BeMetals Reports Significant Copper and Silver Drill Intersections at Its High-Grade Polymetallic South Mountain Project

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BeMetals Corp. has announced new results from its Phase 2 drilling program at the South Mountain Zinc-Silver-Gold-Copper Project in Idaho. The results show high-grade mineralization in the Texas Zone, with copper grades exceeding previous estimates. Key drill highlights include:

SM20-028: 10.85m at 2.56% Cu, 260.1 g/t Ag.
SM20-050: 8.35m at 4.17% Zn, 4.05 g/t Au.

The ongoing drilling aims to enhance the mineral resource estimate, with updates expected by the end of Q1 2021 and a Preliminary Economic Assessment planned for Q3.

Positive

High-grade mineralization confirmed in Texas Zone.
Drill results show significant potential for increased resource estimates.
Successful Phase 2 drill program expanded known mineralization depth.

Negative

None.

02/09/2021 - 08:00 AM

VANCOUVER, BC / ACCESSWIRE / February 9, 2021 / BeMetals Corp. (TSXV:BMET)(OTCQB:BMTLF)(FSE:1OI.F) (the "Company" or "BeMetals) is pleased to announce a new batch of analytical results from its Phase 2 underground diamond drilling program at the high-grade South Mountain Zinc-Silver-Gold-Copper Project ("South Mountain" or "South Mountain Project" or the "Property") in southwestern Idaho, U.S.A. Today's results demonstrate that South Mountain's Texas Zone contains both high-grade Copper-Silver and Zinc-Silver-Gold mineralization (See Tables 1 and 2). The Company's 2020 program intersected mineralization at depths beyond any historical drilling of the Texas Zone and the deposit remains open to depth (See Figure 1). Further drilling results will be reported when received from the laboratories.

DRILL HOLE HIGHLIGHTS

TEXAS WEST ZONE:

SM20-028: 10.85 metres grading 2.56% Copper ("Cu"), 260.1 grams per tonne ("g/t") Silver ("Ag"), 0.26 g/t Gold ("Au"), 0.10% Lead ("Pb") and 0.13% Zinc ("Zn")
SM20-038: 7.62 metres grading 1.64% Cu , 279.5 g/t Ag, 0.74g/t Au, 0.86% Pb and 0.55% Zn

Including: 5.17 metres grading, 2.23% Cu, 337.9 g/t Ag, 1.02 g/t Au, 1.12% Pb and 0.77% Zn

SM20-043: interval 1: 7.01 metres grading 2.84% Cu, 181.5 g/t Ag, 0.22 g/t Au, 0.01% Pb and 0.29% Zn
Including: 4.79 metres grading, 3.81% Cu, 244.3 g/t Ag, 0.17 g/t Au, 0.01% Pb and 0.07% Zn

TEXAS EAST ZONE:

• SM20-050 Interval 2: 8.35 metres grading 4.17% Zn, 194.8 g/t Ag, 4.05 g/t Au, 0.78% Pb and 0.54% Cu

Note: ALS Global completed the analytical work with the core samples processed at their preparation facility in Reno, Nevada, U.S.A. All analytical and assay procedures are conducted at the ALS laboratory in North Vancouver, BC. Reported widths are drilled core lengths as true widths are unknown at this time. It is estimated based upon current data that true widths might range between 60-80% of the drilled intersection.

John Wilton, President and CEO of BeMetals stated, "We are very pleased with the drilling results received to date from our Phase 2 underground program at South Mountain. This batch of drill hole intersections focused on the Texas Zone, an area of the deposit which has not been tested by underground drilling since the 1980s. These latest analytical results confirm distinctly higher copper grades and generally, appreciably higher silver grades in Texas West than those of the April 2019 Mineral Resource Statement for the deposit. At Texas East we see the reported drilled intersections have significant grades in zinc, silver and importantly gold, a similar association to South Mountain's extensive DMEA Zone.

