CEO.CA Chairman's Briefing

TORONTO, May 09, 2023 (GLOBE NEWSWIRE) -- Stroud Resources Ltd. (TSXV: SDR) (“Stroud” or the “Company”) is pleased to provide a summary of its 2021-2022 drilling program, completed at its Santo Domingo Silver Property (“Santo Domingo” or the “Property”), located in the municipality of Hostotipaquillo, State of Jalisco, Mexico.

The 2021-2022 exploration drilling program consisted of approximately 9,936 m in 32 diamond drill holes (Table 1) and selected results from this drilling are provided in Table 2. The drilling program was designed to explore the extent of known epithermal vein-hosted silver mineralization on the Property and to begin to define additional silver-mineralized zones and vein systems which were anticipated to run parallel to the existing La Raya and Guadalupe silver vein systems. To date, the Santo Domingo Project has approximately 85 drill holes totalling 18,184 metres (Table 1).

Highlights:

• Discovery of third silver-vein system (Zopilote Zone) parallel to the Guadalupe and La Raya zones (Figure 1).
• SD-21-49: 625 g/t AgEq¹ over 1.55 m (Guadalupe East Zone).
• SD-21-74: 680 g/t AgEq over 1.65 m (Guadalupe East Zone).
• SD-21-50: 230 g/t AgEq over 10.35 m (La Raya Zone).
• SD-21-71: 159 g/t AgEq over 36.80 m (La Raya Zone).
• SD-21-75: 152 g/t AgEq over 34.70 m (La Raya Zone).
• SD-21-52: 196 g/t AgEq over 15.10 m and 233 g/t AgEq over 6.45 m (La Raya Zone).
• SD-21-58: 173 g/t AgEq over 1.05 m (Zopilote Zone).
• SD-21-81: 147 g/t AgEq over 32.15 m (Zopilote Zone).
  
  

(¹AgEq is calculated using a silver to gold ratio of 75:1, US$1,500/oz gold, US$20/oz silver, and recoveries of 100%.)

Figure 1 shows the new Zopilote vein system that is west and parallel to the La Raya and Guadelupe zones. The La Raya vein system is approximately 35 m wide by 300 m down-dip and over 700 m along strike. The Guadalupe vein system is typically 15 to 30 m wide.

Hostotipaquillo Region, Mexico

The Hostotipaquillo region has seen extensive drilling over the last three years. In particular, GoGold Resources Inc. (“GoGold”) has been drilling their Los Ricos South Project of which their Jamaica II property is adjacent to Stroud’s Santo Domingo Silver Property.

GoGold’s Los Ricos South Project has a mineral resource estimate containing Measured & Indicated Mineral Resources of 10.0M tonnes containing 63.7M ounces AgEq grading 199 g/t AgEq and an Inferred Mineral Resource of 3.3M tonnes containing 19.9M ounces AgEq grading 190 g/t AgEq (see GoGold news release dated July 29, 2020).

The Company’s NI 43-101 Mineral Resource Estimate and Technical Report on the Santo Domingo Property was issued on November 20, 2017. It comprises Measured & Indicated Resources of 6.0M tonnes containing 25.7M ounces AgEq grading 134 g/t AgEq and an Inferred Mineral Resource of 3.4M tonnes containing 13.3M ounces AgEq grading 120 g/t AgEq. The Mineral Resource Estimate was calculated using a cut-off grade of 45 g/t AgEq over a three-metre true width and a gold-silver ratio of 72:1 Continuity of mineralization was established by drilling on 50 metre centres and using a specific gravity of 2.65.

Table 1. Summary of diamond drilling completed to date on the Santo Domingo Silver Project, Mexico.

Figure 1. Location of drill hole collars and traces from the 2021 and 2022 diamond drilling and main silver vein trends, overlain on a satellite image, Santo Domingo Silver Project (Stroud Resources, 2021).

Drill Core Assay Results

Geological modelling of the Santo Domingo Silver Project identified additional silver and base metal mineralized zones running parallel to the previously announced Mineral Resource Estimate on the La Raya Silver Vein System.

Focus of the 2021 drilling campaign was to confirm the geological and mineral resource model for the La Raya Silver Deposit, as well as deepen exploration drilling to test expected mineralization of the La Raya vein beyond where historical Spanish miners were active. The 2021 drilling campaign confirmed the extension and geological interpretation of the La Raya and Guadalupe vein systems and identified a new silver-vein system to the west, named the Zopilote Zone.

The 2022 drilling campaign focused on the newly discovered Zopilote silver-mineralized zone, primarily beginning to test the extension, continuity and interpretation of the Zopilote vein system. The location of drill hole collars was limited by the previously approved drilling permit and its planned drill pads which had not accounted for the discovery of the new Zopilote Zone.

Table 2. Selected drill core assay results from the 2021-2022 diamond drilling program.

Note: drill core intervals are not true widths and are reported as core lengths; significant assays are considered >25 g/t Ag over a >0.5 m interval.

Qualified Person

Dr Scott Jobin-Bevans, CEO and a Director of the Company, is the Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this news release.

About Stroud Resources Ltd.

Stroud Resources is a TSXV listed company focused on the exploration and development of its Santo Domingo epithermal silver project in central Mexico.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements”.

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of the drill results, geology, grade and continuity of mineral deposits.
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.

For more information, please visit www.stroudsilver.com or contact Mirsad Jakubovic, Chief Financial Officer, Stroud Resources Ltd., Tel: (416) 888-8731, mirsad@cpamba.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1fd120c6-694e-47f3-a3cd-bc65afc6cc21

Figure 1.

Location of drill hole collars and traces from the 2021 and 2022 diamond drilling and main silver vein trends, overlain on a satellite image, Santo Domingo Silver Project (Stroud Resources, 2021).