Geologic Model The Last Hope Property is located within the Churchill Structural Province of the Canadian Shield, lying 5 km south of the southern portion of the Lynn Lake Greenstone Belt. The Lynn Lake Greenstone Belt, comprised of the North and older South Belts, is part of a larger litho-structural unit which extends in a north-easterly direction from the La Ronge Greenstone Belt in Saskatchewan.
The Last Hope Deposit can be classified as a mesothermal lode gold deposit in a Paleoproterozoic setting. Lithologies which host the gold bearing structures have been altered to the upper greenschist to lower amphiboilite facies. The protoliths have not been determined. Gold is associated with disseminated to semi massive pyrite/pyrrhotite sulphide mineralization. Gold-bearing sulphide minerals are structurally controlled by a predominant north west to south east striking near vertical zone of deformation. This deformation zone is truncated to the north by the east west striking Johnson shear, the host of numerous gold occurrences and deposits.
QA/QC protocols The drilled core is cut in half with the cut sample being placed in a bag which is sealed and transported to TSL labs in Saskatoon. A certified standard with low grade, mid-grade and high-grade gold values that approximates the lithology of the submitted sample is placed with random grade values in the sample stream every 10 samples. A certified blank standard is placed in the sample stream every 30 samples and a field duplicate is placed in the sample stream every 20 samples. In addition, TSL labs maintains their own QA/QC protocols consisting of selected resampling of the submitted samples and the insertion of 6 internal standards
2. High Grade Near Surface Resource The Company is considering a scenario whereby it could mine the top 20 metres of high grade mineralization utilizing simple, potentially low cost trench mining methods. The Company believes that the Near Surface Mineral Resource announced today (Indicated: 13,500 ounces grading 5.08 g/t, Inferred: 1,000 ounces grading 1.90 g/t) is amenable to surface extraction using these methods as the vein is near vertical and virtually outcrops at surface. The potential method considered would utilize blast cuts which would be mined using a narrow remotely operated loader, crane and bucket. Although the analysis process is still in its early stages, this option could potentially provide the opportunity for a low capex and opex method for upfront extraction of a portion of the Mineral Resource, thereby having a very positive impact on upfront cashflow.
Future Drill Program to Potentially Incorporate Cost Saving All Season Road 55 North is planning the construction of a 5.6 km access road, subject to permitting, which would provide year-round road access to drill sites planned for its Phase 3 drill program, significantly lowering transportation costs of personnel and equipment.
A Phase 3 drill program is currently being planned to follow up on the previously announced favourable results of the 21 holes of the 2020/2021 drill program, and will consider in part the following:
- Infill drilling in the areas of widening high-grade gold zones (hole LH-20-08 (19.25 g/t over 15.7m) and hole LH-21-20 (6.17 g/t over 8.0m))
- Infill drilling in areas of multiple en-echelon zones (holes LH-21-16 and LH-21-18).
- Drilling to extend down-plunge extensions of high-grade shoots.
- Step-out drilling to extend mineralization along strike to the southeast.
Also planned for Phase 3 is the use of directional drilling which will improve accuracy and lower costs.
Qualified Persons The technical content disclosed in this press release was reviewed and approved by Peter Karelse, P.Geo., VP Exploration for 55 North, a Qualified Person, and Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc., an independent Qualified Person, both as defined under National Instrument 43-101. Mr. Karelse and Mr. Puritch consent to the publication of this announcement by 55 North Mining Inc. and certify that this announcement fairly and accurately represents the information for which they are responsible.
About 55 North Mining Inc. 55 North Mining Inc. is an exploration and development company advancing its high-grade Last Hope Gold Project located in northern Manitoba, Canada.
FOR FURTHER INFORMATION, PLEASE CONTACT: Mr. Bruce Reid
Chief Executive Officer, Director
55 North Mining Inc.
br@idahochamp.com cell: 1-647-500-4495
office: 1-416-477-7771