Highlights
- Images of the updated K1 Deposit show the size and scale of the New Geological Model
- Surface Exposure & Depth: Mineralization begins at surface and has been drilled to a depth of 400 meters, with a strike of 1.2 KM and a width of up to 260 metres.
- K2 Deposit Undergoing Reinterpretation and Validation
- Exploration Potential Between K1 and K2 Identified
Toronto, Ontario--(Newsfile Corp. - February 12, 2025) - XXIX Metal Corp . (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ("XXIX" or the "Company") is pleased to announce the completion of a comprehensive data validation and reinterpretation process for the Thierry Project. This effort has resulted in a modern, consolidated geological model for the K1 deposit, which hosts an estimated 53,614,000 tonnes grading 0.38% copper, 0.10% nickel, 0.03 g/t gold, 0.05 g/t platinum, 0.14 g/t palladium and 1.8 g/t silver.
View 3D Images and Sections of Thierry K1 Deposit (Figures 1-3)
Advancing Understanding of the Thierry Project
XXIX has leveraged its extensive expertise in brownfield projects to integrate multiple disparate databases into a single, validated dataset. With over 250,000 meters of historical diamond drilling, the Thierry database is a highly detailed and valuable resource. The completion of this validation process now allows for a more thorough assessment of the project's potential and optimal development strategies.
K1 Deposit - Key Highlights
The Company has completed a detailed assessment of the K1 deposit within the Thierry Project and is pleased to share updated mineralized envelope images. Key characteristics include:
- Surface Exposure & Depth: Mineralization begins at surface and has been drilled to a depth of 400 meters.
- Strike Length: Extends over 1.2 km.
- Width & Dip: The deposit extends up to 260 meters at its widest point, with an estimated dip of 50-55°, indicating a favorable strip ratio for future potential mining scenarios.
- Expanded Model: Incorporates 15 previously excluded drill holes, providing a more comprehensive understanding of the deposit's geometry and potential.
The Company considers earlier resource estimates historical and incomplete as prior assessments lacked the necessary investment to fully delineate the K1 deposit's potential. XXIX's updated model establishes a more accurate foundation for future development and expansion.
K2 Deposit - Next Steps
K2 hosts an estimated 23,737,000 tonnes at 1.64% copper, 0.16% nickel, 0.5 g/t gold, 0.04 g/t platinum, 0.13 g/t palladium and 5.5 g/t silver. It is currently undergoing the same rigorous validation and reinterpretation process as K1. K2 has been the primary focus of historical mining activities at Thierry, and XXIX will provide further updates as this process nears completion.
Exploration Potential - Connecting K1 and K2
The Company is also evaluating the potential connection between K1 and K2. Preliminary geophysical evidence suggests a possible mineralized corridor between these deposits. This untested zone represents a significant exploration opportunity.
View Geophysical Anomalies Indicating Possible Mineralized Corridor (Figure 4)
Infrastructure & Strategic Advantages
The Thierry Project benefits from excellent infrastructure, including:
- Rail and Power Access: The project is well-serviced by existing infrastructure, with rail and power access either on-site or in close proximity.
- Historical Production: The Thierry Mine was in production during the 1970s, with concentrate historically transported by rail to the Horne Smelter in Rouyn-Noranda, Quebec.
- Community & Logistics: Located near the town of Pickle Lake, Ontario, the project is well-positioned for future development.
With a validated dataset, a modern geological model, and a refined understanding of the Thierry Project's potential, XXIX is now well-equipped to advance its exploration and development plans. The Company looks forward to providing further updates as it progresses towards unlocking the full value of this asset.
View Map of Thierry Project
About XXIX Metal Corp .
XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, Canada's highest-grade copper resource, spans 13,000 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. A January 2024 resource update reported a 16% increase in contained Copper Equivalent (CuEq) and a 10% grade boost, including 87.3 million tonnes at 0.93% CuEq (Measured & Indicated) and additional out-of-pit resources. The Thierry Project hosts two past-producing ore bodies, one of which was mined underground for six years, producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 - 1982 by UMEX Inc. Historically, the copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the Thierry property accessible via an all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developers.
QP Statement
The technical information contained in this news release has been reviewed and approved by Denis McNichols, P.Geo and géo., Exploration Manager for XXIX Metal, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects
For further information, please contact:
Stephen Stewart, Chief Executive Officer
Phone: 416.644.1567
Email: info@oregroup.ca
Forward-Looking Statements
This news release contains forward-looking statements. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this news release include, but are not limited to, statements pertaining to the commencement of trading of the Common Shares on the TSXV under the new name and new stock ticker. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this news release. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this news release. The Company does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.
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 news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240473
SOURCE: XXIX Metal Corp.
