Apogee Minerals Acquires Strategic Mineral Claim at Pine Channel Gold Project, Saskatchewan
April 5th, 2023, Vancouver, British Columbia – Apogee Minerals Ltd. (“Apogee” or the “Company”) (TSXV: APMI) is pleased to announce that it has acquired a strategic mineral disposition within its’ Pine Channel Gold Property tenure that covers the historic Algold Bay mineralization.
Pine Channel Project Map
About Algold Bay:
The Algold Bay tenure has been in good standing since 1979 and covers several Au mineralized showings on the north shore of Lake Athabasca. Gold mineralization at Algold Bay was first reported in 1935 and subsequent work has included prospecting, trenching, geophysical surveys, and five short diamond drill holes, with the last recorded work in 1988 by Colchis Resources.
The MEL-CEC showing is a vertically dipping shear zone exposed for approximately 300m strike length. Historical chip sampling has returned values ranging from trace to 100.1 g/t (3.24 oz/t) Au over 0.8m, 26.4g/t Au over 1.9 m, 16.5 g/t Au over 1.31 m, and 11.2 g/t over 1.3 m. Drill intercepts at the MEL-CEC returned values ranging from trace to a high of 63.5 g/t (2.04 oz/t) Au over 0.6 m.
The Algold Creek occurrence, a 3.7 m wide quartz-tourmaline vein, returned values from trace to a high of 9 g/t Au from a grab sample. At the Occurrence 3 Au Showing, quartz stringers with arsenopyrite and visible gold returned values from trace up to 5.7 g/t Au.
Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property. These results are historical in nature and have not been confirmed by Apogee, but are considered to be reliable and will form a basis for ongoing work.
Pine Channel Gold Property Summary:
The Pine Channel Property consists of 29 mineral dispositions covering 6,519 hectares located approximately 40 km west of Stony Rapids, Saskatchewan which is the logistics/business hub for northern Saskatchewan. The property can be accessed year-round by float- or ski-equipped aircraft from Stony Rapids or Fort McMurray, AB. The eastern and northern part of the property is transected by a high voltage powerline. Most geological fieldwork is limited to late May to October but other operations such as geophysical surveys and diamond drilling can be completed year-round.
The main deposit type that is being explored for at Pine Channel is structurally controlled vein-quartz (lode) gold deposits. Mineral occurrences on the Pine Channel Property contain predominantly gold, with rare base metal occurrences. Within the Pine Channel tenures there are twenty historical showings reported by the Saskatchewan Mineral Deposit Index (SMDI).
Highlights from documented historical work and previously reported results include:
- North Norite Bay (SMDI 2183): 407.96 g/t Au over 0.5 m (drill hole)
- ELA (SMDI 1574): 39.96 g/t Au over 0.55 m (drill hole)
- Holes G-1 and G-3 (SMDI 2329): 3.20 g/t Au over 1 m (drill hole)
- Occurrence No. 6/Occurrence No. 8 (SMDI 1581): 90.6 g/t Au over 0.2 m (trench sample)
- Cole Lake Ni-Cu (SMDI 1583): 0.45% Ni over 7.0 m (drill hole), 6.2 g/t Au, 0.01% Ni and 0.06% Cu over 3.0 m (trench sample)
The above results were summarized from SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Pine Channel property area.
In 2019-2020, Eagle Plains completed field programs focused on prospecting and mapping in areas of known mineral occurrences. The work confirmed the widespread occurrences of auriferous quartz veins and associated shear systems in the Pine Channel property. Analytical results from the seventy-two rock samples collected in 2020 range from 6 ppb Au to 68,400 ppb Au. Twenty-three of the samples returned greater than 1 g/t Au, and eight returned greater than 10 g/t Au. The most encouraging of the known showings are the ELA Shaft showing (SMDI 1574) and Occurrence No. 6 and No. 8 (SMDI 1581), which both demonstrate anomalous gold geochemical results and potential for extension of known mineralization along strike.
In 2022, Apogee carried out work including a helicopter-borne high-resolution aeromagnetic and radiometric survey covering 380 line-km. The survey was completed by Precision Geosurveys Inc. of Langley, British Columbia. In addition, a 70 km2 Lidar and orthophoto survey was conducted by Eagle Mapping Ltd. of Langley British Columbia. Lineation analyses of the Lidar imaging, combined with the aeromagnetic data, defined a number of new target areas adjacent to and along strike from known mineralization, which will be priority targets for future exploration.
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects and a Director of Eagle Plains Resources Ltd., has prepared, reviewed, and approved the scientific and technical disclosure in this news release.
About Apogee Minerals Ltd.:
Apogee Minerals Ltd. is a mineral exploration company. Our goal is to build shareholder value through mineral project acquisitions and advancement, as well as new mineral discoveries.
To find out more about Apogee Minerals Ltd. (TSX-V: APMI) visit the Company’s website:
Apogee Minerals Ltd.
CEO and Director
For further information, please contact:
Apogee Minerals Ltd.
Riley Trimble, Director
Tel: (604) 416-2978
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Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the timeline for completion of the compilation, interpretation and reporting of the Company’s completed survey work. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the ability of the Company’s surveyors to complete the compilation, interpretation and reporting of the Company’s completed survey work on the anticipated timelines; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time.
The forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
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