- Second diamond rig to be deployed at Avoca in the course of the first week of March.
- Extra rig accelerates present work program at Avoca, additional targets near-surface strike and depth projections of identified mineralization.
VANCOUVER, BC, Feb. 24, 2021 /PRNewswire/ – Leviathan Gold Ltd. (“Leviathan“, the “Firm”) (TSXV: LVX) is happy to announce that additional to its press launch of February 18, 2021 in respect to the initiation of drilling on the Avoca and Timor tasks (the “Initiatives“) within the Victorian goldfields, Australia, that drilling with a second diamond rig is to begin at Avoca in the course of the first week of March. This extra rig is to be deployed in acceleration of the present work program at Avoca, concentrating on near-surface strike and depth projections of identified mineralization. Of the lately introduced drilling program at Avoca, two holes – for a complete depth of 271m – have been accomplished on the Excelsior Reef, and a 3rd is at present concentrating on a depth of 200m. This drilling varieties a part of the better 30,000m program that Leviathan is implementing in regard to the Avoca and Timor tasks.
Leviathan Gold Chief Govt Officer, Luke Norman, remarked: “We’re excited to double our drilling capability at Avoca, thereby accelerating the tempo of our drill-led exploration applications, and demonstrating the tempo at which we intend to function. We’re furthermore happy to have been capable of obtain mobilization of an extra drill-rig inside two weeks of buying and selling, a mark of the convenience of operation in Victoria, and a essential achievement in mild of the variety of targets we have now earlier than us to discover. The deployment of a second drilling rig is a crucial step ahead within the success of Leviathan’s present thirty-thousand meter drilling program”.
Concerning the Avoca and Timor Initiatives
Background and Historical past
The Victorian goldfields are one of many world’s main gold provinces, with recorded historic manufacturing in extra of two,500 tonnes – or over 80 million ounces – of gold since their discovery in 18511. The Avoca and Timor tasks comprise 223 sq. kilometers of exploration tenements inside these goldfields, roughly 180 kilometers north west of the state capital of Melbourne. The Initiatives are well-served by trendy infrastructure, are simply accessible by way of paved roads, and fall lower than 100 kilometers from the regional cities of Bendigo and Ballarat, each long-established facilities of mining providers and experience.
The Initiatives are situated inside an space of the Victorian goldfields, the golden triangle, that’s residence to massive scale gold deposits with lengthy and really outstanding histories of manufacturing reminiscent of these at Ballarat, Bendigo and Castlemaine. Extra lately, main discoveries have additionally been made on the Fosterville Gold Mine close to Bendigo (operated by Kirkland Lake Gold), which boasts reserves of 1.70 million ounces at a mean grade of 23.1 g/t Au, together with 1.16 million ounces at a mean grade of 61.2 g/t Au2. Inside the space being explored by Leviathan Gold tons of of small historic gold mines are identified to have existed inside a 50 km radius of Avoca and Timor.
The Avoca and Timor tasks have been the topic of historic mining between the 1850’s and the early 1900’s, throughout which period operations focused so-called alluvial “deep lead” gold occurrences – buried auriferous river-bed deposits – in addition to main vein-hosted mineralization developed by way of shaft and underground stoping strategies Such operations reportedly producing 1.3 million ounces of gold within the Avoca and Timor venture areas alone. The mining, water elimination and ore processing strategies of the day have been rudimentary, such that solely remoted extraction of shallow, near-surface, seen, high-grade mineralization was potential, leading to solely very selective and discontinuous mining. Over fifty such gold occurrences are identified inside the Initiatives, and regardless of this prodigious endowment, no systematic exploration of the Initiatives has occurred. With solely restricted exploration work having been recorded since WW1, quite a few targets to check, and mineralization probably open to depth at most of those, a uncommon alternative exists for Leviathan to pursue a consolidated strategy within the exploration of near-surface mineralization utilizing trendy drilling, geochemical and geophysical methods.
