Tectonic Announces Completion of 2022 Inaugural Field Program at Flat Gold Project, Alaska
VANCOUVER, BC / ACCESSWIRE / December 5, 2022 / Tectonic Metals Inc. (TECT:TSX-V)(TETOF:OTCQB(T15B:
Tectonic’s surface field program at Flat represents the first exploration work at the property in more than 20 years and comprised ground-truthing, channel/grab sampling of historic bedrock exposures and mechanical excavation and sampling of new trenches at Flat’s main zone, Chicken Mountain (“CM”), comprising of a 3800 metre (“m”) long and up to 600m wide gold-in-soil anomaly.
A link to detailed maps of Tectonic’s 2022 trenching program may be found here.
Tony Reda, Tectonic President & CEO, commented: “Our year one objective at Flat was to build a strong technical foundation that will provide the basis for a comprehensive exploration program, including drilling, at Flat in 2023. Our work this year included a metallurgical test program on historical drill core, supplemented by extensive geological, geochemical, and geostatistical modelling, relogging of the historical drill core, petrography, trenching, channel sampling, ground truthing, lineament analysis, historical geophysical interpretation, and a logistical and onsite infrastructure audit. Success next year does not only mean discovering gold but also evaluating those ounces found as accurately as possible with respect to metallurgy and mining methods. We want to put our best foot forward going into next year’s drilling program and anticipate that our technical focus in 2022 will bolster the value of any ounces found while continuing to guide our exploration strategies at Flat.
Flat Gold Project – Exploration Objective
The primary objective of the program was to gain a greater understanding of the geological opportunity at Flat by focusing on gathering additional geological information and assessing the extensive undrilled gold-in-soil anomalies at CM where historic soils outline an open-ended gold-in-soil anomaly extending 3,800m x 600m in a north-northwest orientation over the core of exposed quartz monzonite intrusion. The western portions of the soil anomaly have been untested by historical drilling and trenching with highlights including up to 8.8 grams per tonne gold (“g/t Au”) in soil and up to 3.4 g/t Au in surface grab samples. In total, 273m in 3 new trenches were excavated and mapped on the CM target with 180 continuous channel samples and 18 focussed grab samples collected. A further 7 bedrock exposures in accessible historic trenches and placer mining cuts in the CM area were sampled and mapped with 71m of channel samples and 7 grabs collected.
In anticipation of a comprehensive 2023 exploration program, the Company conducted additional reconnaissance to further assess the surficial conditions on the property and investigate accessibility/navigability based on existing infrastructure.
Fig.1 Flat Gold Project, Iditarod Mining District, Alaska
About the Flat Gold Project
The Flat Gold Project is an intrusion-hosted, bulk tonnage gold project located in southwestern Alaska, just 40km north of the giant Donlin Gold Project, which is owned equally by Barrick and NOVAGOLD and have set a 2022 budget at Donlin of USD $60 million (see Barrick news release dated July 28, 2022).
Flat consists of 92,160 acres of mostly Native-owned land belonging to Doyon, Limited, a leading Alaska’s Native Regional Corporation and the largest private landholder in the State of Alaska. Doyon and Tectonic have formed a mutually beneficial mineral lease property agreement covering all aspects of exploration through to production, including royalties and ESG provisions. The resulting agreement aligns the interests and expectations of both parties involved, reduces risk, and creates a process that can advance a project from discovery through development and production to final reclamation.
Flat represents a rare opportunity in a tier-one jurisdiction:
- A large-scale, intrusion-hosted gold system
- Documented as the 4th largest placer gold district in Alaska with over 1.4Moz of gold produced via placer mining*
- 55 historical drill holes at the Chicken Mountain target, all of which have intersected mineralization
- Historic drilling indicates mineralization begins at surface and remains open in all directions with an average vertical drill depth of ~100m
- 3,800m long, up to 600m wide, gold-in-soil anomaly (open for expansion)
- Historical mineralized trenches, some of which remain untested by drilling
- Opportunity for new discoveries within blind-to-surface portions of the intrusive complex
- In close proximity to a world-class gold deposit (Donlin)
- Situated on Native Owned Land with a full-scale mineral lease property agreement covering all aspects of exploration through to production, including royalties and ESG provisions
To learn more about the Flat Gold Project, please click here.
End Note: *Mineral Occurrence and Development Potential Report, Locatable and Salable Minerals, Being Sea-Western Interior Resource Management Plan, BLM-Alaska Technical Report 60, prepared by the U.S. Department of the Interior, Bureau of Land Management, November 2010
Qualified Person
Tectonic’s disclosure of a technical or scientific nature in this press release has been reviewed, verified and approved by Peter Kleespies, M.Sc., P.Geo., Tectonic’s Vice President Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101.
To learn more about Tectonic, please click here.
On behalf of Tectonic Metals Inc.,
Tony Reda
President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Tony Reda, President & CEO of Tectonic, or Bill Stormont, Investor Relations, at toll-free 1.888.685.8558 or by email at [email protected]
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Cautionary Note Regarding Forward-Looking Statements and Historical Information
Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions and include, but are not limited to, statements with respect to the potential for mineralization at Tectonic’s projects, planned exploration programs, and results of any future exploration activities. The Company makes no representation or warranty regarding the accuracy or completeness of any historical data from prior exploration undertaken by others other than the company and has not taken any steps to verify, the adequacy, accuracy or completeness of the information provided herein and, under no circumstances, will be liable for any inaccuracies or omissions in any such information or data, any delays or errors in the transmission thereof, or any loss or direct, indirect, incidental, special or consequential damages caused by reliance on this information or the risks arising from the stock market.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE: Tectonic Metals Inc.
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