Sterling Metals drills 496 g/t AgEq over 0.25 metres at Sail Pond, Newfoundland
Sterling Metals Corp. [SAG-TSXV; SAGGF-OTCQB] completed an Orion three-dimensional geophysical survey and has released the balance of results from its 2022 drilling on the Sail Pond silver and base metal project in the Great Northern Peninsula of Newfoundland. Drilling results are from the regional exploration program focused on the north and central zones.
Orion survey: Four new exploration targets discovered; favorable geology mapped to depth of 2 km.
There is a strong anomaly beneath newly discovered Heimdall North Zone and SP-22-064; surveyed 1.5 km of the 14 km trend as a test before large-scale application.
Permits for summer drilling have been submitted with plans to test identified anomalies in coming months. An airborne survey is planned to scan entire property based on drill results.
2022 regional exploration results: Intercepted wide zones of brecciated dolostones showing variably developed polymetallic mineralization along approximately four km of strike.
Discovery of a new mineralized system at depth, the Central Ridge Zone, which has the potential to be another pearl along the approximately 12 km trend, marking the fourth area of mineralization discovered on the property in two years.
Sail Pond North revealed new pockets of mineralization, including the highest grade to date in the area at 18.55 metres downhole in SP-22-066 at 496 g/t AgEq (silver equivalent) over 0.25 metres (259 g/t Ag, 1.44% Cu, 0.27% Pb, 0.26% Zn, 0.39% Sb).
Intervals intersected at Sail Pond North appear to be the upper portions of a larger mineralized system, exhibiting similar host geology and mineralization to the top of the Heimdall Zone.
Better understanding of the orientation of the structures will provide better targeting in future drill programs.
Jeremy Niemi, senior vice-president of exploration and evaluation, stated: “During our 2022 drilling campaign at Sail Pond, the discovery of new zones of high-grade silver-copper mineralization was a cause for great satisfaction among our team. Close examination of the core revealed that our drilling may have intersected the edges of a more extensive mineralization system. This encouraged our team to deploy the best-in-class high resolution 3D geophysical survey to guide our next exploration steps towards potentially larger zones. It is fantastic that four new targets have emerged where we would expect to see larger bodies of mineralization. The targets fit very well with our regional geological interpretation; we eagerly anticipate the opportunity to drill them in the coming months. This is a very exciting time for the Sail Pond Project and the Sterling Metals team.”
The deep-looking Orion survey uncovered several new IP anomalies and successfully mapped the favorable anticline geology of the host dolostone unit to two km depth. Cross-cutting north-east trending structures, potentially mineral-bearing, were also identified. In total 1.5 km of the 14 km trend at Sail Pond was surveyed as a test before covering larger sections of the property. The results of this survey have isolated four new exploration targets, including a strong IP anomaly coincident with a resistivity high discovered beneath the new Heimdall North Zone and SP-22-064.
Mathew Wilson, CEO, stated: “Typically, numerous mining cycles and efforts from many companies working on a new discovery are required to reach the stage that has been achieved at Sail Pond. It is with great excitement that we anticipate to drill these highly encouraging anomalies which exist below the 1km footprint of Heimdall and Heimdall North. With nearly $8 million in the bank, the start of the Sail Pond drill program marks the initial phase of shareholder value creation, as we intend to undertake drilling activities at both Sail Pond and Adeline this summer.”
Sterling granted an aggregate of 6,280,000 options to purchase common shares of the company exercisable at a price of $0.15 per common share for two years to directors, officers, and consultants of the company. The common shares issuable upon exercise of the options are subject to a four-month hold period.
Sterling Metals is currently advancing its 100%-owned Sail Pond Project located in the Great Northern Peninsula of Newfoundland and recently acquired the Adeline Project in Labrador. The 13,500 ha Sail Pond Project is a brand-new discovery, first discovered in 2016 with no drilling prior and consists of high grade, silver, copper, lead and zinc associated with quartz-carbonate veining, brecciated dolostone, and 100% sulfosalt veining. The 29,700 ha Adeline Project is a mid-stage exploration project covering an entire sediment-hosted copper belt, with demonstrated potential for important new copper discoveries with significant silver credits. Both projects are easily accessible by road with nearby services and a 30-minute flight from one another.