Vancouver, August 8, 2019 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) is pleased to announce that the 2019 summer field program at its Corvette-FCI Property (the “Property”) has now concluded with several significant discoveries, as indicated from field observations. The primary objectives of the program were to sample, expand upon, and rank the known historical prospects/showings, and to discover new mineralization.
Program highlights include:
1. Elsass Copper Prospect – a newly discovered area of chalcopyrite mineralization in outcrop and boulders identified over an estimated width of 40 to 60 m and strike length of at least 1 km
2. Lac Bruno Gold Prospect – prospecting in the up-ice direction of boulder field (historical samples of 1 to 38 g/t Au) and completion of tightly-spaced soil survey over the area
3. Several new occurrences of spodumene-bearing pegmatite discovered, including the largest pegmatite outcrop to date
4. Multiple additional areas identified with high potential for gold and/or base metals
The Corvette-FCI Property is situated within the Lac Guyer Greenstone Belt (part of the larger La Grande Greenstone Belt) and trends east-west through the region, approximately 6 to 18 km south of the Trans-Taiga Road and powerline infrastructure corridor. The geologic setting is prospective for gold, base metals, and lithium over several potential deposit styles including orogenic gold, volcanogenic massive sulfide (VMS), and lithium pegmatite. In addition, a magmatic-hydrothermal Cu-Au-Ag-Mo deposit style has recently been recognized in the immediate region by Midland Exploration on its adjacent Mythril Property.
The 2019 summer exploration program was completed by a crew of four (4) persons over 23 field days, with a total of 680 rock samples collected across the three contiguous claim blocks that comprise the Property – FCI West, FCI East, and Corvette. In addition, a total of 211 soil samples were collected over a grid focused up-ice of the Lac Bruno Pros1 to 38 g/t Au. The locations of the new Elsass Copper Prospect and spodumene pegmatite discoveries, as well as the Lac Bruno Prospect, are presented in Figure 1.
Figure 1: Location of new Elsass Copper Prospect and spodumene pegmatite discoveries
Elsass Copper Prospect
The Elsass Copper Prospect is located on the FCI West claim block, approximately 1.5 km southwest of the Golden Gap Prospect, in an area of the southern copper exploration trend not historically prospected. The core area of Elsass is characterized by numerous chalcopyrite mineralized outcrops spread over an area 350 m long, up to 60 m wide, and extends at least 1 km further west through sampling of mineralized boulders and a mineralized outcrop located at the edge of a lake.
The dominant rock type at Elsass is amphibolite with chalcopyrite – quartz ± pyrrhotite accessory mineral assemblage. Sample assays for the Elsass Prospect have not yet been received with the discovery’s significance based on sample mineralogy and field observations. Photos 1 and 2 below are examples of the mineralization found at Elsass.
Photo 1-2: Examples of chalcopyrite mineralization at Elsass
Management cautions that Photos 1 and 2 should not be relied upon for estimation of grade, nor be considered representative, of all samples collected at Elsass. Photos presented are of saw-cut sections of select hand samples.
The Elsass discovery was made in the final days of the program and therefore limited follow-up was completed. As such, the extent of the zone is not fully constrained and a ground program, to commence this fall, is being considered pending receipt of sample assays.
Lac Bruno Gold Prospect
Historical sampling at Lac Bruno identified a number of gold bearing boulders which contained between 1 and 38.1 g/t Au. Two historical drill holes failed to intersect mineralization with the source interpreted to be further to the northeast, in the up-ice glacial direction.
At Lac Bruno, the mineralized boulders consist predominately of pyrrhotite and arsenopyrite bearing amphibolite. The 2019 prospecting along trend to the northeast located two previously unsampled outcrops of similar mineralogy. A soil sampling grid was completed over the area, with sample spacing tightened based on the location of the outcrops. Assays have not yet been received.
Spodumene-bearing Pegmatite Occurrences
Although the primary focus of the 2019 program was base and precious metals, the prospective geological setting overlaps with that of lithium pegmatite. The Company is pleased to report that several spodumene pegmatite occurrences were discovered northwest and west-southwest along strike of the CV1-2-3 discoveries from 2018.
The new discovery includes a large pegmatite outcrop of approximately 220 m in length by 20 to 40 m in width, located approximately 1 km along strike to the southwest of CV1-2. This spodumene-bearing outcrop is larger than CV1 and is situated further from water. Sample assays for the spodumene-bearing pegmatite occurrences discussed herein have not yet been received with the significance of the discoveries based on sample mineralogy and field observations.
Other Showings and Areas of Interest
Several target areas of significant interest and potential were evaluated during the 2019 program, including
• along strike at the Golden Gap Prospect – historical sampling of 3.1 to 108.9 g/t Au in outcrop
• along the southern copper trend where limited historical exploration has been completed, and
• assessment of the numerous historical mineral showings on the Property.
All rock samples collected, as well as quartz blanks and certified reference materials, were shipped to ALS Canada Ltd. in Val-d’Or for multi-element analysis by four-acid digestion with ICP-MS finish (package ME-ICP61) and gold analysis by fire assay with ICP-AES finish (package Au-ICP21), with any over limits to then be determined by the applicable package. Pegmatite samples will also be analyzed for tantalum by lithium borate fusion with ICP-MS finish (package ME-MS85). Analysis of soil samples will include multi-element by aqua regia digestion with ICP-MS finish (package ME-MS41L) and gold by fire assay with ICP-AES finish (package Au-ICP21).
Of the 23-field day program, approximately three-quarters were focused over FCI (East and West) and the remaining quarter over the Company’s 100% owned Corvette claim block. Sample assays will be reported as they are received. The 2019 exploration of the Property is being carried out by Dahrouge Geological Consulting Ltd. and managed out of Quebec.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Vice President of Exploration for the Company, a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About 92 Resources Corp.
92 Resources Corp is a junior mineral exploration company focused on acquiring and advancing strategic and prospective properties that position it strongly for the worlds continuing shift to high tech and green technologies including base and precious metals, and lithium.
The Company’s primary assets are the wholly owned Corvette Property and the FCI Property (held under Option from O3 Mining, a recent spin-out from Osisko Mining, for a 75% interest) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-copper-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Tyrone-T9 Prospect with 1.15% Cu over 2.1 m in channel sampling, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
In addition, the Company holds the Pontax Lithium-Gold Property, QC, the Golden Frac Sand Property, BC, and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. Forward looking statements in this news release include that the geologic setting of the Corvette-FCI property is prospective for gold, base metals, and lithium over several potential deposit styles; that analysis of soil samples will include multi-element by aqua regia digestion with ICP-MS finish (package ME-MS41L) and gold by fire assay with ICP-AES finish; and that the properties host significant gold-copper-lithium potential. Risks that may prevent these forward looking statements from being achieved include that soil analysis may not prove available to certain processes; and that despite encouraging results, that the property may not contain significant mineralization and even if it does, the property may not be able to be commercially mined. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.