Vancouver, March 25, 2021 - Silver Grail Resources Ltd.
("Silver Grail") (TSXV:SVG) is pleased to give the following update on its exploration activities:
A geochemical sampling program consisting of extended stream sediment sampling and reconnaissance soil lines was carried out in 2020. The silt sampling surpassed the 2019 high of 1,152 ppm with an extremely anomalous 2,512 ppm cobalt. Altogether 8 separate stream sediment sample sites on the Pacifico property have now recorded values in excess of 1,000 ppm cobalt. To put these values in context, one can refer to the more than 64,000 stream sediment/moss mat samples which have been taken over a 40 year period throughout the province of British Columbia by the BC Government Regional Geochemistry program: highest sample in that entire database was 860 ppm cobalt but that one came from a warm spring and was not from a conventional stream. The third highest sample in the database, 584 ppm cobalt, came from what was subsequently staked as Silver Grail's 100%-owned Pacifico property. The 2020 Pacifico cobalt stream sediment anomalies were also accompanied by anomalous levels of both silver and manganese. [2019 and 2020 geochemical results are shown in the accompanying map entitled "Pacifico Colbalt Property - 2020 Airborne Magnetic Survey & Geochemical Sampling", the URL for which is at the end of this release.]
One of two recon soil sample lines (almost a kilometer in length) produced two consecutive anomalous results of 255 and 1,145 ppm cobalt which are the first indications on the property of possible proximity to source rock. These soil anomalies were situated close to altered bluffs and will be followed up immediately in 2021.
A 439.5 km long, airborne magnetometer survey was also completed in 2020 over the Pacifico property (see map). The geophysicist who interpreted the data has outlined four additional areas on the property with similar characteristics to the high cobalt anomalous sites. Rather than a single source for the various anomalies, it now appears that a number of discrete sources are giving rise to the anomalies, possibly related to the many fault structures on the property.
D. Cremonese, P.Eng., President of Silver Grail, commented as follows: "Systematic exploration of the Pacifico property has outlined several cobalt anomalous sites, many accompanied by anomalous silver-manganese values. We have yet to explain these anomalies with mineralization in place, although we hope that will occur in the present year with a considerable expansion of work on the property."
Further work is planned in the upcoming months. This will include expanded geochemical surveys, prospecting and geological mapping. Any targets defined by this work will be followed up by drilling. The cobalt price has almost doubled in the past year and now stands at $23.90 US/lb.
Golden Triangle properties
A drill permit was received on August 25, 2020 on the Midas-Konkin Silver properties (Silver Grail owns 50% of the Konkin Silver and 25% of the Midas in partnership with Teuton Resources). Weather conditions after the permit was granted were not such as to allow a drill program to proceed safely in the limited time window available before the end of the field season. The Company now plans to proceed with this program in 2021.
Two types of targets present themselves. The first are deep ZTEM anomalies on both the Midas and the Konkin Silver. The ZTEM anomaly in the northern portion of the Midas claim is situated close to and below a zone which is geologically quite similar to the Argo zone drilled in 2020 by Decade on the Del Norte property adjoining directly to the north. This Midas zone was drilled by Sabina Silver in 2006 and 2007 (under option from Teuton Resources) and drill core taken at the time bears a strong resemblance to the Argo core.
The second target is a series of silver structures discovered in the 1990s on the Konkin Silver but never drilled. These include the Niknok, Onkkin and the Leszek. The Niknok was trenched and returned values of 18.98 oz/ton silver across 9.0 m and the Leszek was chip sampled and returned 0.202 oz/ton gold and 16.4 oz/ton silver over 4.0 m.
About Silver Grail
Silver Grail owns interests in over 12 mineral properties in the southern portion of the Golden Triangle, all located within 35 km of the town of Stewart, BC. Many of these properties contain veins or shear zones hosting significant amounts of silver mineralization. In addition, the Company also owns interests in three other properties in British Columbia containing cobalt mineralization. At this time, the most prospective of these is the Pacifico on northern Vancouver Island which has some of the most anomalous cobalt stream geochemistry in the province.
URL for Pacifico Map: http://silvergrail.com/Pacifico-Geophysics
"Dino Cremonese, P.Eng."
Dino Cremonese, P.Eng.
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