TORONTO, ON / ACCESSWIRE / June 9, 2022 / Sterling Metals Corp. (TSXV:SAG), (OTCQB:SAGGF) ("Sterling Metals" or the "Company") is pleased to announce the commencement of 2022 exploration activities on the Sail Pond project, Newfoundland. The 2022 exploration program will have a two-fold focus, with a geological team focusing on drilling and another team focused on regional target generation and project enhancement. Drilling will focus on the 2021 Heimdall Zone discovery as well as exploring for new zones in highly prospective targets along the 12 kilometre trend which is defined by surface geochemistry, trenching, and prospecting. The target generation team will complete regional soil sampling, geological mapping, and prospecting both along the 12 kilometre trend as well as elsewhere on the highly underexplored property.
CEO Mathew Wilson states, "In the first ever drill campaign undertaken at the Sail Pond project we were able to define an initial zone of mineralization and a theory of structural control - which we believe has the potential to replicate several times over along the greater than 12 kilometre trend defined by outcrop, trenching and soils. Our recently oversubscribed financings demonstrate the confidence the market has in our exploration strategy. We are excited to start this drill season and are optimistic that we will continue to uncover Canada's next potential high grade silver district".
Highlights
7,500m Phase Two Drilling commences on June 15, 2022
Building on discovery at Heimdall Zone exploring for additional zones
Exceptional exploration team in place to drive the discovery process
Drilling at Sail Pond is planned to commence on June 15th and will begin with an initial program focused on expanding the mineralization at the 2021 discovered Heimdall Zone. Sterling Metals has once again contracted Logan Drilling Group International out of Stewiacke, Nova Scotia, and Mercator Geological Services out of Dartmouth, Nova Scotia, to complete an initial 7,500 metre program. Assays will be sent to SGS Canada Inc.
At present, the Company has generated 38 priority drill targets along the 12 km mineralized corridor.The targets include favorable locations adjacent to Heimdall, those with coincident metal in soil anomalies and preferential structural trends, and several other targets with multiple overlapping favourable geological, structural, geochemical and geophysical features.These targets were generated via a combined effort between the Sterling Metals technical team, SRK Consulting ("SRK") and GoldSpot Discoveries Corp. (TSXV:SPOT, "SPOT").
The Heimdall Zone
Sterling Metals Corp., Thursday, June 9, 2022, Press release picture
Figure 1:
Oblique view of the Heimdall Zone generated through SRK's structural 3D modelling, showing isotropic Ag Eq grade interpolation shells and apparent preferred planes through higher grade mineralization. Note that these grade interpolation shells are not representative of a mineral resource nor do they accurately reflect the higher grades of mineralization identified through drilling, but instead are meant to show the mineralized trends and corridors.
The Heimdall Zone, identified in 2021, is characterized by a broad zone of low grade precious and base metals associated with breccia-style or veinlet-style sulfide mineralization. The current dimensions of the lower grade zone are approximately 400 metres of strike, 200 metres of depth, and 80 metres of width. The Heimdall Zone plunges shallowly to the northeast, starting from surface. Within this broad zone, as shown in Figure 1, high grade quartz-vein-hosted mineralization form at least two lenses which are currently correlated between drillholes over distances up to 100m.
Internal analysis and a recent SRK report suggest that the footwall of mineralization in this area is defined by an argillite unit. Importantly, the contact of the argillite has a distinct bend and the highest-grade ore shoot is parallel to the plunge of this bend. Drilling at the Heimdall zone in 2022 will look to test the down plunge projection to the north as well as the down plunge projection of the highest-grade intersections along the bend in the argillite contact.
For a more in depth look at the Heimdall Zone please click this link to view the Company's presentation:
Leading into the Phase 2 program, the Company is armed with a new and robust structural interpretation of the project and several very compelling target areas have stood out. Drilling will systematically test and explore each target with an aim to uncover multiple mineralized bodies along the trend, as is seen in similar silver-base metal districts like Coeur d'Alene and Keno Hill in the Yukon.
Several structural and geophysical targets along the 12 kilometre mineralization trend have been identified that require further surface mapping and sampling. The Company will conduct the regional exploration work in parallel with its drill campaign. Sterling Metals will use the results of this regional program to advance its targeting along trend and to further refine its drill targets.
See Figure 2 for a drill plan map as provided by SRK alongside the targeting map developed by the team at SPOT.
Sterling Metals Corp., Thursday, June 9, 2022, Press release picture
Figure 2:
A - Regional targets as generated by the team at GoldSpot Discoveries. B - Drill targets as generated by the team at SRK Consulting.
The Company also announces that it has granted an aggregate of 2,125,000 options to purchase common shares of the Company exercisable at a price of $0.31 per common share for a period of 2 years to directors, officers, consultants, and advisors of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.
Qualified Persons
Kelly Malcolm, P.Geo., Technical Advisor to Sterling Metals, and a Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Minerals Projects, has reviewed and approved the technical information presented herein.
About Sterling Metals
Sterling Metals (TSX.V:SAG), (OTCQB:SAGGF) is a mineral exploration company focused on Canadian exploration opportunities. The Company is currently following up on the silver and base metal discovery made from the first drill campaign at its 100% owned Sail Pond project in Northwestern Newfoundland.
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 press release.
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are 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 statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of the Company to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Company to fund the capital and operating expenses necessary to achieve the business objectives of Company, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Company. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Company should not place undue reliance on these forward-looking statements.
Statements in relation to "resources" and "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
