November 19, 2021 – TheNewswire - DAMARA GOLD CORP. (TSXV:DMR) (OTC:SLMZF) (“Damara” or the “Company”) is pleased to announce it has discovered a new zone of mineralized quartz veins, completed mechanized trenching and commenced core drilling on its Placer Mountain Project south of Princeton, BC (“Placer Mountain” or the “Property”).
Trenching Completed at the New Kodiak Zone Discovery
The Company has now completed a mechanized trenching program consisting of the collection of 110 continuous chip samples from a combined total of 322 meters in 4 separate trenches across the newly discovered Kodiak Vein Zone. Mineralized quartz veins were intersected on the western end of Trenches 1, 2 and the eastern end of Trench 3. Bedrock exposure in Trench 4 was limited to one short section due to deep overburden and did not adequately test the strike extension of the vein system. The series of veins intersected are closely spaced, typically 10-50 cm in width and spatially associated with narrow felsic dykes within granitic intrusive rocks. The veins display stronger sulfide mineralization and wider alteration halo’s than is observed at the Main Zone. Assays remain pending for all trench samples.
Grab Samples Confirm Presence of Gold-Silver Mineralization
Rush assays from 10 selected float grab samples collected by soil samplers at the new Kodiak Zone ranged from below detection up to 70.6 g/t gold and 244 g/t silver. The grab samples were collected from two separate areas. One area is 750 meters southwest along trend of the Kodiak Zone veins and the other is 200 meters south-southeast, on a possible separate trend. Neither area has yet had follow up trenching. The Company awaits analytical results for both the trench samples as well as 660 infill and extension soil samples collected during the Phase II program. The results will be used to design a follow up program of maiden core drilling this year as well as further soil sampling, trenching, ground geophysics in 2022.
Photographs of the quartz-pyrite veining intersected by trenching as well as selected grab samples collected at the Kodiak Zone can be found at the following link:
2,000-meter 2021 Drill Program Underway
The Company also announces that is has contracted Full
Force Drilling of Peachland, BC to mobilize a skid-mounted Zinex A5
core drill to the Property to begin drilling at the Main Zone.
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Approximately 1,000 meters of drilling in at least 10 holes will be carried out along strike of the 2020 drilling at the Main Zone. One long hole will test both the Main Vein as well as an
SGH gold anomaly from sampling completed in June of this year. One hole on a large stepout to the northeast will test a strong chargeability anomaly from the 2020 IP survey.
The geology at the Main Zone consists of Triassic Nicola Group sedimentary and volcanic rocks which are intruded by granodiorite dykes at the eastern end. Trenching at the Main Zone in 2018 and 2019 demonstrated that the Main Vein horsetails into a series of stringer zones as it enters the granodiorite intrusion to the east. Post-mineral Princeton Group rocks cover mineralization to the east and the underlying geology will be tested with core drilling this year.
Approximately 1,000 meters of drilling is also slated for the new Kodiak Zone trenching discovery. Once all assays have been received, the Company will issue a press release detailing those results as well as a finalized drill plan for the Kodiak Zone.
Larry Nagy, CEO, commented “We are very excited to be drilling again at Placer Mountain and testing the along strike extensions of the Main Vein we intersected last Winter. We eagerly await analytical results on the new Kodiak Zone, which will provide us with a second major target to test this year. The recently flooding has unfortunately had a devastating effect on the nearby town of Princeton, and we are working closely with local suppliers and contractors to ensure everyone’s well-being and safety during these difficult times.”
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.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
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.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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