Drilling is Underway on the Red Cliff Gold Project in BC's Golden Triangle
- Decade Resources Ltd is actively drilling the Red Cliff gold project, which could lead to the discovery of more gold reserves.
- MTB Metals Corp. holds a 1.35% NSR royalty and a 35% interest in the Red Cliff mine, providing potential revenue streams.
- No negative takes identified.
Vancouver, British Columbia--(Newsfile Corp. - May 30, 2023) - MTB Metals Corp.'s (TSXV: MTB) (OTCQB: MBYMF) (FSE: E8H) ("MTB" or the "Company") joint venture partner Decade Resources Ltd, operator of the Red Cliff joint venture, is currently drilling the Red Cliff gold project. MTB holds a
Historic mining in the early 1900s, resulting in 2,385 meters of underground workings, focused on the Red Cliff Zone (RCZ), a copper dominant part of the mineralized system. The Lower Montrose Zone (LMZ), 1000 meters north of the RCZ, was developed along a short adit and, around 1940, 59 tonnes were mined, averaging 84 g/t gold.
Drilling is now underway on the Upper Montrose Zone (UMZ), 200 meters north and 200 meters higher than the LMZ. Drilling in 2009 encountered multiple en-eschelon mineralized structures, with the following results:
| DDH No. | From (m) | To (m) | Width (m) | Gold g/t |
| DDH-2009-5 | 41.77 | 44.72 | 3.05 | 10.08 |
| DDH-2009-5 | 49.7 | 51.07 | 1.37 | 16.94 |
| DDH-2009-5 | 57.01 | 61.25 | 4.24 | 10.79 |
| DDH-2009-6 | 53.66 | 57.32 | 3.66 | 38.71 |
| DDH-2009-6 | 69.97 | 72.26 | 2.29 | 142.2 |
The property hosts a 1.2 km mineralized trend, extending from the Red Cliff Zone, through the LMZ and the UMZ. The earlier work was focused on small-scale mining and the steep topography impeded efforts to effectively explore this trend.
The present oriented core drill plan draws on a comprehensive modelling exercise incorporating the full set of historic data. This work was conducted by an independent geologist engaged by MTB, who is an expert in this type of system. The modelling was aimed at identifying controlling features and structural trends related to the gold values encountered in the earlier drilling. A geologist engaged by MTB will be participating in the core logging process.
About MTB
MTB has six active projects spanning 670 square kilometres (67,587 hectares) in the prolific Golden Triangle of northern British Columbia. With the focus on the Telegraph project, discussions are now underway leading to joint ventures and/or spinouts of other projects.
- Telegraph is located in the vicinity of 4 world-class porphyry deposits being advanced by major mining companies: Galore (Teck / Newmont), Schaft (Teck), Saddle (Newmont) and the operating Red Chris copper-gold mine (Newcrest / Imperial Metals). Field work by MTB on its 310 square kilometre property, together with earlier results, provides compelling evidence for the presence of one or more porphyrys similar to others in the area.
- The American Creek project is centered on the historic Mountain Boy silver mine. The project is road accessible and 20 km from the deep-water port of Stewart. There are multiple silver, gold and copper occurrences on the property, including a 2006 drill hole that encountered 5 kgs of silver over 5 metres.
- Red Cliff is a past producing gold and copper mine in which the Company holds a
35% interest. - On the BA property, 182 drill holes have outlined a substantial zone of silver-lead-zinc mineralization located 4 km from the highway. Several targets with high-grade silver potential remain to be tested. Surprise Creek, to the north, hosts the same prospective stratigraphy.
- On the Theia project, work by MTB and previous explorers has outlined a silver bearing mineralized trend 500 metres long, highlighted by a 2020 grab sample that returned 39 kg per tonne silver (1,100 ounces per ton). Two other zones on the property produced copper values over
5% . - Southmore is in the midst of some of the largest deposits in the Golden Triangle. It was explored in the 1980s through the early 1990s and was overlooked until MTB consolidated the property and carried out airborne geophysics and field work which confirmed several zones of gold and copper, with values up to
20% copper and 35 g/t gold.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
For further information, contact:
Caroline Klukowski
info@mountainboyminerals.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.
This news release may contain certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167983
FAQ
What is MTB Metals Corp.'s involvement in the Red Cliff gold project?
Who is Decade Resources Ltd and what are they currently doing?
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