Assays Confirm Presence of High-Grade Mineralization at the Klondike Project in Colorado

Rhea-AI Summary

First Tellurium Corp. reports significant assay results from the Klondike Project, confirming the presence of high-grade tellurium (over 10,000 ppm) and notable gold and silver concentrations. These findings reinforce the project’s potential, previously recognized when owned by First Solar. The results indicate a prime target for further exploration, particularly in a geophysical anomaly identified in 2010. The company aims to leverage these findings for upcoming exploration initiatives in 2022. Assays were conducted by ALS Geochemistry to validate previous results.

Positive

• High-grade tellurium assays exceeding 10,000 ppm confirm project potential.
• Gold and silver assays reached up to 9.71 g/t and 399 g/t, respectively.
• Results support further exploration in 2022, potentially increasing shareholder value.

Negative

• None.

Tellurium assays exceed 10,000 ppm, with gold assays up to 9.71 g/t and silver up to 399 g/t.

Vancouver, BC, Canada, April 21, 2022 (GLOBE NEWSWIRE) -- First Tellurium Corp. (CSE: FTEL) (the “Company” or “First Tellurium”), reports that all assays have been received for seven surface samples collected and shipped recently from First Tellurium’s Klondike Project in Saguache County, Colorado. All samples confirmed the presence of high-grade tellurium (> 1%, or 10,000 ppm) in two samples. Moderate to high-grade gold and silver, as well as locally strong but variable copper, lead, and zinc were also present. Table 1 below provides a summary of the assay results of the samples.

Klondike is a high-grade tellurium prospect held previously by First Solar, Inc., one of the world’s largest solar panel producers. Due to the property’s tellurium grades, Klondike was considered one of First Solar's top tellurium prospects worldwide.

Table 1.   Assay results from surface samples at the Klondike Project, Colorado (analyses by ALS Geochemistry, Vancouver, BC). QAQC samples not shown.

“We knew from First Solar’s work that Klondike was a prime tellurium property,” said First Tellurium CEO Tyrone Docherty. “These results provide a solid launch point for further exploration in 2022.”

The new samples were collected within the previously identified core area of historic mining and strongly mineralized surface exposures, which is roughly 130 m x 90 m in size. This area is also within a geophysical anomaly identified in a 2010 IP conductivity-resistivity survey sponsored by First Solar and performed by Zonge Geophysics. The geophysical anomaly measures at least 650 m in length, 80-150 m in width, and is situated at a depth of between 45 and over 100 m below surface. The anomaly is elongated northwest-southeast, and open to the southeast.

“This area is considered a prime target for future exploration drilling,” said John Keller, First Tellurium’s field project manager at Klondike. “The area of hydrothermal alteration and anomalous Te, Au, and Ag geochemistry covers a much larger expanse.”  

Confirming of sampling conducted previously by First Solar

The purpose of this limited sampling program was to confirm the presence of potentially high grade tellurium and other metals that were indicated by previous substantial surface sampling at the property by First Solar from 2006 to 2011. Several samples collected over that time showed tellurium levels over 1%, including two samples from the area of an old ore loadout bin which assayed over 3% tellurium. First Solar never publicly reported details of any assay results or other exploration work, since neither mineral exploration nor mining was considered part of their core business. Work was performed at that time by experienced mineral exploration geologists according to accepted industry standards, but results were not published according to N.I. 43-101 reporting requirements for mineral exploration companies on Canadian stock exchanges.

Samples were collected from historic mine dumps and one outcrop exposed in an old trench. A delay in assay results was caused by the need to run four of the seven samples using an overage method for Te, since the normal analysis technique had an upper reporting limit of 500 ppm. Samples were analyzed by ALS Geochemistry in Vancouver, BC, with sample preparation work done at the ALS facility in Tucson, Arizona.

At Klondike, strong tellurium, gold, and silver mineralization occurs in pipe-like and tabular (vein-like) masses of intensely silicified Tertiary volcanic rocks. Quartz-matrix breccia, irregular quartz veins, veinlets, and masses are present within the larger bodies of silicified rock and are the locus of deposition of sulfides, tellurides, local native tellurium, and native gold. Base metals (Cu-Pb, Zn) are present as sulfides and also as tellurides. Oxidation of sulfides and tellurides appears mainly in the top 5-15 meters. Mine dumps which access the mineralization at a deeper level appear to be almost entirely unoxidized.

Two QAQC samples were also submitted for assay: (1) a tellurium-gold certified reference material (CRM) standard and (2) a “prep blank” (not certified) of crushed alluvial gravel composed mainly of Precambrian granitic rock. The CRM assayed well within certified limits, and the “prep blank” was close to a blank for tellurium, although it showed 4 ppm Te which may be due to a miniscule amount of lab prep contamination from the extreme high-grade samples that were processed through the lab equipment before the blank was processed.  

Mr. John Keller, P.Geo., a consultant to First Tellurium and a qualified person within the context of National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical data and contents of this news release.

On behalf of the board of directors of First Tellurium Corp. “Tyrone Docherty”                         Tyrone Docherty President and CEO	For further information please contact: Tyrone Docherty 604.789.5653 tyrone@firsttellurium.com

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.

FAQ

What are the recent assay results for GODYF from the Klondike Project?

Recent assays from First Tellurium indicate high-grade tellurium exceeding 10,000 ppm, with gold up to 9.71 g/t and silver up to 399 g/t.

When were the assay results for GODYF announced?

The assay results were reported on April 21, 2022.

What is the significance of the Klondike Project for GODYF?

The Klondike Project is considered a prime tellurium prospect with significant mineralization, enhancing GODYF's exploration potential.

Who conducted the assays for GODYF?

The assays were conducted by ALS Geochemistry in Vancouver, BC.

What is the future exploration plan for GODYF?

First Tellurium plans to pursue further exploration based on the promising assay results in 2022.