Silver Dollar Resources Inc. (CSE: SLV) is pleased to provide an update of the ongoing exploration on its Longlegged Lake property (the “Property”) located in the Red Lake Mining Division of northwestern Ontario (Figure 1).
Figure 1: Regional Claimholders include Great Bear, BTU Metals and Golden Goliath
The Property was acquired to cover a portion of the regionally defined Pakwash Lake Fault Zone (PLFZ). To further define the PLFZ, Silver Dollar completed a heliborne high-resolution magnetic (MAG) survey in 2019 that refined the dominant northeast-southwest MAG trend. The PLFZ is interpreted to be the deep-seated crustal scale fault system (Figure 2).
Figure 2: Deep Penetrating Regional Lithoprobe Seismic Survey
To further evaluate the PLFZ, Silver Dollar completed prospecting and soil sampling of areas interpreted to be prospective to host gold mineralization. A till sampling program of 30 samples was completed to assess the potential of gold in basal till down ice direction of the PLFZ. These samples were sent to Overburden Drilling Management in Nepean, Ontario. for determination of the presence of gold grains. Gold grains within the samples will be classified as to their shape and size to help determine proximity to the potential source. The results of the sampling have been recently received and are being integrated into the exploration model.
The next phase of exploration is comprised of two areas of Induced Polarization (IP) surveying which is ongoing with expectations of completion in the next two weeks. The two grids were selected using the interpretation of the airborne magnetics. The IP survey is intended to define sulfide mineralization within or adjacent to the PLFZ. In other locations within the Red Lake area, sulfide mineralization is associated with gold values. Figure 3 below illustrates the locations of the IP surveys.
Figure 3: IP Survey Areas
“With drill permits in place and a healthy treasury, we will move quickly to follow up on any encouraging coincident targets,” said Mike Romanik, President of Silver Dollar.
Silver Dollar entered into an option agreement in late 2018 to earn a 100% interest in the Longlegged Lake Property subject to 1.5% net smelter returns royalty. The 2,597-hectare Property is located approximately 30 km south of the town of Red Lake with excellent local infrastructure and year-round access.
Garry Clark, P.Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in National Instrument 43-101, who has reviewed and approved the technical content in this press release.
About Silver Dollar Resources Inc.
Silver Dollar Resources Inc. is a mineral exploration company focused on creating shareholder value by finding and developing economic precious and base metal deposits. Having completed its initial public offering in May 2020, the Company trades on the Canadian Securities Exchange under the symbol “SLV” and on the OTCQB under “SLVDF”. Silver Dollar’s projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in Durango, Mexico, and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing projects in mining-friendly jurisdictions internationally for potential acquisition.
Investor Relations Manager
Direct line: (778) 919-8615
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
President, CEO & Director
Silver Dollar Resources Inc.
Suite 108 – 800 Kelly Road, Suite 416
Victoria, BC, V9B 6J9
This news release may contain “forward-looking statements” that involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69373
Source: Newsfile Corp. (December 3, 2020 – 8:30 AM EST)
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