Vancouver, British Columbia (FSCwire) – Silver Pursuit Resources Ltd. (“Silver Pursuit” or the “Company“) (TSX-V: SPF) is pleased to announce that it has completed a 2017 prospecting and surface sampling program at its East Bell Property. The project is located 40 miles southeast of Fallon and 20 miles north of Gabbs, Nevada. Access is via Nevada Highway 361 to the turnoff to where good dirt roads lead to the property three miles west of the pavement.
The property consists of thirty unpatented lode claims that include 24 claims in the “Flats Zone” and six claims to the west that cover bedrock exposures at the “Hillside Zone”. Land is administered by the U.S. Bureau of Land Management, Carson City Field Office. Elevations range from 5535 feet to 6415 feet (1687-1955 m) at the project.
Gold occurrences at East Bell are characteristic of low sulfidation, epithermal mineralization hosted in Tertiary volcanic rocks. A train of gold-bearing boulders of rhyolite porphyry form a well- mineralized zone in surface sampling; this zone coincides with a resistivity-high suggesting silicification in the near-surface bedrock. This is known as the “Flats Zone” where the resistivity anomaly and mineralized samples occur in a zone over 350 meters (1100 ft) wide and along a strike length of 1700 m (5600 ft). A second zone, situated a mile (1600m) west, is known as the “Hillside Zone”. Gold mineralization at the Hillside Zone is associated with silicification and adularization of outcropping, felsic volcanic host rocks. A six-hole drilling program is planned to test the two target zones.
Silver Pursuit completed a prospecting and surface sampling program (the “2017 Program“) at its Property in order to evaluate the project for hosting potentially economic gold mineralization. The 2017 Program was carried out on behalf of the Company by geological consultant, Pavel Dubchak M.Sc., P.Geo., who is also a Qualified Person as that term is defined by National Instrument NI 43-101 (“NI 43-101“).
Assays from the 2017 Program at the East Bell project confirm the extensive gold mineralization reported in previous sampling completed by the owner in the property. A total of 14 rock chip samples were collected at the property and gold values range from nil to 8.42 g/t Au. Silver values ranged up to 118 g/t Ag (3.44 opt) and are associated with the highest gold value. A complete list of assays and descriptions will be posted on the company’s website www.silverpursuit.com along with a sample location map.
Precious metals mineralization is hosted by silicified rhyolite breccia with oxidized pyrite and subhedral adularia. Previous sampling has returned values from nil to 40.8 g/t gold in rock chip samples. Variations in the gold concentrations for the recent sampling with respect to previous nearby samples is thought to be related to coarse gold pockets in the mineralized system.
Gold mineralization at East Bell is characteristic of low-sulfidation, epithermal mineralization hosted in Tertiary volcanic rocks. A train of gold-bearing boulders of rhyolite porphyry form a distinct and well- mineralized zone in surface sampling; this zone coincides with a resistivity-high suggesting silicification in the near-surface bedrock. This area is known as the “Flats Zone” where the resistivity anomaly and mineralized samples occur in a zone over 350 meters (1100 ft) wide and along a strike length of 1700 m (5600 ft). A second zone, situated a mile (1600m) west, is known as the “Hillside Zone”. Gold mineralization at the Hillside Zone is associated with silicification and adularization of outcropping, felsic volcanic host rocks.
The 2017 Program consisted of prospecting and surface sampling at the Property during the month of October 2017. It followed-up on previous sampling program completed by the vendor which had returned values of from nil to 40.8 g/t Au.
The purpose of the 2017 Program was to validate previous sampling completed by Larry McIntosh, a well-known Nevada based Geologist/Prospector, the property vendor and the person responsible for the discovery of the mineralization in this area.
The 2017 Program focused on confirming previously reported gold values along a 300-meter-wide corridor and finding new targets for follow-up with geophysical survey and drill testing. Based upon the surface evaluation and review of the previous work both zones have the potential of broader mineralization. The flat Zone where it becomes covered by overburden and the Hillside Zone as it has never been drilled tested and remains open for expansion in all directions.
A total of 23 rock chip and grab samples were collected and then delivered directly to ALS USA Ltd. (“ALS“), at their Reno, Nevada location, for assaying and testing for gold and silver. ALS is an ISO – 17025 accredited laboratory providing geochemistry analysis to the mining industry. The implemented QAQC protocol included certified reference material and silica blank inserted with the batch of samples submitted for mineral analysis. most of the samples were from a train and the next stage of work on the property will be focused on finding a source.
A six-hole drilling program is planned to test the two target zones but geophysics consisting of an IP-Resistivity survey along with a basic magnetometer survey is recommended prior to drilling.
Pavel Dubchak M.Sc., P.Geo., geological consultant and a Qualified Person as defined by National Instrument NI 43-101 (“NI 43-101“), supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
ABOUT SILVER PURSUIT
Silver Pursuit is a junior mineral exploration company engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Silver Pursuit currently holds an option to acquire a 100% interest in the East Bell Property, comprised of 30 mineral claim units.
In addition, Silver Pursuit owns a 100% interest in 14 additional properties located in 8 counties in the State of Nevada and 2 Mining Leases located 60 miles north of Yellowknife in the NWT historically known as the Gordon Lake Mine.
The common shares of Silver Pursuit trade on the TSX Venture Exchange under the stock symbol ″RNG″. The Company has 25,064,103 common shares issued and outstanding.
Certain statements in this press release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Silver Pursuit or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words “estimate”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “may”, “should”, “will”, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Silver Pursuit with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading “Risk Factors”, in Silver Pursuit’s prospectus and in other continuous disclosure documents that are filed by Silver Pursuit from time to time with the Alberta and British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Silver Pursuit, its prospects and the risks and uncertainties relating to Silver Pursuit and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Silver Pursuit to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Silver Pursuit cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. Silver Pursuit does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Silver Pursuit Resources Ltd.