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Mountain Boy Minerals Ltd (2)
Symbol C : MTB
Shares Issued 34,910,382
Close 2019-08-27 C$ 0.23
Recent Sedar Documents

Mountain Boy samples 8.4 g/t Au at American Creek West

2019-08-27 11:30 ET - News Release

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.

Highlights:

  • 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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