Historic information are usually not historic useful resource estimates, however as a substitute are official Authorities information of gold manufacturing from particular person mines. Historic manufacturing information don’t carry a comparable confidence degree to a present Mineral Useful resource estimate reported in accordance with CIM requirements for useful resource estimation and shouldn’t be handled as such. Leviathan doesn’t deal with historic manufacturing information as indicators of a present mineral useful resource or mineral reserve. The knowledge regarding historic gold mines has not been independently verified by the Certified Particular person and such data will not be essentially indicative of mineralisation on the properties that it the topic of this Press Launch.
The Victorian goldfields are situated inside the Lachlan Fold Belt, a tectonic belt composed of volcanic, sedimentary rocks, and granitic intrusions extending in a single type or one other alongside the japanese seaboard of the Australian continent. The Stawell and Ballarat-Bendigo Zones (of Cambrian and Ordovician age, respectively) of the Lachlan Fold Belt within the space of Avoca and Timor usually encompass slates and indurated sandstones which have skilled regional higher greenschist facies metamorphism3. Underneath such situations the slates are seen to behave in a extra ductile method than the sandstones, which usually causes quartz veins to happen as lodes inside the slates and slate-like rocks, and as quartz stockworks or ladder veins inside fracture networks within the sandstones. Quite a few faults, and fault splays situated within the Avoca and Timor space – stretching for tens of kilometers, are related to gold mineralization, the place they seem to have served as essential conduits to the passage of mineralizing fluids. Silicate alteration happens proximal to the quartz veins, in a normal assemblage of biotite-muscovite-chlorite-calcite. Sulphide veins are generally of pyrite-pyrrhotite-arsenopyritic character; contemporaneous base metallic sulphide mineralization – together with chalcopyrite, galena and sphalerite – might happen in affiliation with quartz veins.
When taken collectively, this interaction of lithology, construction, ductility contrasts, alteration, and ore mineralogy function a key exploration concentrating on instruments at Avoca and Timor. The understanding of those parts as elementary constructing blocks within the definition of gold mineralization on the Initiatives is central to Leviathan’s exploration technique.
In a key illustration of the significance of construction, the fault-associated Leviathan structural hall at Timor – from which the Firm takes its identify – hosts quite a few historic workings developed on a collection of parallel quartz veins, these being the place the vast majority of historic workings on this specific a part of the Timor space are situated. Vital potential is believed to exist related to the assorted different veins and faults inside this hall to its north and in potential repetitions to its east.
Future Work Applications
There are over thirty historic gold workings inside the Avoca venture space4, all of which require further mapping, floor sampling and drill testing to evaluate their potential and on which the Firm intends to report on an ongoing foundation. The best precedence targets embody:
- Pyrenees Reefs: 16,199 tons mined for 16,602 ounces of gold to a depth of 130 meters at a mean recovered grade of 32 g/t Au, labored from 1860 to 1912; mineralized shoots per historic underground mine plans.
- Excelsior Reef: 13,200 tons mined for 9,260 ounces of gold to a depth of 100 meters at a mean recovered grade of twenty-two g/t Au, labored from 1909 to 1915; mineralized shoots per historic underground mine plans.
- Vale’s Reefs: 1,444 tons mined for 1,388 ounces of gold to a depth of 52 meters at a mean recovered grade of 29.4 g/t Au, labored from 1865 to 1883.
- Monte Christo Reefs: 2,795 tons mined for 937 ounces of gold to a depth of 30 meters at a mean recovered grade of 10.3 g/t Au, labored from 1872 to 1877.
The Timor venture lies instantly east of the Avoca venture and hosts quite a few hardrock and alluvial gold deposits as evidenced by the extent of historic workings, of which roughly twenty hardrock workings could be thought-about to have been important producers. The best precedence targets embody:
- Leviathan Group of Mines: 189,085 tons mined for 56,474 ounces of gold at a mean recovered grade of 9.14 g/t Au. The Leviathan structural hall hosts a number of parallel quartz veins with many of the manufacturing coming from one mine lively within the early 1900s. Vital potential is believed to lie inside the varied different veins and faults inside the hall to the north.
