TIDMPERE
RNS Number : 2874O
Pembridge Resources plc
08 February 2021
8 February 2021
Pembridge receives drilling results from the Minto Mine's drill
programme
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") has recently received drill results
from the Minto Explorations Ltd. ("Minto") mine's 2019 - 2020
definition and step-out drilling campaign. Drilling was conducted
on the Minto North II, Copper Keel South, Copper Keel West, and
Copper Keel North areas.
Highlights
-- Step out and resource definition drilling to increase mine life
-- Minto North II drilling includes:
o Hole 20MIN1096 - 38.90M @ 1.66% Cu, 0.51g/t Au
o Hole 20MIN1097 - 29.48M @1.47% Cu, 0.69g/t Au
o Hole 20MIN1098 - 36.90M @ 2.40% Cu, 0.72g/t Au
o Hole20MIN1112 - 56.67M @ 1.11% Cu, 0.18g/t Au
-- Copper Keel South drilling includes:
o Hole 20MIN1080 - 15.75M @ 1.44% Cu, 0.35 g/t Au
o Hole 20MIN1086 - 17.20M @ 2.94% Cu,1.34 g/t Au
-- Copper Keel West drilling includes:
o Hole 20UG110 - 21.64M @ 1.16% Cu, 0.64g/t Au
o Hole 20UG118 - 42.13M @ 2.55% Cu, 1.10g/t Au
-- Copper Keel North
o Hole 20MIN1063 - 8.51M @ 3.13% Cu, 0.87g/t Au
-- PEA to be released in Q2
-- Further drill programme planned for 2021
[This announcement is reproduced in full with maps and diagrams
in the following link]
http://www.rns-pdf.londonstockexchange.com/rns/2874O_1-2021-2-8.pdf
The interpretation of the results from the 2019-2020 drill
programme strengthens the Company's vision to extend mine life and
demonstrate the continuity of underground ore deposits. Minto is
now working on a National Instrument 43-101 Preliminary Economic
Assessment Report (PEA), which will incorporate the results from
the 2019 - 2020 drilling campaign. The report is expected to be
released in Q2 2021. Minto is planning an exploration drill
programme for 2021 with the objective of further expanding
resources and advancing numerous high-priority near-mine and
regional targets in the Minto Copper Belt.
Minto North II
The Minto North II deposit is located southeast from the Minto
North open pit. The Minto North ore body is the highest-grade
deposit on the property and was mined out by open-pit in 2016,
which made the Minto North II drill target a high-priority. The
main purpose of the drill programme was to confirm the location of
the ore body and its extent as there were only 10 historic drill
holes drilled prior to the 2020 programme. The 2020 drill programme
was completed on 25m to 30m drill spacing totalling 5,609 meters
with 31 drill holes with NQ diameter.
The phase I drill programme focused on the central portion of
the ore body. Results of the phase I programme indicated that the
Minto North II ore body is a flat-lying, shallow lens that lies
about 175 metres below surface and approximately 90 metres to the
east from the Minto North ore body. Due to the successful results
of the phase I programme, the second phase was targeting the
extension and definition of the ore body to the south and to the
east based on information obtained from a high-resolution MAG(TM)
drone survey in combination with a 3D inverted Titan 24 DC-IP
geophysical survey. The phase II drilling results indicate that the
Minto North II ore body extends to the south and is cut off by a
major NNW-trending fault to the east.
