Homerun Resources Inc. Completes Airborne Geophysical Survey, Expands Homathko Gold Project
02.02.2022 | Newsfile
Vancouver, Feb. 2, 2022 - Homerun Resources Inc. (TSXV: HMR.H) ("Homerun" or the "Company") is pleased to announce that the Company has completed a 1055-line-kilometre airborne magnetic survey on its Homathko Gold Project, and the expansion of the property by an additional 17,700 hectares. This property expansion connects the two, previously separate, blocks of the Homathko Project, which now cover a combined total of 30,970 hectares across the highly prospective and generally underexplored Homathko Icefield.Airborne Geophysical Survey
A total of 1055 line-kilometres was flown at a 100-metre spacing with a Scintrex CS-3 cesium vapour airborne magnetometer sensor, providing sample spacings of 1-2 metres.
Figure 1. Total Magnetic Intensity (TMI)
To view an enhanced version of Figure 1, please visit:
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Figure 2. Survey Area, 3D overlay
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Airborne Geophysics
The airborne magnetic survey identified magnetic trends and potential structures associated with the primary Homathko showing and around Homathko Peak, as well as towards the east, near the historic Morris Mine.
Magnetic highs coincident with the primary Homathko showing form a curvilinear feature, locally extending east-west around the circumference of Homathko Peak into Homerun's newly expanded claim area, further to the west. These magnetic highs coincide with structural measurements and grab samples, including one sample yielding 57.9 g/t gold, taken during the Company's property visit in late 2020, as well as mapping done by previous operators.
Also of note are several roughly north-south trending magnetic highs parallel to those which strike through the Morris Mine area. These trends appear to continue further towards the south, roughly parallel to topographic features, which suggests a possible continuation towards historical MINFILE showings in the southern extension of the newly-expanded property area.
Magnetic highs also occur in broad areas exhibiting apparently rusty weathered exposures, as identified from satellite imagery.
More maps and data will be made available at www.homerunres.com.
About the Homathko Gold Project
The Company has executed an option agreement ("Option Agreement") for the right to acquire a 100% interest in the Homathko Gold Project located in the Caribou Regional District of British Columbia (the "Property").
Mineralization on the property was first identified by Falconbridge Limited in 1966 which reported grab and trench sampling returning up to 384 g/t gold. Work completed by Transition Metals identified a larger, high-grade lode gold system traceable at surface along 1.5 kilometres of strike length and identified grab samples up to 87.5 g/t gold in 2010. According to Transition, the mineralization is hosted within quartz-carbonate veining developed within and near the margins of a shear bounded, altered quartz-feldspar porphyry sill. Based on field observations, geologists from Transition have interpreted that the environment for mineralization on the property appears consistent with that of a traditional mesothermal lode gold deposit which bears many similarities to similar deposits occurring elsewhere in the Stikine belt (Pioneer/Bralorne District, Elk Gold Mine etc.). To date, the Homathko Gold Project has never been drill tested. (1,2,3)
Homathko Project Highlights:
- Grab and trench samples returning up to 384 g/t gold in 1966 (1)
- Grab samples returning up to 64.5 g/t gold in 1989 (2)
- Grab samples up to 87.5 g/t gold in 2010 by Transition Metals (3)
- To date, the Homathko Project has never been drill-tested
Qualified Person
Case Lewis, P.Geo., a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
References
(1) BC Mines Property File, Falconbridge File 184 - Report on Homathko Gold Prospect, 1965, J/J. MacDougall
(2) BC Assessment Report #18977
(3) BC Assessment Report #32197
(4) MINFILE 092N 004
(5) MINFILE 092N 005
(6) MINFILE 092N 023
(7) MINFILE 092N 024
(8) MINFILE 092N 049 "KOR 1,3,4,7"
(9) MINFILE 092N 067 "DISCOVERY CREEK / HOMATHKO"
(10) MINFILE 092N 068 "CHOPPER / HOMATHKO"
On behalf of the Board of Directors of Homerun Resources Inc.
"Brian Leeners"
Brian Leeners, CEO & Director
Contact:
Homerun Resources Inc.
brianleeners@gmail.com
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.