Vancouver, British Columbia--(Newsfile Corp. - August 27, 2024) - New Destiny Mining Corp. (TSXV: NED), (the "Company" or "NED") provides a further update on its 2024 exploration program at the Treasure Mountain project, near Princeton, BC.
Figure 2. Photo of core from hole TMN24-07 showing quartz vein mineralized with chalcopyrite and tetrahedrite at 43.7 meters depth
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Drilling continues at the Treasure Mountain property with seven holes completed so far for a total of 1328.5 meters cored. All the holes have been drilled in the Railroad area of copper-silver mineralization.
Hole 7 (TMN24-07) targeted a soil copper anomaly (values to 112 ppm copper) located southeast of the Railroad adits (Figure 1) that could possibly be an extension of the Railroad copper-silver mineralized zone. Fracture controlled malachite copper mineralization occurs in a road cut near the collar position of this hole.
The hole was drilled to a depth of 268.5 meters and intersected multiple intervals of altered felsic porphyry amounting to 21.9 meters or 8% of the core. Alteration consists of pervasive pale green sericite and quartz with pyrite. A quartz vein mineralized with chalcopyrite (copper) and tetrahedrite (silver and antimony-bearing mineral) occurs within one of the altered porphyry intervals at 43.7 meters depth (Figure 2). Analysis using a portable XRF indicates the presence of significant copper (0.34%) and antimony (0.16%). Chalcopyrite mineralization was also observed in the host Zoa Intrusive Complex at 79.13 meters. Near the bottom of the hole, a mineralized altered porphyry dike was intersected, containing disseminated and fracture-controlled pyrite and possible fine-grained chalcopyrite (Figure 3).
Figure 1. Color grid map of Cu ppm from Railroad 2015 soil survey, showing location of Hole TMN24-06 and planned location of hole 7
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The results indicate the soil anomaly is underlain and possibly sourced by copper-silver mineralization related to altered felsic porphyry dikes. The association between altered porphyry and mineralization appears to be characteristic of the Railroad copper-silver area.
Figure 3. Photo of core from hole TMN24-07 showing altered porphyry from
253.3 to 259.2 meters (upper) mineralized with fracture-controlled pyrite (lower, close-up)
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The Treasure Mountain property covers 10,819 hectares and is located 38 km west of the Copper Mountain mine at Princeton in southern BC. Targets on the property include critical minerals in porphyry copper-moly deposits, and gold-quartz vein and polymetallic silver-rich vein deposits.
Map showing Treasure Mountain property and targets for 2024
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Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors. Calibrations of the equipment in the field do not always allow comparison with results of certified reference materials.
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
Dr. Mathew Ball, P.Geo., a Qualified Person as defined by NI 43-101 and consultant to the Company, approved the technical information contained in this News Release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Al Beaton"
Director
604-488-3900
Investor Relations:
Lubica Parilakova
ir@NewDestinyMining.com
Forward Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, the Company's information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed transactions. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon several factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of gold and other metals, anticipated costs and the ability to achieve goals, and the Company will be able to obtain required licenses and permits. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks including that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuating prices of metals; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; operating hazards and risks; and competition. There can be no assurance that economic resources will be discovered or developed. Accordingly, 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 continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, equipment failures, litigation, competition, fees charged by service providers and failure of counterparties to perform their contractual obligations. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.
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SOURCE: New Destiny Mining Corp.