Minto North II Drill Highlights
Hole ID From To Width(*1) Cu % Au g/t Ag g/t
20MIN1096 112.25 151.15 38.90 1.66 0.51 5.01
------- ------- ---------- ------ ------- -------
incl. 120.25 122.25 2.00 4.01 1.45 13.30
------- ------- ---------- ------ ------- -------
20MIN1097 117.47 146.95 29.48 1.47 0.69 4.63
------- ------- ---------- ------ ------- -------
incl. 130.91 133.91 3.00 3.05 0.85 8.10
------- ------- ---------- ------ ------- -------
20MIN1098 109.80 146.70 36.90 2.40 0.72 7.00
------- ------- ---------- ------ ------- -------
incl. 109.80 113.80 4.00 3.99 1.45 14.05
------- ------- ---------- ------ ------- -------
incl. 131.80 132.80 1.00 10.25 3.00 25.80
------- ------- ---------- ------ ------- -------
20MIN1099 113.52 142.93 29.41 2.07 0.65 5.71
------- ------- ---------- ------ ------- -------
incl. 126.52 129.52 3.00 4.75 1.70 10.33
------- ------- ---------- ------ ------- -------
20MIN1100 120.00 134.30 14.30 2.05 0.41 5.89
------- ------- ---------- ------ ------- -------
incl. 128.60 129.60 1.00 8.19 0.99 15.70
------- ------- ---------- ------ ------- -------
20MIN1101 107.83 146.41 38.58 1.44 0.33 4.30
------- ------- ---------- ------ ------- -------
incl. 126.52 127.11 0.59 6.21 0.60 9.60
------- ------- ---------- ------ ------- -------
20MIN1102 109.00 145.32 36.32 1.00 0.21 2.72
------- ------- ---------- ------ ------- -------
20MIN1104 114.25 139.40 25.15 1.28 0.24 4.15
------- ------- ---------- ------ ------- -------
incl. 131.25 134.25 3.00 3.59 0.56 11.70
------- ------- ---------- ------ ------- -------
20MIN1105 122.75 135.55 12.80 1.21 0.33 3.61
------- ------- ---------- ------ ------- -------
incl. 123.75 124.75 1.00 3.40 0.73 7.70
------- ------- ---------- ------ ------- -------
20MIN1108 109.68 142.70 33.02 1.67 0.66 6.04
------- ------- ---------- ------ ------- -------
incl. 134.21 135.21 1.00 4.92 1.50 16.20
------- ------- ---------- ------ ------- -------
20MIN1112 86.13 142.80 56.67 1.11 0.18 2.80
------- ------- ---------- ------ ------- -------
incl. 141.30 142.30 1.00 4.75 0.74 6.60
------- ------- ---------- ------ ------- -------
20MIN1113 110.77 135.14 24.37 1.03 0.14 2.53
------- ------- ---------- ------ ------- -------
incl. 113.70 114.70 1.00 5.17 0.41 10.20
------- ------- ---------- ------ ------- -------
Assay results are pending for holes 20MIN1119, 20MIN1120,
20MIN1121 and 20MIN1124.
*(1) Represents true width.
Copper Keel South
The Copper Keel South lens is located southwest from the Copper
Keel Main mining area. The Copper Keel South deposit was drilled to
test its extension towards the southwest due to its proximity to
the Copper Keel Main lens, which accounts for most of the current
production stopes at the mine. Surface drilling consisted of 15
drill holes in NQ diameter, totaling 3,816 metres.
The 2020 drill programme confirmed that the Copper Keel South
deposit is a northwest trending ore body that consists of multiple
stacked lenses. The largest and upper most lens gently dips towards
the east and extends back to the Copper Keel Main mining area,
therefore it likely represents the upward western continuation of
the Copper Keel Main ore body.
Copper Keel South Drill Highlights
Hole ID From To Width(*2) Cu % Au g/t Ag g/t
20MIN1079 160.45 170.00 9.55 1.81 0.59 5.43
------- ------- ---------- ----- ------- -------
and 226.00 232.00 6.00 2.29 1.37 8.42
------- ------- ---------- ----- ------- -------
20MIN1080 128.00 143.75 15.75 1.44 0.35 2.69
------- ------- ---------- ----- ------- -------
incl. 140.00 142.00 2.00 2.63 0.77 3.65
------- ------- ---------- ----- ------- -------
20MIN1082 183.50 189.50 6.00 2.63 0.77 7.23
------- ------- ---------- ----- ------- -------
and 236.00 239.25 3.25 3.07 1.77 9.00
------- ------- ---------- ----- ------- -------
20MIN1083 159.70 163.40 3.70 2.08 0.92 6.35
------- ------- ---------- ----- ------- -------
and 217.00 225.50 8.50 2.14 1.46 9.79
------- ------- ---------- ----- ------- -------
incl. 218.00 219.00 1.00 7.47 6.84 34.00
------- ------- ---------- ----- ------- -------
20MIN1086 192.00 209.20 17.20 2.94 1.34 9.66
------- ------- ---------- ----- ------- -------
incl. 192.00 194.00 2.00 4.60 1.36 5.00
------- ------- ---------- ----- ------- -------
incl. 202.00 204.00 2.00 5.31 1.82 23.05
------- ------- ---------- ----- ------- -------
20MIN1087 188.60 207.10 18.50 1.70 0.70 5.30
------- ------- ---------- ----- ------- -------
incl. 200.85 201.83 1.00 4.54 2.17 18.80
------- ------- ---------- ----- ------- -------
20MIN1092 180.35 200.84 19.49 1.50 0.62 7.00
------- ------- ---------- ----- ------- -------
incl. 185.35 186.35 1.00 6.70 2.40 46.30
------- ------- ---------- ----- ------- -------
20MIN1093 189.80 208.90 19.10 1.72 0.85 8.58
------- ------- ---------- ----- ------- -------
incl. 189.80 191.80 2.00 4.97 2.05 24.90
------- ------- ---------- ----- ------- -------
*(2) Represents true width except holes 20MIN1092 and
20MIN1093.
