VANCOUVER, BC, Nov. 19, 2024 /CNW/ - Stuhini Exploration Ltd. ("Stuhini" or the "Company") (TSXV: STU) and (OTCQB: STXPF) is pleased to announce an expansion of its land holdings at its Nevada Red Hills Project (the "Project" or "Property") through additional claim staking by the Company. The size of the land position has increased from 557.8 acres to (225.7 hectares) to 2396.7 acres to (969.9 hectares).
Stuhini Exploration Ltd. Logo (CNW Group/Stuhini Exploration Ltd.)
The new claims were staked to cover areas where fieldwork identified the formation of jasperoids along structures, recrystallized limestones, localized calc-silicate alteration, hematite staining, and calcite veining. Samples of altered bedrock were collected for analysis and will be used with other datasets to identify potential drill targets. Upon exercise of the Red Hills Option Agreement, the project vendors will be entitled to a 2.5% gross returns royalty on the newly staked grounds, subject to Stuhini's right to purchase 1.5% of the royalty for US$1.5 million. (see News Release dated Oct 28, 2024 for more details on the royalty)
Stuhini President and CEO, Dave O'Brien, commented: "Based on a site visit and a review of the data on the Red Hills Project, it was clear that additional ground needed to be staked to cover the larger alteration footprint of the target. Both recent and historical fieldwork programs have highlighted this new ground as needing further investigation. We are confident in the untapped potential of this Project and believe that our comprehensive efforts will lead to compelling exploration targets."
The technical disclosures contained in this news release have been approved by Ehsan Salmabadi, the Company's Vice President Exploration and Project Development and P. Geo., who is a "Qualified Person" for the purposes of National Instrument 43‑101 ‑ Standards of Disclosure for Mineral Projects.
Red Hills Project
Red Hills Project is a polymetallic, carbonate replacement deposit ("CRD") target located approximately 68 km northeast of Ely, Nevada, on the southwestern flanks of the Kern Mountains in the central portion of the Red Hills in White Pine County. The Project is located in a favourable structural and lithostratigraphic setting. Access to the Property from Ely is approximately 137 kilometres ("km") by paved and county-maintained roads.
From 1908-1918, the Property had limited historic production. There has been limited drilling on the Property, with the best historic result being 17 metres ("m") of 129.7 grams/tonne ("g/t") Ag, 0.15 g/t Au, 2.42% Pb, 0.92% Zn, including 12m of 179.2 g/t Ag, 0.20 g/t Au, 3.29% Pb, 1.18% Zn.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on exploration and development of precious and base metals properties in western Canada and the southwest United States. The Company's portfolio of exploration properties includes its flagship Ruby Creek Property, 14 km east of Atlin, BC; the Red Hills Project, 68 km northeast of Ely, Nevada; the Que Project, 70 km north of Johnson's Crossing, Yukon; the South Thompson Nickel Project, 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property, 57 km south of Revelstoke, BC; and the Lindsay Project in southeast Arizona.
Forward-Looking Statements
This news release contains "forward–looking information" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the Red Hills Option Agreement, the exercise of the Option (as defined in the Red Hills Option Agreement), the generation of future drill targets and the market outlook for silver projects. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. 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 the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in exchange rates, metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Property or that the Option will be exercised. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's management discussion and analysis. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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 release.
