Tectonic hits 6.03 g/t gold over 28.9 metres at Tibbs
Tectonic Metals Inc. [TECT-TSXV], a company that began trading on the TSX Venture Exchange this week, has released drilling results from its Tibbs Project, which is located in the Goodpaster Mining District of Alaska, about 35 km from Northern Star Resources Ltd.‘s [NST-ASX] Pogo gold mine.
“This is our first ever drill campaign, both as a company and at Tibbs, and we could not have asked for a better start,” said Tectonic President and CEO Tony Reda. “In just over two years, we moved into the forgotten Goodpaster District and quickly identified Tibbs as an exceptional exploration project that could be advanced cost-effectively and quickly to discovery.
Drilling highlights included 6.03 g/t gold over 28.95 metres, starting from a drill hole depth of approximately 18 metres, discovering the high-grade M1 Structure at the Michigan Zone, one of 21 gold targets presently known at Tibbs that have the potential for near-surface, high-grade lode gold mineralization.
The Michigan Zone consists of a newly interpreted, greater than one kilometre long, northeast-trending deformation zone defined by several mineralized structures, including the main M1 Structure, hosting the above noted 6.03 g/t gold over 28.95 metres.
The deformation zone is also defined by high-grade rock samples in excess of 900 g/t gold, a gold-arsenic anomaly soil geochemical signature and prominent lineaments bounding the deformation zone.
On Thursday, Tectonic shares were unchanged at 29 cents and currently trade in a 52-week range of 29 cents and 31 cents.
Tectonic is a mineral exploration company created and operated by officials who were previously involved with Kaminak Gold Corp., the company that raised $165 million to fund the acquisition, discovery and advancement of the Coffee Gold Project, a Yukon discovery that was sold to the company formerly known as Goldcorp Inc. (now Newmont Goldcorp Corp., [NGT-TSX, NEM-NYSE]) for $520 million in 2016.
Among the founding members is Eira Thomas, a Canadian geologist who is currently CEO of Lucara Diamond Corp. [LUC-TSX, LUCRF-OTC].
In 2019, Techtonic raised $5.8 million, went public, and executed three exploration programs and two drill programs on the Tibbs, Northway and Seventymile projects in Alaska.
Tectonic said the Tibbs Project boasts high-grade gold mineralization at surface, in trenches and in drilling, all in relatively close proximity to the Pogo Mine.
In 2019, Tectonic completed a 2,184-metre Rotary Air Blast (RAB) drilling campaign at Tibbs, testing nine priority targets, including those generated during the previous exploration seasons.
“This drill result of 6.03 g/t gold over 28.9 metres is one of the strongest drill results to come out of the Goodpaster Mining District in years,” said Reda. “Given the broad width, tenor and scale of the Tibbs Michigan Zone, we are excited to get back in the field and find more gold at not only Michigan but elsewhere on the property now that our knowledge and understanding of hos these zones/structures at Tibbs are related has increased,” he said.
Tectonic said it employed a GroundTruth Americas Inc. track-mounted RAB drill rig with the capacity to drill to a depth of 200 metres. RAB bedrock chip samples were collected at fixed 1.52-metre intervals down each drill hole.