WINNIPEG, MB, Jan. 19, 2023 /CNW/ - Beyond Minerals Inc. (the "Company" or "Beyond Minerals") (CSE: BY) is pleased to announce that it has received final assay results for the drilling program at its 100% owned Fabie-Eastchester project (the "Project") located approximately 35 kilometres northwest of Rouyn-Noranda, in the province of Quebec. The drill program consisted of 627 meters drilled in 5 NQ holes on the Fabie block, covering an area of 833 hectares, one of three claim blocks making up the 1,388-hectare project. Gold mineralization was encountered in narrow zones associated with strong silicification and quartz vein stockworks with hematitic selvages containing coarse pyrite and pyrrhotite.
Craig Gibson, President and CEO of the Company stated "This was a successful test of one target on the Fabie block. The deposit concept was proven out with gold mineralization intersected below surface gold showings. The priorities for Beyond in 2023 are to further evaluate the potential of the Project as well as evaluating the possibility of acquiring additional projects."
The goal of the drilling was to test gold mineralization below surface exposures at the Lac Fabie Nord showing that has been explored in historical work at the project. The drill program was recommended in the Company's technical report on the Project, dated August 31, 2021 (revised January 10, 2022) (the "Technical Report") in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The holes were designed to test at depths of 50m and 100m vertically from surface on each of two sections 1200mE and 1300mE, and at -50m on section 1250mE. The drilling was also designed to test chargeability anomaly IPF-8 from a historic IP survey.
The target is orogenic gold mineralization identified in surface showings and in the limited shallow drilling completed during historic exploration. Mineralization consists of narrow, gold-bearing quartz-carbonate veinlets in weakly sheared, Fabie pluton quartz-feldspar porphyry. Historic prospecting initially identified showings with 1.03 to 2.09 gpt Au, and several rounds of sampling and two shallow drill holes confirmed the presence of anomalous gold values. Sampling for the Technical Report confirmed the historical results with three of four grab samples assaying greater than 0.50 gpt Au up to a maximum of 3.19 gpt Au. An induced polarization-resistivity survey in 2017 detected chargeability anomalies in the area of mineralization.
Drill hole coordinates from handheld Garmin 66i GPS receiver, UTM WGS84, Zone 17N.
Qualified Person and Third-Party Data
The drill program was supervised by Breakaway Exploration Management and drilling was conducted by Vortex Forage. Drill sample assays were completed by Actlabs using 30 gram fire assay with an atomic absorption finish. Internal control samples were utilized by the Company for QA/QC purposes.
The scientific and technical information in this press release has been reviewed and approved by Craig Gibson, Ph.D., P.Geo., President and CEO of the Company (the "Qualified Person"). Dr. Gibson is a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Certain information in this press release regarding the presence of mineral deposits and the size of such deposits is based on information that has been obtained from publicly available information and industry reports, which constitute historical estimates. Such reports generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy or completeness of such information is not guaranteed. While the Company considers historical estimates to be relevant to investors, as they may indicate the presence of mineralization, the Qualified Person has not done sufficient work for the Company to classify the historical estimates as current "mineral resources" or "mineral reserves" (as defined in NI 43-101). The historical estimates contained in this press release were calculated prior to the implementation of NI 43-101 and the Company is not treating the historical estimates as current "mineral resources" or "mineral reserves". The potential quantities and grades of exploration targets referenced in this press release are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in any of the targets being delineated as a mineral resource. The Company has not independently verified and cannot guarantee the accuracy or completeness of the historical estimates and other third-party data contained in this press release and investors should use caution in placing reliance on such information.
Beyond Minerals Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit, starting with the exploration of its Fabie-Easterchester project and its recently acquired claims in the Borland Lake, Favourable Lake, and Gorman River areas of Northwestern Ontario. The Fabie-Easterchester project consists of 37 non-contiguous mining claims covering a total area of approximately 1,385 hectares located approximately 35 kilometres northwest of the City of Rouyn-Noranda, in the province of Quebec.
For more information, please refer to the Company's website at www.beyondminerals.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking information. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In stating the forward-looking information in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the statements of forward-looking information. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, the proposed expenditures for exploration work on its properties, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading "Risk Factors" in the Company's prospectus dated February 23, 2022 and other filings of the Company with the Canadian securities regulatory authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release except as otherwise required by law.
SOURCE Beyond Minerals Inc.
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