Kermode Resources samples 22.4 g/t Au at Lightning Peak
2024-07-19 09:14 ET - News Release
Mr. Peter Bell reports
KERMODE SAMPLES 22.4 G/TONNE GOLD AND 196 G/TONNE SILVER AT LIGHTNING PEAK GOLD-SILVER PROJECT
Kermode Resources Ltd. has released results from the Lightning Peak project near Cherryville, B.C.
The analytical results from the initial 2024 site visit can be seen in an attached table. Locations and descriptions can be found in another attached table. All of the samples were sent to Actlabs in Kamloops, B.C., for gold and silver fire assay with gravimetric finish and multielement by aqua regia ICP-OES.
Additional assays are pending for a gravity concentrate test conducted on the Peak Au material. Kermode Resources has submitted a notice of work application for a trenching and drilling permit on the Lightning Peak property that covers the Dictator/Morning target and the Aurum Vena discovery zone, with approval expected soon.
Kermode chief executive officer Peter Bell commented: "Thanks to our partner on this deal, Milo Mielniczuk. I think the deal terms are innovative and the property is prospective."
The Lightning Peak property is a 2,890-hectare property located 60 kilometres southeast of Vernon, B.C., and 35 kilometres south of Cherryville, B.C. The project covers prospective ground within rocks of the prolific Quesnel terrane. This terrane is host to many major British Columbia porphyry deposits such as Highland Valley, Gibraltar, Mount Polley, Mount Milligan, Copper Mountain and others. The Lightning Peak project's name comes from its location at the northern base of the extinct Lightning Peak volcano.
The property covers nine known British Columbia mineral occurrences and a new occurrence discovered in 2020. These occurrences consist of historical exploration trenches or small-scale mining operations from the late 1800s and early 1900s. During a property inspection carried out by Eagle Plains personnel in the summer of 2020, rock grab samples from the Morning workings ranged from trace values to highs of 39.4 grams per tonne gold and 912 grams per tonne silver (sample TTLPR016) and 1.31 grams per tonne gold, 205 grams per tonne silver, 1.88 per cent lead, 5.03 per cent zinc and 0.12 per cent cadmium (sample TTLPR015).
The 2020 discovery, referred to as the Aurum Vena showing, consists of numerous local float boulders containing brecciated semi-massive sulphides that consistently contain highly elevated gold, lead and zinc mineralization, with values ranging from trace quantities to highs of 5.84 grams per tonne gold, 30.6 grams per tonne silver, 3,680 parts per million lead and 674 parts per million zinc (sample TTLPR010 -- float boulder).
Since Eagle Plains dropped its property option agreement, additional ground was acquired that hosts other mineral occurrences, including the Peak Au showing. The area was formerly optioned by Tower Resources, which collected rock grabs of 45.7 grams per tonne gold and 794 grams per tonne silver at the Peak Au occurrence. This area was the focus of the initial 2024 site visit, with additional work planned.
Property purchase option agreement
The option agreement has an initial term of one year. The term can be extended at any time for any additional amount of time at the mutual agreement of Kermode and Mr. Mielniczuk. If the option expires, the claims shall be returned to Mr. Mielniczuk.
Kermode shall assign a sales participation right of 55 per cent to the vendors, including 45 per cent for Mr. Mielniczuk, 5 per cent for James Vigh and 5 per cent for Luc Lesage. The sales participation right shall be calculated from the gross proceeds of any transaction where Kermode sells any interest in the project. The option agreement provides Kermode with the right to sell any interest in the project with mutual agreement of Kermode and Mr. Mielniczuk.
Qualified person
The technical information in this news release has been reviewed and approved by Jacques Houle, PEng, a qualified person as defined in National Instrument 43-101 responsible for the scientific and technical information contained herein under NI 43-101 standards.
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