Vancouver, British Columbia--(Newsfile Corp. - August 29, 2019) -New Nadina Explorations Ltd. (TSXV: NNA) ("New Nadina") reported today that it has filed a Technical Report ("Report") prepared in accordance with Canadian Securities Administrators' National Instrument 43-101. The Report may be found under the Company's profile at www.sedar.com and on the Company website at www.nadina.com.
The Report, dated 29 August 2019, titled "Initial Mineral Resource Estimate and Technical Report on the Number 3 Vein, Silver Queen Property, Omineca Mining District, British Columbia, Canada" was prepared by P&E Mining Consultants Inc., following the guidelines of NI 43-101 and NI 43-101F1. There are no material differences in the Mineral Resource Estimate contained in the Report from those disclosed in the July 15th 2019 news release.
Mineral Resource Estimate at a C$100/tonne NSR cut-off value (see footnotes 1-6 on following page):
Indicated: 815,000 tonnes averaging 3.2 g/t Au, 201 g/t Ag, 0.3 % Cu, 1.0 % Pb, 6.4 % Zn
Inferred: 801,000 tonnes averaging 2.5 g/t Au, 184 g/t Ag, 0.3 % Cu, 0.9 % Pb, 5.2 % Zn
President Joe Kizis commented, "This Mineral Resource Estimate provides initial grade and tonnage estimates only for the Number 3 Vein where much of the previous drilling has been conducted; however, the Number 3 Vein is one of 20 different epithermal veins that have been identified on the Property. The Property's location is very attractive being in subdued topography with road access and in the rain-shadow of the Coast Range. Several past-producing mines and relatively recent mineral discoveries occur nearby, such as the past-producing Equity Silver Mine (Past Production: 33.8Mt averaging 0.46g/t Au and 64.9g/t Ag) located approximately 30km to the northeast."
Project Details
The Silver Queen Property is located 35 kilometres south of the town of Houston within the productive Skeena Arch of north-central British Columbia. The Number 3 Vein and three smaller associated veins, confirmed through Mineral Resource modelling, strike northwest and dip to the northeast at approximately 60 degrees. The veins on the property generally range from 0.9 to 1.2 metres in width, with local increases to 4.6 metres; however, the main Number 3 vein averages 2.1 metres in width. The veins occupy northwest-striking fractures that cut volcanic rocks, microdiorite and felsite porphyry of the Cretaceous-age Tip Top Hill Formation. Widespread alteration on the Property in the form of numerous limonite and jarosite gossans appears to be the result of pervasive kaolinization-pyritization, which is greater than would be expected simply associated with the veins and appears to be related to a recently discovered Cu-Mo-Ag porphyry. Drilling between 2011 and 2018 intersected thick intervals of porphyry stockwork veining with strongly anomalous copper and molybdenum, which forms a second conceptual target on the Property.
Exploration has been carried out on the Property since its initial discovery in 1912. The Bradina JV took the property into production during 1972 - 1973. In the late 1980's an extensive development and exploration project was conducted consisting of surface and underground diamond drilling and lateral development on three levels.
The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101. P&E Mining suggests that an underground mining scenario is appropriate for the project at this stage and has recommended a CDN$100/tonne NSR cut-off value for the base-case Mineral Resource Estimate.
Table: Silver Queen Mineral Resource Estimate Sensitivities
To view an enhanced version of this table, please visit:
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(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
(2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(3) The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
(4) Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. Inverse distance cubed (1/d3) was utilized for grade interpolation for Au and Ag while inverse distance squared (1/d2) was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains and a 3m long x 1m wide x 3m high block model.
(5) A bulk density of 3.56 t/m³ was used for all tonnage calculations.
(6) Approximate US$ two year trailing average metal prices as follows were used: Au $1.300/oz, Ag $17/oz, Cu $3/lb, Pb $1.05/lb and Zn $1.35/lb with an exchange rate of US$0.77=C$1.00. The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%.
Corporate Update
Further to the News Release dated, August 27, 2019, the Company has also appointed Robert Macdonald, MSc. P.Geo., as VP Exploration and Arie Page, as Corporate Secretary.
Qualified Person
Robert Macdonald, MSc. P.Geo., is a Qualified Person as defined by National Instrument 43-101 and he is responsible for the supervision of the exploration on the Silver Queen Project and for the preparation and review of the technical results in this disclosure. Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, are the Independent Qualified Persons as defined by National Instrument 43-101 and are responsible for the preparation and disclosure of the Mineral Resource Estimate.
On behalf of the Board of Directors
"Joseph A. Kizis, Jr."
Joseph A. Kizis, Jr.
President, Director, New Nadina Explorations Ltd.
For further information, please visit New Nadina's website at www.nadina.com or contact us at 604.641.2759 or by email at ir@mnxltd.com.
Neither 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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Southern Silver Exploration Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
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