New Destiny Exploration Update for Treasure Mountain Silver Property Tulameen B.C.
VANCOUVER, BC / ACCESSWIRE / November 29, 2019 / New Destiny Mining Corp. (TSXV: NED), (the “Company” or “NED”) is pleased to provide an update on exploration results at its Treasure Mountain Silver Property, located near Tulameen, B.C.
The Treasure Mountain North Property consists of 43 mineral claims covering 10,918 hectares that are under option from Ximen Mining Corp. The claims cover eight mineral occurrences including silver, gold, lead, zinc and copper, and numerous historic mine adits and trenches. This year, work focused on the Superior (Lucky Todd) and Railroad copper occurrences.
Work started with trenching at the Superior (Lucky Todd). A total of 73 metres was excavated in three trenches that exposed quartz veins up to 10 centimeters in thickness hosted in granodiorite and biotite schist. Veinlets exposed in Trench T19-1 are mineralized with up to 2% chalcopyrite and equal amounts of pyrite. A total of 12 rock channel samples were collected, with results for gold ranging from below detection (<0.01 ppm) to 1.96 ppm, silver ranging between 0.05 and 14.05 ppm, copper ranging between 76.1 and 250 ppm, and molybdenum ranging from 2.65 to 156.5 ppm. The high values are over widths varying between 0.2 and 0.8 metres. One channel sample over 10 metres contained 0.15 ppm gold. A grab sample of mineralized quartz contained 3.99 ppm (grams per tonne) gold, 96.8 ppm silver, 3560 ppm (0.36%) copper, 45.1 ppm molybdenum, 141.5 ppm arsenic and 1780 ppm antimony. The copper-gold-molybdenum signature and veinlet style of mineralization is interpreted as a porphyry-system.
Four diamond drill holes (102 metres) were completed at the Superior (Lucky Todd). Quartz veinlets mineralized with pyrite and chalcopyrite were intersected, similar in appearance to those seen in the trenches. Analytical results are pending.
At the Railroad copper-silver prospect, an access road was constructed and then trenching was done at the main adit. A zone of chalcopyrite mineralization was exposed in quartz sericite schist. Nine consecutive rock chip channel samples were collected from the trench as well as inside the adit. The highlight is a 1.7 metre wide sample across a zone of chalcopyrite mineralization in sericite schist that returned values of 264 ppm silver and 1.06% copper, with elevated arsenic (106 ppm As) and antimony (439 ppm Sb). The weighted average grades for this and two consecutive mineralized samples are 116.0 ppm silver and 0.64% copper over a 4.2 metre width. The Railroad appears to be a structurally controlled copper-silver zone.
The Jim Kelly Creek area contains gold-quartz veins, as shown by a grab sample taken in 2018 from the Superior/John Bull prospect that returned a result of 11.3 grams per tonne gold. This area remains a target for future work.
The Company’s Treasure Mountain Silver Property covers geologically prospective ground adjacent to Nicola Mining Inc.’s Treasure Mountain Property (site of the historic Treasure Mountain Silver-Lead-Zinc mine or Huldra Silver). For more information, refer to the Company’s 2017 Technical Report on the Treasure Mountain Silver property.
The Company also updates that it will not be proceeding with its previously announced private placement of October 4, 2019.
Geochemical analyses were performed by ALS Laboratories in North Vancouver, BC., which is an independent and accredited commercial laboratory. Analyses for gold were done by fire assay with AA finish on 50 gram subsamples. Analyses for copper and other elements was by four acid digestion with ICP-MS finish. Over-limit results for silver were re-analyzed by HF-HNO3-HClO4 digestion with HCl leach, with an ICP-AES or AAS finish. Over-limit results for copper were analysed total copper by four acid digestion and ICP or AAS finish. Field quality control samples were not included with the sample batch due to the limited number of samples.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and consultant from New Destiny Mining Corp, is responsible for the technical information contained in this News Release.
ON BEHALF OF THE BOARD OF DIRECTORS
Forward Looking Information
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, the Company’s information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither 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
SOURCE: New Destiny Mining Corp.
View source version on accesswire.com: