VANCOUVER, British Columbia, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Mojave Gold Corp. (CSE: MOJ) (OTCBB: MOJGF) (“Mojave” or the “Company”) is pleased to announce assay results as shown in Table #1 from work completed in December and January on the project that focused on detailed geological mapping and chip sampling of mineralization of two important mineralized zones (Sonora Copper and Caracahui).
New Developments:
- The overall strike length of the structures and extent of associated mineralization are greater than originally anticipated.
- Mineralized structures have been mapped for over three kilometres, often reaching over 70 metres in width.
- In total, the now labelled Sonora Copper West Structure (SCWS) has been observed to extend more than 8.5 kilometres in cumulative length, often reaching over 70 metres in width.
- Mineralized vein breccias have been identified over several kilometres in length and are observed to obtain widths of several tens of metres.
Greg Bronson, CEO of Mojave states:
“We are very pleased with the results from our inaugural geological mapping and sampling program. In particular, the indication that most of the known mineralization may occur along the same structure is exciting as it demonstrates a large exploration target. Rock sampling also confirms significant gold concentrations occurring along the known strike length of the Sonora Copper West Structure”.
DETAILS AND OBSERVATIONS OF THE DECEMBER – JANUARY PROGRAM
Detailed mapping at 1:1,000 scale was completed over approximately 30 ha of the Sonora Cooper zone. The Sonora Cooper mineralized area contains large structures often reaching over 70 m in width, that were mapped in detail for over 500 m along strike.
Approximately 20 ha of the Caracahui mineralized zone were mapped at 1:1,000. Mojave geologists mapped breccia-vein structures and quartz veins averaging 1.5 m in width for more than 400 m along strike. Combined exposure length of the breccia-veins totals over 1,000 m.
The mineralization associated with the mapped structures is found in quartz veins and quartz barite breccia veins often displaying stockwork, ‘sponge’ and bladed textures. Gold mineralization is associated with limonite, jarosite, goethite, specularite and hematite. Also noted are common to abundant copper oxides, primarily chrysocolla.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Qualified Person and Quality Control/Quality Assurance
Greg Bronson, P.Geo., (EGBC 132000), a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), has supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Bronson is not independent of Mojave, as he is the CEO & President and holds incentive stock options.
Mr. Bronson has verified the data underlying the information disclosed herein, including sampling, analytical and test data underlying the information by reviewing the reports of Bureau Veritas Mineral Laboratories, the methodologies, results and all procedures undertaken for quality assurance and quality control were completed in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.
The work program at Sonora Gold was designed and supervised by Mr. Sergio Trelles Monge, Mojave Gold’s Exploration Manager, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All mineral resource sample shipments are sealed and shipped to Bureau Veritas Mineral Laboratories (“BVM”) in Hermosillo, Mexico, for preparation and assaying. BVM is independent of the Company. BVM’s quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Finally, representative blind duplicate samples are forwarded to BVM.
Bureau Veritas Mineral Laboratories, Hermosillo, has demonstrated compliance with ANS/ISO/IEC Standard 17025:2005, General requirements for the competence of testing and calibration laboratories, and has been accredited, since October 20, 2016. BVM is a state-of-the-art laboratory for metallic and industrial minerals filling a need for high quality, cost-effective, and timely technical services for the international mining industry.
MOJAVE GEOLOGISTS PLAN TO REVISIT UNDERGROUND WORKINGS
Mojave geologists are planning to revisit and conduct more detailed work on the underground historical workings on the Sonora Gold property. During the first round of sampling on the property, geologists mapped a significant sections of copper-gold mineralization in the underground adits. Geologists plan to further explore these historical adits and collect channel samples over observed mineralization in the adits.
MOJAVE INTENDS TO UNDERTAKE A NON-BROKERED PRIVATE PLACEMENT
Mojave Gold Corp. (“Mojave” or the “Company”) (TSXV: MOJ) is pleased to announce its intention to undertake a non-brokered private placement of up to 3,000,000 units of the Company (the “Units”) at a price of $0.50 per Unit (the “Offering”) for a total of CA $1.5 million.
Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price of $0.87 per Warrant Share for a period of 24 months from the date the financing is closed.
The proceeds of the Offering will be used to continue project development work in Mexico and for general corporate purposes.
On behalf of the Board of Directors
“Greg Bronson” President / CEO Mojave Gold Corp.
Forward Looking Statements
Certain of the statements made and information contained herein may contain forward- looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbour.