“We are very encouraged by the magnitude of the mineralized system we are seeing at Valley,” said Snowline CEO and Director Scott Berdahl. “Each successful outing over hundreds of meters adds significantly to the bulk tonnage potential of the target, and the mineralization is present from surface to bottom in the deepest holes we have drilled to date – down to 554m from bottom corresponding to 430 m below the surface. Of course, we will not know the true significance of the discovery until we have recovered the analyzes of drill cores. Laboratory estimates now point to mid-August for the return from our first holes of the 2022 exploration season.”
Figure 2 – Schematic cross-section along the approximately 800 m width of the valley intrusion showing quartz vein densities and trace occurrences of visible gold. The sets of mineralized veins strike roughly perpendicular to this section (inside and outside the page). The highest vein densities and thickest quartz veins are consistent in several holes in a central corridor, which remains open along strike and at depth. Vein densities in V-22-013, the least mineralized in terms of overall quartz veins, generally exceed 5 veins/m. The location of the cross-section is shown in Figures 1 and 3, with the view looking northwest.
CENTRAL MINERAL CORRIDOR
The high densities of quartz veins previously reported in holes V-22-005 and V-22-007 appear to be part of a well mineralized corridor cutting NW-SE through the valley intrusion. Drilling to date suggests a true width of this zone of up to 300m where it has been tested. The length of the system is open and extends about 600 m from V-22-005 in the NW to V-22-012 in the southeast. Similarly, the mineralization remains open at depth; holes V-22-014 and V-22-015 intersect the zone at surface and up to 430 m below surface, respectively, with moderate to high vein densities continuing to depth (Figure 2). Hole V-22-010 tested the eastern limit of the corridor, with 120 examples of sub-millimeter scale visible gold traces observed along the 404 m hole during logging and post-cutting (Figure 3).
Figure 3 – Trace instances of visible gold encountered during drilling at Valley. Gold grains are sub-millimetre in scale, often between 10 and 100 microns (0.01–0.1 mm), and are commonly found in association with bismuthinite and tellurium minerals. While the presence of visible gold demonstrates the presence of gold and is therefore an encouraging sign, in such systems its presence does not correlate perfectly with gold grades. It is also somewhat subjective, as the final tally may depend on one geologist’s attention to detail in logging versus another.
Figure 4 – Mineralization of quartz veins in V-21-015, from 396 to 428 m depth. The hole is mineralized to varying degrees throughout its 554m length. From approximately 364 m to 502 m in depth, it intersects at depth the same zone of abundant quartz veins encountered in V-22-007 and V-22-014, with densities generally greater than 15 veins/m and locally exceeding 30 veins/m, with individual veins up to 20 cm in actual thickness. Several generations of transverse quartz veining are present and traces of fine grained visible gold have been observed at points along the hole (Figure 2).
WIDER INTRUSION OF THE VALLEY
Holes V-22-013 and V-22-017 continue to develop the overall extent of known mineralization in the valley intrusion, complementing the low to moderate densities of sheet vein networks seen in V-22- 006 and at the bottom of V-22-008, and demonstrating the (open) length of the system for about 700 m to date. Vein densities in these holes are generally comparable and locally higher than those encountered during 2021 drilling near the northwest edge of the intrusion, where intersections of up to 1.25 g/t Au over 168, 7 m were encountered. The 2021 drilling intersected both corneal metasedimentary rocks and intrusive rocks. It remains to be seen whether similar vein densities in different host rock types (e.g. entirely within the intrusion) can be expected to carry similar grades in this system.
The local width of the intrusion along the section comprising V-22-007 and V-22-015 is approximately 800 m, with low to locally moderate densities (5-15 veins/m) of quartz veins continuing into the surrounding corneal metasedimentary rocks. . To the southeast, recently collected airborne magnetic data suggests the potential presence of a continuation of the valley intrusion, or alternatively a smaller secondary stock hidden under cover.
A total of approximately 5,200m of drilling has been completed at Valley in 2022 over 14 holes. Drill holes V-22-009 and V-22-016 were abandoned due to thick downstream slope cover and steepened to reach bedrock (became holes V-22-011 and V-22- 017).
Assays of all holes drilled to date in 2022 are pending, and drilling of additional holes at Valley is underway. The company finds these visual results encouraging and cautions that the significance of the observations reported here will not be known until the tests are received and reviewed. Vein densities are a primary factor in determining grade, but other factors including typical vein thickness, individual vein grades (including the presence of visible gold), host rock type and relative location within the hydrothermal fluid system can influence overall gold content. Valley is an early stage exploration project without a resource estimate, and the presence or absence of an economically viable ore body cannot be determined until significant additional work is completed.
THREE EXERCISES NOW ACTIVE
A third helicopter-borne drill mobilized in the Valley area. The drills and the geological team are working in tandem to continue to build the scale of known mineralization at Valley.
A drill is expected to move towards the Gracie area, approximately 4 km east of Valley, where an intrusion thought to be Valley-related is present below the surface. Airborne magnetic work and mapping have identified multiple structural corridors, including a network of sheet joints/veins in the horn sediments that parallels a dominant mineralization trend in the valley area. This Phase I program will be the very first drill test of the Gracie Zone.
Figure 5 – Location of V-22-007 and V-22-012 in the context of the larger Valley-Gracie corridor. Geochemical and surface geophysical data (Z-axis Tipper Electromagnetic Survey) suggest the presence of a gold system related to a reduced intrusion potentially similar to Gracie. Snowline expects to begin Phase I drilling at Gracie in August.
The geological setting and style of mineralization in the Rogue’s Valley area indicates the presence of a bulk tonnage gold target, with similarities to Kinross’ Fort Knox mine in Alaska and Victoria Gold’s Eagle mine in the Yukon. An 800m Phase I drill program conducted at Valley in September 2021 encountered broad zones of gold mineralization in all four holes drilled (see Snowline press release dated February 10, 2022). Gold is associated with bismuthinite and telluride minerals hosted in foliated quartz vein networks along the margins of a mid-Cretaceous Mayo series intrusion.
Figure 6 – Project location map for the Snowline Gold properties in the eastern Selwyn Basin. The Valley and Gracie zones on the Rogue are the current and planned drill sites.
ABOUT Snowline Gold Corp.
Snowline Gold Corp. is a Yukon Territory-focused gold exploration company with a portfolio of seven projects covering over 127,000 ha. The Company is exploring its 85,000+ ha flagship projects, Einarson and Rogue, in the highly prospective but underexplored Selwyn Basin. Snowline’s portfolio of projects is located in the prolific gold province of Tintina, home to several million-ounce gold mines and deposits, including Kinross’ Fort Knox mine, Newmont coffee deposit and Victoria Gold’s Eagle mine. The Company’s first-mover land position and extensive database provide investors with a unique opportunity to participate in multiple discoveries and the creation of a new gold district.
The information contained in this press release was prepared under the supervision and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a qualified person for the purposes of National Instrument 43-101 .
ON BEHALF OF COUNCIL
CEO and Director
For more information, please contact:
Snowline Gold Corp.
+1 778 650 5485
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including statements regarding the Company’s upcoming drilling program, the implied importance of visual inspection of drill core, the results of the land ownership resolution, the work of surface and plans for exploration and expansion of a new field, district-wide gold system. Where possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, ” believes”, “estimates”, “predicts” or “potential” or the negative form or other variations of these words, or similar words or expressions, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied by the forward-looking statements. These factors include, among others: risks relating to uncertainties inherent in drilling results and mineral resource estimates; and the risks associated with the execution of the Company’s plans and intentions. These factors should be carefully considered and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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