New Silver Zone Unveiled at Castle East: All-Stars Zone with up to 5,441 g/t Silver

Published in 2024
May 21, 2024
6 min read
New Silver Zone Unveiled at Castle East: All-Stars Zone with up to 5,441 g/t Silver

The prolific Miller Lake Basin produced over 60M ounces of Silver from limited mining of the northwestern edge, there remains the opportunity to explore and discover new mineralization.

The Company is thrilled to announce the discovery of a significant new silver zone at the Castle East property, named the “All Stars” zone. This exciting discovery marks a pivotal moment in the development of Castle East and underscores the potential for substantial silver resources within the project area.

Highlights:

  • New high-grade silver mineralized “All-Stars” zone discovered 400 – 500 meters from the high-grade silver Robinson zone

  • Two separate vein structures grading 5,441 and 3,730 grams per tonne (gpt) silver discovered in the former Capitol Silver mine, now on Nord mining leases

  • Potential for a massive, mineralized silver – cobalt discovery in an area where only 25 percent has been historically explored and developed to produce 60 million ounces of silver

Nord Precious Metals is pleased to report significant silver intercepts from the recent drilling campaign at the “All-Stars” zone. In hole CS-23-123, the company intercepted notable silver mineralization, including a high-grade interval of 5,441.4 grams per tonne (gpt) silver over 0.37 meters at a depth of 446.55-446.92 meters downhole. Additionally, an intercept from 461.25-462 meters (0.75 meters) returned 3,730 gpt silver. These intercepts demonstrate the rich silver potential within the project area.

Picture1

Figure 1: Portion of Interval CS-23-123, 446.55m, 5,441.4 gpt Ag

This new mineralization is about 400-500 meters away from the Robinson and Big Silver veins. In the Gowganda context, that is huge as there isn’t a large distance required to have significant and distinct mineralization in these types of systems. By looking at the historic mining in the area, there is continuity of these veins running many hundreds of meters and with vertical extents over many levels in the mines. This represents the first time we have really entered the historic Capitol Mine system directly, and it will be interesting to see if it extends toward the Robinson. There is some geophysical evidence and mineralogical evidence of a significant east-west trend there.

The Capitol and O’Brien mines in Gowganda produced about 52.02 million ounces of silver and 1.6 million pounds of cobalt of the over 60 million ounces produced in Gowganda. (Gowganda | Battery Mineral Resources Corp. (bmrcorp.com)) This is the first time Nord Precious Metals has investigated the mineralization of the Capitol extending onto Nord’s leases. We are aware that the system was never completely mined out due to infrastructure constraints because ore from deeper levels had to be handled a number of times through a series of winzes before being hoisted to surface. (PROSPECTUS OF MILNER CONSOLIDATED SILVER MINES LTD (gov.on.ca))

“The opportunity here in Gowganda is significant. We must remember that only about 25 percent or less of the Miller Lake Basin was mined - almost all of which was in the northwestern edge of the basin ’the low hanging fruit’. Extensions from the Capitol Mine system are an important part at expanding resources,” commented Matthew Halliday, P.Geo., President of Nord Precious Metals. “We have multiple targets to explore, and a big system to do it in.”

The first intercept at 446.55 meters is situated between two historic stopes of the Capitol Mine, indicating continuity of mineralization within the established mining areas. The subsequent intercept at 461.25 meters extends beyond the second stope, highlighting the potential for mineralization expansion into previously unexplored zones.

Hole CS-23-123 intersected Nipissing Diabase, the primary lithology hosting silver and cobalt mineralization, from 351.9 to 471 meters downhole. Additional analyses for cobalt and silver are underway, focusing on identified mineralized zones such as a calcite vein with cobalt at 390.9 meters and trace silver and cobalt in a vein at 392.8 meters downhole. Cobalt mineralization was also observed in veins at 434.4 and 442.7 meters, with another vein logged at 462.7 meters downhole.

In light of the “All Stars” zone discovery, Nord Precious Metals plans on initiating infill drilling on a grid between the “All Stars” zone and the Robinson Zone - another key vein system within the Castle East property. This strategic drilling campaign aims to investigate potential linkages between these vein systems and unlock additional mineralization opportunities.

“We are thrilled to unveil the discovery of the ‘All Stars’ zone at Castle East, marking a turning point in our exploration endeavours,” commented Matthew Halliday, P.Geo., President of Nord Precious Metals. “It is imperative that we conduct infill drilling to thoroughly assess the connectivity between the ‘All Stars’ zone and the Robinson Zone, as we believe this could reveal valuable insights into the property’s geological potential.”

Hole numberNorthingEastingElevationLengthAzimuthDip
CS-23-1235279039.06520484.04401.1471348-52

Table 2: Key Intercepts

HoleFrom (m)To (m)Length (m)SampleAg (gpt)
CS-23-123446.55446.920.37DH00131875441.4
CS-23-123461.254620.75DH00132083730

Nord Precious Metals remains committed to advancing exploration efforts at Castle East and leveraging its expertise to maximize the value of its silver and cobalt resources, as well as to exploring and unlocking the full potential of the Gowganda Camp. With these promising initial results, we are poised to continue our rigorous exploration efforts, furthering our understanding of the region’s geological intricacies and unlocking its mineral wealth. Interested investors can access information about Nord Precious Metals at its website, NordPreciousMetals.com and its social media channels at X(Twitter), LinkedIn, Facebook, and YouTube for which links are available on the Company’s website.

Qualified person

The technical information in this news release was approved by and prepared under the supervision of Matthew Halliday, P.Geo., (PGO), President and COO Nord Precious Metals., a qualified person in accordance with National Instrument 43-101.

Quality Control and Reporting Protocols

The 2023 assay results are from Temiskaming Testing Laboratories (TTL) in Cobalt, Ontario. The drill program, quality assurance, quality control (QAQC), and interpretation of results are performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.

About Nord Precious Metals Mining Inc.

Nord Precious Metals Mining Inc. (formerly Canada Silver Cobalt Works Inc.) recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000 m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.

In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves and do not have demonstrated economic viability. Please refer to the Nord Precious Metals (previously Canada Silver Cobalt Works) Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.

The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a 16,000-metre drill program; (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it is exploring. And (3) St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.

Nord Precious Metal’s flagship silver-cobalt Castle mine and 78 sq. km Castle property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Nord Precious Metals is strategically positioned to become a Canadian leader in the silver-cobalt space. More information is available at

www.nordpreciousmetals.com

X(Twitter): https://twitter.com/nordmetals

LinkedIn: https://www.linkedin.com/company/nord-precious-metals/

Facebook: https://www.facebook.com/nordpreciousmetals/

“Frank J. Basa”

Frank J. Basa, P. Eng. Professional Engineer Ontario

Chief Executive Officer

For further information, contact:

Frank J. Basa

Chief Executive Officer

416-625-2342

or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: [email protected]

Caution Regarding 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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.


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