Vancouver, British Columbia--(Newsfile Corp. - September 24, 2024) - Sego Resources Inc. (TSXV: SGZ) ("Sego" or "the Company") is pleased to announce that it has received from SRK Consulting (Canada) Inc. ("SRK"), an Exploration Target Review on the South Gold Zone at its Miner Mountain Project including recommended additional infill drilling.
Figure 1: 3-D View of the Litho-structural and Mineralization Models of the South Gold Zone Source: SRK, 2024
DISCLOSURE WARNINGS IN RESPECT TO AN EXPL0RATION TARGET REVIEW
- An exploration target is not a NI 43-101 compliant resource or reserve.
- The South Gold Zone is confirmed only as a target for further exploration.
- Potential quantity and grades are conceptual in nature only.
- There has not been sufficient exploration to define any mineral resource.
- There is no certainty that further exploration will result in the target being delineated as a Mineral Resource.
- The assessment of the target for further exploration was completed by SRK Consulting ("SRK"), a consultant independent of the Company. The estimation of the potential quantity and grade of the exploration target was based on a drillhole database of 22 diamond core holes and 1,545 gold assay data. With the available drilling information, SRK developed conceptual gold mineralization volumes, constrained by interpreted lithological and structural models. The original core samples were composited, and the composited gold assays were capped after evaluating the statistical distributions on probability plots. The gold values were interpolated into a three-dimensional block model using Inverse Distance to a power of three. To estimate a tonnage, an average specific gravity of 2.7 was considered.
HIGHLIGHTS
- An estimated total of 5,000,000 to 8,000,000 tonnes of mineralization of between 0.5 to 0.7 grams per tonne of gold in the South Gold Zone.
- The South Gold Zone may contain 100,000 to 150,000 ounces of gold.
- The SRK Study also proposed drill hole locations to firstly provide infill drilling, secondly test structural features and thirdly potentially increase the size of the exploration target.
This study is an integrated litho-structural model of the South Gold Zone, which covers the conceptual target and a second conceptual target to the immediate north, with the aim of facilitating future targeting and drill hole planning.
Figure 2: 3D and Sectional (Inset) Views of the South Gold Zone Block Model Source: SRK, 2024
- Further drilling to test a copper-gold porphyry spatially related target immediately north of the South Gold Zone.
Qualified Person
The technical information in this news release, including the information that relates to geology, drilling and gold mineralization was prepared under the supervision of, or was reviewed by Souvik Banerjee, P.Geo, an independent Qualified Person as this term is defined in National Instrument 43-101.
OTHER MATTERS
The Board of Directors has granted directors, officers and consultants of the Company, 6,775,000 stock options exercisable at $0.08 until July 25, 2029. The options are subject to TSX Venture Exchange approval. The options will vest 25% on grant and 25% every 6 months thereafter.
ABOUT THE MINER MOUNTAIN PROJECT
Sego owns 100% of the Miner Mountain Project, an alkalic copper-gold porphyry exploration project located near Princeton, British Columbia. The property is 2,056 hectares in size and is 15 kilometres north of the Copper Mountain Mine operated by Hudbay Minerals Inc. Sego has a Memorandum of Understanding with the Upper Similkameen Indian Band on whose Traditional Territory the Miner Mountain Project is situated. Sego has received an Award of Excellence for its reclamation work at Miner Mountain.
For further information please contact: J. Paul Stevenson, CEO (604) 682-2933
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. No regulatory authority has approved or disapproved the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
