VANCOUVER, BC, July 29, 2021 /CNW/ - Tectonic Metals Inc.
(TSXV: TECT) (OTCQB: TETOF) (FSE: T15B) (the "Company" or
"Tectonic") today announced the completion of a comprehensive
geological mapping and prospecting program at the Company's Tibbs
Gold Project ("Tibbs"), with a specific focus on Doyon Limited
("Doyon") Native owned lands in the
southern extent of the property. The Company is also
pleased to announce that a second mapping and prospecting
program has commenced at the Mt. Harper Polymetallic
Project ("Mt. Harper"), located 25 kilometers ("km") east of
Tibbs and comprised of 49,800 acres
of underexplored Doyon lands, the first
comprehensive mapping and prospecting programs on either project in
over 20 years. The objective of the programs is to obtain
geological control on the various styles of mineralization observed
on the respective properties to date and advance select targets to
the drill-ready stage.
Areas of Focus
Tibbs (Jorts and Jeans
Prospects) – Tectonic completed a detailed mapping and
prospecting program over the entirety of the southern half of
Tibbs, on land acquired last year. Work was focused on both the
Jorts Prospect ("Jorts") and Jeans Ridge Prospect ("Jeans") located
in the southwest corner of Tibbs where Tectonic's mapping and
prospecting work in 2020 identified sheeted quartz veins within
granodiorite, which produced a rock grab sample from the Jorts
prospect grading 27.9 g/t Au and containing visible gold. Similar
mineralization was found 1.3 kilometres ("km") to the northeast at
the Jeans Ridge prospect, with grab samples found adjacent to a
northeast-trending topographical lineament returning values from
trace to 2.5 g/t Au.
Both Jorts and Jeans are located on the same northeastern trend
that hosts Northern Star Resources' (ASX: NST) Brink Prospect
("Brink"), which borders Tibbs and where drilling at Brink in 2013
returned a highlight intercept of 0.427g/t Au over 514.4m. The sheeted quartz vein mineralization at
Tibbs received little to no historical work prior to Tectonic.
Mapping work at the Jorts and Jeans targets focused on bringing the
targets to drill-ready status by verifying and defining the known
areas of mineralization and determining key structural
controls.
For a detailed map of Jorts and Jeans please click here. In
addition, pictures taken at Jorts in 2020 depicting visible gold
and other mineralization may be found here.
Detailed maps, cross sections and historic drill data relating
to Tibbs may be found on Tectonic's website here. For further
information regarding the Carrie Creek property (now
amalgamated with Tibbs) please see Tectonic's previous news release
announcing the acquisition of the property here.
Mt. Harper – The Company is also pleased to announce that a
second mapping and prospecting program commenced at Mt. Harper,
located 25km east of Tibbs. Mt. Harper is comprised of 49,800 acres
of underexplored land, which hosts at least three styles of
mineralization: copper-tungsten-silver ("Cu", "W", "Ag") skarn,
stockwork gold-molybdenum ("Au", "Mo") quartz veining, and quartz
vein breccia-hosted gold-silver-bismuth ("Bi"). While the property
was historically explored for tungsten and possible base metal
mineralization, limited sampling by Tectonic in 2020 identified
previously unknown gold mineralization, including a sample of
quartz vein breccia grading 1.26 g/t Au at the Section 21
prospect.
Mapping and prospecting will focus on defining the extent of
alteration and the varied mineralization at Section 21, which
consists of a large zone of quartz-sericite+/-pyrite alteration in
granodiorite. Mineralization observed at the prospect includes
stockwork quartz veins with molybdenite, massive grey-white quartz
veins with centimetre ("cm")-scale wolframite crystals, and newly
identified quartz vein breccias with associated gold-silver-bismuth
mineralization. A large, 8 x 6km donut-shaped magnetic anomaly
underlies the prospect. Based on the observed geology, alteration,
mineralization, and geophysical signature, Section 21 likely
represents a porphyry-type system.
To learn more about Mt. Harper, please click here.
