08:40:20 EST Thu 09 Feb 2023
Enter Symbol
or Name

Paycore Minerals Inc
Symbol CORE
Shares Issued 27,987,724
Close 2022-12-06 C$ 1.65
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Paycore Minerals drills 27.4 m of 10% Zn, 1% Pb at FAD

2022-12-06 11:48 ET - News Release

Ms. Christina McCarthy reports


Paycore Minerals Inc. has released exploration drilling results from the company's 100-per-cent-owned FAD property located on the Battle Mountain-Eureka gold belt in Nevada, United States.

Drill highlights:

  • FAD Main zone drilling in hole PC22-10 includes:
    • 27.4 metres of 10 per cent zinc, 1 per cent lead, 79 grams per tonne silver and eight g/t gold from 707.8 to 735.2 m depth;
    • Including 13 metres of 16 per cent zinc, 1 per cent lead, 110 g/t silver and 11.1 g/t gold from 713.2 to 726.2 m depth;
    • 7.4 metres of 4.6 per cent zinc, 6.1 per cent lead, 318 g/t silver and 1.8 g/t gold from 745.6 to 753 m depth in hole PC22-10.

"Hole-10 is a 200-metre stepout and drilled down dip from the historic resource which contains 3.54 million tonnes grading 8 per cent zinc, 3.80 per cent lead, 196.46 g/t silver and 5.14 g/t gold. Drilling to date in the southeast lobe has demonstrated the lateral mineralization outside of the historic resource that was defined by Hecla Mining Company in their 1966 and 1974 feasibility studies," stated Christina McCarthy, president and chief executive officer. "Additionally, we are in the process of planning exploration drilling within the new discovery corridor related to the untested Jackson fault which is associated with i-80 Gold's recent Hilltop CRD discovery. Paycore has approximately three kilometres of the fault to test," Ms. McCarthy added.

James Gowans, chairman of the board, states: "The FAD deposit is proving to be among one of the highest-grade carbonate replacement deposits (CRDs) on the globe. Most CRDs consist of silver-lead-zinc mineralization, however, we believe there is a secondary mineralized event which is associated with the gold mineralization introduced into the CRD system at FAD. These additional gold values could potentially be an additional credit in a recovery processing scenario which could add significant economic value to the deposit." Mr. Gowans is the former president of Arizona Mining, which owned the Taylor deposit, also a carbonate replacement deposit.

"Hole PC22-10 was drilled in the southeast lobe to test lateral consistency between wide-spaced historic rotary drill holes which delineate the historic resource and mineralized footprint. These drill results in the southeast lobe further confirm high-grade mineralization outside of the historic resource and adds further confirmation for significant thickness of mineralization within the southeast lobe. Hole PC22-10 also demonstrates lateral down-dip consistency to the southeast lobe. Specifically, historic drill holes RDH-7, RDH-7A, RDH-510 and RDH-2, when included with Paycore drill holes GH21-02, PC22-07, PC22-08A and PC22-10, provide a nominal spacing of about 35 metres between holes and demonstrate a down-dip extent of 200 metres of consistent mineralization. The current overall dimensions of the FAD Main zone, which are defined by Paycore and historic drilling, define a mineralized footprint of approximately 420 metres in strike length by 390 metres wide," stated Gary Edmondo, exploration manager.

Hole PC22-10 is a 200-metre stepout and down dip from the historic resources. The drill intercepts illustrated herein for hole PC22-10 occur within a 58.4-metre zone of mineralized rock which consists of 5.6 per cent zinc, 1.3 per cent lead, 91 g/t silver and 1.5 g/t gold from 694.6 to 753 m depth. The hole intersected the southeast lobe 23 metres northeast of hole GH21-02 and 40 metres northeast of hole PC22-07. PC22-10 deviated from the intended target between historic holes RDH-7 and RDH-7B, which both contain thick intercepts of mineralization (30 and 35 m of mineralization respectively) and are located approximately 45 metres to the north and to the east of PC22-10.

