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Mountain Boy Minerals Ltd (2)
Symbol MTB
Shares Issued 36,710,382
Close 2020-05-27 C$ 0.195
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Mtn Boy to resume American Creek exploration in June

2020-05-27 08:23 ET - News Release

Mr. Lawrence Roulston reports

MOUNTAIN BOY BEGINS EXPLORATION ON ITS FLAGSHIP AMERICAN CREEK PROJECT IN BC'S GOLDEN TRIANGLE

Exploration on Mountain Boy Minerals Ltd.'s American Creek project is set to resume in early June. The first phase of work is intended to define drill targets for phase 2, planned for later in the season.

The project (formerly called American Creek West) is located in the highly prospective American Creek corridor of British Columbia's Golden Triangle. The property, which has a rich mining history, is road accessible, 20 kilometres north of the deepwater seaport of Stewart. Mountain Boy has consolidated a 2,600-hectare property and compiled historic production and exploration information. Following a comprehensive evaluation of that extensive data set, the geological team will be conducting further fieldwork to confirm earlier results and fill in gaps in the data.

Previous work on the property was carried out by multiple operators working independently on small plots. Prior drill results include 43.9 grams per tonne gold over 7.5 metres at Red Cliff (L. Dick, National Instrument 43-101 F1 Technical Report on the Red Cliff Property, B.C., 2014, DDH hole No. 2011-MON-11) and 5,258 g/t silver over 5.18 metres at the Mountain Boy zone (Mountain Boy news release, Jan. 30, 2007, DDH hole No. 2006-10). The Mountain Boy team is looking at the data set comprehensively and expanding on a regional-scale geological model.

Exploration plans

The objective of the fully financed phase 1 exploration program is to more precisely define drill targets for phase 2 of the program. The drill program is intended to confirm the geological model that points to district-scale silver-gold potential. The emerging geological model holds that the various mineralized occurrences are surface expressions of a large geological system. That system interpreted to be analogous to the Premier district, located immediately west of the American Creek property (see news release dated May 21, 2020).

The first phase of work will include airborne and ground geophysics, geology, and structural interpretation. A lidar survey of the entire property will be flown to provide more detailed ground control for historic and current geological mapping and to help guide drill hole locations.

An induced polarization (IP) survey will be conducted over the recently discovered Wolfmoon zone. Ascot Resources has conducted IP surveys on its adjacent Premier gold project and has stated "this geophysical technique is an extremely useful tool for Ascot in rapidly identifying drill targets ..." (Ascot news release, Nov. 13, 2018).

Geological groundwork will include refined structural mapping, detailed mapping of previously identified targets and follow-up of anomalous soil geochemical results. Additional geochronological analysis will be conducted to further evaluate the mineralization and geological setting of the property. The Mountain Boy technical team has identified multiple mineralizing events spanning several million years. There is enormous value in relating the various occurrences to particular mineralizing events.

Plans for phase II include drilling of defined targets. These targets include the historic MB silver mine, the extension of the MB silver veins which occur at least two kilometres to the north and the newly discovered Wolfmoon zone, where surface samples include 1,200 g/t silver and 28.5 g/t gold.

The field season will begin with low elevation work, initially in the American Creek valley, where geochemical sampling yielded targets that warrant follow-up. The team will progress to higher elevation as conditions permit.

The company is following precautionary measures to manage and respond to the risks associated with COVID-19. These include following guidance and directives as updated by federal, regional and provincial health authorities in respect of general and site-specific protocols.

Lawrence Roulston, chief executive officer, commented: "We have made enormous progress over the past two years in assembling an extensive property position and compiling results from decades of work. The technical team deserves enormous credit for recognizing a completely revised geological model based on their comprehensive review of that data. It is exciting to finally be filling in the last details before we begin drill testing multiple targets."

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.

We seek Safe Harbor.

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