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News
Highway 50 Gold Provides Drilling Update on Monroe Project
August 7, 2018
Vancouver, British Columbia — Highway 50 Gold Corp. (TSX.V — HWY)
Highway 50 Gold Corp. (the “Company”) is pleased to announce a summary of the results and current interpretation of the two most significant holes drilled to date at the Monroe project, located in southeastern British Columbia.
Drill holes HWY-18-08 and HWY-17-03 were collared approximately 750 metres apart. Drill hole HWY -18-08 was recently suspended at a depth of 1,084 metres within a third-order basin infill (graben) above a projected lead/zinc mineralized sequence. Due to tight hole conditions, management halted drilling with the NQ diameter drill string and intends to re-enter and complete the hole by reducing to BQ diameter core. The objective is to drill HWY-18-08 through the entire hanging wall (overlying) sequence into the suspected mineralized sequence, terminating in the footwall beneath the projected mineralized zone.
Drilling Synopsis for HWY-18-08 (1000 Az, -650 dip)
This hole drilled typical Middle Aldridge sediments from the collar to 687 metres where it intersected 30 metres of Sullivan muds (carbonaceous wacke laminates or CWL). Below the CWL, the hole encountered 73 metres of polylithic clast fragmental which is locally intensely albitized with a 4 metre thick zone containing clasts of solid sphalerite/galena (lead sulphide/zinc sulphide). At a depth of 960 metres, numerous zones of moderate albitization give way to an 86 metre thickness of intense albite-pyrite alteration exhibiting cross-cutting sericite-calcite veinlets, pyrrhotite-chlorite veinlets and cross-cutting zones of albitized discordant fragmental breccia. Several narrow gabbro dykes are also present in the preceding section.
From 1,052.3 – 1,055.9 metres, the hole intersected a massive calcite-sphalerite (zinc sulphide) vein which shows multiple bands (5-8 cm thick) of strongly mineralized to massive sphalerite with lesser galena over its entire 3.5-metre width of the vein. This mineralization is visually impressive but is subsidiary to the main targeted style, a large lens of massive iron-lead-zinc sulphides.
Re-examination of drill hole HWY-17-03 has noted additional zones of strongly mineralized, fine-grained sphalerite-galena in a 30-metre thick zone of intensely altered tourmalinite. The strongest lead-zinc mineralization is associated with replacement of tourmalinite by albite-sericite-chlorite alteration. In places, the tourmalinite is cut by stockwork pyrrhotite veinlets and hosts abundant clots of pyrrhotite (iron sulphide).
Geologic Summary:
Drilling to date documents a local third-order sub-basin which is opening to the south and west from drill holes HWY-18-08 and HWY-17-03, respectively. The volume and style of alteration and lead-zinc mineralization intersected in these holes suggests a focussed feeder vent complex may underlie this structurally controlled zone. Specifically, the third-order basin appears to be developed at a kink in the boundary between two contiguous structural domains. This occurs within the broader context of the linkage between the Moyie Fault, an ancestral transform structure, and the mid-basin axial trough (the “Sullivan Corridor”).
Large volumes of albite and tourmalinite are key components of the Sullivan lead-zinc-silver ore-system, 40 kilometres to the north.
Gordon P. Leask, President and CEO of the Company, commented as follows: “The Monroe project began as a geological concept based on previous drilling at the adjacent Fors massive sulphide deposit, and new insights from management. Drilling to date has established a focussed target within the Sullivan Corridor. The strength, style and volume of altered rock at Monroe is comparable to that seen around the Sullivan Mine. We plan to recommence drilling in mid-September, subsequent to completing an equity financing”.
The scientific and technical disclosure in this news release has been approved by Gordon P. Leask, P.Eng., President and CEO of the Company, and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
For additional information:
Gordon P. Leask, P.Eng. or John M. Leask, P.Eng.
Tel: 604.681.4462
Email: gord@highway50gold.com or jml@highway50gold.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern B.C. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada’s crustal architecture and new geological understanding on the Monroe property in B.C.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the Company’s proposed plans for the exploration of the Monroe property; and the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Company may not obtain satisfactory results from its drilling program and exploration activities, changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.