Eric Buitenhuis, VP Exploration,
commented, "We acquired the southern Tibbs and Mt. Harper
properties late in the 2020 field season and immediately began our
initial reconnaissance work. That work identified some very
interesting exploration targets such as the Jorts prospect, which
returned grab samples up to 27.9 g/t Au with visible gold. This
season, our mapping team has covered all high priority targets at
Tibbs safely and efficiently, providing excellent geological
context for known mineralization and identifying additional areas
for follow up. We eagerly await the assay results from this first
phase of prospecting."
Additional mapping and prospecting have been completed in the
northern portion of Tibbs to refine the geological and structural
controls on mineralization found at high-priority exploration
targets in the western half of Tectonic's tenure such as the West
Trench, Galosh, Johnson Saddle, Gray Lead West, and Beluga
prospects.
A detailed map of these targets may be found on Tectonic's
website here.
Correction to News Release dated June
24, 2021
The Company wishes to supplement its earlier
news release dated June 24, 2021
announcing its non-brokered private placement financing of
71,760,560 units of the Company (the "Units") at a price of
C$0.10 per Unit, for aggregate gross
proceeds of C$7,176,056, closed
June 23, 2021 (the
"Offering").
In connection with the Offering and in accordance with the
policies of the TSXV, the Company will pay Mezzo Consulting S.A.
("Mezzo") a cash finders' fee of C$49,758 and issue to Mezzo 248,790
non-transferable common share purchase warrants (each, a "Finder's
Warrant"). Each Finder's Warrant issued to Mezzo will have the same
terms as those Finder's Warrants previously announced, entitling
the holder thereof to purchase one additional common share of the
Company until June 23, 2023, at an
exercise price of $0.17 per Finders'
Warrant.
Payment of the finder's fee and issuance of Finder's Warrants to
Mezzo is subject to the final approval of the TSXV.
Qualified Person & QA/QC
Tectonic's disclosure of
a technical or scientific nature in this press release has been
reviewed, verified and approved by Eric
Buitenhuis, M.Sc., P.Geo., Tectonic's Vice President
Exploration, who serves as a Qualified Person under the definition
of National Instrument 43-101.
On behalf of Tectonic Metals Inc.,
Tony Reda
President
and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news
release, please visit our website at www.tectonicmetals.com or
contact Tony Reda, President &
CEO of Tectonic, or Bill Stormont,
Investor Relations, at toll-free 1.888.685.8558 or by email at
info@tectonicmetals.com.
Facebook:
https://www.facebook.com/TectonicMetals/
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https://www.linkedin.com/company/tectonic-metals
Cautionary Note Regarding Forward-Looking Statements and
Historical Information
Certain information in this news
release constitutes forward-looking information and statements
under applicable securities law. Any statements that are contained
in this news release that are not statements of historical fact may
be deemed to be forward-looking statements. Forward-looking
statements are often identified by terms such as "may", "should",
"anticipate", "expect", "intend" and similar expressions and
include, but are not limited to, statements with respect to: the
payment of finder's fee and issuance of Finder's Warrants; the
exercise of the Finders' Warrants in accordance with their terms;
and the receipt of any regulatory approvals, including the final
approval of the TSXV.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining
governmental and other approvals and financing on time,
obtaining required licenses and permits, labour stability,
stability in market conditions, availability of equipment, accuracy
of any mineral resources, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of
Tectonic, and there is no assurance they will prove to be
correct.
Although Tectonic considers these beliefs and assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect, and the forward-looking statements in
this release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from
those expressed or implied in such forward-looking statements.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation: the Company's ability to
implement its business strategies; risks associated with mineral
exploration and production; risks associated with general economic
conditions; adverse industry events; marketing and transportation
costs; loss of markets; volatility of commodity prices; inability
to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
industry and government regulation; changes in legislation, income
tax and regulatory matters; competition; currency and interest rate
fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Although Tectonic
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
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 information 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 information. Tectonic does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation
Service 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 Tectonic Metals Inc.
