VANCOUVER, BC, Aug. 15,
2022 /CNW/ - Capella Minerals Ltd. (TSXV:
CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the "Company") is
pleased to advise that Prospector Metals Corp. ("Prospector")
(TSXV: PPP) has today provided the market with a further update on
its ongoing exploration activities at the Savant Gold Project
("Savant") in Ontario, Canada.
Prospector is currently earning-in to a 70% interest in Savant
in return for a combination of annual cash and share payments to
Capella together with the sole funding of CAD 2M of staged work commitments prior to
November 15, 2024.
Highlights from Prospector's latest exploration update
include:
- Assay results have now been received for the outstanding 439
rock (grab1) samples taken as part of the May/June field
campaign at Savant. Assays received for the first 155 samples were
previously reported upon by the Company on June 28, 2022.
- Prospector has identified a second, previously-unrecognized
structural corridor (the Snowbird-Shoal Deformation Zone; "SSDZ"),
which is host to numerous high-grade gold occurrences including
Snowbird and Horseshoe (Figure 1). New sampling from around the
Snowbird and Horseshoe occurrences included two samples containing
99.6 grams per tonne gold ("g/t Au") and 60 g/t Au; metallic screen
assay results are pending.
- Prospector had previously reported further high-grade gold
assays from samples taken from a significant, first-order
deformation zone named the Wiggle Deformation Zone ("WDZ")(see also
Figure 1). The Wiggle Creek prospect currently contains at least
1.3km strike of known gold-bearing structure and remains open in
all directions.
- A new LiDar survey was completed in June
2022 and data are currently being processed.
|
1Grab
samples are select samples and not necessarily representative of
gold mineralization on the Savant property.
|
Link to Prospector's full News Release:
https://prospectormetalscorp.com/news/2022
Eric Roth, Capella's President
and CEO, commented: "Prospector's summer field program at Savant
has so far successfully delineated two key gold-bearing structural
corridors - the Wiggle and Snowbird-Shoal Deformation Zones – both
of which appear to be important regional conduits for gold
mineralization. The interaction between these structural corridors
and undrilled fold hinges in iron formation (favourable sites for
gold deposition, such as at the past-producing Lupin and Homestake
gold mines) confirm the district-scale potential of Savant. I look
forward to keeping the market updated on progress at Savant,
including timing to the drill testing of priority targets".
Figure 1. Key target areas and assay
results from the Savant project (Prospector Metals Corp. News
Release dated August 15,
2022).
Quality Assurance / Quality
Control ("QA/QC")
All Savant grab samples were sent to ALS Canada Ltd. (ALS) in
Thunder Bay, ON, for preparation
and analysis. ALS meets all requirements of International Standards
ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.
Samples were analyzed using ALS's Au by fire assay and AAS, 50 g
nominal sample weight or Au by fire assay and gravimetric finish,
50 g nominal sample weight, and by a 48-element four acid ICP-MS
analysis (ME-ICP61). Check samples were analyzed by metallic
screen.
Qualified Persons and Disclosure
Statement
The technical information in this news release relating to the
Savant gold project has been prepared in accordance with Canadian
regulatory requirements set out in NI 43-101, and approved by
Eric Roth, the Company's President
& CEO, a Director, and a Qualified Person under NI 43-101. Mr.
Roth holds a Ph.D. in Economic Geology from the University of
Western Australia, is a Fellow of
the Australian Institute of Mining and Metallurgy (AusIMM) and is a
Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30
years of experience in international minerals exploration and
mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President
& CEO
About Capella Minerals
Ltd
Capella is engaged in the acquisition, exploration, and
development of quality mineral resource properties in favourable
jurisdictions with a focus on high-grade copper(-zinc-cobalt) and
gold deposits. With respect to its base and battery metals
projects, the Company's current focus is on: i) the advancement of
its advanced exploration stage Hessjøgruva project in central
Norway, ii) the discovery of
further high-grade VMS-type deposits in district-scale land
positions around the past-producing Løkken (Løkken Verk District)
and Kjøli / Kongensgruve (northern Røros District) copper mines,
and iii) the evaluation of newly-staked claims in the former
Vaddas-Birtavarre copper-cobalt mining district of northern
Norway.
The Company's precious metals focus is on the discovery of
high-grade gold deposits on the Katajavaara-Aakenus JV in
Finland, its 100%-owned Southern
Gold Line Project in Sweden, and
its active Canadian Joint Ventures with Prospector Metals Corp
(TSXV: PPP) at Savant (Ontario)
and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual
interest (subject to an option to purchase agreement with Austral
Gold Ltd) in the Sierra Blanca gold-silver divestiture in
Santa Cruz, Argentina.
Cautionary Notes and
Forward-looking Statements
This news release contains forward-looking information within
the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of
Capella, including the timing, completion of and results from the
exploration and drill programs described in this release. Although
the Company believes that such statements are reasonable, it can
give no assurances that such expectations will prove to be correct.
All such forward-looking information is based on certain
assumptions and analyses made by Capella in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. This
information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in Capella's most recently filed MD&A. Capella does not intend,
and expressly disclaims any obligation to, update or revise the
forward-looking information contained in this news release, except
as required by law. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE Capella Minerals Limited