Toronto, Ontario – March 15, 2023 (Newsfile Corp.) (Investorideas.com Newswire) Mink Ventures Corporation (TSXV: MINK) (“Mink” or the “Company”) today announced that it has completed the phase one diamond drill program (822 meters) on the Hook Zone, at its Montcalm Ni Cu Co project, to test two of three targets outlined from the recent borehole Induced Polarization (IP) surveys. In addition, the Company completed a first phase surface IP survey and defined a significant additional drill-ready target in the Southern Target Area. Mink’s project is adjacent to Glencore’s historical Montcalm Mine, 65 km northwest of Timmins, Ontario. The Montcalm Mine had historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co. (Ontario Geological Survey, Atkinson, 2010).
In January 2023, the Company completed phase one of a three-phase borehole IP survey in the Hook Zone. This program outlined three high priority targets with strong chargeability and/or conductive responses associated with coincident and strong magnetic responses. Due to permit boundaries, the Company initially planned to test two of the highest priority targets with a single hole (MT23-1). Fortunately, the Company was able to quickly obtain a second permit to initiate a second hole (MT23-2) to test the second deeper IP target (IP Anomaly 2) from a more optimal orientation and opted to do so. MT23-1 has been logged and samples sent to the lab for analysis. Hole MT23-2 has been completed and logging and sampling are underway.
The borehole IP targets are hosted in the “gabbro phase” of the Montcalm gabbro complex which hosts the former Montcalm Mine (Figure 1). The two borehole IP anomalies that were drill tested are proximal to historical hole WT0512 which returned 40 meters of anomalous nickel copper just below WT0512’s casing (See Figure 2). A third borehole IP target was also detected proximal to VTEM anomaly D (Figure 2). VTEM anomaly D was a strong EM response and a single historical drill hole failed to explain the EM response. It is anticipated that Mink will drill test this third borehole IP anomaly during the next phase of drilling.
Additionally, the first phase surface IP survey in the South Target Area proved to be very productive and outlined a highly-conductive, strong broad IP target with an estimated strike length of approximately 500 meters. This high priority IP target, designated SW Anomaly 1, is associated with a large magnetic response and will be tested in the phase 2 drill program (See Figures 2, 2A and 3). A more detailed review of the data is still in progress to fully evaluate additional targets of interest outlined by the South Target Area IP survey. The Company anticipates returning to continue drilling as soon as possible and will be filing for additional permits to test these newly developed targets in the South Target Area.
CURRENT RATIONALE FOR MONTCALM PROGRAM
Significant advances in IP geophysical technology have enabled deeper penetrating systems with incredible clarity. The new IP systems allow for the production of 3D geophysical models of mineralized zones. Mink is benefitting from the work of previous operators who left numerous EM targets unexplained or untested in historical holes; these holes can now be probed with the new borehole IP technology. Borehole IP systems now have the capability to see a 250-meter radius around a borehole and significantly below the end of the drill hole, which is an extremely cost-effective way of evaluating both disseminated and more massive targets at depth. The deepest known nickel copper cobalt lenses at the Montcalm Mine are known to extend from approximately 250 to 400 meters vertical depth, which is well beyond the capability of many older surface EM systems.
Further, historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response (ex. Hole MAC9731 (see Figure 2)). Numerous magnetic targets of this nature are present on Mink’s claims both within the Hook Zone and across the South Target Area of the property representing valid exploration targets. The recent surface IP survey in the South Target Area outlined a strong, previously undetected anomaly proximal to a magnetic response. This test case of IP surveying proximal to magnetic anomalies demonstrates a reliable technique for outlining new targets possibly representing potential new zones of mineralization. Both disseminated and/or stringer mineralization as well as massive mineralization responds well to IP surveying and Mink’s new technology approach in this area utilizing both borehole IP and surface IP surveys rather than EM has proven successful in generating significant new targets.
Mink’s claims cover very prospective geology including approximately 10 km2 of the gabbro phase of the Montcalm gabbro complex. The gabbro phase of the complex hosted the former Montcalm mine (see Figure 1 – light blue unit). Mink’s project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration.
Mr. Kevin Filo, P.Geo. (Ontario), is a qualified person within the meaning of National Instrument 43-101. Mr. Filo approved the technical data disclosed in this release.
Figure 1: Montcalm Gabbro Complex Geology
Figure 2: Compilation Map – Magnetics, Historic Drill Holes & Target Areas
Figure 2A: South Target Area Detail of SW IP Anomaly 1
Figure 3: IP Pseudo-section of SW Anomaly 1 Line 4600W
About Mink Ventures Corporation:
Mink Ventures Corporation (TSXV: MINK) is a Canadian mineral exploration company exploring for battery metals (nickel, copper, cobalt) at its Montcalm project, which covers approximately 40 km2 adjacent to Glencore’s former Montcalm Mine which had historical production of 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). The project has excellent access and infrastructure with an all-weather access road and power as well as its proximity to the Timmins Mining Camp. The Company has 14,972,319 shares outstanding.
For further information about Mink Ventures Corporation please contact: Natasha Dixon, President & CEO, T: 250-882-5620 E: email@example.com or Kevin Filo, Director, T: 705-266-6818 or visit www.sedar.com.
This press release includes certain “forward-looking statements” under applicable Canadian securities legislation, including, but not limited to, statements with respect to the common shares beginning trading on the TSXV. 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. These forward-looking statements are made as of the date hereof and Mink disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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.
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