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Archer Exploration Down Hole EM Surveys Yield Strong Conductors at Grasset

17.08.2023 | 14:30 Uhr | CNW

VANCOUVER, Aug. 17, 2023 - Archer Exploration Corp. (CSE: RCHR) (OTCQB: RCHRF) (FSE: 6YR0) (the "Company" or "Archer") is pleased to announce that it has received very encouraging results from down hole electromagnetic (DHEM) surveys recently completed on its 100%-owned Grasset Ni-Cu-Co PGE project located in the Abitibi Greenstone Belt of Quebec, Canada.

Highlights
  • Recently completed DHEM surveys yielded three new highly conductive plates within the H1 Horizon at Grasset
  • The newly modeled plates begin 360 metres below surface and have not yet been drill tested
  • Conductivity measurements suggest semi-massive to massive pyrrhotite (± pentlandite) is likely the source of the conductive anomalies

Jack Gauthier, VP Exploration, commented: "Conductive plates modelled from geophysical surveys indicate the potential for the presence of mineralization such as nickel. The strong and sizeable off-hole anomalies below hole GR23-03 support our view of the untested potential at Grasset and it confirms the potential for discovering greater volumes of high-grade nickel mineralization at depth. Additional drilling is warranted to test these strong conductors."

The downhole surveys were conducted by Abitibi Geophysics using the InfiniTEM® XL dual loop system and totaled 3,085 metres in five boreholes. The surveys defined several deep-seated, strongly conductive targets along the H1 Horizon.

Of particular interest are three strong and deep DHEM anomalous plates (Figure 1) best defined by the survey in hole GR-23-03. This hole, drilled in May 2023, yielded the best intersection to date within the H1 Horizon with 1.82% Ni over 4.60 metres, including 5.75% Ni over 0.60 metres (see news release dated June 15, 2023).

The three large conductors contain known mineralized intercepts in their periphery but remain largely untested. The size of the three modeled DHEM anomalies suggests a much better continuity at depth when compared to the numerous small plates detected closer to surface (PA and P15 plates in Figure 1).

Figure 1 shows the longitudinal view of the modelled DHEM conductive plates over nickel metal factor values (% nickel X estimated thickness).

Table 1: Summary of DHEM Survey Results

DHEM Plates

Area
(m2)

Conductance
(S)

Depth
(m)

P23-03C

5,800

1,370

360

P23-03D1

42,000

1,500

365

P23-03D2

22,500

750

690

Average conductivity measurements of drill core that was near the conductive plates:

  • Mudstone: 12 S/m
  • Massive pyrite: 58.6 S/m
  • Massive pyrrhotite + pentlandite (H1 in GR23-03): 38,026 S/m

This suggests that semi-massive to massive pyrrhotite (± pentlandite) is the most likely source of the highly conductive DHEM anomalies. The three newly modeled conductive plates identified begin 360 metres below surface and have not been previously drill tested.

Physical property measurements were taken on drilling core near the target plates with a TerraPlus KT-10 Magnetic Susceptibility and Conductivity meter. The measurements were done on potentially conductive lithologies close to the northern contact of the main ultramafics around the expected location of the extension of the H1 Zone. The average of 42 measurements on mudstone with disseminated graphite (mudstone) gave 12 S/m, with the highest being 248 S/m (holes GR23-02, GR23-05). Two measurements on the barren massive sulfides (60-80% pyrite) in hole GR23-02W1 gave 16.8 and 99.6 (average 58.6). The conductivity value obtained on the massive pyrrhotite with pentlandite that assayed 5.75% nickel over 0.60 metres in hole GR23-03 was 38,026 S/m. This indicates that the mudstone and the massive pyrite are relatively poor conductors and unlikely sources of the strong DHEM anomalies at depth. Comparing those measurements to the conductivity of the DHEM plates (Table 1) suggests that that the most likely source of the conductive plates is massive pyrrhotite +/- pentlandite.

It should be noted that small lenses of barren pyrrhotite have also been identified in the mudstone in some holes. It is thought that these may not be as extensive compared to nickel-bearing pyrrhotite in the ultramafics and could be filtered out by their location in the stratigraphy.

Table 2: Detailed DHEM Conductive Plate Characteristics

Hole ID

DHEM Plate

X

(m)

Y

(m)

Z

(m)

Dip

(°)

Dir

(°)

Length

(m)

Depth
Extension

(m)

Conductivity

(S)

