Vancouver, British Columbia — AFRICAN QUEEN MINES LTD. (the “Company”) has now received final assay results from its 2017 diamond drilling program at the Gold Run prospect located near Atlin, BC. The Gold Run prospect lies along the Pine Creek valley, commencing approximately 650 metres to the east of the Company’s permitted Yellowjacket Mine (see News Release dated October 6, 2016). The abbreviated drill program was conducted at the end of the 2017 exploration season. Four short holes, ranging in depth from 38.7 to 102.1 metres, were drilled to test the eastern strike extent of the fault structure which hosts the gold mineralization at the Yellowjacket Mine. This particular area has been the site of commercial placer mining operations over many decades.
Drilling was completed by an Atlin-based drilling professional utilizing a 2016-built Zinex Mining deep hole drill rig mounted in a custom drill shack with rod handling capabilities. NQ sized drill core was used for the first three holes, however due to drilling difficulties related to the rock encountered HQ core was used on the final hole. Drill core samples were processed by Bureau Veritas Minerals in Whitehorse for sample preparation and then forwarded to their Vancouver laboratory for analyses.
All four holes intersected the Pine Creek fault structure with strong clay gouge and brecciation present. Two of the holes, YJ17-02 and 03 with depths of 69.8 and 38.7 metres, respectively, had to be abandoned prior to reaching their target depths due to drilling problems. Gold values were trace in the first three holes.
Drill hole YJ17-04, drilled to a depth of 67.4 metres, was a 650 metre step-out to the east from the Yellowjacket Mine. This hole showed strong silica alteration and quartz stockworking. Although gold values in this hole were low, they were elevated up to 0.22 g/t in the favourable alteration zones containing listwanite, bleached and stockworked andesite and silicified iron-carbonate altered ultramafic. These alteration signatures indicate fluids of the same mineralizing event as hosts the gold mineralization at the Yellowjacket Mine. The Yellowjacket Mine mineralization shows heterogeneity to the gold grain distribution due to a strong nugget effect.
African Queen’s President Mr. Irwin Olian states: “Although we are disappointed with the analytical results from this small drilling program, which failed to yield significant gold numbers, we are happy to see that the mineralizing fault structure that hosts the gold at the Yellowjacket Mine continues to the east along strike. The nature of the mineralization suggests the possibility that additional drilling of deeper holes could potentially intercept economic gold values.”
The Gold Run prospect represents one of twelve key zones, in addition to potential expansion of the Yellowjacket Mine, identified for drill testing. Further targets will be developed and additional drilling will be undertaken on a result contingent basis. The Company now controls 51 mineral claims, 3 placer claims and one placer lease covering an aggregate of 291.54 km2 of strategic ground in the historically significant placer mining areas associated with many of the major creeks in the Atlin District. The permitted Yellowjacket Gold Mine is included within these tenures. The preponderance of its tenures is comprised of mineral claims covering structural trends within lithologies favourable for hosting hard rock gold deposits.
Linda Dandy, P.Geo., a Qualified Person within the meaning of N.I. 43-101, has reviewed and approved the technical portions of this News Release. Ms. Dandy is providing on site guidance at the Project. Overall project leadership at Yellowjacket is being provided by Dr. Reinhard Ramdohr, who was on site in 2016 and 2017.
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers an aggregate of approximately 291.54 km2. The Company has its executive offices in Vancouver, Canada. The Company was incorporated under the laws of the Province of British Columbia, Canada, on April 30, 2008, and received certain southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd.
We seek Safe Harbor.
On Behalf of the Board of Directors of African Queen Mines Ltd.
Chairman & CEO
For more information, contact:
President and CEO
Dubai: +971 55 997 0427
London: +44 (0) 7780 602 788
Germany: +49 (0) 21141 740411
U.K.: +44 (0) 870 490 5443
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations.