News 08 Oct 201900:07 ET
Newsfile Corp
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2019) - M3 Metals Corp. (TSXV: MT) (FSE: X0VP) ("M3 Metals" or the "Company") is pleased to announce that it has secured an option (the "Option") from two separate vendors (the "Vendors") to acquire a 100% right, title and interest in the Mohave Mine Gold Project (the "Project") comprised of a total of 160 claims including lode claims and mill-site claims. The Project area covers numerous historic gold mines in the Weaver mining district, Mohave County, Arizona, USA. In addition to the historic gold mines on the Project, there is an approximate 5-kilometre gold-in-soil and gold-in-rock geochemical anomaly that extends across the entire length of the Project (see Figure 1). Large areas of the anomalous gold geochemistry including several historic gold mines have not had any modern exploration or drilling. The Company has secured the mineral rights to all the historic mines falling within the Project and believes they may be related to a property wide gold system.
There have been more than 550 historic drill holes totaling approximately 68,000 feet drilled on the project primarily focusing on the development of historic non-compliant resources within limited areas on the Project (see Figure 1 for areal extent of historic drilling). All the historic drilling has been done in the northern one-fourth of the property, and most of these holes were shallow, 100 foot-deep, air-track holes, many of which stopped in mineralization. Most of the work was done by private companies in the 1980's and 1990's who spent approximately 12 million developing the historic resources in the northern part of the Project rather than exploring the potential for a much larger deposit.
Previous development work includes blasting of an initial bench at the Klondyke Mine (see Figure 2) representing the beginning of open-pit style operations. The blasted material remains stockpiled next to the primary jaw crusher located at the 350 tonne-per-hour crushing facility that remains on the Project's mill-site claims where heap-leach infrastructure including a heap-leach pad, buildings, a jaw crusher, two cone crushers and a conveyor system were installed and remain in good condition (see Figure 3).
Significant potential for identifying and defining new mineralized areas remains as is evident from widespread elevated gold-in-soil and mineralized rock outcrops occurring across the Project. Potential targets include expanding on historic drilled areas on the northern half of the Project and the large elevated geochemical untested/undrilled areas and historic small-scale underground mines that occur on the southern half.
Currently the Company is engaged in an aggressive data compilation and data discovery exercise and plans to update the market as appropriate.
Adrian Smith, President of M3 Metals comments "We are extremely pleased with the acquisition of this advanced-stage project that still has significant upside. Historically the private owners were focused on development and did not test the numerous remaining targets on the Project for its larger potential. We are eager to begin an aggressive drilling campaign on the extensive target areas on the southern portion of t