GR-15-74

P15-74A

679713

5540064

50

90

233

50

50

200

GR-15-74

P15-74B1

679745

5540045

125

80

233

50

100

1,859

GR-15-74

P15-74B2

679760

5540010

75

85

240

50

100

1,859

GR-15-74

P15-74B3

679755

5540005

-45

80

238

25

25

500

GR-15-77

P15-77A

679807

5539978

25

90

228

50

50

2,000

GR-15-80

P15-80A

679844

5539934

40

90

45

45

75

2,500

GR-23-03

P23-03A

680029

5539685

-38

90

225

25

40

300

GR-23-03

P23-03B

680027

5539688

-47

90

225

25

10

20,000

GR-23-03

P23-03C

680088

5539639

-70

90

223

93

62

1,370

GR-23-03

P23-03D1

679901

5539863

-75

80

225

140

300

1,500

GR-23-03

P23-03D2

679865

5539835

-400

80

225

150

150

750

GRA-01

PA-01A

679834

5539913

190

75

233

40

50

2,500

GRA-01

PA-01B

679795

5539980

100

80

215

25

25

1,000

GRA-01

PA-01C

679851

5539879

160

90

233

15

15

2,500

GRA-01

PA-01D

679851

5539858

145

90

53

30

50

2,500

GRA-02

PA-02

679539

5540167

150

75

190

50

150

500

GRA-03

PA-03A

680115

5539710

250

90

228

75

50

500

GRA-03

PA-03B

680100

5539665

150

90

228

100

100

1,000

GRA-06

PA-06

679655

5540100

110

75

190

25

25

500

Conductance over 500 Siemens (S) are of interest for massive to semi-massive pyrrhotite +/- pentlandite especially given the high tenor of the mineralization at Grasset. Plate P23-03B is a very conductive in-hole anomaly that fits with the 0.60 metres of massive pyrrhotite/pentlandite that assayed 5.75% in hole GR23-03 (see news release dated June 15, 2023).

2023 Drill Holes Completed

Holes GR23-04 and GR23-05 were completed with disseminated sulfides intersected within the extensions of H3 and H1 zones. Assays are currently pending. Hole GR23-06 is underway and nearing completion, testing a deep-seated 3D magnetic anomaly at the north-west limit of the mineralized zones.

Table 3: Drillhole Collar Coordinates

Hole ID

Easting

(UTM)

Northing

(UTM)

Elevation

(m)

Azimuth

(°)

Dip

(°)

Hole Length

(m)

GR23-01

679759

5539876

291

21

-90

446

GR23-02

679859

5539783

291

322

-88

759

GR23-02W1

679859

5539783

291

322

-88

874

GR23-03

679939

5539491

291

30

-60

576

GR23-04

679374

5537683

291

45

-55

885

GR23-05

679323

5539538

291

50

-70

1,152

Collar coordinates are UTM Zone 17N
Azimuths and dips are taken from survey record at collar unless otherwise noted

Table 4: Summary of Assay Results - Ni-Cu-Co-PGE

Hole ID

From

(m)

To

(m)

Length

(m)

Ni

(%)

Cu

(%)

Co

(%)

Pt

(g/t)

Pd

(g/t)

GR23-01

No significant mineralization observed

GR23-02

514.5

515.0

0.50

0.67

0.03

0.02

0.17

0.39

GR23-03

358.0

358.5

0.50

0.53

0.04

0.01

0.08

0.17

GR23-03

403.0

408.8

5.80

1.55

0.18

0.04

0.35

0.82

Including

404.2

408.8

4.60

1.82

0.22

0.04

0.40

0.95

Including

408.2

408.8

0.60

5.75

0.24

0.13

1.68

3.85

GR23-04

Assays pending

GR23-04

Assays pending

All lengths are downhole lengths and true widths are expected to be greater than or equal to 60-70% of downhole lengths

Table 5: Summary of Assay Results - Gold

Hole ID

From

(m)

To

(m)

Length

(m)

Au

(g/t)

GR23-03

98.0

98.5

0.50

1.39

GR23-03

110.0

111.0

1.00

0.90

Including

110.0

110.5

0.50

1.28

GR23-03

265.8

266.6

0.80

16.19

Including

265.8

266.1

0.30

49.10

Qualified Person

The scientific and technical content of this press release has been reviewed and approved by Mr. Jacquelin Gauthier, P.Geo, Vice President, Exploration, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Gauthier is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, including sampling, analytical and test data underlying the technical information disclosed in this news release.

About Abitibi Geophysics

Abitibi Geophysics has built a 30 year reputation internationally with safe, efficient, reliable high quality geophysical data acquisition, processing and interpretation services to help our clients find a variety of mineral resources and expand their exploration programs. Our products also include data compilation, modeling/inversion and interpretation services.

Abitibi Geophysics' InfiniTEM® XL dual loop system generates a large primary electromagnetic field that couples with deep, steeply dipping conductors while minimizing the response from conductive overburden. The secondary field induced in the conductor is detected by a sensor located on the surface or inside a borehole. The downhole surveys were completed using a DigiAtlantis system at a low base frequency (1Hz).

About Archer

Archer Exploration is a Canadian Ni-Cu-Co-PGE focused exploration and development company with an extensive portfolio of assets in Quebec and Ontario, Canada. The Company's flagship asset is the Grasset Project, located within the Abitibi Greenstone Belt, with an Indicated Resource of 5.5 Mt @ 1.53% NiEq. In addition, the Company holds a portfolio of 37 properties and over 300 km2 in the world-class mining district of Sudbury, Ontario.

The Company's growth strategy is focused on the exploration and development of its nickel sulphide properties within its portfolio. Archer's vision is to be a responsible nickel sulphide developer in stable pro-mining jurisdictions. Archer is committed to socially responsible exploration and development, working safely, ethically, and with integrity. For more information, please visit www.archerexploration.com.

Cautionary Note Regarding Forward-Looking Statements

Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that Archer expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct Archer's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Archer in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict in Ukraine; general economic factors (including inflationary pressure); the price of commodities; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents.

The forward-looking information contained in this news release represents the expectations of Archer as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Archer does not undertake any obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

SOURCE Archer Exploration Corp.



Contact
Tom Meyer, President & Chief Executive Officer, Tel: +1 866.899.7247 (RCHR), Email: tom@archerexploration.com


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