Stakeholder Gold Corp. Reports Visible Copper-Lead-Zinc at Bass River
Toronto, Ontario--(Newsfile Corp. - January 15, 2015) - Stakeholder Gold Corp. (TSXV: SRC) (OTC: SKHRF) ("Stakeholder" or the "Company") is pleased to report on recent progress for the Bass River Exploration Project in Nova Scotia. Drilling commenced in late November and to date approximately 1,500 meters of drilling have been completed in the first 5 drill holes.
"The results from the 4 holes in the northern portion of VTBR-05 have been positive, outlining a 70 meter wide, north trending shear zone, 550 meters in length with pervasive visible Pyrrhotite, Pyrite, Chalcopyrite, Sphalerite and Galena. The style and extent of this mineralization is undocumented in the Cobequids and we look forward to expanding the zone with additional drilling" stated Gary Lohman, COO of Cogonov Inc.
Drill Hole | Target | Azimuth | Dip (degrees) | Depth (m.) |
BR-14-01 | NS23 Gravity Anomaly | 06 | - 70 | 484 |
BR-14-02 | NS23 Gravity Anomaly | 315 | -45 | 253 |
GL-14-01 | VTBR05 | 118 | -45 | 250 |
GL-14-02 | VTBR05 | 118 | -70 | 306 |
GL-14-03 | VTBR05 | 93 | -45 | 262 |
Gravity target NS23
Hole BR-14-01 was drilled to test a previously defined gravity anomaly (NS23) located along the southern portion of the claim group just to the north of the Londonderry fault. The hole intersected a thick sequence of mafic volcanics throughout its entire length. The volcanics were moderately to highly magnetic, the more intense zones associated with shear related quartz, chlorite, pyrrhotite stringer zones. These veins commonly carry aggregates and disseminations of chalcopyrite.
Drill hole BR-14-02 was collared approximately 750 meters north of BR-14-01, targeting a south-southwest trending copper soil anomaly within NS23. As with BR-14-01, the hole was primarily within sheared or foliated, variably magnetic mafic volcanics. Only scattered chalcopyrite and pyrrhotite veining was present in the core, particularly in the lower portion underlying the soil anomaly.
VTEM Cluster VTBR-05 (Gamble Lake Grid)
The Gamble Lake grid is located along the north flank of NS23 and covers VTEM cluster VTBR-05 (Figure 1). Previously defined by 9 individual airborne VTEM anomalies, field work in 2014 identified lead and zinc sulphide mineralization at surface within the overlying grid, coincident with a 1,000 meter long northeast trending copper, lead, zinc, barium and silver soil anomaly. The initial exploration program was followed by 11.5 km of ground based pulse electromagnetic (PEM) surveying which, when modeled, identified 5 individual conductive plates at depth. A total of 6 drill holes are planned to test these priority targets. To date, 3 drill holes have been completed testing conductive plates 1 and 2 (Figure 1).
Drill hole GL-14-01 intersected a sequence of sheared sediments lying below a highly altered rhyolite. Between 80 and 178 meters, the shear exhibited extensive sericite alteration and pervasive, pyrrhotite, +/- pyrite, +/- galena, +/- sphalerite, +/- chalcopyrite bearing stringers and fracture fillings. The zone correlates very well with the modelled geophysics as well as with the soil geochem and VTEM anomalies.
Drill hole GL-14-02 was designed to intersect the mineralized zone at depth. The hole interested the same sequence of sheared sediments as the previous hole down to a depth of 130 meters where it intersected a 17 meter thick sill, cutting off the mineralization. Mineralized intervals included a 10 meter section of minor galena and sphalerite which is offset to the south and approximately 3 meters of low grade pyrrhotite / chalcopyrite veining at the bottom of the drill hole.
Drill hole GL-14-03 was drilled to a depth of 262 meters and is presently being logged. Initial observations note an intense sericite and banded magnetite/sericite alteration zone between 175 and 209 meters accompanied by visible pyrrhotite, chalcopyrite, sphalerite and pyrite veinlets and stringers (Figure 2). The hole terminated in a mafic dike.
QA/QC
The drill program is being managed by Cogonov Inc. and cores are logged and sampled at their facility in Truro, Nova Scotia. The drill core is sawed in half, with half being sent to the AGAT Laboratories office in Dartmouth, Nova Scotia. From there, the sample is transported to the AGAT facility in Mississauga for analysis. The other half of each sample is retained for reference. The core samples are analyzed using an aqua regia digestion with an inductively-coupled plasma mass spectrometry (ICP-MS) finish. Over limit samples are assayed. Approximately 72 samples have been delivered to AGAT Laboratories and deliveries will continue on a weekly basis. AGAT maintains a strict quality control program with standards, blanks and duplicates included in every sample series. Standards and blanks for confirmation analysis are also regularly inserted, by Cogonov Inc. personnel, to the sample series at the core facility in Truro Nova Scotia.
Figure 1, VTEM Cluster VTBR-05 (Gamble Lake Grid)
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Figure 2, Photo of drill core GL-14-03
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"Stakeholder continues to de-risk the Bass River exploration project and is pursuing a target with size and scale and now proven copper-lead-zinc mineralogy. This is an exciting combination and we look forward to providing further information as more results become available," said Chris Berlet, CEO of Stakeholder.
"This is a culmination of many years of field work, geophysical surveys and data compilation by the Cogonov Exploration Team including geologists, prospectors, geophysical advisors, the Technical Advisory Committee and management. We are very excited to move the company forward and to be drilling at the Bass River project," said PJ. Cruickshank, President and CEO of Cogonov Inc.
Mr. Gary H. Lohman, B.Sc., P.Geo., and a Qualified Person under NI 43-101, has reviewed and approved the technical portions of this news release.
About Cogonov Inc.
Cogonov is a private resource company focused on the advanced exploration and development of iron oxide copper gold (IOCG) deposits in central Nova Scotia, Canada. Formed for this specific purpose, Cogonov initially acquired 2,651 claims along the Cobequid Chedabucto fault zone, which covered exploration targets previously delineated by Minotaur Exploration Ltd. Australia. These targets were the result of years of fieldwork, including the largest ground based gravity and airborne survey conducted in Eastern Canada.
For more Cogonov Inc. information, please contact
PJ. Cruickshank, MBA.
President & CEO
pcruickshank@cogonov.com
647-558-6017
About Stakeholder Gold Corporation
Stakeholder Gold Corp. is a Canadian mineral exploration company headquartered in Toronto, Canada with the flagship property located in Nova Scotia, Canada. The primary focus of Stakeholder is developing the Bass River Iron Oxide Copper Gold (IOCG) project which the company has optioned, and which is located on the Cobequid-Chedabucto Fault Zone (CCFZ) in central Nova Scotia. The property is host to >100 mineral occurrences and small deposits of Iron-Oxide, Copper, Cobalt, Gold, Nickel and Barite. The CCFZ has only recently been recognized as a potential host for IOCG deposit types.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more Stakeholder Gold Corp. information, please contact
Christopher J. Berlet, CFA | Michael Ballanger |
President & CEO | Advisory Committee |
416 525-6869 | 416-786-5055 |
cberlet@stakeholdergold.com | mballlanger@stakeholdergold.com |