Sego Resources Initiates Drilling and Exploration at Miner Mountain Porphyry Copper-Gold Project
Vancouver, May 28, 2020 - Sego Resources Inc. (TSXV: SGZ) ("Sego" or "the Company") is pleased to announce the start of 2020 exploration which will include a 2,000 metre drilling program at the Miner Mountain Porphyry Copper-Gold project near Princeton, BC. The company delayed commencement of the program due to the COVID-19 quarantine requirements but, having consulted with government, industry, contractors, local community and landowners, Sego Resources has deemed exploration safe to commence following strict hygiene and distancing protocols.
CEO J Paul Stevenson comments "We are excited to get our drilling program underway safely after the COVID-19 delay and build on the breakthrough observations made in late 2019. Exploration will expand on the outcropping mineralization in the Southern Gold Zone and drilling will commence in the first week of June at the Southern Gold, Cuba and Granby targets. The company is fully funded for the upcoming project."
Following the new interpretation (See News Release November 28, 2019), the Company has completed a detailed re-logging program of 28 diamond drill holes at the Cuba, Granby and Southern Gold targets. This work confirms that a well mineralized early porphyry intrusion at the Cuba zone has been overprinted with later, grade-destructive alteration and that deeper drilling is planned to test beneath this shallow level alteration. A number of faults have been identified that offset the porphyry mineralization and drilling at Cuba and Granby is designed to test the offset deeper extensions of the well mineralized porphyry.
At the Southern Gold Zone high grade hand samples from earlier, now reclaimed trenches indicate porphyry mineralization beneath the shallow till cover. The Company will spend late May reopening and extending these trenches and completing additional mapping prior to the commencement of drilling.
The Company has granted 4,150,000 stock options for certain Directors, Consultants and Employees at an exercise price of $.08, subject to regulatory approval, including TSX Venture Exchange approval. The options will be issued in conjunction with the stock option plan approved at the last Annual General Meeting, October 16, 2019.
There is no material change about the issuer that has not been generally disclosed.
This news release was reviewed and approved by Selina Tribe, Ph.D., P.Geo., a Qualified Person under NI 43-101.
Sego is 100% owner of the Miner Mountain project, an alkalic copper-gold porphyry exploration project near Princeton, British Columbia. The property is 2,056 hectares in size and is located 15 kilometres north of the Copper Mountain Mine operated by Copper Mountain Mining Corp. and Mitsubishi Copper. Sego has a Memorandum of Understanding with the Upper Similkameen Indian Band on whose Traditional Territory the Miner Mountain project is situated. Sego has received an Award of Excellence for its reclamation work at Miner Mountain.
For further information please contact:
J. Paul Stevenson, CEO (604) 682-2933
For investor & shareholder information, please contact:
MarketSmart Communications Inc.
Ph: +1 +1 877 261-4466
Email: info@marketsmart.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No regulatory authority has approved or disapproved the information contained in this news release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statement of historical facts that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects re forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, statements are not guarantees of future performance and actual results or developments may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56703