Announcement • Jul 22
Greenlight Metals Reports Assay Results from Drill Holes At the Bend Vms Deposit in Wisconsin
GreenLight Metals Inc. reported assay results from drill holes B26-009, B26-009W and B26-011 at its Bend copper-gold volcanogenic massive sulfide Project in Taylor County, Wisconsin. The results extend mineralization down-dip from the Company’s 2025 and earlier 2026 drilling and further define broad, gold-bearing sulfide mineralization in the footwall crystal tuff on section A-A’ and copper-rich massive to semi-massive sulfide mineralization on section B-B’. Eight Phase 2 drill holes, including the B26-009W wedge branch, have been completed or are in progress across three sections on the Company’s leased forty-acre Soo Line mineral parcel. Assay results for B26-012 are pending, and drilling is continuing in B26-013. The initial approximately 4,000-metre portion of the permitted 7,000-metre program is nearing completion. Subject to results and operating conditions, GreenLight plans an additional approximately 2,000 metres of drilling to continue testing the deposit along its interpreted 45°-50° eastward plunge. B26-009: approximately 75-metre down-dip step-out from B26-007. The hole was terminated within the mineralized interval due to drill mechanical issues. 42.12m grading 0.11% Cu, 1.31 g/t Au, 2.52 g/t Ag and 59.92 g/t Te (1.50% CuEq) from 415.00m. Including 15.40m grading 0.12% Cu, 2.06 g/t Au, 2.98 g/t Ag and 111.12 g/t Te (2.31% CuEq) from 416.00m. B26-009W: wedge branch from B26-009 completed through the full mineralized interval. 52.18m grading 0.08% Cu, 1.12 g/t Au, 1.86 g/t Ag and 50.02 g/t Te (1.28% CuEq) from 423.34m. Including 10.82m grading 0.11% Cu, 2.49 g/t Au, 2.65 g/t Ag and 103.21 g/t Te (2.75% CuEq) from 423.34m. B26-011: down-dip extension below B25-006. 18.75m grading 0.53% Cu, 0.93 g/t Au, 5.81 g/t Ag and 118.76 g/t Te (1.52% CuEq) from 423.40m. Including 10.07m grading 0.96% Cu, 1.09 g/t Au, 9.98 g/t Ag and 191.35 g/t Te (2.12% CuEq) from 423.40m. Including 4.39m grading 1.27% Cu, 1.65 g/t Au, 15.99 g/t Ag and 235.12 g/t Te (3.06% CuEq) from 429.08m. B26-012 intersected a broad sulfide-bearing interval in the footwall crystal tuff and assays are pending. Drilling in B26-013 is continuing to test the copper-rich VMS horizon along strike and down-plunge. The Phase 2 program is testing the Bend deposit across three drill sections spanning approximately 200 metres of strike, with the objective of expanding mineralization at depth and along the interpreted 45°-50° eastward plunge. All drilling is being conducted on the Company’s leased forty-acre Soo Line mineral parcel. The program is designed to follow mineralized intervals encountered at depth and refine the geological model for the Bend system. Stratigraphy across the drill area is consistent, with a sequence of rhyolite to dacite flows overlying interlayered fine-ash to lapilli tuffs. Immediately overlying the semi-massive to massive sulfide horizon are laminated exhalative cherty tuffs and argillites (“hanging-wall sediments”). The mineralized horizon is underlain by a thick quartz-crystal (“quartz-eye”) tuff with bedding-parallel pyrite mineralization and pervasive chlorite alteration, followed by a fine-grained chlorite-sericite tuff that marks the unmineralized footwall contact. B26-009 and B26-009W returned broad gold-bearing intervals within pyritic, variably mineralized footwall crystal tuff, while B26-011 returned higher copper grades within massive to semi-massive sulfides. The results support an evolving geological model that includes both copper-rich massive sulfide lenses and a broader gold-bearing footwall zone. Table 1: Summary of Significant Intercepts - Holes B26-009, B26-009W and B26-011: B26-009 415.00 457.12 42.12 0.11 1.31 2.52 59.92 1.50 Including 416.00 431.40 15.40 0.12 2.06 2.98 111.12 2.31 B26-009W 423.34 475.52 52.18 0.08 1.12 1.86 50.02 1.28 Including 423.34 434.16 10.82 0.11 2.49 2.65 103.21 2.75 B26-011 423.40 442.15 18.75 0.53 0.93 5.81 118.76 1.52 Including 423.40 433.47 10.07 0.96 1.09 9.98 191.35 2.12 Including 429.08 433.47 4.39 1.27 1.65 15.99 235.12 3.06. Composite grades are calculated on a length-weighted basis and reported as drilled thicknesses. True thicknesses are estimated to be approximately 75%-85% of drilled thickness. Copper Equivalent (“CuEq”) is reported to express the aggregate in-situ value of copper, gold and silver as a percentage copper grade. CuEq incorporates assumed metallurgical recoveries and is not a proxy for, nor evidence of, economic value. Tellurium (“Te”) is reported separately and is not included in CuEq. CuEq (%) = ((Cu grade (%) /100 × 0.9 (recovery) × 2204.6 × USD 4.50) + (Au grade (g/t) × 0.9 (recovery) /31.1035 × USD 3,600) + (Ag grade (g/t) × 0.9 (recovery) /31.1035 × USD 40)) /(2204.6 × 0.01 × USD 4.50). Assumptions: metal prices of USD 4.50/lb Cu, USD 3,600/oz Au and USD 40/oz Ag; recoveries of 90% for Cu, Au and Ag based on the Company’s preliminary assessment of analogous VMS deposits. No allowances have been made for smelting or refining charges, penalties, deleterious elements or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabilities are unknown and may differ materially. B26-009: Designed to undercut B26-007 (30.70m grading 1.05% Cu and 1.34 g/t Au). The mineralized interval is approximately 75 metres down-dip from B26-007. The hole was terminated within the mineralized interval due to mechanical issues with the drill rig. B26-009W: A wedge was set at approximately 299m in B26-009 to re-drill the mineralized section and advance through the full mineralized zone. The B26-009 and B26-009W traces remained less than approximately six metres apart through the mineralized interval. B26-011: Designed to undercut B25-006 (23.98m grading 1.19% Cu and 1.60 g/t Au) and test the down-plunge continuation of the copper-rich massive to semi-massive sulfide horizon. Assay results for B26-012 are pending. Results for B26-013 will be reported following completion, sampling, receipt and validation. Two diamond core rigs continue to test the Soo Line mineral parcel, with current drilling focused on the projected 45°-50° eastward plunge and extensions of the copper-rich VMS horizon.
