Sunvest core assays return high grade gold values at B.C. project

Sunvest Minerals Corp. [SSS-TSXV, OTC-SRKZF] said Thursday February 8 that it has received additional assay results from sampling of historic drill core from its Clone Project located near Stewart in the Golden Triangle region of northwestern British Columbia.

The company said core assays returned 30.3 g/t gold over 4 metres and confirm the existence of multiple zones at the Clone property, which covers 4,621 hectares and lies 16 km southwest of IDM Mining Ltd.‘s [IDM-TSXV, IDMMF-OTCQB] development stage Red Mountain gold project.

High-grade gold and gold-cobalt mineralization was discovered by prospectors in 1995 within a series of shears exposed over a strike length of 500 metres and a vertical range of 130 metres. Trenching of the shears returned values ranging up to 3.59 oz/ton gold over 5.5 metres. Significant cobalt values were also found to accompany gold in the southeast portion of the zone.

Since 1995, almost $6 million has been spent exploring a series of occurrences lying along a two-km package of volcanic and sedimentary rocks.

On Thursday, Sunvest said drill core from 1995 was re-sampled by quartering the core with a rock saw. In total, 47 samples were submitted to ACT Labs along with eight control samples to validate the previous assays and improve the Clone mineralization.

Results of this program confirmed the existence of three distinct mineralized zones in holes CL95-4 and CL95-11, assisting in future drill planning of multiple zones for resource definition drilling.

“Much of the early drilling on Clone (circa 1990s) assayed only for precious and base metals,” the company said. The recent resampling program was analyzed for 39 elements and is being reviewed for distinct specific metal associations that can be applied to the numerous exploration targets on the Clone property, and to zonations within the H and S zones.

“Assays received have a high correlation with the historically reported results, increasing the confidence in the accuracy and validity of the historic data base,” Sunvest added.

The company is currently investigating airborne geophysical applications that can be flown in the first quarter to assist with planning for the exploration targets and drill hole locations for the summer 2018 program.

“We are excited to have confirmed the validity and reliability of the previous assays done on the Clone property and are preparing for a summer drill program in 2018,” said Sunvest CEO Mike England.

Sunvest recently signed a definitive agreement with an arms-length vendor to acquire a 100% interest in the Parrott Lake Property in north central British Columbia.

Parrott Lake is contiguous and flanks the north and west areas of the Silver Queen Property, owned by New Nadina Explorations Ltd. [NNA-TSXV].

The Silver Queen property is located on the all season maintained road to the Huckleberry mine at Owen Lake, 43 kilometres south of Houston, British Columbia.

Sunvest recently launched a drilling program at its flagship McKinnon-Hawkins Project, located northeast of the Hemlo, Ontario gold camp, and has an existing resource of 239,100 ounces of gold, which includes material located in the former Shenango Gold Mine.

Sunvest shares eased 4% or $0.005 to 12 cents on Thursday. The 52-week range is 15 cents and 8 cents.