples were collected. A 414 line km drone magnetic survey was conducted over the entire Property at 50 m line spacing in September/October 2020. A 154-sample reconnaissance soil survey was conducted later in October 2020. Prospecting and mapping programs outlined polymetalic mineralization associated with and hosted by these irregular intrusions. Mineralization occurs as intrusion-hosted, Au (+-Ag/Pb/Cu/Mo)-bearing quartz veins up to 1 m wide, typically with pyrite, but locally containing pyrite-arsenopyrite-galena-molybdenite, with lesser chalcopyrite. The veining has been observed in subcrop, angular boulders and rare outcrops of quartz monzonite and is thought to be genetically related to the latter’s emplacement.
Figure 1: Gold Results from 2020 Silverstock Grab Samples on the Gold Cutter Property
Figure 2: Generalized geology of southern Quesnellia. Discrete mineralizing events are directly linked to Mesozoic arc plutons, which form north-trending, temporally distinct belts (1-3). The Gold Cutter property lies in the tract of Early Jurassic plutons (Wildhorse-Takomkane plutonic suite), midway between the Brenda and Woodjam-Southeast deposits (modified after Massey et al., 2005). Orange/black squares are porphyry copper deposits.
Dr. Tom Setterfield, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.
About Silverstock Metals Inc.
Silverstock Metals Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct the exploration of its Gold Cutter Property. The Gold Cutter Property is comprised of two contiguous mineral claims totaling approximately 1,821.1 hectares and is located in the Kamloops Mining Division, British Columbia.
For more information, please refer to the Company’s prospectus dated August 3, 2021, available on SEDAR (www.sedar.com).
On Behalf of the Board of Directors
Chief Executive Officer, President and Director
For further information, please contact:
Chief Executive Officer, President and Director
(778) 897 3322
Silverstock Metals Inc.
2710 – 200 Granville Street
Vancouver, British Columbia V6C 1S4
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the commencement of trading of the Company’s common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company’s projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company’s projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company’s properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Gold Cutter Property, the availability of financing on suitable terms, and the Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire the Gold Cutter Property, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated August 3, 2021 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
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