Vancouver, British Columbia--(Newsfile Corp. - March 9, 2023) - T2 Metals Corp. (TSXV: TWO) (OTCQB: AGLAF) (WKN: A3DVMD) ("T2" or the "Company") is pleased to announce the completion of processing and interpretation of the existing airborne and surface geophysical database for the Company's Sherridon project situated within the prolific Flin Flon/Snow Lake volcanic hosted massive sulphide ("VHMS") mining camp in central western Manitoba.
T2 Metals received an extensive archive of prior exploration data from Joint Venture partner Halo Resources Ltd. In addition to geological and drilling information, the data includes gravimetric, magnetic, VTEM and VLF-EM datasets, which is now incorporated into a comprehensive geophysical model. Based on this model and geological knowledge from drilling and mapping, T2 Metals' geologists are designing a drilling program, planned for Q3 2023. Drilling will test for mineralization down dip and along strike from T2 Metals' historical resources in the Sherridon district, and target previously undrilled or under tested mineralization identified in the current reinterpretation program.
T2 Metals is particularly encouraged by the success of other explorers in the Flin Flon/Snow Lake VHMS region in Manitoba/Saskatchewan, in particular Foran Mining Corp at McIlvenna Bay, with the discovery of previously unknown copper-zinc deposits through deep drilling targeted by modern downhole EM. This exploration strategy has not been applied at Sherridon, and the rapid improvement in downhole EM provides a strong discovery opportunity.
The Sherridon site is serviced by all-weather roads, a railroad, network power and the small community of Sherridon/Cold Lake, situated only 65km northeast of the Flin Flon mining/metallurgical complex (see Figure 1).
"Although the Sherridon archives were well organized, assessing the data provided proved to be a major task due the size of the dataset and magnitude of past mining and exploration," said Mark Saxon, CEO of T2 Metals Corp. "By re-processing and interpreting airborne and surface data we are now well positioned to move ahead with a drilling program that will seek to expand on historical resources and provide new discoveries."
Past exploration activity peaked with the investment of Halo Resources Ltd between 2006 and 2012, however the available data begins with mining records from the Sherritt Gordon (Sherridon) deposit which produced 7.74 million tons at an average grade of 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag (Goetz & Froese, 1981) from two orebodies with a combined strike length of 4.8km. Sherridon was the first mine opened by Sherritt Gordon Mines Limited, now Sherritt International Corp. Investors are cautioned that historical production is no guarantee of future results.
Based on exploration completed by Halo Resources Ltd the resources for Bob, Lost, Cold, and Jungle deposits total-
Indicated: 6.55 Mt at 0.85% Cu, 1.22% Zn, 0.37 g/t Au and 7.4 g/t Ag and
Inferred: 15.86 Mt at 0.69% Cu, 0.84% Zn, 0.28 g/t Au and 5.8 g/t Ag
Mineral Resource estimates are based upon Bloom, L., Healy, T., Giroux, G., Halo Resources Ltd. 2010, Sherridon VMS Property, Technical Report NI43-101 - November 22, 2010, available at www.sedar.com. Mineral Resources were estimated at a net smelter return (NSR) cut-off of US$20 per tonne and US$45 per tonne for open pit and underground respectively. Metal prices used were US$3.00/lb copper, US$1.05/lb zinc, US$1,000/oz gold and US$15.00/oz silver. Metallurgical recovery factors assumed were 92% for copper, 83% for zinc, 65% for gold and 57% for silver.
The Mineral Resource estimates were prepared under the direction of, and dated and signed by, a Qualified Person as defined in accordance with NI 43-101 and CIM Definition Standards. The data, information, estimates, conclusions and recommendations were consistent with the information available at the time of preparation. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101 and recognized by Canadian securities laws. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves. T2 Metals has received the exploration and drilling data, but has not independently confirmed the Mineral Resource estimates. Halo has indicated that no Mineral Resource estimates were completed subsequent to those provided in Table 1.
T2 Metals is focused on copper, nickel and lithium acquisition, exploration and development within the major mining belts of western North America. The Company continues to target under-explored areas, including the Sherridon, Lida and Cora projects where post-mineralization cover masks areas of high geological prospectivity in the vicinity of major mines.
Technical Background
Any references to the terms "ore minerals", "mineralization" or "mineralized zones" are purely for descriptive purposes and are not intended to be interpreted as or relied upon for any resource or economic evaluation of the project at this time. Although historic exploration data was generated by reputable companies applying practice of the day, T2 Metals Corp cannot verify the data or determine the quality assurance and quality control measures applied in generating the data. Furthermore, there is no guarantee that the exploration history is fully captured. Additional drilling may have been undertaken, however the Company has not been made aware of or obtained additional data. Accordingly, the Company cautions that the exploration data reported in this news release may not be reliable. Readers are cautioned that a "qualified person" as defined by National Instrument 43-101 has not completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
The qualified person for the Company's projects, Mr. Mark Saxon, the Company's Chief Executive Officer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this release.
Figure 1: Existing infrastructure at Sherridon, Manitoba
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About T2 Metals Corp (TSXV: TWO) (OTCQB: AGLAF) (WKN: A3DVMD)
T2 Metals Corp is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. T2 is focused on the Sherridon Project in Manitoba, the Lida Project in Nevada, and the Cora Project in Arizona.
ON BEHALF OF THE BOARD,
"Mark Saxon"
Mark Saxon
President & CEO
For further information, please contact:
t2metals.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
info@t2metals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include uncertainties relating to exploration activities. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
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