Vancouver, British Columbia – March 4, 2020 – Discovery Harbour Resources Corp. (TSXV: DHR) (the “Company” or “Discovery Harbour”) is pleased to announce that it has further developed drill targets in three priority target areas as additional geochemical data adds to the Caldera gold property’s integrated geologic model. Faustus, Gemina and Harmonia comprise three of a total eight distinct target areas defined on the Caldera property (see Figure 1). Together they form a 6 kilometer trend characterized by consistent alteration, geochemical gold and pathfinder anomalies in soils, and intermittent high-grade gold intercepts in shallow drilling.
Historic shallow drilling in the Faustus Area returned assays up to 7.36 grams per tonne (“g/t”) gold over 6.1 m from a chalcedonic vein (see Figure 2), interpreted to be further evidence of leakage from a high grade gold system in the deeper “boiling zone”. The Gemina and Harmonia areas have seen relatively little drilling. The Gemina area has a notably long strike length, a series of historical workings, and several rock samples that produced high-grade gold results in assay up to 37 g/t gold. The Harmonia area is characterized by low temperature clay alteration and geochemical pathfinder elements anomalies, an indication that the area is high in the epithermal system.
Mark Fields, Discovery Harbour’s President and CEO, commented, “We have a better understanding than ever before of the extent and potential of this mineralized system. The high-grade gold occurrences at or near surface were deposited by a deeper source, and all of the data we’ve gathered and analyzed support our thesis that this source is intact and a productive low sulphidation epithermal gold system. We look forward to drilling to 300 to 500 meters depth, the first systematic drilling consistently below 100 meters, to test these deeper targets.”
The Faustus area contains three targets. The first consists of northwesterly-trending sheeted veins that were drilled to a shallow depth producing good gold intercepts in several holes and at least anomalous results in all holes. Targets within this area demonstrate two contrasting structural trends, one being northwesterly and the other northerly.
The second target is along a north trending structure further to the west. Historic workings expose a chalcedony vein from which highlight results include 15.6, 22.4 and 48.9 g/t gold. The Faustus area, combined with the nearby Electra area, also marks the southeast extent of a regional magnetic low that underlies much of the Caldera property, which Discovery Harbour has interpreted to represent the alteration zone associated with the low-sulphidation epithermal system.
Phase 1 of the detailed soil sampling program (see January 21, 2020 news release) successfully outlined multi-element anomalies including, silver, arsenic, antimony and mercury. Associated gold anomalies indicate favourable potential to the southeast beyond the current areas of known mineralization.
The Gemina area is typical of all the defined target areas in that it possesses numerous targets based on historical workings, well defined structural zones and strongly anomalous gold results in shallow drill holes. Gemina has a notably long strike length that has been defined through exposures and previous drilling. The alteration zone associated with the structures is broad, characterized by a combination of quartz and chalcedony at various locations. Rock samples have produced numerous anomalous to high grade gold results. The recent detailed soil sampling program outlined a moderate gold and more pronounced silver soil anomaly coinciding in particular with three of the six targets identified in the Gemina area.
Historical drilling intersected anomalous gold, including drill intercepts of 0.96 g/t gold over 6.1 m and 0.58 g/t gold over 16.8 m.
Numerous multi gram gold per tonne rock samples have been taken through this area. Results over 2 g/t gold are listed below (ppm is parts per million, 1 ppm=1 g/t):
The Harmonia area is located one kilometer west-southwest of the historic Golden King mine workings. The target is defined on the basis of clay mineralogy suggestive of low temperature acidic conditions within fine-grained sediments. These features are interpreted to represent near-surface advanced argillic alteration that could indicate the presence of a concealed epithermal zone. This potential near-surface manifestation of a deeper target is further supported by the presence of a coincident antimony-mercury-arsenic geochemical soil anomaly. Phase 2 of Discovery Harbour’s detailed soil sampling program has been expanded in order to fully cover this area.
The 100% Discovery Harbour-optioned Caldera property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
For more information, please visit the Company’s website at www.discoveryharbour.com.
ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552
Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, or (iii) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CALDERA GOLD PROJECT
AREAS CONTAINING 33 PRIORITIZED TARGETS
HISTORICAL DRILLING HIGHLIGHTS
(Average vertical depth <100 meters, deepest hole 194 meters)