(TheNewswire)
Calgary, Alberta - TheNewswire – May 20, 2020. Tocvan Ventures Corp. (CSE: “TOC”) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce initial results from the detailed geophysical survey at the Pilar Gold-Silver Project in Sonora, Mexico.
Detailed Induced Polarization ("IP") geophysical surveys were completed by TMC Exploracion Geophysics in two perpendicular line directions at 75 metre line spacing to reveal detailed subsurface features. Initial results are presented here, and the data will be further processed and integrated with geological and geochemical data for further interpretation.
The IP survey was conducted over an area with the most historic information, in particular the northwest section of the property with 17,700+m of drilling. This was strategically planned and executed in order to calibrate the geophysical results with known geology, drill data, physical properties measurements on known mineralization and alteration. This has revealed new mineralization targets, extensions to known mineralization zones, and the continuity of geological trends. This analysis justifies the pursuit of targets in the surveyed area and allows for the calibrated geophysical model to be applied on the second half of the property.
Note that this geophysical survey is the first in a series of techniques (see press release March 31, 2020) to develop a greater understanding of the mineralized structures, in order to have greater accuracy in locating drill targets for the late summer to early fall drill program. Objectives have been achieved, see below.
Resistivity Low is Key:
The dark purple and light purple areas shown in the 3D IP Inversions (Figure 1) are resistivity lows. These areas can reflect alteration, specifically mineral-replacement with oxide such as hematite.
Chargeability Low is Key:
The green and blue areas shown in Figure 2 are chargeability lows. These areas can represent alteration, specifically mineral-replacement with some oxide such as hematite.
Previous workers and the due-diligence conducted on the property by Mark Smethurst report hematization in these areas, hematization at Pilar is associated with gold & silver mineralization. This is corroborated with drilling results in these areas that show high grade gold and silver returns over significant intervals as reported in press releases of previous operators. Note that the resistivity lows are continuous suggesting a connection between the North Hill Zone with the Main Zone as well as with the 4-Trench Zone. Note the correlation between the chargeability low with the resistivity low.
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Fig.1 IP Resistivity Inversion Depth Slice at 375m ASL.
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Fig.2: IP Chargeability Inversion Depth Slice at 350m ASL.
The following three figures show 3D-inversion processing of the IP data in order to reveal detail from surface to a depth of ~100m. These figures show a N-S striking chargeability low and a resistivity low that are coincident with each other. Almost all of the drill holes are located in these lows and gold & silver mineralization have been recorded in these lows. Epithermal gold-silver mineralization forms along structures, the mineralization is characterized by hematite, which is known to reside in structures along with gold & silver. The resistivity and chargeability lows can indicate structure and alteration, specifically mineral-replacement with some oxide such as hematite. This calibrated geophysical model can be applied to the remaining part of the property to the east where high grade gold and silver assay results were recovered during due-diligence showing a second parallel mineralized zone (see press release Jan. 7, 2020).
The Main Zone and North Hill Zone are possibly connected in which case these would be renamed as a mineralization trend. There is the possibility of two feeder-pipe-like features or possible chutes. Results also indicate the possibility of NE-SW structures connecting the 4-Trench Zone to the Main Zone. Resistivity indicates the continuation of the NNW-SSE trend of the historically drilled mineralization and these results open up the opportunity to develop mineralized areas:
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1.Between the North Hill Zone and the Main Zone,
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2.Between the 4-Trench zone and the Main Zone,
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3.Extending southward from the Main Zone,
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4.Within the new second parallel zone to the east,
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5.Extending downward beneath the feeder-pipe-like features.
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The geophysical results will be combined with additional survey tools to help create a structural mineralization model to identify drill targets for the Phase 2 campaign. As mentioned in the press release of March 31, 2020 those surveys are close-spaced soil sampling which has been effective in providing directional trends of mineralization; structural geology surveys from a specialist structural geologist; and XRF survey of samples across the property and of historic drill hole samples held in storage, the XRF will collect data to identify elements and their amounts and will assist in identifying alteration minerals and pathfinder elements, knowing the intensity of alteration minerals and their location will help to define linear mineralized structural features that contain gold and silver.
Results from these surveys will be combined with pre-existing data from historic drill holes and the assayed gold and silver results from those holes will be included as part of the collected data to identify the structural features that contain the gold-silver mineralization.
