공시 • Jun 11
Canary Gold Corp. Intersects Large-Scale Paleochannel System
Canary Gold Corp. provided an update on ongoing exploration activities at its Madeira River Gold Project located in Rondônia State, Brazil. The Company reports that recent deeper drilling has intersected significant vertical intervals, up to 20 metres thick, of targeted mature coarse sediments, including gravels and sands, which support the Company's interpretation of a large-scale paleochannel system associated with the Madeira River. Based on drilling completed to date, the Company interprets the paleochannel to extend across an area measuring approximately 7 kilometres by 5 kilometres, eastward from the present-day Madeira River system. To support and strengthen the technical team, the Company has engaged Clara Maria Lamus Molina, an internationally recognized geologist-engineer and specialist in the evaluation and sampling of alluvial gold deposits. Ms. Molina brings over 20 years of specialized technical expertise in the sampling, geological evaluation and resource estimation of alluvial gold systems in compliance with NI 43-101 international standards. Ms.Molina has wide experience associated with large-scale producing placer and alluvial operations in South America, including projects operated by Mineros S.A. in Colombia. The engagement is intended to support the establishment and implementation of robust exploration, sampling, analytical and quality assurance/quality control ("QA/QC") procedures appropriate for large- scale alluvial gold exploration systems, with particular emphasis on representative sampling in particulate and coarse gold environments. The identification of the paleochannel system follows the Company's previously announced geological targeting strategy and deeper drilling program, which was designed to evaluate more prospective horizons interpreted to occur stratigraphically beneath the shallow, immature sand and gravel sequences previously identified across the Project area. To date, the Company has completed approximately 21 reverse circulation ("RC") drill holes on an approximate 1-kilometre spaced grid, together with a further 14 PQ-diameter drill holes on approximately 250 metre spaced infill sections within selected target areas. Analytical results from the current drilling program remain pending and will be reported once received, compiled and reviewed. As presented above, deeper drilling has penetrated to vertical depths of up to 75 metres and intersected sedimentary units interpreted by the Company to form part of a large-scale paleochannel system associated with the Madeira River across an area measuring approximately 7 kilometres by 5 kilometres. The paleochannel system includes mature sedimentary horizons up to 20 metres in thickness consisting of rounded quartz pebble gravels and sands hosted within a ferruginous matrix containing ilmenite and organic material (carbonized wood fragments), as well as harder indurated ferruginous horizons
interpreted to represent possible remnant Mocururu.Canary's current technical work is focused on improving the Company's understanding of the stratigraphy, sedimentology and geometry of interpreted paleochannel systems within the Madeira River Project area. Particular attention is being given to coarser-grained sand and gravel horizons, iron-enriched intervals, heavy mineral-bearing horizons and deeper, more mature sedimentary layers that may represent favorable depositional environments for gold concentration. As part of the consultant's engagement, the Company intends to further review and, where appropriate, enhance its sampling, sample preparation, QA/QC and chain-of-custody procedures for alluvial gold exploration environments. The Company cautions investors that exploration at Madeira remains at an early stage. No mineral resource has yet been defined, and there can be no assurance that continued exploration will result in the delineation of an economic mineral deposit. The Company continues to review and refine its sampling and analytical procedures as exploration progresses. Following geological logging of recovered drill material, samples are selected from intervals intersecting targeted coarser-grained sand and gravel horizons within the sedimentary profile. Where applicable, concentrate samples are prepared using centrifuge concentration at the Company's sample preparation facility in Porto Velho, Rondônia. Centrifuge concentration is used as a sample preparation step to enhance the recovery of fine gold particles from unconsolidated sediments and does not represent a metallurgical recovery process. The resulting concentrates are submitted to SGS Laboratory in Vespasiano, Belo Horizonte, Minas Gerais, for low-detection fire assay analysis using method FAA505 on a 50-gram aliquot.