November 18th, 2020, Vancouver, BC -- Heatherdale Resources Ltd. (“Heatherdale” or the “Company”) (TSXV: HTR) announces that surface diamond drilling has commenced at its 100%-owned Niblack copper-gold-silver-zinc project, located near tidewater in southeast Alaska. Work is also well underway on underground rehabilitation of the production-size exploration tunnel to enable underground drilling. At least 3,000 meters of surface and underground drilling is planned for 2020, recommencing early in 2021.
“Our initial four to six drill holes will target extensions to high-grade copper-gold mineralization at the historic Niblack Mine with the objective of developing an initial resource estimate in this area,” said Robert McLeod, President and CEO of Heatherdale. “Underground drilling is expected to commence in early December, targeting wide, high-grade extensions to the Lookout Deposit, the largest resource on the Property.”
Fall 2020 Drilling will test three priority areas: 1) surface drilling targeting the historic Niblack Mine, 2) down-dip Lookout extension and 3) Lookout Deposit Resource Expansion to the west.
2020 Niblack Project Drill Targets
- Historic Niblack Mine
Initial focus of the fall 2020 drilling program will be the Historic Niblack Mine, located several hundred meters north of current ineral Resources at Lookout and Trio Zones. Direct-shipping copper mineralization was discovered at Niblack Anchorage in 1899 with production from 1902 through 1908. According to Alaska Territorial Government Records, 30,000 tons were mined averaging 3.2% Cu, 1.3 g/t Au, and 21 g/t Ag. 22 holes were completed by previous operators. Previous drill intercepts include: LO-065 which intersected 4.6 meters averaging 5.8% Cu, 2.3 g/t Au, 3.8% Zn and 63.2 g/t Ag, as well as LO-067 which intersected 4.9 meters averaging 5.1% Cu, 13.1 g/t Au, 4.0% Zn and 149.1 g/t Ag.
High-grade VMS-style mineralization outcrops along the shoreline adjacent to the historic workings. A geologic reinterpretation of the host-rock units, together with by radiometric age-dating has suggested that the mineralization is hosted within an overturned antiform type fold. This structure appears to plunge to the east, suggesting mineralization is wide open for expansion along trend and plunge from the historic stopes and high-grade historic intercepts. A minimum of four to six holes are initially planned at the historic mine area.
Highlights of previous drilling at the historic Niblack mine include:
- Lookout Deposit Down-dip
The Lookout deposit is accessed through a production-sized underground ramp that was driven in 2007-08 by previous operators. Lookout is the largest copper-gold-silver-zinc deposit on the Property. Massive sulphide mineralization through the core of the deposit ranges up to 100 meters in true width, with a drill-weighted average thickness of 15 meters and potentially amenable to bulk underground mining methods. Mineralization is open at depth.
Drilling will step out from previous underground hole U074, which intersected 1.5 meters of massive sulphide averaging 2.0% Cu, 3.25 g/t Au, 23.3% Zn and 90.0 g/t Ag. Significantly, this intersection is stratigraphically underlain by a broad interval which is enhanced in gold, silver and zinc with 17.3 meters averaging 0.05% Cu, 0.46 g/t Au, 0.71% Zn and 5.5 g/t Ag. It is interpreted that this is a proximal geochemical signature that could develop into another significant massive sulphide zone. The purpose of this round of drilling is to vector towards large accumulations of mineralization.
- Lookout Deposit Far West Extension
Underground drilling is also planned to step-out from the current resource, targeting a significant gap in drilling that has potential to add significant tonnage at above average grades. Drill holes will target an area measuring 100 meters along strike by 75 meters of dip length, adjacent to wide and high-grade mineralization previously encountered through drilling at the Lookout Deposit. Due to the size of this area, additional step-out holes will also be completed targeting this area during early 2021.
Heatherdale has worked with the State of Alaska to develop and implement a robust Community/Workforce Protective Plan under the guidance of Governor Dunleavy’s Health Mandate 10 and recent executive action to limit the spread of COVID-19 to Alaskan communities and protect workers at the Niblack Project.
QA/QC and Qualified Persons
The Qualified Person under NI 43-101 for the 2020 exploration program at the Niblack Project is Marilyne Lacasse, P.Geo, Consulting Geologist for Heatherdale Resources Ltd. Drill core will be cut in-half with a diamond saw, with one-half placed in sealed bags and shipped with chain of custody controls to ALS Labs in Vancouver, BC or other ALS Preparatory Labs as required, for sample preparation, and analysis. A rigorous Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, duplicate analysis and third-party labs checks will be implemented. Robert McLeod, P.Geo, President and CEO of Heatherdale Resources Ltd, a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release, in addition to Ms. Lacasse.
Heatherdale Resources Ltd.’s founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Heatherdale builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company owns a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. For more information on Heatherdale, please visit the Company’s website at www.heatherdaleresources.com.
On behalf of the Board of Directors
Robert McLeod, P.Geo
President, CEO and Director
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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.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release. Forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; and changes in the Company’s business plans. In making the forward looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation, that the Company will continue with its stated business objectives. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. The Company seeks safe harbor.
The Company’s “Mineral Resource Estimate” refers to a November 2011 NI 43-101 Report authored by SRK Consulting Independent of the Company and Deon Van Der Heever, Pr. Sci. Nat., Hunter Dickinson Inc., a Qualified Person who was not independent of the Company. Net Smelter Return (NSR) cutoff uses long-term metal forecasts: gold US$1,150/oz, silver US$20.00/oz, copper US$2.50/lb, and zinc US$1.00/lb; Recoveries (used for all NSR calculations) to Cu concentrate of 95% Cu, 56% Au and 53% Ag with payable metal factors of 96.5% for Cu, 90.7% for Au, and 89.5% for Ag; to Zn concentrate of 93% Zn, 16% Au, and 24% Ag with payable metal factors of 85% for Zn, 80% for Au and 20% for Ag. Detailed engineering studies will determine the best cutoff.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.