Vancouver, June 28, 2021 -
Phoenix Gold Resources Corp. (TSXV:PXA) (OTC:PGRCF) ("Phoenix Gold" or the "Company") is pleased to report results from its surface grab and channel sampling program at its York Harbour Mine Property (the "Project" or "York Harbour") in Newfoundland, Canada that targeted a 100 metre strike length of the 'A' Zone. The 'A' Zone was mined for its copper, zinc, and silver mineralization in the late 1800's and early 1900's where reportedly 90,000 tonnes were extracted.
Location of Surface Sampling
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Channel and Grab Sampling Assay/ICP Results
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Channel Sample taken from an outcrop on the "A" Zone
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After receipt of the high assay values in copper, zinc, silver, and cobalt it was decided to re-assay six selected samples to compare original values with those resulting from metallic separations of the respective sample rejects. It is obvious from the following table that the original and re-assayed sample results compare favourably and confirm the original, very encouraging results.
Multi-Acid Digestion Resampling Results
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|Sample|Sample |Sample|Copper|Lead |Zinc |Silver|Cobalt|
|------------------------------------------------------|
|Number|Type |Length|Assay |Assay|Assay|Assay |Assay |
| | |(m) |(%) |(%) |(%) |(g/t) |(%) |
|------------------------------------------------------|
|640751|Grab | |16.6 | |0.39 |13.1 |0.101 |
|------------------------------------------------------|
|640753|Channel|1.0 |1.11 | |2.09 |12.6 | |
|------------------------------------------------------|
|640754|Grab | |4.21 | |6.02 |18.4 | |
|------------------------------------------------------|
|640756|Grab | |1.12 |0.48 |28.3 |119.6 | |
|------------------------------------------------------|
|640960|Grab | |13.3 | |0.71 |21.4 |0.081 |
|------------------------------------------------------|
|553553|Channel|1.0 |12.3 | |0.27 |8.7 |0.116 |
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In addition to the surface sampling, a 3D modelling program was carried out on the reported drill-tested copper-zinc-silver (+/- lead, cobalt, and gold) Cyprus-type volcanogenic massive sulphide mineralization within the York Harbour property. The purpose was firstly to visualize the known subsurface mineralization and secondly to better site proposed diamond drill locations with recently completed electromagnetic survey results to confirm historic drilling results. Once the electromagnetic survey interpretation is completed, the Company plans to finalize an initial drill program.
About the York Harbour Mine Property
The York Harbour Mine Property is located approximately 27 kms west of Corner Brook, NL and known to be prospective for copper-zinc-silver-gold massive sulphide deposits. Mineralization documented on the property exhibits characteristics consistent with classic mafic-type flow dominated (Cyprus type) VMS deposits. Similar geological environments and styles of mineralization have formed relatively large copper-zinc deposits elsewhere in Newfoundland at Tilt Cove (9 Mt of between 1% and 12% copper) and in Cyprus at the Mavrovouni mine (15 Mt of 4% copper with zinc and gold) as noted in Messina Minerals Inc. 9th Year Assessment Report (2009 Work).
Copper and zinc massive sulphides were first discovered at York Harbour in 1893. Since then, a total of 2,134 meters of documented underground drifting and development has been completed for which documentation is available. A total of 19,230 meters of drill core records are available testing a total of eleven "Zones" of copper-zinc-silver-gold massive sulphide mineralization. These zones occur over a 600 meter strike length and many remain open for expansion along strike and downdip.
Most exploration has been concentrated within a 350 meter long segment and within 150 meters of surface. An overturned synclinal fold is interpreted to extend/repeat the favourable copper-zinc mineralized horizon along the western portion of the property where surface prospects of copper-zinc bearing massive sulphides have been discovered and documented but have received little modern exploration attention.
J.D. Blanchflower, P. Geo. is a qualified person in accordance with National Instrument 43-101 who has reviewed and accepted the technical material contained in this news release.
For further information:
Andrew Lee CEO, President and Director
Telephone: 778-302-2257 | Email: pxagold@gmail.com
Website: www.phoenixgoldresources.ca
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to satisfactory completion of due diligence and any acquisition under the Option and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on 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 press release.
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