Vertical Exploration Completes Successful Drilling Program at St-Onge Wollastonite Deposit
VANCOUVER, BC / March 18, 2019 /VERTICAL EXPLORATION INC. (TSX-V: VERT) (“Vertical” or “the Company”) is pleased to announce that it has completed a successful diamond drilling and sampling program on its advanced stage St-Onge Wollastonite Deposit located approximately 90 kilometres Northwest of the city of Saguenay, in St-Onge township, in the Saguenay-Lac-St-Jean region of Quebec, Canada.
The primary goal of the 2019 drilling program, which consisted of seven (7) drilling sections (see Figure 1, Sections A-G), was to establish an additional measured mineral resource of approximately 5 million tonnes of crude wollastonite. The pit constrained mineral resources at the St-Onge Wollastonite deposit, as previously reported in the Company’s August 2, 2018 news release, comprises an NI 43-101 compliant resources totaling 14 million tonnes at 36.61% Wollastonite in the measured and indicated class using a cut-off grade of 30% Wollastonite (7.1 million tonnes at 36.20% in measured and 6.9 million tonnes at 37.04% in indicated), and 17.9 million tonnes at 40.25% in the inferred class (rounded numbers). The NI 43-101 Technical Report was prepared by GoldMinds Geoservices Inc. (‘GMG’).
HIGHLIGHTS OF THE 2019 DRILLING CAMPAIGN
Twenty-three (23) drill holes totaling 1,784.0 metres were completed in less than two weeks of drilling (see Figure 1 & Table 1).
Twenty (20) drill holes intersected high-grade wollastonite zones, confirming excellent continuity and correlation with the thickly mineralized zones intersected by previously reported historical drill holes.
Sixteen (16) drill holes intersected high-grade wollastonite zones right up until the end of the hole, which are all open at depth.
A total of 1,107.5 meters of high-grade wollastonite mineralized core length was intersected, representing approximately 62% of all drilled core length.
In total, nine hundred thirteen (913) drill core samples of approximately 1.5 metres in length, including samples ranging from less than one 1.0 metre in length and up to a maximum of 2.5 metres in length, were collected for laboratory assaying. Eighty-one (81) of the 913 drill core samples were quality assurance/quality control (QA/QC) samples, including mineralized certified samples, blank samples and duplicate samples.
Peter P. Swistak, President and CEO of Vertical Exploration, commented: “I am very pleased with the speed of completion and overall success of this 2019 drilling program. The mineral data obtained from the program will now allow the Company to further update its NI 43-101 Technical Report and continue to aggressively move forward with its plans to begin the quarry permitting process on its St-Onge-Wollastonite Deposit.”
Complete drilling results for the 23 hole program will be announced when received.
The diamond drilling program has been supervised by Jean-Paul Barrette P. Geo., a qualified person under National Instrument 43-101 contracted by Magnor Exploration Inc., and responsible for reviewing and approving the technical contents of this press release as they pertain to the St-Onge-Wollastonite property.
ABOUT VERTICAL EXPLORATION
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s flagship St-Onge-Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
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FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
Table 1: List of 2019 drill holes and wollastonite skarn intervals intersected
Figure 1: Location of historical and 2019 drill hole collars