Mr. Lawrence Roulston reports
NEW GOLD-SILVER DISCOVERY ON AMERICAN CREEK WEST
Mountain Boy Minerals Ltd. has made a new gold-silver discovery on its American Creek West project, located in the Golden Triangle of British Columbia, 20 kilometres north of the deepwater port of Stewart, B.C. The property spans six km of the highly prospective American Creek corridor and includes the historic Mountain Boy mine, a high-grade silver mine that last operated in the 1930s.
A rock sample from the new discovery assayed 8.4 grams per tonne gold and 903 g/t silver.
- Sixty-one of 63 samples from the zone were anomalous in at least two metals.
- The geological team is now refining targets in preparation for initial drilling.
- Targets include:
- The new discovery;
- Extension of the Mountain Boy mine;
- The Maybe vein system north of the mine that has never been worked or drilled.
The Mountain Boy team has developed a new geological model based on a century of historic results and two field seasons on the ground. It is now recognized that the extensive mineralization in the area is related to an intermediate sulphidation epithermal system. An intrusive body identified by the MTB team near American Creek is believed to be the magmatic heat source and the source of the metals. Geochronology and other studies are continuing to further characterize that intrusive.
The geological setting, style of mineralization, nature of the intrusive body and the scale of the system have many similarities to the Premier camp, located immediately to the west. The Premier camp produced 2.5 million ounces of gold and 50 million ounces of silver from 1918 to 1996.
The new discovery area, located west of the Mountain Boy mine, was covered by glaciers during the early years of exploration along American Creek and has not seen recorded work in modern times. Guided by the emerging geological model, the team mapped and sampled a prospective area that resulted in the new discovery.
SELECT ROCK SAMPLES
Sample No. Type of sample Ag (g/t) Cu (ppm) Pb (ppm) Zn (ppm) Au (ppb)
KD19-155R grab 903 214 > 5,000 7,470 8,440
LT19-139R float 724 687 > 5,000 2,670 16
LT19-162R grab 292 38.7 1,320 2,620 526
LT19-161AR grab 283 58.1 1,060 3,190 889
LT19-165R grab 72.8 1,880 > 5,000 30,900 50
LT19-170R grab 46.1 544 > 5,000 274 362
KD19-146R grab 35 28.3 > 5,000 83,100 3
LT19-155AR grab 33.6 44.4 > 5,000 > 100,000 -2
AW19-045 grab 24.2 29.7 944 1,110 284
KD19-097BR grab 23.3 471 > 5,000 55,800 190
KD19-097R grab 18.3 212 > 5,000 28,800 184
AW19-025 float 14.6 > 10,000 41.3 255 3,490
KD19-158AR grab 14.3 6 > 5,000 10,300 15
LT19-166R grab 7.58 23 1,230 1,950 23
LT19-103R proximal float 5.26 4,940 55.5 1,560 48
KD19-080R float 4.27 4,400 19.2 605 139
LT19-114R grab 3.1 154 1,960 1,310 24
KD19-147R grab 2.79 7 2,000 4,950 -2
LT19-100AR proximal float 2.08 4,210 19.3 281 195
LT19-102R grab 1.55 84.2 34.4 59,300 101
LT19-099R proximal float 0.86 20.3 63.2 7,160 8
LT19-101R proximal float 0.86 29.5 399 10,000 -2
Note: Assays shown as greater than represent overlimits, which are currently being further analyzed.
These samples are characterized by an ore mineralogy suite that in part defines intermediate epithermal deposits (Sillitoe and Hedenquist, 2003). Ore minerals, such as acanthite, silver-sulphosalts, low-iron sphalerite, galena, tetrahedrite-tennantite and chalcopyrite, were identified in the field; the correlating assays to these samples exemplify the poly-metallic nature of the prospect. In addition to the ore mineralogy, several vein textures that further support the intermediate epithermal model were observed, such as open space filling textures, crustiform banding and carbonate replacement.
Lucia Theny, vice-president of exploration for Mountain Boy, commented: "We have now collected abundant evidence in the field for a mineralizing system adjacent to American Creek which parallels and is distinct from the Premier system. The multitude of occurrences, deposits and past-producing mines along both sides of American Creek can now be explained in the context of this updated geological model."
Lawrence Roulston, chief executive officer, noted: "The MTB geological team have done a superb job of identifying the intrusive body under American Creek, and assembling and interpreting abundant geological evidence to understand this area. The updated model has enormous implications for ongoing exploration. This new discovery highlights the potential for further discoveries on our extensive property."
The technical disclosure in this release has been read and approved by Andrew Wilkins, BSc, PGeo, a qualified person as defined in National Instrument 43-101.
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