Transatlantic to restart drilling at Golden Jubilee
2022-09-16 19:24 ET - News Release
Mr. Bernie Sostak reports
DRILLING RECOMMENCES AT GOLDEN JUBILEE GOLD PROJECT
Transatlantic Mining Corp. will recommence drilling at the Golden Jubilee mine and associated claims in Granite county, Montana, United States. This drill program will follow on from an initial set of drilling results from a program undertaken earlier this year and announced in March, 2022. The program will comprise a total of 2,000 metres of drilling, which will target the mineralized structure downdip and along strike from the existing drill holes and mine development.
In addition, geophysics fieldwork of 5,300 line metres has already been completed on the property. This is currently being interpreted and analyzed with the objective of identifying new drill targets.
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 a vein located on the Red Lion line, which is a structure 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 metres.
The geophysical lines include induced polarization and resistivity lines on 50-metre spacing with 5,300 line metres now completed. This is currently being analyzed for geological responses over the property.
Drilling
The company has recommenced its first drilling campaign into the Golden Jubilee deposit after reporting five assay results in March, 2022, including hole 1611 10.7 metres at 9.9 grams per tonne gold (including 3.7 metres at 18.46 g/t Au). The company is fully financed to complete this program with an additional 2,000 metres planned to be drilled. The mineralization has been interpreted downdip and along strike from previous intersections, and the assay results provide sufficient encouragement to engage in further drilling. Exploration permits have been received to allow further holes to be drilled once these 2,000 metres are complete. The gold mineralization intersected by the diamond drilling is within an iron-rich replacement and sulphide zone and shear, along with associated quartz. Some characteristics of the mineralization include the following:
- The drilling intersections are shallow between 30 and 80 metres from surface.
- The contacts to the mineralization are in competent marbleized limestones.
- There is new evidence for multiple parallel mineralized structures.
"The first phase of drilling confirmed the presence of geology conducive to hosting gold mineralization, as well as an extension of mineralized structure. This supports and underpins the potential for deeper and strike extensions to the high-grade mineralization observed at the Golden Jubilee in combination with existing high-grade production and processing information," commented Bernie Sostak, chief executive officer of Transatlantic.
Historical production
Although some mining occurred prior to 2000, there are few production records in existence.
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 metres 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, CP, MAusIMM (CP geo), is the qualified person pursuant to National Instrument 43-101 responsible for having reviewed and approved the technical information contained in this news release. Mr. Awan is the principal for AAA GeoConsultants.
The diamond drill HQ core 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 with the sample being pulverized and analyzed with a 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.
Further announcements will be made in regard to the activities as they transpire.
About Transatlantic Mining Corp.
Transatlantic 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.
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