Doubleview Announces Drilling at the Hat Polymetallic Deposit

Rhea-AI Summary

Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) has resumed drilling at its Hat Project in Northern British Columbia. The company recently announced its first Mineral Resource Estimate (MRE-V1), reporting:

- Indicated resource: 150 million tonnes at 0.2% copper equivalent (CuEq) cut-off grade, including 1.353 billion pounds of CuEq at 0.408% CuEq

- Inferred resource: 477 million tonnes at 0.2% CuEq cut-off grade, including 3.619 billion pounds of CuEq at 0.344% CuEq

The 2024 drilling program aims to improve grade, explore mineralization trends, conduct in-fill drilling, and enhance the database for future exploration and resource estimates. Initial drilling focused on the central Lisle Zone, with assay data expected soon from drill holes H072 to H075.

Positive

• First Mineral Resource Estimate (MRE-V1) completed, indicating significant copper, cobalt, gold, and silver resources
• Resumption of drilling program to improve grade and explore mineralization trends
• Potential for scandium resource estimated at 300 to 500 million tonnes at an average grade of 40 ppm Sc2O3

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 29, 2024) - Doubleview Gold Corp (TSXV: DBG) (OTCQB: DBLVF) (FSE: A1W038) ("Doubleview" or the "Company") is pleased to announce resumption of drilling at its Hat Project in Northern British Columbia where, prior to a short worker relief stoppage, work had included 3,460 metres of drilling. As detailed below, current work builds upon the extensive database of technical and statistical models used in preparation of the Company's first Mineral Resource Estimate ("MRE - V1") that was announced last week.

The Mineral Resource Estimate reported:

• Micon International Limited authored the MRE and fulfilled the criteria for an MRE to meet the definition of potentially economic extraction.
  
  
• An indicated resource of 150 million tonnes (Mt) and an inferred resource of 477 Mt at 0.2% copper equivalent ("CuEq**") cut-off grade* or
  
  
• An indicated resource of 1.353 billion pounds (Blb) of CuEq at 0.408% CuEq, which includes 733 Mlb of copper, 28 Mlb of cobalt, 929 thousand ounces of gold and 2 million ounces of silver and
  
  
• An inferred resource of 3.619 Blb of CuEq at 0.344% CuEq cut-off grade, which includes 1.945 Blb of copper, 91 Mlb of cobalt, 2.328 million ounces of gold and 7.575 million ounces of silver.
  
  
• The scandium potential for the Hat Deposit is estimated to be 300 to 500 million tonnes at an average grade of 40 ppm (0.004%) Sc2O3.

For more detailed information on the mineral resource estimate, please see the Company's news release dated July 25, 2024.

The main objectives of the 2024 drilling program are to:

• Improve grade and further explore mineralization trends identified by statistical and geological models and interpretations
• Conduct in-fill drilling in areas where drill holes are sparce or overly widespread and better define the mineral deposit's envelope
• Target areas of shallower mineralization to improve grade and tonnage prior to a future "Version 2" MRE
• Enhance our complete database to guide future exploration and resource estimates

The current parameters of the MRE-V1 have been carefully examined using statistical and geological models to guide the 2024 exploration and further develop the Hat deposit.

Initial 2024 drilling was focused on the central Lisle Zone to better define the mineralization, confirm its westerly extension and with greater density of information, demonstrate internal continuity of metal values. Drill holes H072 to H075 (Table 1 and Figure 1) were instrumental in this regard and hole H076, in progress, is expected to provide similar results. The Company has sent the core rock samples from drill holes H072 to H075 to our analytical services provider and we anticipate being able to release assay data in the near future.

Figure 1 illustrates, in Plan and Section views, the locations of our 2024 drill holes.

Mr. Farshad Shirvani, president & CEO of the Company, commented, "We shifted our focus from building an initial resource at the polymetallic Hat deposit to expanding the same. Several opportunities to improve the maiden resource were identified which we want to realize promptly during this year's field season, including very targeted drilling."

TABLE 1. Drill Hole Data

Drill Hole ID	UTM - East	UTM - North	Elevation	Max- Depth	Azimuth	Dip	Area
H072	347,866	6,453,952	956.5	761	212	-75	Lisle West
H073	347,866	6,453,952	956.5	771	225	-85	Lisle West
H074	347,866	6,453,952	956.5	609	262.5	-85	Lisle West
H075	347,866	6,453,952	956.5	537	0	-90	Lisle West

 

The Illustration 1 below depicts the Plan and Section on the drill holes of the Season 1 exploration of 2024.

