Transatlantic drills 6 m of 13 g/t Au at Golden Jubilee
2023-04-13 15:59 ET - News Release
Mr. Bernie Sostak reports
TRANSATLANTIC MINING: DRILLING RESULTS AT THE GOLDEN JUBILEE MINE INCLUDE AN INTERSECTION OF 6.1 M AT 13.1 G/T AU
Transatlantic Mining Corp. has released assay results from the most recent drilling program. The drilling at the Golden Jubilee mine consisted of 10 reverse circulation holes for a total of 2,000 metres. This mine is located in Granite county, Montana, United States. The results from this drilling program confirm that the mineralized structure continues downdip and along strike from mineralization, which has been either mined previously or delineated by earlier drilling.
Highlights
New drill results:
Drill hole No. 2201:
9.1 metres at 7.8 grams per tonne gold from 64-metre depth (8.0-metre true width) (including 1.5 metres at 16.11 g/t Au);
6.1 metres at 5.5 g/t Au from 86.9-metre depth (5.5-metre true width);
Drill hole No. 2203:
6.1 metres at 13.1 g/t Au from 111.3-metre depth (6.0-metre true width) (including 3.0 metres at 17.3 g/t Au).
Drilling
The company has completed its inaugural drilling campaign into the Golden Jubilee deposit and is reporting the available assay results from the 10 holes drilled. These are shown in an attached table. The company was fully financed to complete this program and has funds available to undertake follow-up additional work. The mineralization has been intersected downdip and along strike of existing drill holes and underground workings. There is also further evidence that there are an additional two mineralized zones in the footwall and hangingwall of the targeted Golden Jubilee mineralized structure. These outcomes provide encouragement to undertake more drilling to follow up on several geophysical targets which indicate that the mineralized structure extends for up to an additional one kilometre of strike. New exploration drill permits will be sought to facilitate this drilling. The company is also evaluating the current water and operating permits with the relevant government departments. The gold mineralization intersected by the reverse circulation drilling is associated with a shear-hosted iron quartz, sulphide-rich replacement zone.
Some characteristics of the mineralization and drill program include:
Drilling indicates that it is shallow, between 30 and 240 metres from surface.
The contacts to the mineralization are in competent marblized limestones.
The mineralized zones are visibly distinct.
It occurs in multiple parallel mineralized structures.
"The first phase of drilling and results continue to support the presence of mineralization below the lowest mine level. There is rising confidence in parallel mineralized zones that will require additional drilling. Not only does the main zone at the Golden Jubilee continue, but recent geophysics has highlighted targets and offsets one kilometre along strike. This information with existing high-grade production and processing information will support and develop our model of the high-grade and exploration structures further," commented Bernie Sostak, chief executive officer of Transatlantic.
Recent reverse circulation drill assay results for gold at greater than 3.0 g/t Au
About Golden Jubilee
The 22 Golden Jubilee claims are situated in Granite county, Montana, United States, and have had a number of previous owners. There have been only limited exploration and mining on the regional Red Lion (vein) line trend, which is known to continue over a regional strike of seven kilometres in length. The Golden Jubilee mine is located in mountainous country at an elevation of approximately 2,350 m.
Historical production
Although some mining occurred prior to the year 2000, there are limited production records in existence. An attached table contains the results from a bulk sample taken in 2000 and the more recent 10,000-tonne parcel mined over a five-month period in 2014.
Historical drilling
Previous exploration drilling has included 37 holes drilled prior to 2013, where the gold mineralization and vein had been observed to be approximately 2.5 m wide with an 80-degree dip. Enrichments and wider mineralization widths have been observed on geological cross-structures striking at an obtuse angle to the Red Lion vein trend.
Review by qualified person*
Aslam Awan, PhD, MAusIMM (CP geo), is the qualified person pursuant to National Instrument 43-101 for having reviewed only the technical information contained in this news release. Mr. Awan is the principal for AAA GeoConsultants.
* The new reverse circulation drill samples were crushed in whole to plus 70 per cent passing two millimetres and then split and pulverized with analysis for gold and silver at the Christofferson laboratory, Smelterville, Idaho, United States. The laboratory is an independent assay and umpire laboratory that follows industry techniques with blanks and standards inserted on batches of 25. The samples are pulverized and analyzed with a 15- to 30-gram fire assay charge and a gravimetric finish. True widths were estimated based on the dip cross-section width of the mineralization at a 1.0 g/t Au cut-off. An attached table sets out historical holes drilled and assayed. The company also adds a standard to determine any assay bias.
Further announcements will be made in regard to the activities as they transpire.
About Transatlantic Mining Corp.
Transatlantic (TSX Venture Exchange: TCO) is an emerging precious and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests, including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana-Idaho (United States) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has also a lease to purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership.
Bullish