Examples of intersection grades for the two Texas zones are; 3.81% Cu with 244.3 g/t Ag over 4.79 metres in hole SM20-043 (Interval 1), 2.58% Cu with 260.1 g/t Ag over 10.85 metres in hole SM20-028, both in Texas West, and 4.17% Zn, 194.8 g/t Ag and 4.05 g/t Au over 8.35 metres in hole SM20-050 from Texas East. It should be noted that these examples are supported by a number of other compelling intersections (See Tables 1 & 2).

Given the success of both our 2019 and 2020 drilling programs, we are confident their results will add significant tonnage to an updated mineral resource estimate. This updated resource statement is to be completed around the end of Q1 2021, subject to timing of remaining analytical results from the laboratory. Additional metallurgy and hydrology testing as well as rock mechanics and mine modelling are scheduled for the first half 2021. All the data from these studies will be incorporated into a Preliminary Economic Assessment ("PEA") study for South Mountain, expected to be completed during Q3 of this year."

PHASE 2 TEXAS ZONE DRILLING AT THE SOUTH MOUNTAIN PROJECT
A total of 2,714 metres of underground core drilling was completed during Phase 2, with 30 holes in both the Texas and DMEA zones. During this drilling campaign, our site team widened and advanced the existing Sonneman level eastwards by some 52 metres to establish a new drill station closer to the Texas Zone (See Figure 1). With better access to drill the Texas Zone, a total of 24 holes were completed to test this zone of mineralization. Geological logging of the core supported by sampling results indicate that two styles of high-grade mineralization have developed in this area and are now identified as the Texas West and Texas East zones.

Table 1 below illustrates the drilling results received to date from the Texas West Zone. This zone is characterized by skarn-hosted, dominantly copper and silver mineralization. This is demonstrated, for example, in the drilled width intercepts of; 3.81% Cu with 244.3 g/t Ag over 4.79 metres in hole SM20-043 (Interval 1), 2.58% Cu with 260.1 g/t Ag over 10.85 metres in SM20-028 and 2.23% Cu with 337.9 g/t Ag over 5.17 metres in hole SM20-038. Importantly observed from the geological logging of the core, the higher copper grades over significant drilled widths in Texas West appear to be controlled by the increased abundance of chalcopyrite, which is a common copper sulphide mineral, often extractable through conventional flotation methods. Representative sample material of this and other zones of the deposit have been identified, and are being collected for metallurgical test work at the SGS Mineral Services site in Lakefield, Canada. Results from this study will be included with historical test work and incorporated into the planned PEA study later this year.

Table 2 below shows the drill hole intersections from the Texas East Zone where this mineralization is represented by predominantly massive sulphide hosted zinc, silver and gold mineralization. Examples of this style of mineralization are intercepts of; 8.65% Zn, 218.1 g/t Ag and 2.44 g/t gold over 3.37 metres in hole SM20-043 (Interval 2), and 4.17% Zn, 194.8 g/t Ag and 4.05 g/t Au over 8.35 metres in hole SM20-050.

The gold grades of; 4.05 g/t over 8.35 metres, 2.07 g/t over 4.71 metres and 3.82 g/t over 1.34 metres in holes SM20-050, SM20-043, and SM20-029, respectively, are of specific interest from a value potential for the Texas East Zone. These Texas East intersections represent the successful targeting and interpreted extension of mineralization below historical high-grade rib sampling in the Sonneman level from the 1980s (See Figure 1). (See BeMetals news release, dated; September 10, 2020).

The 2020 drill program has delivered on intersecting mineralization extending the Texas Zone further down dip of historical drilling and the exposures in the underground development. Texas Zone mineralization is now interpreted to continue from the collar of the old Texas Shaft some 350 metres down dip to the SM20-050 intercept. Both the Texas West and East zones remain open to depth (See Figure 1). Table 3 further below provides drill hole azimuth, dip, end of hole length and collar co-ordinates for each of the reported drill holes.