Illustration 1; Plan and Section on the drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8003/218087_ea816fd714a989d6_001full.jpg

Notes:

* Parameters used to calculate cut-off grade:
Au price US$/oz: 1,900; Ag price US$/oz: 24; Cu price US$/lb: 4; Co price US$/lb: 22; Au recovery: 89.0%; Ag recovery: 68.0%; Cu recovery: 84.0%; Co recovery: 78.0%; Mining cost US$/t (OP): 2.5; Processing Cost US$/t: 6; G&A Cost US$/t: 2

** Copper Equivalent Calculation
CuEq in % = ([Ag grade in ppm] *24*0.68/31.1035 + [Au grade in ppm] *1900*.89/31.1035 + 0.0001* [Co grade in ppm] *22*0.78*22.0462 + 0.0001* [Cu grade in ppm] *4*0.84*22.0462)/(4*22.0462*0.84). Scandium is not part of the copper equivalent calculation.

Quality Assurance and Quality Control:

Core samples are forwarded to the accredited North Vancouver facility of ALS Canada Ltd. where the samples are being prepared using their PREP-31, PGM-ICP24, ME-MS61, and ME-ICP06 packages. Each core sample is dried, then crushed to 70% passing a 2mm screen. All material is processed in an automatic Riffle splitter to yield a 250g homogenized, representative sample. This sub-sample is then pulverized to 85% passing a 75-micron screen. All samples are analyzed for Au, Pt, Pd by 50g fire-assay fusion/ICP-ES finish, using PGM-ICP24 package. A separate 0.25g pulp split is analyzed by Four Acid digestion/ICP-MS finish, reporting 48 elements. Over limit elements are analyzed by Ore Grade Four Acid digestion/ICP-ES finish using ME-OG62 assay package. All of Doubleview's core samples are analyzed or assayed at independent ISO 17025 and ISO 9001- certified laboratories.

The Hat Claims property consists of ten mineral tenures covering 5,200 hectares located north of the Golden Bear mine road in northwest BC. For additional information please visit www.doubleview.ca.

Qualified Persons:

Erik Ostensoe, P. Geo., a consulting geologist, and Doubleview's Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, and approved the technical contents of this news release. He is not independent of Doubleview as he is a shareholder in the company.

About Doubleview Gold Corp

Doubleview Gold Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada, and is publicly traded on the TSX-Venture Exchange (TSXV: DBG) (OTCQB: DBLVF) (FSE: A1W038) (FSE: 1D4). Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the-art exploration methods. The Company's portfolio of strategic properties provides diversification and mitigates investment risks.

On behalf of the Board of Directors,

Farshad Shirvani, President & Chief Executive Officer

For further information please contact:

Doubleview Gold Corp
Vancouver, BC Farshad Shirvani
President & CEO

T: (604) 678-9587
E: corporate@doubleview.ca

NEITHER 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.

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to current and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218087

FAQ

What are the main objectives of Doubleview Gold Corp's 2024 drilling program at the Hat Project?

The main objectives are to improve grade, explore mineralization trends, conduct in-fill drilling in areas with sparse drill holes, target areas of shallower mineralization, and enhance the database for future exploration and resource estimates.

What is the indicated resource reported in Doubleview Gold Corp's (DBLVF) first Mineral Resource Estimate for the Hat Project?

The indicated resource is 150 million tonnes at 0.2% copper equivalent cut-off grade, including 1.353 billion pounds of CuEq at 0.408% CuEq, which contains 733 million pounds of copper, 28 million pounds of cobalt, 929 thousand ounces of gold, and 2 million ounces of silver.

What is the potential scandium resource estimated for Doubleview Gold Corp's (DBLVF) Hat Deposit?

The scandium potential for the Hat Deposit is estimated to be 300 to 500 million tonnes at an average grade of 40 ppm (0.004%) Sc2O3.

Where is Doubleview Gold Corp's (DBLVF) Hat Project located?

The Hat Project is located in Northern British Columbia, Canada. It consists of ten mineral tenures covering 5,200 hectares north of the Golden Bear mine road.