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Altius Subsidiary Adia Resources Reports Drill Program Results for Lynx Diamonds Project

November 26, 2019 GMT
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Altius Subsidiary Adia Resources Reports Drill Program Results for Lynx Diamonds Project
1 of 4
Altius Subsidiary Adia Resources Reports Drill Program Results for Lynx Diamonds Project

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Nov 26, 2019--

Altius Minerals Corporation (“Altius”) (TSX: ALS; OTCQX: ATUSF) today reports the following results from its subsidiary Adia Resources:

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Figure 1: 2019 Winter Drilling Map (Photo: Business Wire)

Adia Resources Inc. (“Adia” or the “Company”) has received the results of microdiamond analysis from its Lynx Diamond Project located approximately 25 kilometers southeast of the Bunibonibee Cree Nation community of Oxford House, Manitoba, Canada.

The drilling results confirm the thickness and continuity of the diamond bearing ultramafic units identified from outcrop sampling in 2017 and 2018 and demonstrate the large-scale diamond potential of the property. The Company notes that nearly all drill core samples of the ultramafic units in all three holes returned significant numbers of microdiamonds.

This was the first drilling program on the project. It consisted of three drill holes completed during the winter of 2019 at the Eastern Bay zone. The analysis of drill core samples was carried out by De Beers Group (“De Beers”) under the terms of the equity support and participation agreement between Adia and De Beers.

While the abundance and distribution of microdiamonds throughout the thick and extensive ultramafic units is encouraging at this early stage of work, future exploration will focus on zones within the ultramafic package that host coarser diamonds with the potential for commercial value.

The company is fully permitted for a planned Phase 2 drill campaign for winter 2020 to test for further extensions of the unit and to better define the internal stratigraphy and diamond distribution of the Eastern Bay zone. The program will also include the first drill holes to test the diamondiferous Western Bay zone.

Microdiamond Results

Hole

Total Weight (kg)

Numbers of Diamonds

Number of Stones

Number of Carats

According to Sieve Size Fraction

 

 

(mm)

+ 0.106mm

+ 0.106mm

+ 0.106

+ 0.15

+ 0.212

+ 0.3

+ 0.425

+ 0.6

to

To

- 0.15

- 0.212

- 0.3

- 0.425

- 0.6

- 0.85

- 0.85mm

- 0.85mm

LX-19-01

678

3,745

1,072

367

80

20

4

5,288

0.2927

LX-19-02

459

4,638

1,513

424

104

22

2

6,703

0.3416

LX-19-03

599

3,349

1,839

558

115

22

6

5,889

0.4032

Total

1,737

11,732

4,424

1,349

299

64

12

17,880

1.0375

Figure 2: 2019 Winter Drilling Microdiamond Analysis Results.

In the +0.106mm to -0.85mm sieve classes, a total of 17,880 microdiamonds were recovered from all the samples collected in the three holes. The microdiamond results include 12 stones in the +0.6mm sieve class.

The company has commenced an analysis of the microdiamond data with a specific focus on variation throughout the ultramafic sequence. Descriptions and classification of the +0.3mm diamonds as well as a report on the petrography of the ultramafic units are expected from De Beers before year end.

These results support the interpretation of the ultramafic unit as a continuous diamond bearing sequence at least 2.25 kilometers in strike length, which remains open to the northwest and southeast and at depth.

The ultramafic unit ranges between 200 meters and 400 meters in true width and contains few intercalations of non-diamond bearing volcanic rocks or dykes. The unit has been tested to 340 meters vertical depth.

Diamondiferous syn-volcanic ultramafic sills, compositionally similar to the volcaniclastic unit, were also intersected in hole LX19-02 and indicate that the sequence is more diverse than observed from limited outcrop. The variation in diamond populations in these diverse facies is being assessed in relation to the volcanic architecture and the potential for multiple magmatic phases.

Cross sections with geological and microdiamond results are provided (refer to Figure 3 - Figure 5).

