VANCOUVER, British Columbia, Aug. 27, 2019 (GLOBE NEWSWIRE) — Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is excited to share preliminary field observations from the current season’s exploration program on its Scottie Gold Mine and newly acquired Summit Lake properties. The claims are located 20 km south of Pretium’s Brucejack Mine and 14 km north of Ascot’s Premier Mine in BC’s Golden Triangle.
Multiple property acquisitions during 2019 increased Scottie Resources’ land package in the Golden Triangle from 8381 ha to 18544 ha. One of the most notable procurements was the Summit Lake Property, a 4877 ha contiguous group of claims that was previously held by a private company for the past few decades. Historical exploration on the claims has been minimal, particularly in areas requiring helicopter access – resulting in large areas that have not seen boots on the ground since the early 1990’s. Since that time the area has seen unprecedented glacial retreat, revealing expanses of outcrop that have never been assessed.
|Domino||Massive sulphide lens + quartz-carbonate veins||Pyrrhotite + pyrite + chalcopyrite +/- galena||> 30 m||4 m / ENE||On strike with Scottie Gold Mine|
|Top Rope||Massive sulphide vein + parallel quartz-carbonate veins||Pyrrhotite + chalcopyrite + pyrite + tetrahedrite||100 m||~ 0.75 m / ENE to NE||Local quartz-sericite-pyrite alteration|
|Tombstone||Massive sulphide vein + parallel quartz-carbonate veins||Pyrrhotite + chalcopyrite + pyrite + tetrahedrite||75 m||~ 0.75 m / ENE||Local quartz-sericite-pyrite alteration|
|Lone wolf||Sulphide-rich quartz-carbonate veins||Pyrite + pyrrhotite + galena||75 – 100 m||< 0.3 m / SE||Variable sulphide % – locally massive|
|The Mayor||Polymetallic quartz-rich vein||Pyrite + sphalerite + galena + chalcopyrite||100 m||0.2 m / E to NE||Multiple parallel veins|
|Kingpin||Massive sulphide + quartz vein||Sphalerite + galena + pyrite +/- tetrahedrite||> 50 m||0.3 m / ENE||Extends underneath glacier|
|Table 1 – New Mineral Occurrences on the Summit Lake Property|
Field work this season has largely focused on ground-truthing prospective areas including numerous electromagnetic (EM) anomalies identified in a previous airborne geophysical survey. The EM targets have similar geophysical signatures to those observed on local gold-bearing structures including the Bend and Blueberry veins, C and D zones, and the past-producing Scottie Gold Mine (Fig. 1).
Already during the 2019 field season, 6 new significant mineral occurrences have been discovered on the Summit Lake Property (Table 1, Fig. 1), all in areas of glacial retreat – assays on the zones are still pending, but preliminary geology is encouraging given the similarities to veins controlling mineralization at the Scottie Gold Mine. The Scottie Gold Mine operated from 1981 – 1984, ultimately shutting down due to a drop in gold price combined with high-interest rates. During operation the mine produced 95,426 oz at an average recovered grade of 16.25 g/t. Mineralization consists of east-west to northwest trending, steeply dipping, shear veins, that are comprised of pyrrhotite > pyrite ± quartz ± calcite. The veins are hosted in a package of andesitic volcanics from the Hazelton Unuk River Formation that are situated adjacent to the contact with the Summit Lake stock, part of the Texas Creek Plutonic Suite.
To view “Figure 1 – Map of the Summit Lake Property Highlighting New Mineral Occurrences” please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/622c3c0c-1861-416a-9b96-b8ff307e2958
In addition to the promising new mineral occurrences, property scale geological mapping has revealed previously unreported contacts in the area, some of which could signify the presence of an important regional scale structure bisecting the Summit Lake property. Further follow-up work will be required to confirm its presence.
Thomas Mumford VP Exploration of Scottie Resources, commented: “Favorable early season weather allowed our team to explore areas of substantial glacial retreat, revealing exceptional geology and new sampling opportunities. I am continually surprised by our good fortune, with Scottie geologists having discovered 6 new mineral occurrences with substantial sulphide mineralization that exhibit strong similarities to that observed in the Scottie Gold Mine. The whole team is excited to get the assay results back to see what we have!”
Thomas Mumford, Ph.D., P.Geo and VP Exploration of Scottie, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of the Company.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high grade, past-producing Scottie Gold Mine property and has the option to purchase a 100% interest in the Bow property which is contiguous with the Scottie Gold Mine property. Scottie owns 100% interests in the Ruby Silver and Black Hills properties and has the option to purchase a 100% interest in the Bitter Creek property which joins the Ruby Silver property with the Black Hills property.
All of the Company’s properties are located in the area known as the Golden Triangle of British Columbia which is among the world’s most prolific mineralized districts.
Further information on Scottie can be found on the Company’s website at www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company 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 may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the release.