September 05, 2024 3:01 AM EDT | Source: Miata Metals Corp.
Vancouver, British Columbia–(Newsfile Corp. – September 5, 2024) – Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (“Miata” or the “Company“) is pleased to announce the results of a comprehensive sampling program completed on the Sela Creek Gold Project in Suriname. Miata recently announced the signing of an earn-in agreement to acquire 100% of the Sela Creek Gold Project.
Highlights
Grab samples of up to 133.25 g/t gold in recently exposed bedrock in the Stranger Pit1
Representative chip samples of up to 3.10 g/t gold over 3 m in the Stranger Pit
Grab samples of up to 39.20 g/t gold in recently exposed veins of the Puma target1
Grab samples of up to 25.13 g/t gold in an extension of Jon’s pit1
The Stranger Pit and Puma target are still untested by drilling
“We are excited to share our recent sampling results on the Sela Creek Project,” stated Miata’s CEO, Dr. Jacob Verbaas. “The results we encountered confirm our original excitement in this project, which has only seen modest exploration despite having over 100 years of artisanal gold production, which continues to today. We were able to efficiently plan this due diligence sampling and structural mapping program on the Sela Creek Project in Suriname thanks to our local partners. The majority of Miata’s exploration crew consisted of local Surinamese people, showcasing our commitment to the people of Suriname and developing solid cooperation between all stakeholders. These results are the first important step to designing a comprehensive drill program on Sela Creek.”
Since Sela Creek is actively mined2, there are multiple new exposures on the project that have been uncovered since it was last explored. The most exciting new exposure is the Stranger Pit, where the highest-grade sample of this program came from. The Miata exploration crew has also spent considerable time measuring and recording structural information on the project, which is crucial to identifying the ideal drill direction for the different zones. Together with a planned LiDAR survey, this information will guide future trenching and drilling programs.”
Figure 1. Overview map of Sela Creek.
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The Stranger Pit
Small-scale mining at the Stranger Pit has exposed numerous mineralized outcrops. The exploration crew took a total of eight samples, six of which returned values over 1 g/t gold. The highest sample yielded 133.25 g/t gold from a fault-fill vein parallel to foliation. The seven remaining samples yielded between 3.73 and 0.10 g/t gold with an average of 2.05 g/t gold.
Figure 2. High-grade quartz veins in the Stranger Pit. Sampling of this occurrence yielded 133.25 g/t Au.
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The Stranger Pit is a northwest trending pit with ample fault fill and tension veins. These types of veins are hallmarks of orogenic gold occurrences, the most common gold deposits being mined today. The existing pit is roughly 100 m long and all samples were taken from the northwestern end of the pit over a roughly 10 m x 30 m area.
Figure 3. Map of the Stranger Pit, where six out of eight samples graded over 1.0 g/t Au.
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Jon’s Pit
The eastern extension of Jon’s pit yielded up to 25.13 g/t in 7 samples with an average grade of 6.56 g/t Au. This extension is typical of high-grade mineralization on Sela Creek, where folded tension veins and fault-fill veins occur in the same locality. Here, visible gold was observed in both quartz veins as well as the host schist.
Figure 4. Folded tension vein, a common occurrence in and surrounding high-grade artisanal workings, this particular vein was exposed in the new extension of Jon’s Pit.
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Puma target
The Puma target is another new target on the project where one out of 16 samples from a fault fill vein graded 39.20 g/t Au. This one of the few localities where unweathered rock has been exposed by artisanal miners, giving the Company valuable information from geological measurements and observations. The Puma target overlies a substantial historical soil anomaly that may represent a wide zone of mineralization. Out of 16 samples, the average grade was 2.42 g/t Au and four samples graded > 0.1 g/t Au.
Sela Creek Inaugural Sampling Program
The Company planned a two-week exploration program July to identify the type of mineralization and exposure currently accessible at the Sela Creek Gold Project. Due to the nature of small-scale mining activities, new exposures are constantly uncovered, removed, and covered again. The exploration crew was able to achieve broad sampling coverage and collected 152 samples with an average grade of 1.72 g/t gold and 32 samples over 0.1 g/t gold.
Swiss Resource Capital Engagement
In addition, the Company announces that it has entered into an agreement (the “Agreement”) with SRC Swiss Resource Capital AG (“SRC”) for investor relations and communications services Europe. The Agreement is effective as of 4th September 2024, for a period of one year, after which time the SRC Agreement is renewable on a quarterly basis. The services to be provided by SRC to the Company under the terms of the Agreement include communications services, generally viewed as investor relations, including dissemination of information to existing and potential shareholders, creating media through interview and videos as well as supporting or representing the Company at trade and investment shows. Pursuant to the terms of the Agreement, SRC is to be paid 5,000 CHF per month with additional fees for special services such as trade and investment shows.
SRC is a private company with a business address at Poststr. 1, CH-9100, Herisau, Switzerland. SRC is led by Jochen Staiger, Chief Executive Officer. SRC has experience in providing services to companies listed on various stock exchanges that are seeking to raise their profile in public markets. SRC does not own, directly or indirectly, any securities of the Company.
Data Verification and QAQC
Samples were analyzed by FiLab, a lab that adds standards and blanks at regular intervals. The QP added independent standards at regular intervals. All standards and blanks yielded acceptable values.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Dr. Thomas Hawkins, P.Geo., who is the Qualified Person as defined under the definitions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
1Grab samples are by definition selective. Grab samples are solely designed to show the presence or absence of mineralization, and are not intended to provide nor should be construed as a representative indication of grade or mineralization at the Project.
2All mining on the claim is currently done by artisanal miners and not by Miata. Miata does not generate revenue from mining activities or royalties.
About Miata Metals Corp.
Miata Metals Corp. (CSE: MMET) is a Canadian mineral exploration company listed on the Canadian Securities Exchange. The Company is focused on the acquisition, exploration, and development of mineral properties. Currently, the Company holds earn-in options to acquire 100% interest in the Sela Creek Gold Project in Suriname and 100% interest in the Cabin Lake Property in the Omineca Mining Division, British Columbia. The Company continuously evaluates opportunities to acquire interest in additional prospective exploration stage mineral properties.
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. Forward-Looking statements include, but are not limited to, the closing of the acquisition of 79North and its interest in Sela Creek and Nassau, the ultimate exercise of its option to acquire 100% of Sela Creek, and the anticipated exploration activities of the Company at Sela Creek (and the timing thereof). The words “expected”, “will” and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222218
SOURCE: Miata Metals Corp.
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