SKRR Exploration Inc. Intersects Significant Gold Mineralization at Olson Gold Project, Northern Saskatchewan

SKRR Exploration Inc. (TSXV: SKRR; OTC: SKKRF; FSE: B04Q) (“SKRR” or the “Company“) has received analytical results from the first five (5) holes of the 18 hole, 2,981m (9,778′ feet) drill program completed in Fall, 2020 on the Olson property (the “Olson Property“). The Olson 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 Olson Property.

Drill results from the previously untested Point and Jena zones show substantial widths of moderate to high grade gold mineralization, within multiple stacked intervals with significant near-surface mineralization intersected in two holes.

Highlights:

Point Zone

• DDH OL20004

o 39.80m @ 1.09 g/t Au (3.05m to 42.85m) including:
o 7.62m @ 3.44 g/t Au (15.75m to 23.37m) including:
o 1.53m @ 13.80 g/t Au (21.84m to 23.37m)

• DDHOL20005

o 31.04m @ 0.51 g/t Au (2.88m to 33.92m)

Jena Zone

• DDH 20002

o 1.53m @ 13.5 g/t Au (125.13m to 126.66m)
o 1.24m @ 1.14 g/t Au (76.2m to 77.44m)
o 1.21m @ 2.54 g/t Au (116.84m to 118.05m)

Sherman Dahl, Chief Executive Officer of SKRR comments:

These very good results show the high-grade potential of the gold system at our flagship Olson property in the Saskatchewan’s Trans Hudson Corridor. All other zones at the Olson project have encountered similar mineralization with assays pending. Follow-up drilling at the Olson property to follow.  The team at SKRR continues to work hard advancing its’ projects and has commenced drilling at the Leland gold property in the highly prospective Laonil Intrusive complex, which hosts SSR Mining’s Seabee gold deposit

2020 Drill Results

SKRR completed 18 holes, and 2,981m (9,778′ feet) of diamond drilling during the 2020 drill program which tested seven separate target areas including the Jena, Juba, Point, Tuscan, Siskin, Olson and Michael Zones.  Table 1 below summarizes mineralized results from the first five holes. Analytical results ranged from trace values to broad, high grade intercepts, as summarized below.

Table 1: Drill Assay Results

DDH OL20001, drilled under the Juba showing and coincident with an IP resistivity anomaly intersected 1.53m of 1.37g/t Au from 28.19 – 29.72m associated with a brecciated quartz vein.

DDH OL20002 was collared 400m south of OL20001 at the Jena area, targeting a 2020 soil and rock geochemical anomaly, coincident with an IP chargeability feature. A 1.53m intercept from 125.13 – 126.66m returned 13.5 g/t Au associated with sulphide bearing sheeted quartz veins. Intervals from 76.2m to 77.44m and 116.84m to 118.05m were associated with disseminated sulphide mineralization along intrusive contacts and returned 1.14 g/t Au and 2.54 g/t Au, respectively.

Drillholes OL20004 and OL20005 were collared from the same pad at the previously undrilled Point showing area. The holes tested a shear/vein system along a granodiorite contact defined by rock and soil geochemical anomalies coincident with a magnetic anomaly. DDH OL20004 (Az 280°/ Dip -45°) intercepted several significant intervals of mineralization. The near surface upper interval averaged 1.09 g/t Au over 39.80m from 3.05m to 42.85m including 3.44 g/t Au over 7.62m and 13.80 g/t Au over 1.53m. Mineralization is typically associated with arsenopyrite and pyrite with gold grade generally increasing near the contact between the sheared granodiorite and the surrounding metasedimentary schists. A lower intercept from 128.52m to 131.54m returned 3.13 g/t Au over 3.02m, including 5.32 g/t Au over 1.16m. This zone is associated with cm-scale quartz veins with disseminated sulphide mineralization in a schistose host.

DDH OL20005 (Az 220°/ Dip -50°) also intercepted a broad mineralized interval associated with arsenopyrite-bearing granodiorite and pelitic schists. 2.88m – 33.92 m returned 0.55 g/t Au over 31.04m. Within this zone an interval from 27.25 – 29.5 returned 2.19 g/t Au over 2.25m.

DDH OL20003 did not return any significant results.

Olson Project Summary

The Olson project is host to regionally sheared, highly strained meta-volcanic and adjacent intrusive rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling. Historical drilling at Olson Lake has intersected 7.5 m grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m, and grab samples of up to 105.52 g/t Au have been collected at the Kalix occurrence. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains/SKRR but are considered to be reliable and will form a basis for ongoing work.

Methodology and QA/QC

Geological and geotechnical logging and core sampling were completed at a facility on the Olson 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 to ALS Global, Vancouver 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 (“CRM’s”) and blanks that were inserted into each sample batch in order to verify the analytical from the lab. The CRM’s from the first five drill holes reported passed within 3.5 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.

Drill Collar Summary Table:

The four-week program was supervised by Jarrod Brown, P.Geo. of Terralogic Exploration Services of Cranbrook, B.C. and relied extensively on support services and personnel from the town of Deschambault Lake, SK for which SKRR expresses its gratitude.

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 the Company 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

For further information contact:

Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604-757-7179

 

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.

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 Leland property, receipt of further assays from the Olson 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, 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.