Calgary, Alberta--(Newsfile Corp. - October 30, 2023) - Showcase Minerals Inc. (CSE: SHOW) ("Showcase") is pleased to announce it has identified promising targets for extension of the known mineralization in the northwest portion of its Dixie Flats-North Star Gold Project. The interface of the Devils Gate Limestone and Webb Mudstone is the primary host of mineralization at Dixie Flats. Newmont Corporation's nearby Emigrant Springs Mine and Rain Mine hosted deposits in dissolution breccia zones at the contact between the Webb mudstone and the underlying Devils Gate limestone. Showcase refined the location of this interface through combined 3D analysis of a GTI NuSeis 2D active seismic survey completed in 2022, 10 Controlled Source Audio Magnetotelluric (CSAMT) lines and gravity surveys completed in 2017, and 53 previous drillholes containing stratigraphic information.
Existing seismic surveys and CSAMT data highlights a broad area of interest for exploration. Analysis of these data alongside gravity data, drillhole intercepts of the Webb-Devils Gate interface, and geologic mapping highlight two primary structures cross cutting the region of known mineralization, as shown in figure 1. The NNE-SSW structure is along trend with Orla Mining Ltd.'s Dark Star Gold Deposit, as shown in figure 2. Showcase recently completed five CSAMT surveys for a combined length of 7.3 miles that were designed to target this region containing the largest gold intercepts in the project to date.
This new geophysical compilation will refine the location of the mineralized structures and improve potential drill targeting in the next exploration phase of the project.
About the Dixie Flats - North Star Gold Project:
The Dixie Flats-North Star Property (the "Property" or "Dixie Flats") is located on the east side of the Piñon Mountains, 21 air-miles south of the City of Elko in northeast Nevada. It is a combination of two claim blocks, the Dixie Flats group of claims and the North Star group of claims. The Property is comprised of a total of 236 total unpatented mineral claims comprising 1,671 hectares on Federal land administered by the US Bureau of Land Management ("BLM").
The Property lies on the southern margin of the Carlin Trend, a northwest-trending belt of sediment-hosted gold deposits that makes up the greatest geographic concentration of gold deposits in North America with reported production of more than 92.5 million ounces of gold since 1961 (Muntean, 2019). The Dixie Flats-North Star Property is underlain by rocks known to host gold mineralization on the Carlin Trend, and surface sampling has shown anomalous gold, silver, arsenic, antimony, and mercury levels in rock, soil, and biogeochemical samples from the Property, which is a characteristic geochemical signature of Carlin-Type gold deposits.
Dixie - North Star is approximately three miles south of Newmont Mining Company's Emigrant Springs Mine, which finished production in 2018, and approximately 4.5 miles southeast of the past producing Rain Mine. Both of these deposits are hosted in dissolution breccia zones at the contact between the Webb mudstone, the basal unit of the overlying assemblage, and the underlying Devils Gate limestone. Prior exploration on the Dixie - North Star Property has been focused on delineating this contact at depth and discovering possible extensions to the regional structures controlling mineralization at the Rain and Emigrant Mines and their demonstrated extension to the Dixie - North Star Property. The information on the adjacent projects is taken from publicly available sources and is not necessarily indicative of the mineralization on the Dixie Flats - North Star Property.
Additional information on the Dixie -North Star Gold Project can be found in the National Instrument 43-101 ("NI 43-101") technical report entitled "Technical Report on the Dixie Flats-North Star Gold Exploration Property", Elko, Nevada, dated September 21, 2022, which has been filed on SEDAR at www.Sedar.com.
Investor Relations Agreement
Showcase further announces that it has entered into a marketing agreement (the "Marketing Agreement") with Stockwire Inc. ("Stockwire"), an internet marketing and advertising company. Stockwire will provide marketing services, including email marketing campaigns, landing pages, advertisements, and other related services to assist Showcase in raising public awareness of the Company and enhance its online presence in compliance with the policies and guidelines of the Canadian Securities Exchange (the "CSE"). The term of the Marketing Agreement will be 12 months commencing on November 1, 2023 and terminating on October 31, 2024 for aggregate consideration of US$490,000. Showcase will not grant any stock options or issue any other securities in connection with the agreement.
Stockwire is a company existing under the laws of Ontario with an office at 301 - 47 Colborne Street Toronto, Ontario M5E 1E3 (email: info@stockwire.com; phone: 416-268-0306). Stockwire uses third-party service providers for the purpose of these marketing activities.
The Services Agreement is effective November 1, 2023 for a 12-month period ending on October 31, 2024. Pursuant to the Services Agreement, the Company will pay Stockwire Inc. US$490,000 in instalments over the course of the agreement term.
Qualified Person:
Mr. Seth Cude, P.G., R.M., M.Sc., C.P.G. is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information in this news release.
About Showcase Minerals Inc.
Showcase is a Canadian mineral exploration company with an exclusive option to acquire a 100% interest in Dixie Flats-North Star Gold Project and the Woodruff Gold-Vanadium Project (subject to various net smelter returns royalties ranging from 2.25% to 4.25%), which collectively consist of unpatented 254 lode mining claims covering approximately 1,818 hectares located in Elko County, Nevada.
For further information, please contact:
Kirk Reed, President
Showcase Minerals Inc.
Telephone: 1-800-982-0670
Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to United States newswire services or for dissemination in the United States.
FIGURE 1
Figure 1. Analysis of 2017 Controlled Source Audio Magnetotelluric (CSAMT) lines, GTI NuSeis 2D active seismic and drillhole data identifying a structure along trend with the Dark Star Gold Deposit to the SSW.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/9723/185492_d441cb39549328d5_002full.jpg
Figure 2. Project location map showing the regional orientation of the Carlin Trends and Dark Star Gold Trends in relationship to the Dixie Flats Claims.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/9723/185492_d441cb39549328d5_003full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185492
