The Company has completed 8 holes totalling 1,329 metres of a planned 5,000 metre fully funded drill program.
VANCOUVER, British Columbia, March 27, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), is pleased to announce an update on its Nine Mile Brook VMS Project winter drill program. Winter drilling commenced on February 17, 2023 (see prior news release) on the Company’s Nine Mile Brook VMS Project utilizing a skid-mounted drilling rig operated by Orbit Garant Drilling Inc. based in Moncton, NB.
Figure 1 - Orbit Drilling Operations on Nine Mile Brook VMS Project
Orbit Garant Drilling has completed 8 holes totalling 1,329 metres of a planned 5,000 metre fully funded drill program. More than 730 metres of drill core are being logged, photographed, cut and prepared for rush assays, which is expected to take 2-3 weeks for each submission. All assays are being shipped directly to ALS Global in Moncton, NB. Due to the hardness and amount of core identified for assay, the Company is adding additional equipment and crew to assist in expediting this process. The certified Lab Assay results will be released as they are completed, reviewed, and analyzed.
Nine Mile raised gross proceeds of $1,271,000 in December 2022. The current 5,000 metre drill program is estimated to cost $750,000. The Company is not raising additional funds at this time.
The Company has also secured the return of Lantech Drilling’s track-mounted mobile rig to our Nine Mile Brook program. This second drill rig is expected to be mobilized before the end of April subject to weather conditions. We are also preparing permits for the new Wedge Project targets previously identified by EarthEX Geophysical Solutions and our Technical Team. EarthEX is also assisting Nine Mile in the design of additional advanced exploration programs on California Lake and the Canoe Landing Lake VMS Projects.
Patrick J. Cruickshank, MBA, CEO & Director stated, “We are quite pleased with the execution of our drill program to date, and the amount of mineralized core identified for certified assays by ALS Global in Moncton. We look forward to adding the 2nd rig at Nine Mile Brook and continuing with our Flagship exploration program. This will allow us to focus on certain areas and continue the bigger program at the same time. I continue to be impressed with our technology driven exploration program design and execution.”
“The program is being executed as planned, testing a variety of defined geophysical and geological targets. As drilling progressed, new targets and systems have been identified. We look forward to receiving our first assays and following up on those results,” stated Gary Lohman, B.Sc., P. Geo., VP Exploration and Director.
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company’s Qualified Person and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
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ON BEHALF OF NINE MILE METALS LTD.
“Patrick J Cruickshank, MBA”
CEO and Director
T: +1.506-804-6117
E: patrick@ninemilemetals.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the certified Lab Assay results will be released as they are completed, reviewed, and analyzed, (b) by adding the 2nd rig at Nine Mile Brook and continuing with our Flagship exploration program, this will allow us to focus on certain areas and continue the bigger program at the same time, (c) more than 730 metres of drill core are being logged, photographed, cut and prepared for rush assays, which is expected to take 2-3 weeks for each submission, (d) this second drill rig is expected to be mobilized before the end of April subject to weather conditions, (e) he current 5,000 metre drill program is estimated to cost $750,000, and (f) we continue to be impressed with our technology driven exploration program design and execution. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe79158b-7358-4e9b-b9f2-5f8d56f8fcda
