TheNewswire - December 22, 2021 - DAMARA GOLD CORP. (TSXV:DMR) (“Damara” or the “Company”) is pleased to announce it has completed it’s 2021 drill program on its Placer Mountain Project south of Princeton, BC (“Placer Mountain” or the “Property”). 1,061 meters were drilled from 10 holes at the Main Zone and 709 meters were drilled in 8 holes at the new Kodiak Zone, for a total of 1,770 meters of drilling in 18 holes on the Property. Core cutting and sampling is ongoing, with one shipment of core samples now in the lab. It is anticipated that all assay results will be received by February.
High resolution plan maps illustrating the holes drilled at both zones can be downloaded from the Company’s website at: https://www.damaragoldcorp.com/2021drillprogrammaps.html
Drilling at the Main Zone has intersected numerous veins across a 400-meter strike length. The system remains open in both directions along strike and there is potential for the discovery of additional parallel veins to the north and south of the area tested by the 2021 drill holes.
Drilling at the Kodiak Zone tested 150 meters of strike length this year, within an overall 1.5-kilometer-long soil anomaly which remains open under post-mineral cover to the east. Drilling covered approximately 180 meters of the 520-meter-wide anomaly. Due to severe weather conditions at site which resulted in heavy mudslides, several targets within the Kodiak Zone could not be drill tested this year, and remain to be tested in 2022, including the southern half of the soil anomaly which contains select float sample assays ranging from 10.0 to 70.6 g/t gold.
Muddy conditions on the steep bank resulted in equipment getting stuck for a short period of time during which the drill could not be moved. For that reason, the first five holes were drilled in a fan pattern at various azimuths and dips from a single pad. All 5 holes intersected mineralized veins and, in some cases, multiple veins. Drill hole KZ-21-01 was drilled for 165 meters at a dip of -45 and intersected a 1.3-meter-long intercept of quartz-sulfide vein followed by an approximately 87-meter-long interval of quartz-sericite alteration associated with quartz stringer veining.
All the remaining holes intersected varying degrees of quartz-sulfide veining, along with broad stringer zones with significant quartz-sericite alteration. The alteration and stringer veining intensities appear to increase with depth, which the Company plans to further investigate in 2022.
Larry Nagy, CEO, commented “We are pleased to have completed another safe and successful drill program at Placer Mountain. We have expanded the mineralized footprint at the Main Zone to 400 meters and intersected multiple parallel veins, with the potential for many more as we continue stepping out the drilling in 2022. The Kodiak Zone has revealed broad zones of alteration and quartz-sulfide veining and provided us with significant encouragement for the pending assay results.”
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this report.
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored gold properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Chief Executive Officer or
Chief Financial Officer
Disclaimer for Forward-Looking Information
This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
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Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
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