STLLR Gold Announces Exploration Drilling Results at the Tower Gold Project
May 21, 2024
STLLR Gold Announces Exploration Drilling Results at the Tower Gold Project (PDF)
TORONTO, Ontario, May 21, 2024 – STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) (“STLLR” or the “Company”) announces the assay results from the exploration drilling of prospective targets near the 55 Zone and Westaway Deposits at the Golden Highway Area (western end) of the Tower Gold Project in Timmins, Ontario, Canada. Exploration drilling at the Colomac Gold Project in the Northwest Territories, Canada, has also commenced.
Table 1: 2024 Exploration Drilling Highlights – 55 Zone West and Westaway South Limb Targets
(See Figures 1-4):
“g/t Au”: grams per tonne gold; “m”: metres
Keyvan Salehi, P.Eng., MBA, President, CEO, and Director of STLLR stated: “Our properties in the Timmins Mining Camp have immense exploration upside. This year, we plan to test some high-potential targets near the Tower Gold Project. The assay results received from recent drilling are very encouraging and warrant follow-up. We intersected gold mineralization west of the 55 Zone Deposit and south of the Westaway Deposit, outside of the known mineral resources. We also drilled targets near the Windjammer and Discovery Deposits and we are awaiting assay results.”
“We have also commenced exploration drilling at our Colomac Gold Project in the Northwest Territories. This year, we are targeting zones with the potential for higher-grade, open-pit mineralization near the south end of the Colomac Main Deposit. We anticipate receiving assay results in a few weeks from now.”
Golden Highway Exploration Targets
STLLR has identified several high-potential exploration targets in the Golden Highway area of the Tower Gold Project (See Figure 1 for the Drill Location Map). These targets are located outside the known mineralization, and planned drilling will test either the potential extensions of the known mineralization or areas where the geological interpretation appears favourable for new gold discoveries.
55 Zone West Extension (See Figures 1, 2 and 3)
Holes MGH24-517 and MGH24-520 drill-tested an area across a major fault to the west of the 55 Zone Deposit. This area has the potential to extend the Golden Highway mineralization along strike. Promising results demonstrate intersections of gold mineralization, and future follow-up drilling is warranted. STLLR’s land includes an additional 3 km of geological strike which has limited exploration work to-date.
Westaway South Limb (“Westaway SL”) (See Figures 1, 2, and 4)
The Westaway Deposit is primarily associated with the Timiskaming-age clastic, sediment-hosted stacked quartz veins located immediately south of the regional banded iron formation on the north limb of a folded basin. Drilling in the area south of the Westaway Deposit tests the potential for similar mineralization controls along the south limb of the basin. Initial results confirm continued gold mineralization along the primary mineralizing structures as well as a wider mineralized zone at Westway. Based on positive indications that the mineralized system continues within the southern portion of the basin, follow-up work is required in the winter.
Windjammer and Discovery
The Company is currently drilling targets near the Windjammer and Discovery Deposits, with assay results pending.
Figure 1: Tower Gold Project – Golden Highway Drill Location Map
Figure 2: Exploration Results Map – 55 Zone West and Westaway SL
Figure 3: 55 Zone West – Exploration Drilling Cross Section “A-B”
Figure 4: Westaway SL: Exploration Drilling Cross Section “C-D”
Table 2: 55 Zone and Westaway: Exploration Drill Intercepts
Note: All intercepts are calculated using a 0.30 g/t Au cut-off, a maximum of 5m internal dilution and no top cap applied. Drill intercepts are not true widths.
Table 3: 55 Zone West and Westway SL : Exploration Drill Hole Details
Quality Control Procedures
NQ drill core is oriented and cut with half sent to ALS Laboratories Inc. (ALS) for drying and crushing to -2 mm, with a 1.00 kg split pulverized to -75 µm (200#). ALS is an ISO 17025 accredited laboratory. A 50 g charge is Fire Assayed and analyzed using an AAS finish for Gold. Samples above 10.00 g/t Au are analyzed by Fire Assay with a gravimetric finish and selected samples with visible gold or high-grade mineralization are assayed by Metallic Screen Fire Assay on a 1.00 kg sample. STLLR inserts independent certified reference material and blanks with the samples and assays routine pulp repeats and coarse reject sample duplicates, as well as completing routine third-party check assays at Bureau Veritas Commodities Canada Ltd.
Qualified Person
John McBride, MSc., P.Geo., Vice President of Exploration for STLLR, who is the “Qualified Person” as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release.
About STLLR Gold
STLLR Gold Inc. (TSX: STLR; OTCQX: STLRF; FSE: O9D) is a Canadian gold development company actively advancing two cornerstone gold projects in Canada: The Tower Gold Project in the Timmins Mining Camp in Ontario and the Colomac Gold Project located north of Yellowknife, Northwest Territories. Each of these two projects has the potential for a long-life and large-scale operation and are surrounded by exploration land with favourable upside potential. STLLR’s experienced management team, with a track record of successfully advancing projects and operating mines, is working towards rapidly advancing these projects.
Contact Us
STLLR Gold Investor Relations
+1 (416) 863-2105 | investors@stllrgold.com | www.STLLRgold.com
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the potential expansion of the known mineralization at the Tower Gold Project, the discovery of new gold mineralization, the timing of the release of the assay results, the goals, synergies, strategies, opportunities, profile, mineral resources and potential production, project timelines, prospective shareholding, integration and comparables to other transactions, the future financial or operating performance of STLLR and STLLR’s mineral properties and project portfolios, the advancement of the Tower Gold and Colomac Gold Projects, long-life and large-scale potential of the Tower and Colomac Gold Projects and exploration upside of the land packages. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “accelerate”, “add” or “additional”, “advancing”, “anticipates” or “does not anticipate”, “appears”, “believes”, “can be”, “conceptual”, “confidence”, “continue”, “convert” or “conversion”, “deliver”, “demonstrating”, “estimates”, “encouraging”, “expand” or “expanding” or “expansion”, “expect” or “expectations”, “fast-track”, “forecasts”, “forward”, “goal”, “improves”, “increase”, “intends”, “justification”, “leading”, “plans”, “potential” or “potentially”, “pro-forma”, “promise”, “prospective”, “prioritize”, “reflects”, “re-rating”, “robust”, “scheduled”, “stronger”, “suggesting” or “suggests”, “support”, “updating”, “upside”, “will be” or “will consider”, “work towards”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”.
Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of STLLR to be materially different from those expressed or implied by such forward-looking information, including risks associated with required regulatory approvals, the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, the ongoing wars and their effect on supply chains, environmental risks, COVID-19 and other pandemic risks, permitting timelines, capex, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the joint management information circular of STLLR dated December 20, 2023, available on www.sedarplus.ca. Although STLLR 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 information. Accordingly, readers should not place undue reliance on forward-looking information. STLLR does not undertake to update any forward-looking information, except in accordance with applicable securities laws.