(TheNewswire)
VANCOUVER, BRITISH COLUMBIA, April 16, 2024, TheNewswire, (TSXV: PINN; OTC: NRGOF; Frankfurt: P9J) –Pinnacle Silver and Gold Corp. ("Pinnacle" or the “Company") is pleased to announce the release of a new video for the Argosy Gold Mine and adjacent North Birch Project in the Red Lake Mining Division of northwestern Ontario. The video was produced by Moon Patrol VR Inc. and provides a 3D visualization of the Argosy Gold Mine vein mineralization, historical drilling and exploration potential, and can be viewed at https://vimeo.com/930766732/9dc02efbf3?share=copy.
“We are excited to share the 3D model of the Argosy Gold Mine as we believe it showcases the potential of the project, as well as the adjacent North Birch Project,” stated Robert Archer, Pinnacle President & CEO. “The Red Lake belt to the west and the Pickle Lake Belt to the east are well known and both are receiving a lot of new attention. Yet, the Birch Lake Belt is less developed due primarily to a lack of exploration. As such, we look forward to developing Argosy and further exploring North Birch.”
The Argosy Gold Mine was active between 1931 and 1952 and produced 101,875 ounces of gold and minor amounts of silver from 276,573 tons at an average grade of 0.37 ounces per ton (12.7 g/t) Au (Ontario Ministry of Northern Development & Mines archives). The mine was only developed to a depth of 900 feet (270 metres), however, and it is known from drilling in 2002-2004 that high-grade gold mineralization extends below the old workings (see Drilling Highlights in the table below).
Only four veins (#1-3 and the ‘P’ Vein) were mined during the 21-year production period yet more than 14 veins are now known and there are other intercepts in the historical drilling with insufficient information on trend or continuity to be given a separate name at this time. Higher grades are usually associated with small specks or clusters of visible gold (‘VG’) and the absence of VG in a vein usually results in ‘shoulders’ of lower grade material over potentially mineable widths. This is characteristic of vein-hosted deposits and is important from the point of view of continuity.
With the 3D model as a guide, the Company is planning a drill program for this summer to continue to test the down-dip extension and continuity of new gold-bearing veins at Argosy.
The video also illustrates the location of the nearby North Birch Project where Pinnacle is following an exploration model of gold associated with a sheared and folded iron formation. Drilling by the Company in early 2022 intersected a highly altered and mineralized deformation zone more than 100 metres wide that contained elevated gold and copper values. Based upon magnetic and LiDAR surveys, this horizon is interpreted to extend for at least 8 kilometres on the North Birch Property.
Both the Argosy Gold Mine and North Birch Project are 100% owned by Pinnacle, subject to 2.5% and 2% NSR royalties, respectively. The projects are only 10-12 kilometres northwest of the Springpole gold deposit being developed by First Mining Gold.
ARGOSY GOLD MINE HISTORICAL DRILLING HIGHLIGHTS
Qualified Person
Mr. Robert A. Archer, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release.
About Pinnacle Silver and Gold Corp.
Pinnacle is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Pinnacle is also actively looking for other district-scale opportunities in the Americas, with a particular focus on silver and gold. With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long term, sustainable value for shareholders.
Signed: “Robert Archer”
President & CEO
For further information contact:
Email: info@pinnaclesilverandgold.com
Website: www.pinnaclesilverandgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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