Tocvan Drills 116.9-meters of 1.2 g/t Au and 7 g/t Ag, including 10.2-meters of 12 g/t Au and 23 g/t Ag at Pilar.
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Calgary, Alberta – TheNewswire - April 14, 2022 Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3), is pleased to announce drill results from its Pilar Au-Ag Project in Sonora, Mexico. Results for drill hole JES-22-59 are provided in this release, a core twin of RC drill hole JES-20-32 which returned 94.6-meters at 1.6 g/t Au (see Figure 1). Drill hole JES-22-59 was previously mentioned in a news release (see NR February 15, 2022) where a mineralized breccia host was observed in drill core correlating to the Main Zone at Pilar. JES-22-59 returned 116.9-meters at 1.2 g/t Au and 7 g/t Ag, including an impressive 48.1-meters at 2.8 g/t Au and 9 g/t Ag. High-grade gold-silver mineralization was recorded adjacent to a heavily faulted and altered zone returning 10.2-meters at 12.0 g/t Au and 23 g/t Ag, including 4.2-meters at 28.3 g/t Au and 49 g/t Ag.
A total of 1,562 meters of Phase III drilling has been completed in nine drill holes providing key information across the Main Zone and 4-T Trend. Results for five drill holes are pending.
Drill Highlights
JES-22-59 (Core)
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116.9m at 1.2 g/t Au and 7 g/t Ag
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Including 48.1m at 2.8 g/t Au and 9 g/t Ag
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Including 10.2m at 12.0 g/t Au and 23 g/t Ag
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Including 4.2m at 28.3 g/t Au and 49 g/t Ag
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“Once again core drilling has confirmed the significant grade and distribution of gold-silver mineralization at Pilar”, commented Brodie Sutherland, CEO. “This further validates the strength of the shallow mineralized system at Pilar, especially in regard to the significant high-grade mineralization adjacent to controlling structures. We look forward to reviewing the remaining results that test the extension of these controlling faults to the southeast.”
Discussion of Significant Results
As part of the Phase III program, nine drill holes have been completed totalling over 1,562 meters (Figure 1). Drilling looked to expand the Main Zone through 25, 50 and 100-meter step-outs to the southeast in a gap zone that has seen little drilling focused on the main trend between hole JES-20-32 (94.6m at 1.6 g/t Au) and hole JES-21-50 (39.7m at 0.96 g/t Au). Drilling also covered the 4-T Trend testing below trench T-21-3, which returned 19.5 meters at 0.61 g/t Au.
Confirmation of host rock and structure through the Main Zone was completed with core drilling, targeting key areas where past RC drilling has intersected significant gold—silver mineralization. Drill hole JES-22-59 was successful in intersecting a significant zone of oxide gold with broad mineralization in a silicified brecciated andesite host (116.9 meters of 1.2 g/t Au, including 48.1 meters of 2.8 g/t Au and 9 g/t Ag). The intersection included a high-grade fault bounded zone grading 12 g/t Au and 23 g/t Ag over 10.2 meters. This broad interval correlates with mineralization seen in RC hole JES-20-32, which returned 94.6 meters at 1.6 g/t Au, including 9.2 meters at 10.8 g/t Au and 38 g/t Ag. The high-grade controlling structures indicate a high probability of continuation to the southeast, where pending drill results are located along trend.
Figure 1. Map of Phase III Drill Holes.
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Table 1. Summary of JES-22-59 Drill Results.
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Hole ID |
From (m) |
To (m) |
Width (m)* |
Au (g/t) |
Ag (g/t) |
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JES-22-59 |
20.20 |
137.05 |
116.85 |
1.19 |
6.57 |
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including |
55.70 |
103.75 |
48.05 |
2.81 |
9.03 |
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including |
55.70 |
65.90 |
10.20 |
12.04 |
23.35 |
|
including |
55.70 |
59.90 |
4.20 |
28.34 |
48.91 |
*Reported widths are apparent widths, JES-22-59 was drilled at a 50 degree inclination and is thought to be near perpendicular to the dip of mineralized structures.
Figure 2. Cross-Section of JES-22-59.
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Plate 1. Photo of Core from JES-22-59.
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A.102m to 104.5m, silicified mineralized breccia
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Plate 2. Photos of Core from JES-22-59. 55m to 60m.
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B.Major fault zone hosting high-grade mineralization.
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C.Start of mineralized breccia zone.
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AGM Summary and Results
The Company is pleased to announce the results of voting at its Annual General Meeting of Shareholders (“AGM”) held Friday, April 8, 2022, in Calgary, Canada.
Shareholders voted in favour of all items put forward:
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The appointment of the Board of Directors and fixing the Board size to five.
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The approval of audited Financial Statements.
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The appointment of Dale Matheson Carr-Hilton Labonte LLP, as Auditors of the Company for the ensuing year with the provision that the auditors remuneration be fixed by the board of directors.
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Ratifying and approving the continuation of the incentive Stock Option Plan of the Corporation.
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A total of 4,055,973 Tocvan common shares were voted, representing 12.79% of total shares issued and outstanding as at the record date of the meeting.
The Company announced at the meeting a webinar will be scheduled for mid-May to go over recent drill results and outline next steps for Pilar and El Picacho. The Company also commented on the Rogers Creek Property transaction, a detailed update including the record-day to be eligible as shareholder will be provided once the deal is nearing completion. The transaction is going forward and is planned to be executed in Q2-Q3 of 2022, unlocking the value of the Rogers Creek property to all shareholders of Tocvan in a new copper focused company (see NR September 30, 2021).
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 20,700 m of drilling have been completed to date. Significant results are highlighted below:
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2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
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2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
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17,700m of Historic Core RC drilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.
Quality Assurance / Quality Control
RC chips and core samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.
Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452