Copper Keel West
The Copper Keel West lens lies west of the Copper Keel Main
production area. A total of 5 NQ drill holes, totaling 2,211 metres
were drilled targeting gaps of coverage in the ore lens. Five drill
holes with a total of 2,211 metres were drilled. Due to difficult
ground conditions and overburden this surface programme was
shortened and substituted with an underground drilling programme
which consisted of 2,618 metres and 12 diamond drill holes with NQ
diameter to fill the gaps of coverage caused by the difficult
drilling conditions on surface. An additional 2 condemnation drill
holes (156m) were also completed from underground.
Copper Keel West Drill Highlights
Surface
Hole ID From To Width(*3) Cu % Au g/t Ag g/t
20MIN1068 138.90 147.90 9.00 0.95 0.27 2.52
------- ------- ---------- ----- ------- -------
incl. 138.90 139.90 1.00 1.62 0.60 4.90
------- ------- ---------- ----- ------- -------
20MIN1069 123.85 128.85 5.00 1.65 0.24 1.76
------- ------- ---------- ----- ------- -------
incl. 123.85 124.85 1.00 2.50 0.41 2.70
------- ------- ---------- ----- ------- -------
20MIN1070 223.25 229.75 6.50 2.09 1.06 8.46
------- ------- ---------- ----- ------- -------
incl. 225.25 226.25 1.00 2.49 1.65 9.70
------- ------- ---------- ----- ------- -------
Copper Keel West Drill Highlights
Underground
Hole ID From To Width*(4) Cu % Au g/t Ag g/t
20UG110 98.73 120.37 21.64 1.16 0.64 5.06
------- ------- ---------- ----- ------- -------
incl. 105.70 106.70 1.00 3.04 1.55 14.90
------- ------- ---------- ----- ------- -------
and 172.65 179.64 6.99 3.83 1.34 14.37
------- ------- ---------- ----- ------- -------
incl. 177.65 178.65 1.00 4.44 1.11 19.30
------- ------- ---------- ----- ------- -------
20UG111 84.00 103.00 19.00 1.47 0.82 8.29
------- ------- ---------- ----- ------- -------
incl. 88.00 89.00 1.00 4.23 2.46 24.10
------- ------- ---------- ----- ------- -------
20UG114 103.15 122.00 18.85 2.40 0.96 9.99
------- ------- ---------- ----- ------- -------
incl. 110.15 112.15 2.00 4.82 1.26 18.85
------- ------- ---------- ----- ------- -------
and 226.00 251.00 25.00 1.64 1.62 9.78
------- ------- ---------- ----- ------- -------
20UG115 217.60 228.85 11.25 2.00 0.80 9.58
------- ------- ---------- ----- ------- -------
incl. 217.60 218.60 1.00 6.92 3.04 37.00
------- ------- ---------- ----- ------- -------
20UG116 86.35 103.25 16.90 1.50 0.99 5.56
------- ------- ---------- ----- ------- -------
20UG118 100.20 142.33 42.13 2.55 1.10 8.84
------- ------- ---------- ----- ------- -------
incl. 100.20 103.04 2.84 4.79 2.62 17.50
------- ------- ---------- ----- ------- -------
20UG119 63.81 85.15 21.34 1.68 0.80 6.12
------- ------- ---------- ----- ------- -------
incl. 77.46 78.46 1.00 4.01 1.60 17.50
------- ------- ---------- ----- ------- -------
20UG120 55.46 67.56 12.10 2.68 1.21 17.60
------- ------- ---------- ----- ------- -------
incl. 56.50 57.50 1.00 9.35 3.52 81.60
------- ------- ---------- ----- ------- -------
*(3,4) Not corrected to true widths.
Copper Keel North
The Copper Keel North deposit is located north of the Copper
Keel Main mining area. A total of 11 drill holes, 4,848 metres of
surface drilling was conducted on the Copper Keel North area with
the aim to define and expand the lens towards the north. Due to the
promising results of the surface programme, the focus of the
underground drilling was to test the extension of the deposit to
the north and to infill the gaps in the central portion of the
lens. The programme consisted of 6 NQ drill holes, totalling 1,161
metres.
While the underground assays are currently pending and will be
communicated in a future news release, the results of the surface
programme indicate that the Copper Keel North deposit lies to the
north approximately 100 to 150 metres below the Copper Keel Main
area. The Copper Keel North deposit is open to the north where we
have a highly prospective area that coincides with the right
geophysical anomalies and will be tested during the 2021 drill
programme.