- Shaw’s Reef: 16,881 tons mined for 12,623 ounces of gold to a depth 130 meters at a mean recovered grade of twenty-two.9 g/t Au, labored from 1883 to 1891. Alongside strike of this fault zone, arsenopyrite and stibnite mineralization is recorded in affiliation with the gold mineralization indicating potential epizonal Fosterville-style gold mineralization.
The Leviathan Group of Mines and Shaw’s Reef each lie on separate massive regional north-south constructions traceable for tens of kilometers with hardrock workings over a lot of their size. Neither of those constructions have witnessed important drilling inside the tenement. These two mineralized constructions will likely be a near-term focus for exploration inside the Initiatives. Trendy core orientation methods, with the target of additional understanding the structural controls on mineralization, will likely be systematically utilized throughout this program.
3 Peters, P. (2016). ECR Minerals Plc., “Competent Particular person’s Report. Challenge Quantity AU9666” Retrieved from Snowden Mining Business Consultants Pty Ltd. https://snowdengroup.com/
4 State of Victoria Mining Surveyors and Registrar’s Quarterly Experiences from 1860 to 1891 and Annual Experiences issued thereafter. All of the manufacturing from these reefs occurred inside the Avoca licence.
Certified Particular person
The technical content material of this information launch has been reviewed, verified and accepted by Keith Whitehouse, AusIMM (CP), Exploration Supervisor of Leviathan Gold (Australia) Pty. Ltd., a professional particular person as outlined by NI 43-101.
On behalf of the Firm,
Luke Norman, Chief Govt Officer and Director
Neither the TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch. No securities regulatory authority has both approval or disapproved of the contents of this press launch.
This information launch doesn’t represent a proposal to promote or a solicitation of a proposal to purchase any of the securities in the US. The securities haven’t been and won’t be registered beneath the US Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities legal guidelines and is probably not supplied or bought inside the US except registered beneath the U.S. Securities Act and relevant state securities legal guidelines or an exemption from such registration is obtainable.
Info set forth on this information launch incorporates forward-looking statements which are based mostly on assumptions as of the date of this information launch, together with with respect to geological prospects of Leviathan’smineral tasks, deliberate exploration actions, success of exploration actions, the relevance of historic data, the timing of exploration actions, normal enterprise and financial situations; that relevant approvals are obtained; that certified staff, financing, permits, approvals, and gear are obtained in a well timed method; that market situations proceed; that contractual counterparties carry out their obligations as required; and that Leviathan is ready to find enough financing for beneficial ongoing operations. These statements replicate administration’s present estimates, beliefs, intentions and expectations. They aren’t ensures of future efficiency. Leviathan cautions that every one ahead wanting statements are inherently unsure and that precise efficiency could also be affected by many materials components, lots of that are past Leviathan’s management. Such components embody, amongst different issues: dangers and uncertainties relating as to if exploration actions will end in commercially viable portions of mineralized supplies; the opportunity of adjustments to venture parameters as plans proceed to be refined; the flexibility to execute deliberate exploration and future drilling applications;COVID-19; the flexibility to acquire certified staff, financing, permits, approvals, and gear in a well timed method or in any respect and on cheap phrases; adjustments within the commodity and securities markets; non-performance by contractual counterparties; and normal enterprise and financial situations. Accordingly, precise and future occasions, situations and outcomes might differ materially from the estimates, beliefs, intentions and expectations expressed or implied within the forward-looking data. Though Leviathan has tried to establish essential dangers and components that might trigger precise actions, occasions or outcomes to vary materially from these described in forward-looking statements, there could also be different components and dangers that trigger actions, occasions or outcomes to not be as anticipated, estimated or meant. Consequently, undue reliance shouldn’t be positioned on such forward-looking statements. As well as, all forward-looking statements on this press launch are given as of the date hereof. Leviathan disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not on account of new data, future occasions or in any other case, save and besides as could also be required by relevant securities legal guidelines. The forward-looking statements contained herein are expressly certified by this disclaimer.
SOURCE Leviathan Gold Ltd