Transatlantic grab samples up to 27.59 g/t Au at Miller 2023-06-14 14:46 ET - News Release
Mr. Bernie Sostak reports
TRANSATLANTIC MINING: EXTENSION AND EXECUTION OF FIRST RENEWAL TERM, NEW ASSAYS RECEIVED OF 27.6 G/T AU AT THE MILLER GOLD MINE
Following meeting the conditions of the initial term, Transatlantic Mining Corp. has now executed the first renewal term with an option to purchase by a mining royalty. The company has also opened a new winze drive, with the first grab samples taken from the lowest level uncovered in the mine. Pumping continues in this lower-level winze drive to determine the full length extent of the winze.
The Miller gold mine is located in the Broadwater county in Montana, United States. The mine is approximately 29 miles to the northeast of Townsend in Montana. The presence of gold mineralization has been confirmed by recent sampling in areas of the mine where access is possible.
Highlights
Miller mine -- lower level:
- Opened up lower winze level immediately below the lower level.
- First grab samples from lower-level winze -- 27.6 grams per tonne (g/t) gold (Au), visual gold has also been observed.
- Extended lease agreement to first renewal term with option to purchase by production royalty.
Key components of the activity
Transatlantic has nearly completed recovering a majority of the mud on the Miller mine lower portal over the gravity table. With continued pumping, the mine has further uncovered a new lower winze drive, previously under water. This development continues to be pumped to determine the full extent of this newly opened old development.
An initial set of two samples were taken on the initial accessible floor of this lower winze development, with the assay results received as shown in the table entitled "Lower-level winze drive initial grab sample assays."
Upon access to the dewatered lower-level winze drive, 30 metres of strike is now visual on a minus-20 degree gradient with water still at the drive face. In the exposed mine development, visual gold has been observed in the wall, roof and floor.
Given the initial grab samples are encouraging with gold and the visual aspect, further in situ samples will be taken for assay once the water has been cleared to the end of the drive.
Mud over the gravity table was suspended during the poorer weather conditions until warmer weather conditions prevail. Weather has now improved and the trial processing activities will recommence once assays are received from the laboratory on the muds. Trial processing of some hard rock samples will be undertaken in the near future for gravity extraction analysis as the company sources suitable pulverizing equipment.
About the Miller mine and claim group
Transatlantic has access to the upper and lower level of the mine. The Miller mine is situated amongst patented and unpatented claims at an elevation of 1,920 m (6,400 feet) and accessible by roads 50 miles from Helena, Mont.,U.S. Should mining occur at any time, an 8.5-per-cent royalty on ounces is to be paid. During the term of the agreement, the company may purchase the property for $4.5-million (U.S.), less the royalty payments made above, with a perpetual 1-per-cent NSR (net smelter return) to the vendor thereafter.
The gold and silver mineralization generally occurs on the contacts of sediments and igneous intrusive with native gold and sulphides, including pyrite, often observed amongst the four known adits located on the property.
"The extraordinary efforts of the historical miners in developing a declined winze at steep angles is testament to the belief that gold is still there. The first samples from this lower winze drive indicate good gold grades that will be followed up further. To see gold in the first instance is a good indicator for more gold," commented Bernie Sostak, chief executive officer of Transatlantic Mining.
Qualified person
Aslam Awan, PhD, MAusIMM (CP Geo), is the qualified person pursuant to National Instrument 43-101, and has reviewed only the technical information contained in this news release. Mr. Awan is the principal for AAA Geo Consultants.
The new rock chip samples are grabs from the winze level drive were of five kilograms in weight. The 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, Ida., U.S. The laboratory is an independent assay and umpire laboratory that follows industry techniques. The samples, after being pulverized are analyzed with a 15-gram to 30 g fire assay charge were gravimetrically finished.
About Transatlantic Mining Corp.
Transatlantic Mining 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 (U.S.) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has an extended lease, right to mine and purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership, by way of payment royalty.