The Hat Porphyry project is located in the prolific “Golden Triangle” of the Stikine mining district of northwestern British Columbia, Canada, and is in a territory that hosts several large base and precious metal deposits. In addition to copper and gold, the Hat Deposit contains several critical metals, including Cobalt, and Scandium.
Mr. Farshad Shirvani, President and CEO, comments that “The 2023 program of drilling comprised almost 11,000 metres of drilling that explored and extended the Lisle deposit to west, south and southwest, enabled new interpretation of the deposit orientation and model, and revealed a new gold-silver-cobalt-rich area. Several previously unconnected mineral zones were joined and over-all dimensions were increased. A 4 meter section of hole H067 returned a remarkable 6.94% copper and 8.29 g/t gold (11.27% Cu Eq[-Sc] “Cu Eq calculated excluding Sc content”). Data for the Maiden Resource Estimate (MRE) were compiled and forwarded to an outside, arm’s length, consultant. When completed the MRE will be published and mark a very material progression in our development of the Hat deposit”.
South Lisle Zone:
Drill holes H067 and H068 returned strong Copper and Gold mineralization consistent with that reported from hole H034 and confirmed the apparent trend of mineralization to deeper and higher concentrations in the Lisle South area.
Drill hole H067:
Hole H067 intersected significant Gold and Copper mineralization over its entire length from 9 meters depth (see Table 1):
- 537.8 meters of 0.24g/t Au plus 0.17% Cu (0.34% Cu Eq[-Sc])
- Including: 210.4 meters of 0.47g/t Au plus 0.47% Cu (0.64% Cu Eq[-Sc])
- Including: 113.3 meters of 0.75g/t Au plus 0.52% Cu (1.01% Cu Eq[-Sc])
- Including: 48.0 meters of 1.60g/t Au plus 1.03% Cu (2.01% Cu Eq[-Sc])
- Including: 25.0 meters of 3.03g/t Au plus 1.95% Cu (3.77% Cu Eq[-Sc])
Drill hole H068:
Hole H068 intersected mineralization from near surface to total 618 meters, including stronger values at depth
- 103.0 meters of 0.20g/t Au plus 0.38% Cu (0.48% Cu Eq[-Sc])
- Including: 67.0 meters of 0.27g/t Au plus 0.49% Cu (0.63% Cu Eq[-Sc])
Table 1: Significant South Lisle Zone Hole H067 and H068 assay intercepts
| DDH | From (m) |
To (m) |
Length (m) | Ag (g/t) |
Au (g/t) |
Co (g/t) |
Cu (%) |
Sc (g/t) |
Cu Eq (%) incl Sc2O3 |
| H067 | 9 | 546.8 | 537.8 | 0.27 | 0.24 | 102.0 | 0.17 | 31.8 | 1.10 |
| Inc. | 9.0 | 366.0 | 357.0 | 0.33 | 0.33 | 128.5 | 0.21 | 30.7 | 1.18 |
| Inc. | 93.7 | 304.0 | 210.4 | 0.48 | 0.47 | 170.0 | 0.32 | 30.3 | 1.37 |
| Inc. | 110.0 | 339.0 | 229.0 | 0.45 | 0.48 | 176.5 | 0.31 | 29.6 | 1.35 |
