Directional Drilling-Down Hole BHEM Designed To Target Deep High Grade Gold Mineralization At Standby Mine

 

VANCOUVER, BC - Mineral Mountain Resources Ltd. (MMV) reported drilling to date has defined a gold-bearing, quartz-flooded, hydrothermal chlorite-altered, arsenopyrite-pyrrhotite mineralized near-vertical shear zone in iron formation, approximately 30 m wide, striking 129 degrees Azimuth, in structurally thickened grunerite-siderite-chlorite-chert iron formation which comprises a tight isoclinal, steeply dipping closed anticlinal structure forming the eastern limb of the Standby Syncline and western limb of the Millsite Syncline. This regional-scale structure has been traced in the Company's Phase I drill program for over 400 meters to a depth of 500 meters and, and, according to MMV's database, it also continues for up to 1.5 kilometers down-plunge where Homestake Mining, between 1986-87 intersected high grade gold grading 10.29 g/t Au over 3.1 meters. In MMV's Phase 1 drill program, drill hole ST18-006 intersected 2.12 g/t Au over 20 meters, including 4.39 g/t Au over 2.5 m and 5.24 g/t Au over 1.5 m, 230m below surface. This drill hole is 50m down plunge of historical drill hole BLG-UG3 which graded 3.36 g/t Au over 24 meters. The ST18-006 intersection occurs within a 34m wide classic Homestake style quartz vein-hydrothermal chlorite breccia with quartz flooding, 3-15% coarse-grained arsenopyrite and 3-7% pyrrhotite. This gold zone is considered to be "Upper Tail" mineralization.

The recently completed drilling results to date, from the Phase 1 program, are respectable, compared to the first-phase results at the Homestake Mine, when it's geological team were exploring the 15-Ledge, or similarly with the first-phase exploration results from the North Homestake (Sheeptail Gulch) target to the northwest of the Homestake Mine. In the 15 Ledge Homestake Mine exploration program example, a systematic 36-hole drill program, in the late 1980's, tested the 15 Ledge underground target at Homestake, which at that time was not known to host a known gold ore ledge, from underground drill setups spaced initially several 100s of meters apart. The best results from this first phase was only 4.6 g/t Au over 1 meter, but many lower-level Au concentrations (0.10 g/t Au to 0.90 g/t Au), increased arsenopyrite and late-stage quartz veins with chlorite selvages were used to define vectors toward Au mineralization. Following the vectors, Homestake's second phase of drilling on closer-spaced 50m to 100m step-outs from the modest mineralization encountered in the first phase, resulted in the intersection of 25 g/t Au over 10m, considered the discovery hole for the approximately 1 million Au ounces 15-Ledge. In another comparison to the Standby Target, at Homestake, the surface expression of the 9.5 MOz ounce 9 Ledge has an upper tail that is expressed in a 30m x 15m area in a road cut, within which the majority of rock samples assay only 100's ppb Au to 1 g/t Au, with one higher-grade sample assaying 4.5 g/t Au.  Alteration, characterized by quartz veins with moderately to well-developed hydrothermal chlorite selvages and minor sulfide minerals, is locally well developed at the 9 Ledge upper tail position. Consistent ore grade mineralization (~8 g/t Au over 5-10m widths) in the 9 Ledge does not begin to develop until 1200m down plunge (800m vertical depth) on the 9 Ledge.

Drilling to date has demonstrated that there is a strong and persistent structural zone cutting significant thicknesses of prospective altered iron formation, and that within this zone there are nodes of relatively strong gold mineralization. Persistence is required to trace the system down-plunge to a Centroid-type gold ore ledge position. Additionally, there are a significant number of similar additional targets on the Standby-Bloody Gulch-Lookout Trend and other trends in the Rochford District on MMV claims, most of which have not been tested at depth, or have never even been drilled in some cases.

The Standby Target, comprising the Millsite Syncline and the subsidiary Standby Syncline along the northern portion of the Standby-Bloody Gulch-Lookout Trend, is of sufficient scale (multi-kilometer plunge length of structurally thickened iron formation) to host a major gold ore-bearing structure on the scale of the Homestake 9-Ledge. In February 2018, MMV began to explore the Standby Target (Phase 1) along only the initial 400 m of plunge with a 2,937 meter diamond drilling program, supported by borehole EM (BHEM) combined with surface TEM traverses to help define stratigraphic conductors comprising pyritic-pyrrhotitic-carbonaceous phyllites bounding the target iron formation, with very strong more localized conductors associated with remobilized pyrrhotite and enhanced graphite where these sulfidic-carbonaceous units are cut by late shear zones. There are localized BHEM conductive responses directly associated with highly sulfidic gold mineralization confirming this technology will be valuable on our deeper phase 2 drill program.

The Company has received the final results for the last hole in the Phase 1 program, ST18-009, which tracked stratigraphically above the gold bearing iron formation intersecting intensely folded phylitte in the Poverty Gulch Formation heavily mineralized with replacement pyrrhotite up to 25%! Anomalous gold was recorded over wide intervals.