Cranbrook, British Columbia–(Newsfile Corp. – January 9, 2020) – MG Capital Corporation (TSXV: DLP) (“MG” or the “Corporation“) is pleased to report the discovery of numerous massive to semi-massive sulphide-rich boulders spread along a boulder “float train” of 2 kms determined from stream bed sampling on the Hungry Creek property.
The Hungry Creek property, held by MG’s wholly-owned subsidiary, DLP Resources Inc. (“DLP“), is comprised of 11 mineral claims totaling 42.62 sq. km in size, and is located 35 km west of Kimberley, B.C. Access to the property is via good loggings roads that come to within 1 km of the eastern edge of the property.
Past and current prospecting in the stream bed of Hungry creek has discovered numerous large boulders of quartzite hosting, semi-massive to massive, sulphides. These boulders are commonly larger than 1 cubic meter and have been traced upstream from the mouth of Hungry creek.
The massive to semi-massive sulphides, hosted by the float boulders, consists of cobaltiferous pyrite-pyrrhotite and copper sulphides such as Chalcopyrite, minor Bournonite and Chalcocite. Sixteen mineralized float boulders were assayed for Cobalt and Copper. The 16 boulders sampled had an assay range of 0.008% to 5.0% for Copper and 0.002% to 0.23% for Cobalt .
Follow-up prospecting in 2019, located a large, anomalous, Copper-Cobalt gossan consisting of limonite and leached, vuggy, quartzite that is similar to the mineralized float boulders. A limited soil geochem survey upslope from the mineralized float located 2 copper-cobalt anomalies.
To locate the source of the copper-cobalt rich float boulders, in 2020, DLP plans an aggressive geological mapping, geophysics and soil geochemistry program with follow up of diamond drilling campaign.
Highlights from the assay result of the Hungry Creek Float Train are:
- HSK-02 is 50% orthoquarzite and 50% pyrrhotite, pyrite and chalcopyrite and assayed 0.16% cobalt; 0.47% copper and 1.85 g/t silver
- HSK-03 is 60% orthoquartzite and 40% pyrite-pyrrhotite and assayed 0.13% cobalt, 150.0 ppm copper and 0.16 g/t silver.
- HSK-04 is 70% orthoquartzite; 30% chalcopyrite with minor bournonite and chalcocite and assayed 21.8 ppm cobalt; 4.62% copper and 50.7 g/t silver.
- HSK-07 is 60% orthoquartzite; 40% pyrite-pyrrhotite with lessor chalcopyrite and rare bournonite and assayed 321.0 ppm cobalt; 0.75% copper and 3.15 g/t silver.
- HMK-05 is 80% massive pyrite-pyrrhotite cut by late barren quartz vein and assayed 0.11% cobalt; 82.0 ppm copper and 0.63 g/t silver.
- HMK-06 is 70% pyrite-pyrrhotite-chalcopyrite and 30% orthoquartzite and assayed 0.18% cobalt; 5.0% copper and 25.2 g/t silver.
- DLP19-1 is 85% pyrite-pyrrhotite-chalcopyrite and 15% orothoquartzite and assayed 0.23% cobalt, 0.32% copper and 2.66 g/t silver.
- Hungry Creek Float Assays – 2010
- SK10-277 assayed 122.9 ppm cobalt; 1.66% copper and 23.8 g/t silver.
- SK10-278 assayed 425.0 ppm cobalt; 0.67% copper and 2.8 g/t silver.
- SK10 -279 assayed 176.0 ppm cobalt; 2.95% copper and 15.1 g/t silver.
- Samples from the Flatrock Creek drainage immediately north of Hungry Creek
- HSK-22 is 50% quartz vein cutting orthoquartzite and 50% chalcopyrite and assayed 130.0 ppm cobalt; 1.86% copper and 33.5 g/t silver.
- HSK-23 is 50% quartz vein in schist; 50% sulphides mainly chalcopyrite with some galena and assayed 45.0 ppm cobalt; 2.68% copper and 45.0 g/t silver.
- HSK-24 is quartz vein in schist and 55% chalcopyrite with rare galena and some limonite and assayed 50.0 ppm cobalt; 4.06% copper and 16.8 g/t silver.
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person (“QP”) of the Corporation as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
For further information, please contact:
MG Capital Corporation
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Hungry Creek Map
To view an enhanced version of this graphic, please visit:
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the potential of the Hungry Creek drainage hosting a copper-cobalt deposit. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; uncertainty regarding the source of the high grade copper-cobalt float boulders found in the stream bed along Hungry Creek; and reliance on a third party. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MG assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51265