| Inc. | 196.0 | 309.3 | 113.3 | 0.54 | 0.75 | 235.0 | 0.52 | 26.7 | 1.65 |
| Or | 267.0 | 315.0 | 48.0 | 0.76 | 1.60 | 337.5 | 1.03 | 23.5 | 2.57 |
| Inc. | 279.0 | 304.0 | 25.0 | 1.41 | 3.03 | 571.3 | 1.95 | 19.6 | 4.24 |
| Inc. | 298.0 | 302.0 | 4.0 | 3.61 | 8.29 | 714.1 | 6.94 | 16.0 | 11.65 |
| H068 | 21.0 | 618.0 | 597.0 | 0.24 | 0.10 | 75.1 | 0.12 | 34.4 | 1.01 |
| Inc. | 198.0 | 362.5 | 164.5 | 0.18 | 0.14 | 102.9 | 0.09 | 31.6 | 0.97 |
| Inc. | 202.0 | 229.0 | 27.0 | 0.47 | 0.40 | 278.8 | 0.25 | 28.3 | 1.26 |
| And | 488.0 | 591.0 | 103.0 | 0.71 | 0.20 | 84.6 | 0.38 | 35.3 | 1.33 |
| Inc. | 504.0 | 571.0 | 67.0 | 0.95 | 0.27 | 102.9 | 0.49 | 32.3 | 1.41 |
| Notes: – Metal equivalents should not be relied upon for future evaluations. – Drill hole intercepts included in this news release are core lengths that may or may not be true widths of mineralization. It is not possible to determine true widths. **Copper Equivalent [ Cu Eq (%) incl Sc2O3 ] is estimated using the following metal values and equations: – *CuEq(%) =(Ag(g/t) x Price_Ag x Rec_Ag/31.1035 + Au(g/t) x Price_Au x Rec_Au/31.1035 + Co(%) x Price_Co x Rec_Co x 22.0462 + Cu(%)x Price_Cu x Rec_Cu x 22.0462 + Sc(g/t) x Price_Sc x Rec_Sc x Sc_con) / (Price_Cu x 22.0462) – Price_Ag = $22.20/troy oz, Price_Au=$1,812.14/ troy oz, Price_Co = $23.30/lb, Price_Cu = $3.84/lb, Price_Sc = $1.5/g – Rec_Ag = 68% , Rec_Au = 89% , Rec_Co = 78%, Rec_Cu = 84% , Rec_Sc = 88% |
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Main Lisle Zone:
Drill holes H069 and H070 explored near-surface mineralization and filled a gap between the hole H022-H023 area and hole H034, an area of strong values. Drill hole H071 significantly extended H034 mineralization. Table 2 includes significant intervals.
Drill hole H069: Intersected 411m of mineralization from near surface including several intervals of note:
- 253 meters 0.14g/t Au plus 0.21% Cu (0.30% Cu Eq[-Sc])
- Including:
- 135 meters of 0.18g/t Au plus 0.30% Cu (0.40% Cu Eq[-Sc])
- 115 meters of 0.20g/t Au plus 0.33% Cu (0.43% Cu Eq[-Sc])
- 52.4 meters of 0.18g/t Au plus 0.44% Cu (0.50% Cu Eq[-Sc])
Drill hole H070: Intersected long intervals of mineralization with uniformly elevated gold values and sections of strong cobalt.
- 158.5 meters 0.26g/t Au plus 0.17% Cu (0.35% Cu Eq[-Sc])
- Including:
- 133.4 meters of 0.31g/t Au plus 0.20% Cu (0.40% Cu Eq[-Sc])
- 96.0 meters of 0.40g/t Au plus 0.25% Cu (0.50% Cu Eq[-Sc])
Drill hole H071: Intersected long intervals of moderate copper, gold and silver values and 1m with very high silver, gold, cobalt and copper.
