(Vancouver, October 3, 2016): Mineral Mountain Resources Ltd. (“mineral mountain“or the”Company“) (TSXV: “MMV”) continues to expand its already extensive geological compilation for the gold district hosting the Proterozoic Rochford Iron Formation by purchasing a vital digital database, generated by Homestake Mining Company between 1967 and 1988, consisting of 71 diamond drill holes totaling 73,471 feet, of which 17 holes totaling 48,305 feet targeted a folded structure of Ledge-9 scale Proterozoic iron formation on the Standby gold mine property (see press release from the September 12, 2016), geologically similar to the Homestake District and the Homestake Mine. The Homestake Mine, eleven “horns” of ore, a local term for plunging iron formation pleated structures, contributed the 40 million troy ounces of gold produced with Ledge-9 alone having produced 9.5 million ounces multi-element geochemistry, downhole surveys, geological maps, cross-sections and longitudinal sections never before released to the public ravant, was acquired from Minera Teles Pires Inc., a geological consulting firm based in Reno, Nevada.
This newly acquired database, in conjunction with Mineral Mountain’s large pre-existing geological, geochemical, historic drilling and airborne geophysical database, will allow the construction and refinement of a three-dimensional model comprising significant parts of the district, to better guide targeting and planned exploration drilling. .
Nelson W. Baker, President and CEO comments: “This newly acquired Homestake database represents well over US$7 million in drilling costs and, in the Standby Mine property, and this proprietary drilling data supports our conclusion that gold discoveries at the district scale are possible with systematic drilling.”
Rochford’s Golden Belt
The Rochford Gold District is located approximately 26 kilometers south of the world’s largest iron formation-hosted gold deposit, the Homestake Mine, which produced over 40,000,000 ounces of gold from a ore averaging approximately 10.89 g/t Au (0.350 opt) over the life of mine from 1876 to 2001.
The geology of the Rochford district is remarkably similar to that of the Homestake mine with gold hosted in a multi-deformation Proterozoic carbonate facies and a local sulphide facies iron formation which has generally been metamorphosed into phyllites/cummingtonite schists/grunerite and chlorite shales. There are numerous relatively shallow, high-grade gold mines and prospects in the district that were developed in the late 1800s and early 1900s. The Mineral Mountain property complex covers the core of about 9 km long by 5 km wide of the district, with multiple trends of locally thickened and sheared auriferous iron formations believed to have many geological and mineralogical aspects in common with the Homestake mine 26 km to the northwest.
The Rochford Gold Belt covers over 78 square kilometers and has been explored intermittently, but never exhaustively or systematically at depth, by a number of major companies including Getty, Cominco, Newmont, Noranda, Western Mining and Homestake Mining. in the twentieth century. Although the price of gold reached US$1,900 per ounce in 2011, the last serious exploration in the Rochford district was completed in 1997.
Database Purchase Terms
Pursuant to this agreement, upon receipt of TSX Venture Exchange approval, Mineral Mountain will pay Minera Teles Pires Inc. a cash payment of US$75,000 and issue an aggregate of 500,000 common shares of Mineral Mountain resources ltd.
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., President and Chief Executive Officer of Mineral Mountain Resources Ltd. and a qualified person for this project. All exploration activities at the Rochford project are conducted under the supervision of Kevin Leonard, P.Geo., also a qualified person for this project.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, the development of its 100% owned property. Rochford Gold Project located along the very promising Homestake’s Golden Belt in the Black Hills of South Dakota, USA The Rochford Project covers approximately 5,500 acres and straddles several major structurally thickened gold-bearing iron formation trends for strike lengths of up to 9 km each.
Since 2013, the Company has continued to expand its land position in the Rochford gold district through the staking of professional claims and also by purchasing private properties strategically located along two of the major sub-parallel structural trends that host gold mineralization. Ledge type. The company now owns the largest land position in the Rochford Greenstone Belt and now has by far the largest and most comprehensive database for the district in the history of modern exploration! The Rochford Project is largely under-explored and has the potential to host several district-wide gold discoveries.
Following a comprehensive review and assimilation of the newly acquired database, the Company anticipates that the Reserve Mine will require a systematic and well-planned diamond drilling program to test Ledge-style gold mineralization at depth. The permitting process to drill the pending mine target is ongoing.
On behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”President and CEO
For more information, please contact:
Brad Baker, Vice President Corporate Development and Director
(778) 383-3975 email@example.com
Or visit our website: www.mineralmtn.com
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such as future business strategy, competitive forces, objectives, expansion, growth of the Company’s business, operations, plans and with respect to exploration results, timing and success of exploration activities. exploration in general, permitting timelines, government regulation of exploration and mining operations, environmental risks, litigation or title claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and the timing and results of future resource estimates or economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “expects”, “plans”, “anticipates”, “anticipates” or “looking ahead”, “does not to”, “continues”, “planned”, “estimates”, “plans”, “intends”, “potential”, “anticipates”, “does not anticipate” or “believes” or describes a “goal ” or a variation of these words and expressions or declares that certain actions, events or results “could”, “could”, “will”, “could” or “will” be undertaken, occur or be achieved.
Forward-looking information is based on a number of important factors and assumptions, including, the outcome of drilling and exploration activities, that contracted parties will deliver goods and/or services within agreed time periods, that equipment required for exploration is available as planned and not experiencing unplanned breakdowns, that there are no labor shortages or delays, that the plant and equipment are operating as specified, that no unusual geological or technical problems are occurring, and that laboratory and other related services are available and operating as intended. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from actual results, predictions, projections, forecasts, performance or future achievements expressed or implied. by forward-looking information. These factors include, among others, the interpretation and actual results of ongoing exploration activities; changes in project parameters as plans continue to be refined; future gold prices; possible variations in grade or recovery rates; failure of equipment or processes to perform as intended; non-performance by contracting parties; labor disputes and other hazards of the mining industry; delays in obtaining government approvals or funding or in completing exploration, as well as factors disclosed in documents publicly filed by the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause the actions , events or results are not those anticipated, estimated or intended. 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.