SKRR Exploration Inc. Continues to Intersect Significant Gold Mineralization at the Olson Gold Project, Saskatchewan

SKRR Exploration Inc. (TSXV: SKRR; OTC: SKKRF; FSE: B04Q) (“SKRR” or the “Company“) hasreceived results from the 12 hole, 1674m (5,492′ feet) drill program recently completed on the Olson property (the “Property“). The Property area covers 5,038 ha located within the Trans Hudson Corridor 100 km east of La Ronge, Saskatchewan and 80km south of SSR Mining’s Seabee Gold Operation. Under the terms of the option agreement with Eagle Plains Resources Ltd. (“Eagle Plains“), SKRR may earn-in up to a 75% interest in the Property.

Sherman Dahl, Chief Executive Officer of SKRR comments:

“Our Olson drilling was ambitiously designed to test the size potential of the Olson gold system.  It was successful on all fronts.  The presence of consistent high grade gold mineralization identified at the Olson project confirms the overall potential of growing into a significant resource. The Olson Project continues to yield exceptionally consistent gold results as we drill to define mineralization in the area.”

The drill current program was designed to follow up results from a 2,981m  drill program completed on the property in fall 2020, where 13 of the 18 of the drillholes intersected significant gold mineralization including new discoveries at the previously undrilled Point, Jena and Michael’s Lake Zones, high grade mineralization in a step out hole at the historic Olson Zone showing and wide intercepts of near surface mineralization at the Siskin Zone (see news releases dated February 4, 2021 and March 25, 2021).

The current program continued to demonstrate the near surface large size potential of the Point Zone with significant widths of mineralization.  The Point Zone shows good continuity in width and often with narrow higher-grade intervals.  New drilling highlights include:

• OL21019:  50.24m @ 0.41 g/t Au (3.23m – 53.47m), including:
  • 6.25m @ 1.15 g/t Au (35.75m – 42.00m)
• OL21020: 39.5m @ 0.37 g/t Au (2.66m – 42.16m), including:
  • 12.61m @ 0.60 g/t Au (20.00m – 32.61m)
• OL21023: 7.04m @ 0.43g/t Au (36.46m – 43.50m), and
  • 9.02m @ 1.16 g/t Au (67.53m – 76.55m), including:
  • 4.55m @ 1.59 g/t Au (72.00m – 76.55m)

Drill results at the Olson Zone continue to show encouragement and demonstrate well developed thickness with higher grade intervals.  The Olson Zone is open in all directions.  Significant intersections include:

• OL21025: 13.1m @ 0.89 g/t Au (32.22m – 45.32m), and:
  • 8.41m @ 0.72 g/t Au (122.47m – 130.88m)
• OL21026: 11.04m @ 0.61 g/t Au (48.63m – 59.67m) and:
  • 29.44m @ 1.30 g/t Au (105.04m – 134.48m), including:
  • 10.21m @ 2.95 g/t Au (120.11m – 130.32m), including:
  • 5.54m @ 4.12 g/t Au (121.69m – 127.23m), including:
  • 0.78m @ 14.55 g/t Au (126.45m – 127.23m)

Other Winter Program Drilling Highlights:

• 9 of 12 holes completed intersected significant mineralization.
• New Gold Discovery: First hole completed at Ackbar Lake, drill hole OL21029, returned 0.75g/t over 8.12m, including 2.39g/t over 1.4m.
• Mineralized Core: 92 of the 717 core samples collected returned greater than 0.5 g/t Au, with 38 samples greater than 1 g/t Au.

Winter, 2021 Drill Results

SKRR completed 12 holes (1674m, 5,492′ feet) of diamond drilling that tested the Point (6 holes), Olson (4 holes), Michael’s Lake and Ackbar(1 hole each) Zones, all located in the central part of the Property. One hole was abandoned due to rapidly deteriorating ice conditions.

Analytical results ranged from trace values to broad low grade and narrow higher-grade intercepts, as summarized below.

Select Drill Results Table:

For full Olson Property maps and drill collar locations: click here

Drill holes OL21019 – 23, and OL21031 tested the shear-vein systems associated with the contact between granodiorite and meta-sediments at the Point showing, where 2020 drilling returned 39.80m of 1.09g/t Au including 1.53m of 13.80 g/t Au in DDH OL2004.

OL21019-21, 30m step back holes from OL20004, intercepted broad zones of gold mineralization that extend from granodiorite at surface across the contact with the metasediments. Hole OL21019 intercepted 0.41 g/t Au over 50.24m, including 1.15 g/t Au over 6.25m and 2.85 g/t Au over 1.54m. Hole OL21020 intercepted 0.37 g/t Au over 39.50m, including 0.6 g/t Au over 12.61m and 1.25 g/t Au over 2.10m. Hole OL21021 intercepted 0.42 g/t Au over 14.50m, including 3.17 g/t Au over 0.94m.