Hecla Mining completed a feasibility study in 1966 and 1974 which included the underground development drilling done from 1963 to 1964. The historic FAD resource contains 3,540,173 tonnes grading 8 per cent zinc, 3.80 per cent lead, 5.14 g/t gold and 196.46 g/t silver from Hecla Mining Company's 1974 feasibility study. The historical drilling outside of this resource area intercepted high-grade polymetallic mineralization and was not included in the resource due to wider-spread drill spacing. Paycore intends to complete infill drilling to complete a resource estimate in accordance with National Instrument 43-101.

The current overall dimensions of the FAD Main zone, which are defined by Paycore and historic drilling, delineate a mineralized footprint of approximately 420 metres in strike length by 390 metres wide. Additional definition and stepout drilling are necessary to further define mineralization and calculate a mineral resource estimate for the FAD Main zone.

Paycore recently acquired additional historic drill and underground geology data which will be used to support future drill and exploration programs. Paycore is in the process of digitizing all of the recently acquired historic data. The information acquired includes drill logs, assay certificates, surveys, historic surface and underground geologic mapping, drill hole location maps, and other data that will be invaluable for vetting, modelling and resource work on the FAD mineralization.

The upcoming drill program will focus on infill and stepout drilling on the FAD Main zone and test the extents to historic mineralization outside of the current geological model. The historic drilling outside of the current model has identified multiple horizons of favourable geology as well as high-grade mineralization in multiple directions, further demonstrating the exploration upside. Coming drill programs will also target the underexplored Jackson fault where i-80 Gold made its recent discovery of high-grade CRD at its Hilltop project.

Historic mining, exploration and drilling have focused largely on the prospective geology associated with the Ruby Hill fault. The FAD deposit and Ruby Hill mine are also associated with the Ruby Hill fault. The north-south-trending Jackson fault located to the east of the Ruby Hill fault is undercover, largely untested and underexplored. The Jackson fault is associated with i-80 Gold's recent Hilltop CRD discovery located between the past-producing Archimedes Pit and the property boundary of Paycore. There is approximately 1.5 kilometres of the Jackson fault to test on i-80's project between the open pit and the property boundary, and nearly three kilometres of the fault to test on Paycore's property. Paycore has not yet tested the Jackson fault and is in the process of planning a drill program in this highly prospective discovery corridor which is associated with the Jackson fault zone.

About Paycore Minerals Inc.

Paycore is a corporation incorporated under the Business Corporations Act (Ontario) and, through its subsidiaries, holds a 100-per-cent interest in the FAD property that is located in the heart of the Eureka-Battle Mountain trend in Nevada, U.S. The FAD property is host to the high-grade polymetallic FAD deposit that was partially delineated with surface and underground drilling in the 1940s and 1950s. The FAD property is located less than three miles from Eureka, Nev., and has established infrastructure, including a shaft, roads and old buildings. FAD was previously owned by Barrick Gold. Barrick acquired the FAD property when the company acquired Homestake Mining in 2001.

Overseen by an experienced board and management team that includes Mr. Gowans (non-executive chairman), Ms. McCarthy (president and CEO), Steve Filipovic (chief financial officer and corporate secretary) and John Begeman (director), the company is focused on advancing the delineation of mineral deposits on the FAD project (which is situated immediately to the south of, and along strike from, i-80 Gold's Ruby Hill mine).

Quality assurance/quality control procedures

All samples were submitted to ALS Minerals (ALS) of Sparks, Nev., which is an ISO 9001 and 17025 certified and accredited laboratory, which is independent of the company. Samples submitted through ALS are run through standard prep methods and analyzed using Au-AA23 (Au; 30-gram fire assay) and ME-MS61 (48-element suite; 0.25-gram four-acid/inductively coupled plasma atomic emission spectroscopy and inductively coupled plasma mass spectrometry). ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Paycore's QA/QC program includes regular insertion of certified reference material standards, duplicates and blanks into the sample stream with a stringent review of all results and third party assay checks of mineralized intercepts.

Qualified person

The scientific and technical data contained in this news release pertaining to the FAD property was reviewed and approved by Gary Edmondo, CPG, who is a qualified person within the meaning of NI 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Edmondo is a certified professional geologist through the American Institute of Professional Geologists (No. 11089).

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