Table 1. Analytical and Assay Results From Texas West Zone

Drill Hole ID, Zone & Interval	From (m)	To (m)	Core Interval (m)	Cu %	Ag g/t	Au g/t	Pb %	Zn %
TEXAS WEST ZONE
SM20-028	60.64	71.49	10.85	2.56	260.1	0.26	0.10	0.13

SM20-030	16.73	25.02	8.29	1.13	125.1	0.10	0.02	0.26

SM20-031	41.48	42.85	1.37	1.56	306.5	0.40	1.09	2.21

SM20-033	33.77	36.42	2.65	2.77	251.3	0.37	0.03	0.15

SM20-036	34.26	43.8	9.54	0.99	316.9	0.25	0.39	2.15

SM20-038	32.31	39.93	7.62	1.64	279.5	0.74	0.86	0.55
INCLUDING:	32.31	37.48	5.17	2.23	337.9	1.02	1.12	0.77

SM20-041
INTERVAL 1:	19.42	22.52	3.10	1.29	177.5	0.09	0.07	0.04
INTERVAL 2:	31.76	33.28	1.52*	0.44	169.6	2.37	0.91	1.99

SM20-042
INTERVAL 1:	17.98	19.87	1.89	1.92	103.0	0.08	0.01	0.03
INTERVAL 2:	23.8	25.6	1.80	1.06	114.0	0.08	0.03	0.10

SM20-043
INTERVAL 1:	39.93	46.94	7.01	2.84	181.5	0.22	0.01	0.29
INCLUDING:	39.93	44.71	4.79	3.81	244.3	0.17	0.01	0.07

SM20-049
INTERVAL 1:	32.58	36.77	4.19	1.82	89.4	0.07	0.01	0.18
INTERVAL 2:	44.90	46.10	1.20	2.42	138	0.14	0.01	0.07

Analytical and Assay results are pending for drill holes SM20-32, 34, 35, 37, 39, 40, 44-48 and 51

Note: Reported widths are drilled core lengths as true widths are unknown at this time. It is estimated based upon current data that true widths might range between 60-80% of the drilled intersection. A nominal cut-off grade of 0.5% Cu has been applied to determine the boundaries of the intersections for this skarn-hosted mineralization with no more than 1.22 metres of internal dilution. *A nominal cut-off grade of 150 g/t Ag has been applied to this intersection. Table 3 below documents; Drill Hole Azimuth, Dip, end of hole length, and Collar Co-ordinates (Note: See details below in QA/QC section).

Table 2. Analytical and Assay Results From Texas East Zone

Drill Hole ID, Zone & Interval	From (m)	To (m)	Core Interval (m)	Zn %	Ag g/t	Au g/t	Pb %	Cu %
TEXAS EAST ZONE
SM20-029	61.63	62.97	1.34	19.67	229.3	3.82	3.94	0.25

SM20-043
INTERVAL 2:	56.53	61.23	4.71	6.19	168.6	2.07	0.71	0.39
INCLUDING:	56.53	59.89	3.37	8.65	218.1	2.44	0.90	0.52

SM20-050
INTERVAL 1:	46.28	48.59	2.31	0.10	145.9	0.18	0.01	2.91
INTERVAL 2:	49.65	58.00	8.35	4.17	194.8	4.05	0.78	0.54

Analytical and Assay results are pending for drill holes SM20-32, 34, 35, 37, 39, 40, 44-48 and 51

Note: Reported widths are drilled core lengths as true widths are unknown at this time. It is estimated based upon current data that true widths might range between 60-80% of the drilled intersection. Intervals cut offs are based upon visual contacts of massive sulphide units with no more than 0.80 metres of internal skarn. For hole SM20-050 Interval 1 a nominal cut-off grade of 0.5% Cu has been applied to determine the boundaries of the intersections for this skarn-hosted mineralization. Table 3 below documents; Drill Hole Azimuth, Dip, end of hole length, and Collar Co-ordinates (Note: See details below in QA/QC section).

Figure 1: 3D Perspective view inclined 200 looking north-north-east, with hole locations for SM20-028 - SM20-050

(Click here to view enlarged figure.)

Table 3: Drill Hole Azimuth, Dip, End of hole length and Collar Co-ordinates

Hole ID

Azimuth Degree

Dip Degree

End of hole Length (m)

East (ft.)

North (ft.)

Elevation (ft.)

SM20-028

74.83

2311763.60

393645.30

6866.77

SM20-029

126

-12

99.06

2311763.60

393645.30

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