Special Note:
The current world health situation requires adjustments to work programs, health and safety is considered first.
Current health advice is for families and groups to self-isolate and to use caution with suggested recommendations from health leaders when social-distancing becomes a challenge. Countries are beginning to allow businesses to operate again. Isolation is an inherent part of mineral development programs.
About the Pilar Property
The Pilar Gold-Silver property has been identified as a structurally controlled low-sulphidation epithermal project hosted in Andesite and Rhyolite rocks. Hydrothermal fluids carrying gold, silver and other minerals are transported through the pre-existing structures and deposit out of the fluids and become emplaced within the structures and surrounding host rock. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:
- 17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
- 0.73g/t Au over 40m
- 0.75g/t Au over 61m
-17.3g/t Au over 1.5m
- 5.27g/t Au over 3m
- 53.47g/t Au & 53.4g/t Ag over 16m
- 9.64g/t Au over 13m
- 10.6g/t Au & 37.8g/t Ag over 9m
- 2,650m of surface and trench channel sampling. Highlights include:
- 55g/t Au over 3m
- 28.6g/t Au over 6m
- 3.39 g/t Au over 50m
- Soil sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone
Additional areas of mineralization have been identified resulting from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020. Significant results from that particular survey are highlighted below:
---------------------------------------- |Sample # |Au g/t|Ag g/t|Cu % |Pb % | |--------------------------------------| |PILAR-MTS-02|0.9 |14.3 |0.261|0.003| |--------------------------------------| |PILAR-MTS-03|1.3 |5.4 |0.338|0.002| |--------------------------------------| |PILAR-MTS-05|0.8 |12.7 |0.129|0.002| |--------------------------------------| |PILAR-MTS-06|3.2 |8.3 |0.350|0.001| |--------------------------------------| |PILAR-MTS-09|0.2 |2.2 |1.255|0.005| |--------------------------------------| |PILAR-MTS-10|0.9 |17.2 |0.734|0.010| |--------------------------------------| |PILAR-MTS-11|3.8 |57.4 |0.846|0.005| |--------------------------------------| |PILAR-MTS-12|0.0 |5.6 |1.910|0.001| |--------------------------------------| |PILAR-MTS-13|0.0 |12.9 |0.946|0.001| |--------------------------------------| |PILAR-MTS-14|0.1 |3.3 |1.400|0.001| |--------------------------------------| |PILAR-MTS-19|0.8 |1.7 |0.013|0.008| |--------------------------------------| |PILAR-MTS-20|5.6 |84.2 |0.088|1.710| |--------------------------------------| |PILAR-MTS-21|0.7 |20.3 |0.027|0.185| |--------------------------------------| |PILAR-MTS-22|9.3 |76.4 |0.120|2.150| |--------------------------------------| |PILAR-MTS-25|0.5 |323.0 |0.016|0.242| |--------------------------------------| |PILAR-MTS-26|1.4 |2.4 |0.002|0.013| |--------------------------------------| |PILAR-MTS-27|2.2 |14.7 |0.012|0.259| |--------------------------------------| |PILAR-MTS-29|4.3 |172.0 |0.086|1.125| |--------------------------------------| |PILAR-MTS-30|23.7 |116.0 |0.089|0.040| |--------------------------------------| |PILAR-MTS-33|4.4 |44.5 |0.109|0.036| |--------------------------------------| |PILAR-MTS-34|7.5 |41.9 |0.044|0.022| |--------------------------------------| |PILAR-MTS-35|2.2 |3.5 |0.179|0.008| ----------------------------------------The technical information in this news release pertaining to geological data and its interpretation has been prepared by Mark T. Smethurst, P.Geo., COO, Director of the Company, and a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The technical information pertaining to geophysical data and its interpretation in this news release has been verified and approved by Jeremy S. Brett, M.Sc., P.Geo., an independent Senior Geophysical Consultant with MPH Consulting Limited. Mr. Brett is a Professional Geoscientist registered in the Province of Ontario and is a Qualified person as defined by National Instrument 43-101.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures Currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both opportunities represent tremendous opportunity.
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. 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 be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOCVAN VENTURES CORP.
Derek A. Wood, President and CEO
Suite 1150 Iveagh House,
707 – 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: (403) 200-3569
Email: dwood@tocvan.ca
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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