Announcement • Apr 24
Loyalist Exploration Limited Completes Preliminary Review of the Desantis Gold Property and Identifies Six New Drill Targets
Loyalist Exploration Limited has completed a preliminary review of its DeSantis gold property, located approximately 4.5 kilometres southwest of Timmins, Ontario. Six priority targets have been identified, plus an additional target on the McEnaney claims to the east, highlighting the significant exploration potential of the Property. Loyalist has identified a series of historical progress reports from 1963–1964 that reference the New Hope Porcupine (DeSantis) property and include historical tonnage estimates and sample results for that property prepared in support of a then-contemplated restart. Readers are cautioned that these historical estimates are not current, have not been verified by the Qualified Person, and should not be relied upon. Six priority targets identified in and around the historic DeSantis Mine workings. 1963–1964 historical progress reports reference the New Hope Porcupine (DeSantis) property and include historical tonnage estimates (non-NI 43-101 compliant, not current, not verified and not to be relied upon). Shallow up-dip extension of the Albitite Zone (Target 1) from surface to the 800-foot level with the potential to add resources to the property. Possible parallel gold zone above the Albitite Zone includes a notable intersection of 25.0 g/t Au over 0.61 m. Depth extension of the Albitite Zone (Targets 3a & 3b) highlighted as high-priority exploration target. West extension of the Hydrothermal Zone supported by historical drill intercepts. Notable historical intercepts include 7.54 g/t Au over 1.52 m (Target 6) and 3.26 g/t Au over 1.25 m (McEnaney claims). Review based on 488 drill holes totalling 101,945.4 m and 21,158 gold assays. The Property is located approximately 4.5 km southwest of Timmins, Ontario and is situated 11 km west of Discovery Silver’s Dome Mine, and 14 km east of Pan American Silver’s Timmins Mine. It covers nearly 5 km of strike length along the north side of the Destor-Porcupine Deformation Zone (DPDZ), a major structure controlling gold deposits in the region. Between 1926 and 1943, the DeSantis Mine produced 35,784 oz. of gold, 3,142 oz. of silver and 193 lb. of scheelite from 196,928 tons of material at an average mill head grade of 0.19 oz/ton Au. A historical non-NI 43-101 compliant resource estimate totalling 182,505 tonnes at 8.64 g/t Au was completed across the Albitite and Hydrothermal Zones. Investors are cautioned not to rely on this historical estimate as a current mineral resource; a qualified person has not done sufficient work to classify it as current under NI 43-101 standards. An initial review of a historical database acquired by the Company included the following data: 488 drill holes totalling 101,945.4 m (surface and underground), with hole depths ranging from 5.4 m to 1,354 m. 21,158 gold assays from core samples. Wireframes of historical underground mine workings. Wireframes of the Hydrothermal and Albitite Zones. Two main gold-mineralized domains have been historically recognized at the DeSantis Mine and described as follows: Albitite Zone (AZ): This altered and gold-mineralized zone sits in close proximity to a sheared mafic/ultramafic contact, approximately 260 m south of Shaft No. 2. The zone exhibits a northeasterly strike with an apparent southerly dip. Hydrothermal Zone (HZ): Spatially associated with a zone of hydrothermal alteration in the mafic volcanics, primarily located west of the shaft. The zone strikes west-southwesterly and dips -40° to -50° southward. Gold values are genetically associated with relatively sparse and irregular quartz-carbonate stringers, minor tourmaline, and up to 5% pyrite. The preliminary review identified six priority targets in and around the DeSantis Mine, plus an additional target on the McEnaney claims to the east. All drill intercepts referenced below are historical, have been sourced from a database acquired by the Company, and have not been independently verified by the Qualified Person. Reported widths are downhole (core-length) intervals; true widths are not known at this stage of review. Investors are cautioned not to rely on these historical data as current. The historical estimates were prepared to support an exploration and financing program and the key assumptions, parameters, cut-off grades, drilling density, sampling methodology, QA/QC procedures and mining parameters underlying the estimates are not described in the T-140 reports and are not available to the Company. As a result, the Company considers the historical estimates to be of limited reliability, although potentially relevant as an exploration guide to areas where further work may be warranted.