Copper Keel North Drill Highlights
Surface
Hole ID From To Width(*5) Cu % Au g/t Ag g/t
20MIN1063 394.57 403.08 8.51 3.13 0.87 10.62
------- ------- ---------- ----- ------- -------
incl. 394.57 399.57 5.00 4.01 0.76 12.20
------- ------- ---------- ----- ------- -------
20MIN1064 363.17 372.05 8.88 2.07 1.03 7.98
------- ------- ---------- ----- ------- -------
incl. 369.05 370.05 1.00 4.09 1.76 19.10
------- ------- ---------- ----- ------- -------
20MIN1065 397.40 404.40 7.00 3.77 3.15 16.64
------- ------- ---------- ----- ------- -------
incl. 397.40 399.40 2.00 5.05 5.02 22.40
------- ------- ---------- ----- ------- -------
20MIN1072 345.30 349.65 4.35 2.24 1.56 11.60
------- ------- ---------- ----- ------- -------
incl. 345.30 346.30 1.00 4.26 2.38 21.90
------- ------- ---------- ----- ------- -------
*(5) Not corrected to true widths.
Assays from the Copper Keel North underground drill programme
are currently pending.
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board said:
"The extensive drilling programme was carried out during a
difficult period with significant limitations due to the Covid 19
pandemic. The Minto team have done an excellent job to complete the
2019/20 drilling programme on budget and with a limited delay that
was mainly due to the challenges of getting core samples to
laboratories for testing and assay production. I am grateful to the
Minto team and in particular to the geologists for executing this
task efficiently. The initial results, that Minto is continuing to
process, and I trust will enable them to produce a PEA by Q2
encourage me to believe that the Minto project has significant
potential for mine life extension and value creation. I am looking
forward to reviewing the PEA, which should show the true value of
Minto."
Qualified Person and Disclosure Statement
The technical information contained in this news release has
been verified and approved by Nikolett Kovacs, MSc., P.Geo. Ms.
Kovacs is a Professional Geoscientist with APEGBC and PEGNL and a
Qualified Person as defined by National Instrument 43-101,
Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators. Ms. Kovacs is the Exploration Manager at
Minto Explorations Ltd.
Minto Explorations Ltd. maintains a quality assurance/quality
control (QA/QC) programme at Minto that follows industry best
practices and is consistent with QA/QC protocols used by each
exploration and development projects. All samples were packaged and
sealed at the Minto mine site and submitted to ALS and SGS
Whitehorse for sample preparation. Sample pulps were then sent to
ALS and SGS, Canada for geochemical analysis for a 34 multi-element
geochemical suite by aqua regia digestion and Inductively-Coupled
Mass Spectrometry (ICP-OES) and for gold by fire assay of a 30-gram
charge with an Atomic Absorption finish (AAS). Samples with gold
values over 0.5 g/t are re-assayed by fire assay with gravimetric
finish. Specific gravity is completed on all pulp samples by the
labs. Control samples (certified standards, blanks, and duplicate
samples) were inserted on a regular basis. Results were monitored
upon receipt of assays by using QA/QCR Assay Quality Control Data
Management Software integrated with Datashed Data Management
Program both by Maxgeo.
Cautionary Statement
This News Release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company, or management, expects a stated condition
or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's intentions
regarding its objectives, goals or future plans and statements.
Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to,
the Company's ability to predict or counteract the potential impact
of COVID-19 coronavirus on factors relevant to the Company's
business, failure to identify additional mineral resources, failure
to convert estimated mineral resources to reserves with more
advanced studies, the inability to eventually complete a
feasibility study which could support a production decision, the
preliminary nature of metallurgical test results may not be
representative of the deposit as a whole, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital, operating and reclamation costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company's public documents. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
ENDS
NOTES TO EDITORS
About Pembridge Resources plc
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Explorations Ltd, a British
Columbia incorporated business operating the Minto mine in Yukon,
Canada.
About Minto Explorations Limited
Minto operates the underground copper-gold-silver mine located
in central Yukon, approximately 240 kilometres north of the capital
Whitehorse along the Klondike Highway. In excess of US$350 million
of capital expenditure has been invested into Minto operations
since site construction began in 2006. The Minto mine was in
continuous production between 2007 and 2018, when the mine was
placed onto temporary care and maintenance. Pembridge acquired
Minto from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0)20 7917 2968
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Brandon Hill Capital - United Kingdom: +44 (0)20 3463 5016
Jonathan Evans
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END
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