OL21022, a 50m step-out south along strike from holes OL21019-21 returned a best intercept of 3.02 g/t Au over 1.00m from 19.55-20.55m.

OL21023, a 50m step-out north along strike from holes OL21019-21 intercepted two zones of gold mineralization. The upper interval returned 0.43 g/t Au over 7.04m, including 2.29 g/t Au over 0.59m associated with arsenopyrite/pyrrhotite stringer veins within the Brownell Lake Pluton. Mineralization in the lower interval was associated with a granodiorite dyke, and returned 1.16 g/t Au over 9.02m, including 4.1 g/t Au over 1.26m.

OL21031, a 75m step-out north along strike from OL21023, returned 0.39g/t Au over 15.15m.

Drill holes OL21025 – 26, and OL21030 were drilled at the Olson Zone. Hole OL21025 was drilled as a 65m step-out to the west along strike from hole OL20017, which returned 9.64 g/t Au over 1.23m. It intercepted two significant zones of gold mineralization. The upper interval returned 0.89 g/t Au over 13.10m, including 3.67 g/t Au over 2.49m, associated with sericite alteration in metabasalt. The lower interval returned 0.72 g/t Au over 8.41m associated with up to 1% vein-hosted and disseminated arsenopyrite.

Hole OL21026 was drilled to infill a 150m gap in historic drilling at the Olson showing. The hole intercepted well developed quartz veining and silicification.  The hole returned 1.30 g/t Au over 29.44m, including 4.12 g/t Au over 5.54m and 14.55 g/t Au over 0.78m.

Hole OL21029, the first hole ever drilled at the Ackbar Lake Zone, was designed to test a large soil anomaly. It returned 0.75 g/t Au over 8.12m, including 2.39 g/t Au over 1.40m, with mineralization hosted in diorite with up to 1% vein-hosted and disseminated arsenopyrite.

Methodology and QA/QC

Geological and geotechnical logging and core sampling were completed at a facility on the Property. Assay intervals were based on visual identification of mineralization, presence and density of quartz veins and lithological boundaries. Terralogic Exploration geologists maintained chain of custody and sampling procedures reported in this news release according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.

Samples were sent for geochemical analysis with ALS Global, Vancouver, B.C. for the following analyses: 48 element four-acid ICP-MS (ME-MS61) and gold (Au) 30 g Fire Assay – AA finish (Au-AA23). Samples that returned over 1ppm Au by Au-AA23 were re-analysed using gold (Au) 30g Fire Assay – Gravimetric finish (Au-GRA21).  ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited analytical laboratory and is independent of SKRR and the qualified person (QP).

On receipt of final certificates of analysis, the QA/QC sample results were reviewed to ensure the order of samples were reported correctly, that the blanks ran clean, and that the results for each standard had minimal variance from its certified value. QA/QC for the Olson Drilling Program included certified reference material (“CRMs”) and blanks that were inserted into each sample batch in order to verify the analytical from the lab. The CRMs from all holes reported passed within 3 standard deviations and the blanks returned acceptable values. All of the lab internal standards and duplicates were within acceptable values.

SKRR detected no significant QA/QC issues during review of the data. SKRR is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Update on Leland Drill Program

SKRR also reports that it received complete results from the 9 hole, 1341m (4,400′ feet) 2021 winter drill program completed on the Leland property (the “Leland Property“), located 23 kilometers southwest of SSR Mining’s Seabee Gold Operation, also within the Trans Hudson Corridor. The inaugural drill program on the Leland Property drilling tested a 1 km strike length of a gold-mineralized shear system defined by surface rock grab and trenching results, soil geochemistry and detailed airborne (drone) magnetic survey data. All nine holes intersected either quartz veining or sulphide bearing shears and analytical results ranged from trace values to a high of 635ppb Au over 1.5m from 47.9 – 49.4m in LE21004.

Trenching at the Michelle-Irving and Simon areas has identified both steep conformable NW-trending veins and a second set of shallow north-dipping veins. Preliminary conclusions from the drilling suggest that gold distribution along the Irving-Simon trend likely has a strong ore-shoot control related to the intersection of these steep and shallow vein sets. Future drill plans will be designed to anticipate and intersect these shoots.

Under the terms of the option agreement with Taiga Gold Corp. (“Taiga“), SKRR may earn-in up to a 75% interest in the Leland Property.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol, a director of SKRR and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. McElroy verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.

About SKRR Exploration Inc.

SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan – one of the world’s highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits.  The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan.  SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.

ON BEHALF OF THE BOARD

Sherman Dahl

President & CEO
Tel: 250-558-8340

For further information contact:

Rich Matthews, Investor Relations

Integrous Communications
rmatthews@integcom.us
+1 6047577179

 

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.

Cautionary Statement Regarding Forward Looking Information

This news release contains “forward-looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the drilling on the Olson Property, the potential and expectations of the Olson Property and the Leland Property, additional exploration work on the Olson Property and the Leland Property, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, equipment failures, decrease in the price of gold and other metals, equipment failures, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.