VANCOUVER, BC, Oct. 7, 2021 /CNW/ – SKRR Exploration Inc. (TSXV: SKRR) (OTC Pink: SKKRF) (FSE: B04Q) (“SKRR” or the “Company“) announces that it has approved a $289,000 budget to explore the Ithingo Lake Project during the fall of 2021. The program will consist of 3 ground geophysics surveys conducted over the Ithingo Lake Main Zone and nearby areas. Surveys include: an Induced Polarization (IP) / Resistivity, Total Field Magnetics and Small Moving Loop Time Domain Electromagnetic (SMLTEM) surveys. These ground geophysics surveys will provide supportive sub-surface interpretation of key geological features that are expected to control the placement and prospective continuation of mineralization including lithological, structural and hydrothermal alteration. Follow-up exploration including additional mapping, structural interpretation and drilling is planned for 2022.
Under the terms of the option agreement with Edge Geological Consulting Inc., SKRR may earn-in up to a 100% interest in the Property. The Ithingo Lake Project consists of 13 contiguous claims, covering 3,241 ha and is situated in the north-central region of the province of Saskatchewan, approximately 125 km northeast of the village of Buffalo Narrows and approximately 235 km to the northwest of the town of La Ronge, SK.
Phase 1 of the exploration program will consist of a series of ground geophysical surveys to be conducted over the Ithingo Lake Main Zone and nearby areas. Discovery International Geophysics has been contracted to complete the following; 13 line-km of Induced Polarization (IP) / Resistivity, 13 line-km of Total Field Magnetics and 6 line-km of Small Moving Loop Time Domain Electromagnetic (SMLTEM) surveys. The geophysical crew will work out of an on-site temporary field camp. Access to the work area will be on foot with the program expected to take up to 28 days and thus completed during the month of October 2021.
The detailed IP / Resistivity survey (50m line spacing) is required to help identify areas of high sulphide concentrations. Past workers have emphasized the association of gold mineralization in quartz veins with high sulphide content. The effective depth of penetration of the planned survey is approximately 150m below surface, which will enable identification of sulphidic zones below the deepest mineralization drilled to date at about 90m below surface.
The ground magnetics survey (50m line-spacing) will help explain the connection between mineralization and structure in the Main Zone resource area. It will also define a linear magnetic zone thought to be associated to a silicate facies iron formation horizon that parallels and lies stratigraphically close to the Main Zone mineralization.
The SMLTEM survey (100m line spacing) will confirm the location and conductivity of electromagnetic features that historic surveys have identified in connection with mineralization along the Main Zone resource area. The SMLTEM survey is a preferred method compared to other electromagnetic survey methods because it does not require prior knowledge of the precise location of conductor axes, and it has the capability to better resolve complex conductors compared to other methods.
Ithingo Lake Property Highlights
Large Land Package with Demonstrated High-Grade Gold Mineralization: Ithingo Lake is a contiguous land package consisting of 3,241 ha. Previous explorers Claude Resources, Newmont Exploration of Canada and Pine Channel drilled 57 holes in over 5,200m of historic drilling. Main Zone drilling returned intersections up to 7.5m @ 11.5 g.t Au including 0.5m @ 138.97 g/t Au with visible gold in quartz veining.
- Strong Blue-Sky Potential: The Main Zone remains open along strike and at depth. Sterny and Sterny North Zones have potential for hosting significant high-grade gold.
- World-Class Jurisdiction: Saskatchewan is consistently ranked amongst the top mining investment jurisdictions. Coupled with the exceptional geological potential and The shallow depth, means there is the potential to fast-track exploration and development activity.
Recognition of the potential for gold at Ithingo Lake dates back to 1938, with the reported occurrence of gold associated with sulphide mineralization (pyrite, pyrrhotite, arsenopyrite, chalcopyrite, sphalerite, and magnetite) in metavolcanics hosted quartz veins and in rusty silicified metavolcanics.
The area remained relatively underexplored until the late 1980’s when Claude Resources discovered high-grade gold mineralization in surface trenches with grab samples assays up to 27.37 g/t Au and channel sample composited intervals of 4.98 g/t Au over 6.1m and 9.33 g/t Au over 2.7m over what is now referred to as the Main Zone.
Between 1988-1989, three drill campaigns were carried out in the vicinity of Ithingo Lake totaling 5,248.17m in 57 drill holes. The first diamond drilling campaign focused on the Main Zone. The second tested the Sterny, North Sterny, Ithingo Lake and Main Zones, while the third drill program tested the Main Zone including the Money Pit, Muskeg Pit and geophysical anomalies. The majority of the drilling (45 holes) was conducted on the Main Zone, which has been delineated over 500m along strike and locally to a depth of >80m, with the best intersection of 7.5m @ 11.5 g.t Au. The Main Zone is open along strike and at depth.
Geologic Particulars of the Property
Geologically, the Ithingo Lake property lies within the Mudjatik Domain. The Mudjatic Domain is dominated by Archean rocks of gneissic felsic intrusive character. In general, the style of gold mineralization at Ithingo Lake is primarily characterized by weakly to strongly mineralized quartz veins and pegmatite bodies up to 1.5m wide with associated pyrite, pyrrhotite, chalcopyrite, and arsenopyrite, minor biotite and rare k-spar. Silicified zones within the amphibolite showing similar mineralogy can also carry gold. Rare free gold has been observed within amphibolite with no apparent quartz veins or sulphides in two separate instances within drill core.
The assay results reported in this news release are historic in nature and pre-date rules as per NI 43-101 Standards of Disclosure for Mineral Projects. SKRR 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 at the Ithingo Lake Project. Further work (including drilling) is required by SKRR in order to verify the historical work on the Ithingo Lake Project. SKRR has not verified the assay results nor has SKRR done the drilling and sampling necessary to verify the assay results. SKRR cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol, a director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. McElroy verified the data disclosed (unless indicated otherwise) which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About SKRR Exploration Inc.
SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan – one of the world’s highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Neither the 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 contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the planned geophysical survey son the Ithingo Lake Project and the expected outcomes, follow up exploration work on the Ithingo Lake Project, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, the interpretation of technical and scientific data, risks related to the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and including those filed under the Company’s profile on SEDAR at www.sedar.com. There is a possibility that future exploration, development or mining results will not be consistent with the Company’s expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, decrease in the price of gold and other metals, equipment failures or failure to obtain the necessary equipment, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.