Sidney Resources Corporation Lucky Ben Project and Technology Patent Update
COEUR D'ALENE, April 26, 2022 - Sidney Resources Corp. (OTC PINK:SDRC) ("Sidney" or the "Company") is pleased to announce we have secured commitments for funding to complete our 2022 exploration plans for the Lucky Ben Project. In addition to this exciting funding accomplishment, we received confirmation from the U.S. Patent Office of our provisional patent application. This provisional patent covers our new technology that is designed to use commercial lasers in mining activities that include tunnel boring, stoping, construction of raises, and drilling for a wide range of purposes. The exploration plan for the Lucky Ben was developed from data obtained during last season's work including the diamond drill program that proved the down-dip extension of the vein exposed along the Lucky Ben Adit by J.A Czizek during work in the early 1900's. J.A Czizek was considered the most scientific miner of his era.
Highlights from the 2021 diamond drill program included a leading assay result of 23.58 g/t and the average assay result for the 6 holes drilled was 8 g/t as reported by the Company Geologist, Richard Morris. Dan Hally, Vice President of Operations used the following comparison to explain the significance of these assay results, "the World Gold Council defines a high-quality underground mine as having a gold ore density between 8 and 10 g/t and we are please with the results of our first diamond drill program".
The exploration program has been designed to confirm the information uncovered during an exhaustive review of historical records that provided a wealth of information regarding past production work completed on the Lucky Ben. News articles from the historic Warren Times reported in 1868 the Lucky Ben produced ore containing 5 to 18 ounces per ton. Historical exploration records from Goldstone Corporation which completed exploration work on the Lucky Ben during the period from 1983 to 1987 state sampling of vein material in the trenches and portal dumps gave assay values ranging from 0.2 to 10.4 ounces per ton silver and 0.1 to 13.05 ounces per ton gold. This converts to a range of 5.66 g/t to 294.83 g/t of silver and 2.84 g/t to 369.96 g/t of gold. During October of 1983, backhoe trenching confirmed the extension of the vein east of the portal and exposed several former producing stopes that had carried through to the surface. Further sampling of the Lucy Ben gold-rich quartz vein system that was completed near the portal of the 6570-level adit revealed a 1.5-foot-wide quartz vein grading at 2.12 o/t gold or 60.10 g/t gold. The vein within quartz monzonite which is strongly altered for 2 to 3 feet on either side of the vein where it assays 0.056 o/t gold. These values would therefore produce a weighted average grade of 0.57 o/t or 16.16 g/t over a mined width of 6 feet.
Groundhog Mining & Milling Company (the "Contractor") will continue work to open and explore the existing tunnel. A second diamond drilling program under previously mined stopes will be completed. An additional target of the diamond drilling program is to intersect the vein of the Arlise Mine which was a past producer of gold and silver. Previous surface sampling of the exposed face of the Arlise vein that was completed in 2018 produced assay results ranging from 18.14 g/pt to 19.65 g/pt for gold and 150.25 g/pt to 212.65 oz/pt for silver.
Our contractor purchased narrow bucket muckers which will allow exploration of the existing tunnel to be completed with significantly less effort and expense with a reduction in the width of the tunnel being rehabilitated. We plan to construct and secure the new adit and then complete drift work directly on the vein structure we identified through our diamond drilling program completed last year. Our contractor is preparing their mobile assay lab to be moved on location so we can complete daily testing for each round we shoot to determine gold values. We have identified the area for our contractor to locate their portable mill. Our contractor is in the process of finalizing the permit applications for the use of this equipment. We will have the ability to process development rock in bulk samples to better determine values of this and other ore bodies as they are identified.
We have been notified by the U.S. Forest Service, McCall Ranger District, that our permit application for the new access road has been approved for the environmental assessment work to be completed. Once we receive final approval, we will plan for construction to begin as soon as is feasible based upon the time of year that approval is obtained. The McCall Ranger District will be issuing the conditional use permit for the existing roads we have been utilizing for operations. We plan to move equipment into Warren and start work around June 1st. If the U.S. Forest Service and Idaho County open the summit before June 1st we will move on location as soon as road conditions permit.
Our provisional patent application is for a method and the apparatus based on using a commercial laser, to thermally fracture or melt and/or vaporize geologic material normally found in precious metals mining operations. Our engineering team has designed a unit that is configured so that a variety of specialty laser pointing devices and their inherent custom software control are interchangeable for use in various operations such as tunnel boring, explosive installation preparation, safety rock bolting operations, drifting, expanding raises and winzes and stope mining. An added usage is for any need to cut/fracture/spall any geologic material in areas such as trenching, foundations, road or dam building and rescue operations. Our team continues to explore uses across a wide range of venues.
We are working with IPG Photonics to finalize testing of the device and we have submitted an additional request for quotes on the manufacturing of components at Raytheon ELCAN for the test prototype.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Sidney Resources Corp.'s Finance's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) gold & silver market volatility, (ii) local and global economic conditions, (iii) our anticipated growth strategies, (iv) governmental approvals and regulations, and (vi) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. All information provided in this press release is as of the date of this press release, and Melco Resorts Finance undertakes no duty to update such information, except as required under applicable law.
For additional information about this article or Sidney Resources Corp. please contact Dan Hally, Vice President of Operations, at 509-552-9858 or danhally@sidneyresourcescorporation.com. Please visit our website at www.sidneyresourcescorporation.com for updates and news.
SOURCE: Sidney Resources Corp.