Mineral Mountain Ltd: Purchases A Proprietary Comprehensive Database
Including 71 Historic Diamond Drill Holes Completed by Homestake Mining Company in the Rochford Gold District, Black Hills, SDVANCOUVER, Oct 3, 2016 - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSX VENTURE:MMV) continues to expand its already extensive geological compilation for the Rochford Proterozoic iron formation-hosted gold district by purchasing a vital digital database, generated by Homestake Mining Company between 1967 and 1988, consisting of 71 diamond drill holes totaling 73,471 feet, of which 17 holes totaling 48,305 feet targeted a Ledge-9-scale Proterozoic iron formation fold structure at the Standby Gold Mine Property (see September 12, 2016 release), geologically similar to the Homestake District and the Homestake Mine. At the Homestake Mine, eleven ore "ledges", a local term for plunging iron formation fold structures, contributed to the 40 million troy ounces of gold produced with Ledge-9 alone having produced 9.5 million ounces. The digital database, which includes gold assays, multi-element geochemistry, down-hole surveys, geological maps, cross-sections and longitudinal sections never previously revealed to the public, was acquired from Minera Teles Pires Inc., a geological consulting company based in Reno, Nevada.
This recently acquired database, in conjunction with Mineral Mountain's significant pre-existing geological, geochemical, historic drilling and airborne geophysical database, will enable construction and refinement of a three dimensional model comprising significant portions of the district, to further guide targeting and planned exploration drilling.
Nelson W. Baker, President and CEO, comments : "This newly-acquired Homestake database represents well over $US 7 million in drill hole costs and, in the Standby Mine Property, this proprietary drill data supports our conclusion that district scale gold discoveries are possible with systematic drilling."
The Rochford Gold Belt
The Rochford Gold District is located approximately 26 kilometers south of the world's largest iron formation hosted gold deposit, the Homestake Mine, which produced over 40,000,000 ounces of gold from ore averaging approximately 10.89 g/t Au (0.350 opt) over the life of the mine from 1876 to 2001.
The geology of the Rochford District is remarkably similar to that at the Homestake Mine with gold hosted in multiply deformed Proterozoic carbonate facies and local sulfide-facies iron formation that has typically been metamorphosed to cummingtonite/grunerite phyllites/schists and chlorite schists. There are numerous, relatively shallow, high-grade past producing gold mines and prospects in the district that were developed in the late 1800's and early 1900's. Mineral Mountain's property package covers the approximately 9 km long by 5 km wide core of the district, with multiple trends of locally structurally thickened and sheared auriferous iron formation considered to have many geological and mineralogical aspects in common with the Homestake Mine 26 km to the northwest.
The Rochford Gold Belt covers more than 78 square kilometers and has been explored intermittently, but never comprehensively nor systematically to depth, by a number of major companies including Getty, Cominco, Newmont, Noranda, Western Mining and Homestake Mining in the 20th century. Despite gold prices hitting $1,900 US per ounce in 2011, the last serious exploration in for the Rochford District was completed in 1997.
Terms of the Purchase of the Database
Under the terms of this Agreement, upon receipt of the TSX Venture Exchange approval, Mineral Mountain shall pay Minera Teles Pires Inc. a cash payment of $US 75,000 and issue a total of 500,000 common shares of Mineral Mountain Resources Ltd.
Qualified Persons
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. All exploration activities at the Rochford Project are carried out under the supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, development of its 100%-owned Rochford Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Rochford Project covers approximately 5,500 acres and straddles several major trends of structurally thickened auriferous iron formation over strike lengths of up to 9 km each.
Since 2013, the Company has continued to expand its land position in the Rochford gold district by professional claim staking and also by purchasing strategically located private properties that fall along two of the major sub-parallel structural trends that host Ledge-type gold mineralization. The Company now owns the largest land position in the Rochford greenstone belt and now possesses by far the largest and most comprehensive database for the district in modern day exploration history! The Rochford Project is vastly under-explored and has the potential to host several district scale gold discoveries.
Following a complete review and assimilation of the newly-acquired database, the Company anticipates that the Standby Mine will require a well-planned, systematic diamond drill program to test the Ledge-style gold mineralization down plunge. The permitting process to drill the Standby Mine target is in progress.
On Behalf of the Board of Directors of
MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
Forward looking information
This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking information"). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Contact
Mineral Mountain Resources Ltd.
Brad Baker, Vice-President Corporate Development & Director
(778) 383-3975
bbaker@mineralmtn.com
www.mineralmtn.com