SILVER QUEEN DRILL HOLE 17S-01 COMPLETED
New Nadina Explorations Ltd. (NNA.V) has completed the drilling of the first target at its 100-per-cent-owned Silver Queen property near Owen Lake in British Columbia.
Drill hole 17S-01 at Silver Queen has confirmed the high conductive geophysical anomaly contains sulphides. Drill hole 17S-01, drilled to a length of 816 metres, intersected the conductive geophysical anomaly (blue) to the northwest of the Itsit copper-molybdenum-gold porphyry. The single drill hole has shown that the target consists of sulphides visually identified as bornite, sphalerite, galena and pyrargyrite. One hundred eight samples are expected to be completed and shipped for assaying within a week.
Based on visual observations, the company believes a 261-metre interval from 555 to 816 metres (open to depth), including 132 metres, where the above-mentioned minerals have been recognized, is of interest.
The structure of the core mineralization is an intense stockwork veining grid with subvertical sulphide (low silica) veins up to 1.5-centimetre and down to 10-centimetre spacing. Pictures of the core will be posted on the company website when available.
Historically, this deep-seated target has not been drilled, with one exception: a vertical hole drilled by Northgate in 1970, which tested the NG3 vein from approximately 115 to 136 metres and the area below. At 437 metres, a five-foot-seven-inch unnamed intercept with 24.6 ounces per ton silver, 0.08 per cent copper, 12.2 per cent lead and 27.2 per cent zinc has been reported (process report, New Nadina Ltd., Feb. 17, 1981). According to the report of the geophysical anomaly mentioned above, this intercept most likely represents a thin southern sliver of the target (blue), which is located approximately 400 metres south-southwest of the intercept reported above, which truncates the target on the northeastern side.
Additional drilling of this deposit can be expedited from closer sites, on Crown land, located to the immediate north-northeast, west and southwest of the target. The company's work permit allows up to 50 drill sites. The company is requesting a four-year (2013 to 2017) permit extension to compensate when no work was conducted due to the landowner opposition/obstruction hiatus.
Drill hole 17S-02 has commenced and will target both the high-grade silver veins (intercepted in drill hole 12S-05) and the high-chargeability, low-resistivity anomaly, respectively. Within this target area, two holes are planned, and, depending on duration and financing available, an additional hole is anticipated.
Recognoscente geological work has shown that the Silver Queen vein system and the recently drilled target are located within a caldera, which formed during repetitive explosive eruptions producing pyroclastic volcanic (tuffs). The apparent ring structure of the ancient volcano plays an important role in the development of the Itsit porphyry system adjacent to the south of it by providing heat and metal-bearing fluids. Pyroclastic flows of eruptive events, forming layers of tuff and ash, deposit at an angle of about 32 to 34 degrees on the flank of the volcano. In the case of high temperatures during deposition, it will form a welded tuff. Often, welded tuffs are located above an ash layer of a previous event cycle. Ash tuff layers, due to their high-reactive-particle surface, tend to turn into clay soon after deposition. In the case of the Itsit porphyry, located outside of the caldera under the flank of the volcano, multiple welded tuff layers and underlain clay layer, the latter formed from a previous ash tuff, capped the top of the porphyry. Therefore, the asymmetric shaped deposit formed by fluids due to the permeability (porphyry) and the lack of it (cap at a 32-degree angle), rather than by shearing it off by a thrust fault.
Dr. Mathias Westphal, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.
Private placement offering update (June 20, 2017, news release and Sept. 27, 2017, news release)
The company announces it will finalize and cancel the unsubscribed portion of the eight-cent-unit offering first announced June 20, 2017. At this date, the company has 13,934,933 issued shares, 1,025,000 outstanding unexercised share options and 1,287,500 outstanding unexercised warrants.