- 207.9 meters 0.17g/t Au plus 0.17% Cu (0.29% Cu Eq[-Sc])
- Including:
- 24.9 meters of 0.45g/t Au plus 0.13% Cu (0.43% Cu Eq[-Sc])
- 82.0 meters of 0.18g/t Au plus 0.29% Cu (0.39% Cu Eq[-Sc])
- 1.0 meters of 2.31g/t Au plus 2.01% Cu (3.44% Cu Eq[-Sc])
Table 2. Significant South Lisle Zone Hole H069 and H070 and H071 assay intercepts
| DDH | From (m) |
To (m) |
Length (m) | Ag (g/t) |
Au (g/t) |
Co (g/t) |
Cu (%) |
Sc (g/t) |
Cu Eq (%) incl Sc2O3 |
| H069 | 39.0 | 450.0 | 411.0 | 0.36 | 0.12 | 63.1 | 0.15 | 23.1 | 0.78 |
| Inc. | 159.0 | 412.0 | 253.0 | 0.45 | 0.14 | 68.8 | 0.21 | 22.2 | 0.83 |
| Inc. | 232.0 | 410.0 | 178.0 | 0.57 | 0.16 | 64.5 | 0.25 | 20.1 | 0.82 |
| Inc. | 232.0 | 367.0 | 135.0 | 0.67 | 0.18 | 66.4 | 0.30 | 19.9 | 0.87 |
| Inc. | 252.0 | 367.0 | 115.0 | 0.76 | 0.20 | 70.8 | 0.33 | 19.3 | 0.89 |
| Inc. | 301.0 | 353.4 | 52.4 | 1.15 | 0.18 | 47.3 | 0.44 | 14.8 | 0.86 |
| H070 | 49.0 | 207.5 | 158.5 | 0.44 | 0.26 | 88.0 | 0.17 | 24.4 | 0.93 |
| Inc. | 58.0 | 191.4 | 133.4 | 0.49 | 0.31 | 93.4 | 0.20 | 23.8 | 0.97 |
| Or | 24.0 | 138.0 | 114.0 | 0.47 | 0.30 | 83.6 | 0.15 | 23.5 | 0.91 |
| Inc. | 93.0 | 189.0 | 96.0 | 0.56 | 0.40 | 93.4 | 0.25 | 23.6 | 1.06 |
| Inc. | 126.0 | 134.0 | 8.0 | 1.90 | 2.01 | 332.9 | 0.78 | 20.9 | 2.55 |
| Inc. | 288.0 | 290.0 | 2.0 | 7.03 | 0.47 | 555.0 | 2.64 | 15.7 | 3.19 |
| H071 | 141.0 | 414.0 | 273.0 | 0.30 | 0.15 | 84.0 | 0.16 | 26.5 | 0.90 |
| Inc. | 175.1 | 200.0 | 24.9 | 0.25 | 0.45 | 76.9 | 0.13 | 26.2 | 1.05 |
| Inc. | 298.0 | 380.0 | 82.0 | 0.49 | 0.18 | 82.0 | 0.29 | 25.1 | 0.99 |
| Inc. | 304.0 | 305.0 | 1.0 | 4.03 | 2.31 | 669.0 | 2.01 | 12.7 | 3.75 |
| Notes: – Metal equivalents should not be relied upon for future evaluations. – Drill hole intercepts included in this news release are core lengths that may or may not be true widths of mineralization. It is not possible to determine true widths. **Copper Equivalent [ Cu Eq (%) incl Sc2O3 ] is estimated using the following metal values and equations: – *CuEq(%) =(Ag(g/t) x Price_Ag x Rec_Ag/31.1035 + Au(g/t) x Price_Au x Rec_Au/31.1035 + Co(%) x Price_Co x Rec_Co x 22.0462 + Cu(%)x Price_Cu x Rec_Cu x 22.0462 + Sc(g/t) x Price_Sc x Rec_Sc x Sc_con) / (Price_Cu x 22.0462) – Price_Ag = $22.20/troy oz, Price_Au=$1,812.14/ troy oz, Price_Co = $23.30/lb, Price_Cu = $3.84/lb, Price_Sc = $1.5/g – Rec_Ag = 68% , Rec_Au = 89% , Rec_Co = 78%, Rec_Cu = 84% , Rec_Sc = 88% |
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Table 3. Drill Hole Data
| Drill Hole ID | UTM – East | UTM – North | Elevation (m) |
Max-Depth (m) |
Azimuth (°) |
Dip (°) |
Area |
| H067 | 347,866 | 6,453,619 | 938.0 | 549.0 | 300.0 | -60.3 | South Lisle (Gold Rich Zone) |
| H068 | 347,866 | 6,453,619 | 938.0 | 618.0 | 310.0 | -68.5 | South Lisle (Gold Rich Zone) |
| H069 | 347,865 | 6,453,953 | 956.5 | 459.0 | 18.0 | -75.0 | Main Lisle Zone |
| H070 | 347,866 | 6,453,953 | 956.5 | 600.0 | 55.0 | -70.0 | Main Lisle Zone |
| H071 | 347,866 | 6,453,953 | 956.5 | 411.0 | 170.0 | -70.0 | South Lisle (Gold Rich Zone) |
