STLLR Gold’s Tower Gold Project Infill Drilling Continues to Confirm Mineralization at the Jonpol Deposit
Mar 28, 2024
TORONTO, Ontario, March 28, 2024 – STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF) (FSE: O9D) (“STLLR” or the “Company”) announces the remaining assay results from the infill and confirmatory drilling program at the Jonpol Deposit at the Garrison (Eastern) area of the Tower Gold Project in Timmins, Ontario, Canada.
Table 1: Jonpol Drilling Highlights:
Tower Gold Project Update:
· 123,290 m, in 453 drill holes, of the 140,000 m infill drill program completed have been released.
Keyvan Salehi, P.Eng., MBA, President, CEO, and Director of STLLR stated: “Results from the Jonpol Deposit drilling improves our confidence in the resource block model. In addition, the higher-grade intercepts from holes MGA23-156, MGA23-157, MGA23-193, and MGA23-194 compared to the Tower MRE block model estimate suggests the potential to expand the known mineralization of the deposit.”
“We anticipate receiving the remaining assay results from our Tower Gold Project drilling in the coming weeks and plan to update the markets accordingly.”
Jonpol Deposit Drilling
The Jonpol Deposit is located on the eastern end (Garrison Area) of the Tower Gold Project in Timmins, Ontario (See Figure 1 for the Tower Gold Project - General Location Map). Mineralization at Jonpol is associated with shear zones within mafic to ultramafic rocks, and is modelled as four contiguous mineralized zones along the Munro Fault, which is a splay from the regional Destor-Porcupine Fault Zone (“DPFZ”). The 2023 drill program at Jonpol was focused on the near-surface infill (up to 150 m below the surface) and extensions of the Tower Gold Project Mineral Resource Estimate[1] (“Tower MRE”).
The results from this batch of drilling (please also refer to the Company’s December 7, 2023 news release for the previous batch of drilling at Jonpol) appear to confirm the continuity of the Jonpol mineralization as estimated by the Tower MRE block model. This is evident particularly with holes MGA23-164, MGA23-197 and MGA23-199A. In addition:
· Drill holes MGA23-156 and MGA23-157 (See Figures 2, 3, & 4): Intersected grades that are higher than the Tower MRE block model.
· Drill holes MGA23-193 and MGA23-194 (See Figures 2 & 3): Intersected near-surface mineralization and elevated grades outside the Tower MRE block model.
· Drill holes MGA23-167 and MGA23-196: Geomechanical drilling that will benefit future pit shell designs.
Overall, the drilling at Jonpol confirmed the resource block model, potentially increasing the estimated grades locally in some areas. The increased drill density (50 m drill-centre spacings) provides additional confidence in the Tower MRE block model, with the potential to upgrade the areas drilled to a higher resource category and further define future geological models.
Figure 1: Tower Gold Project - General Location Map
Figure 2: Tower Gold Project – Jonpol Deposit: Infill Drill Location Map
Figure 3: Tower Gold Project – Jonpol Deposit: Infill Drilling Cross Section “A-B”
Figure 4: Tower Gold Project – Jonpol Deposit: Infill Drilling Cross Section “C-D”
Table 2: Tower Gold – Jonpol Deposit: 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: Tower Gold – Jonpol Deposit: Resource Infill Drill Hole Details
Quality Control Procedures
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 favorable 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, information with respect to timing of the updated Tower MRE, confirmation of the Tower MRE block model, potential expansion of the known mineralization at the Tower Gold Project, the timing of the release of the assay results from Tower Gold project drilling, 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.
[1] For more information on the Tower MRE effective as of September 7, 2022, please refer to the NI 43-101 technical report titled “NI 43-101 Report & Preliminary Economic Assessment of the Tower Gold Project Northeastern Ontario, Canada” dated November 29, 2022, which is available on STLLR Gold’s profile on SEDAR+ www.sedarplus.ca and www.stllrgold.com