Rackla Metals Commences Drilling at the HIT Property

(TheNewswire)

Vancouver, British Columbia – TheNewswire - September 5, 2023 – Rackla Metals Inc. (TSXV:RAK) (the “Company”) is pleased to announce that the Company has commenced diamond drilling at the HIT property, Yukon. The drilling at HIT is part of the previously announced 3,000 m drill program focussed on targeting a Reduced Intrusion-related Gold System (RIRGS) in the intrusive bodies at the Astro plutonic complex. The Company plans to drill 1,000 m in 5 holes at HIT on targets identified by airborne geophysics, boots-on-the-ground prospecting, talus fines and rock sampling.

A high priority 1,000 m by 400 m Au/Bi/As anomaly has been defined in soils, rock and talus fines associated with a northwest trending structural corridor exhibiting strong sheeted vein zones in outcrop within the intrusive stock.

The HIT property is underlain by the Canol Stock, a monzogranite intrusion of the Tombstone Suite (Figure 1). The wide spaced drilling is being focused on this structural corridor testing the Ridge Zone, the Central Zone and the Mehitabel Zone (Figure 1, Table 1).

Figure 1: HIT property mineralized zones.

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The Ridge Zone is characterized as a highly tectonized intrusive with sheeted veins containing pyrrhotite-pyrite-chalcopyrite. Talus fine sampling in the area has returned 1.3 g/t gold over 6 m. This zone was tested with HIT-002, results pending.

The Central Zone is located 600m N/W of the Ridge zone and here float samples have returned 20 g/t Au and 4.9 g/t Au in grab samples. This zone was tested by HIT-001 with results pending.

The Mehitabel zone is located a 1,000m N/E of the Ridge Zone at the northern margin of the Monzogranite, where it is in contact with carbonaceous finely bedded siltstone. Sheeted veins cutting the siltstone and the intrusive stock here have returned strongly anomalous gold values both in the vein and skarn zones, up to 3.4 g/t Au. This zone was tested in HIT -003, results pending.

Image 1. Abundant sheeted veins cutting monzogranite at the Mehitabel Zone. The veins are intensely oxidized at surface and contain pyrrhotite, pyrite and chalcopyrite where not completely weathered. Chip channel samples returned up to 0.7 g/t Au over the 2m chip sample.

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Image 2. Recent intercept of sheeted quartz-sulfide veins with sericitized halos in HIT-003.

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Table 1. Anomalous gold-bearing samples from HIT property.

Drilling to continue at Astro

Following the completion of the drilling at HIT, the Company will return to the Astro property to drill at the Lake Creek Valley target. The Lake Creek Valley target is defined by a 450m long gold-bismuth-molybdenum talus fines anomaly and abundant sheeted veins in the biotite-hornblende-clinopyroxene granite of the Tombstone Suite. The sheeted veins are well oxidized on surface and have been observed to contain pyrrhotite-pyrite-chalcopyrite with a sericitic halo where they are not completely weathered (Image 3).

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Simon Ridgway, CEO commented: “The approach we have taken to explore this large Astro Intrusive complex is to define areas with sheeted veining and/or skarn zones with anomalous gold/bismuth within the intrusive bodies and test them with wide spaced drill holes. The low angle of the holes (-50) gives us maximum lateral coverage, as does the wide spacing of the drill holes. Results will be compiled at season end and areas exhibiting the potential to host sizable gold deposits will be tested with significant drill programs in 2024 season. Boots on the ground within these intrusive bodies has identified many areas that warrant follow-up. I believe compilation of the results of this year’s program will generate exciting targets for 2024.”

Qualified Person

Scott Casselman, B.Sc., P.Geo., Vice-President Exploration of the Company, is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company’s Qualified Person as defined by National Instrument 43-101. Mr. Casselman has reviewed and approved the technical information contained in this news release.

About Rackla

Rackla Metals Inc. (TSX-V: RAK) is a Vancouver, Canada based junior gold exploration company. The Company is targeting RIRGS (Reduced-intrusion Related Gold System) mineralization on the southeastern part of the Tombstone Gold Belt in eastern Yukon and western Northwest Territories. Management believes that this area, which is underexplored for RIRGS deposit types, has the potential to be the next frontier for their discovery.

ON BEHALF OF THE BOARD

Simon Ridgway,
CEO and Director

Tel: (604) 801-5432; Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward- looking statements and include, without limitation, statements about the Company’s proposed exploration activities. Often, but not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the Company’s stated goals and planned exploration activities at its properties will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.

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