Quality Assurance/Quality Control

Three NQ-sized (47.6 mm) drill holes totalling approximately 1,258 meters were completed at Eastern Bay during the 2019 winter season (refer to Figure 5 in this press release). All three holes intersected thick intervals of the diamond bearing ultramafic host rock. After logging of the drill core on site, the whole core was shipped to De Beer’s logging facility in Sudbury, Ontario for detailed logging, cutting and sampling for microdiamond analysis, whole rock chemistry, and petrography. Half-core samples weighing approximately 20 kilograms each were selected for microdiamond analysis were shipped to De Beers’ Kimberley Microdiamond Laboratory in Kimberley, South Africa, which has 32 years’ experience in microdiamond recovery and analysis. De Beers Group performed the work under the terms of the Equity Support and Participation Agreement with Adia . Duplicate microdiamond analyses on select samples were performed at SRC laboratories in Saskatoon, Saskatchewan, an independent mineral process laboratory facility which is ISO/IEC 7025:2005 Accredited by the Standards Council of Canada.

Winter 2020 Program Plans

Adia is finalizing plans of a follow up exploration program during the 2020 winter season consisting of a ground gravity survey to commence in early January, to assist in mapping the bounds of the unit and placement of drill holes, followed by a 3,000 meter drill program to further test the Eastern Bay zone along strike and also test the Western Bay zone. This work plan is fully permitted and drill contractor bids are being reviewed.

About the Lynx Diamond Project

The Lynx Diamond Project is located near Knee Lake approximately 25 kilometers southeast of Oxford House, Manitoba, Canada. The Project includes 164,000+ hectares of exploration licences over the first discovery of diamonds in bedrock within the province of Manitoba. Surface sampling has identified multiple kilometer-scale diamond bearing volcaniclastic units on the property. The project lies within the traditional land use area of the Bunibonibee Cree Nation of Oxford House with which Adia shares a cooperative and mutually respectful relationship under an Exploration Agreement related to the Lynx Project signed in January 2018.

Qualified Person

The disclosure of scientific and technical information contained in this news release has been approved by Jeff Morgan, P.Geo., Senior Project Geologist for Adia, and a Qualified Person under NI 43-101.

About Adia Resources Inc.

Adia Resources Inc. is a private company focused on exploration of its 100% owned Lynx Diamond Project near Oxford House, Manitoba.

Altius Minerals Corp. is Adia’s largest shareholder, with De Beers Canada Inc. being another strategic shareholder. Adia has an agreement in place with De Beers for providing in-kind services and support to Adia in the form of specialized diamond exploration services for the Lynx Project.

Cautionary Statement

This news release may contain “forward-looking information” such as statements regarding estimates, expectations, future plans and objectives of the Company, exploration and future drilling plans for the Lynx Diamond Project and 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, including statements relating to the liquidity and capital resources of Adia and potential of the Lynx Diamond Project.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Adia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of diamonds; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the Lynx Diamond property; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; inability to fulfill the duty to accommodate First Nations and other indigenous people, accidents, labour disputes and other risks of the mining industry.

Although Adia has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Adia disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

About Altius

Altius directly and indirectly holds diversified royalties and streams which generate revenue from 15 operating mines. These producing royalties are located in Canada and Brazil and provide exposure to copper, zinc, nickel, cobalt, iron ore, potash, thermal (electrical) and metallurgical coal. The portfolio also includes development stage royalties in copper and renewable energy and numerous predevelopment stage royalties covering a wide spectrum of mineral commodities and jurisdictions. Altius also holds a portfolio of junior equities that were generated from vending exploration projects to industry partners in exchange for minority equity interests and new royalties.

Altius has 42,544,796 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191126005296/en/

CONTACT: On behalf of Adia Resources Inc.,

Marco LoCascio

Chief Executive OfficerPlease visit our website atwww.adiaresources.com

Tel: 1-201-725-2231

Email:info@adiaresources.com

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES

SOURCE: Altius Minerals Corporation

Copyright Business Wire 2019.

PUB: 11/26/2019 07:55 AM/DISC: 11/26/2019 07:55 AM

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