New Copper-Gold targets defined at Miner Mountain, British Columbia
Sego Resources Inc. (“Sego” or “the Company”) (TSX-V: SGZ)
Vancouver, British Columbia, October 15, 2019 – Sego Resources Inc. is pleased to provide an update on the Miner Mountain porphyry project with a review of existing data identifying new drill ready targets. Miner Mountian is a copper-gold porphyry project located near Princeton, in the Quesnel terrane of south-central British Columbia, a productive belt containing the operating Copper Mountain (Copper Mountain/Mitsubishi Materials), New Afton (NewGold) and Highland Valley (Teck Resources) mines.
“Compiling the extensive dataset that Sego has collected over the last few years has revealed some compelling new drill targets. The Empress zone is a large copper-gold anomaly that could be the source of the high grade mineralization at the adjacent Granby and Cuba zones. Trenching on the edge of the anomaly earlier in 2019 sampled 18m grading 0.96% copper and 0.31 grams per tonne gold” stated CEO, J. Paul Stevenson. “Drilling this target along with the gold-rich porphyry target to the south and the new Sovereign zone will be a priority of the company in the coming months.”
Drilling by Sego in recent years has defined mineralization at the Cuba and Granby Zone hosted in volcanic rocks but a porphyry source has not been identified. The area contains potassic and argillic alteration with locally high grade, structurally controlled mineralization, including previously reported holes:
Cuba Zone: DDH 12-21: 100 metres grading 0.95% copper and 0.55 g/t gold from 10 m
Granby Zone: DDH 08-4: 52.5 metres grading 0.41% copper and 0.12 g/t gold from 18 m
Immediately to the northwest is an approximately 500 metre by 600 metre copper and gold soil anomaly with supporting elevated molybdenum, silver, zinc, manganese and iron. This signature is typical of alkalic prophries in southern British Columbia. Further the zone has a complex magnetic signature with a central magnetic low, two bullseye magnetic highs (Figure 2) and occurs on the margin of a chargebility high. The relationship of magnetite alteration with copper mineralization at Granby makes the proximal magnetic high an attractive target.
Towards the south of the property, another large zone with a gold-rich footprint is evident in the soil sampling. This area has been the focus of trenching in the past with gold and copper mineralization returning;
Trench 42: 10 metres grading 1.18% copper
Trench 32: 32 metres grading 0.29% copper and 1.0 g/t gold
Trench 88: 1 metre grading 31.47g/t gold and 27.2 g/t silver
Six drill holes (four completed in 1969 and two by Sego) are drilled in the vicinity but not into the consistent gold, copper and molybdenum soil anomaly. These holes do not explain the source of the anomaly and the target remains to be effectively tested.
North of the Empress zone, a copper-only anomaly occurs on the downthrown side of the boundary fault. Unlike the Regal Landslide this has no supporting multi-element geochemistry and is likely to be formed due to oxidation and remobilisation of copper mineralization.
In the north of the property beneath a blanket of till cover is a copper, zinc, molybdenum with a weak manganese target that has never been prospected or drill tested. The anomaly occurs coincident with a well-defined magnetic low and represents another typical alkalic porphyry footprint.
Qualified Person Statement
This news release was reviewed and approved by Selina Tribe, Ph.D., P.Geo., a Qualified Person under NI 43-101.
About the Company
Sego is 100% owner of the Miner Mountain project, an alkalic copper-gold porphyry exploration project near Princeton, British Columbia. The property is 2,056 hectares in size and is located 15 kilometres north of the Copper Mountain Mine operated by Copper Mountain Mining Corporation and Mitsubishi Copper. Sego has a Memorandum of Understanding with the Upper Similkameen Indian Band on whose Traditional Territory the Miner Mountain project is situated. Sego has received an Award of Excellence for its reclamation work at Miner Mountain.
For further information please contact:
J. Paul Stevenson, CEO
Sego Resources Inc.
For investor & shareholder information, please contact:
MarketSmart Communications Inc.
Ph: +1 +1 877 261-4466
Email: [email protected]
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This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, the statements do not guarantee future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.