Vancouver, B.C., August 20, 2024 – Silver Grail Resources Ltd. (SVG-TSX-V) (“Silver Grail”) is pleased to announce significant new discoveries on its Ram property, jointly owned with Teuton Resources Corp. and located in the Golden Triangle region of northwestern British Columbia.
Highlights:
Discovery of a 400m long, mineralized porphyry intrusive, the “Malachite Porphyry Zone”
Identification of a second zone, the “Mitch Zone”, with pyrite and chalcopyrite
Property adjacent to Ascot Resources’ Red Mountain project
Expanded exploration program planned
Ram Property Overview
The Ram property is situated approximately 18 kilometers south-southeast of Stewart, B.C., and adjoins Ascot Resources’ Red Mountain gold property. It lies 5km southeast of Goliath Gold’s Treasure Island prospect (currently being drilled). The Ram property has been jointly held by Teuton and Silver Grail for over 30 years but has seen limited exploration until now.
[For Location Map: see https://ramproject.gold/ClaimsLocationMap]2024 Exploration Program
In the summer of 2024, a prospecting crew was deployed to examine areas of recent glacial retreat on the Ram property. This work has led to two significant discoveries:
1. Malachite Porphyry Zone: A 400m long outcrop of porphyritic rock (open to extension) was discovered in the northern portion of the property, south-southwest of Red Mountain. This zone exhibits:
- Extensive malachite staining
- Presence of chalcopyrite, pyrite, magnetite, and K-feldspar
- Bismuth mineralization (identified by XRF)
2. Mitch Zone: Located south west of the Malachite Porphyry, this zone features:
- En echelon stringers of coarse pyrite mineralization in sediments
- Abundant veins and veinlets ranging from millimeters to 2-4 cm in width
- Lesser areas of massive chalcopyrite veins up to 5 cm thick
- Numerous grab samples and saw cuts have been taken from both zones and will be sent for assay
Comment
Dino Cremonese, P.Eng., President and CEO of Silver Grail, commented: “These new discoveries from retreating ice and snow are very encouraging. The Ram’s mineralization shares similarities with neighbouring Red Mountain, which I staked in 1988 for a private company. As the original staker of Red Mountain, I conducted initial surveys that suggested upstream mineralization. This was confirmed by subsequent owners with the discovery hole yielding 9.88 g/t gold over 66 meters in the Marc Zone. Returning to this area of the Golden Triangle after 36 years is exciting, especially given our promising observations at the Ram.”
Historical Geophysical Data
A 2006 airborne VTEM survey previously conducted on the property revealed:
- A discrete magnetic anomaly running north-south, coincident with the strike of the Mitch Zone mineralization
- This anomaly forms the eastern edge of a larger, oval-shaped total magnetic anomaly, approximately 1km long on its NNW-SSE axis
Next Steps
Based on these promising findings, Teuton and Silver Grail are planning an expanded exploration program, which may include:
- Additional sampling and geological mapping
- An Induced Polarization (IP) survey
- A diamond drilling program, contingent on results from the above activities
Qualified Person
Dino Cremonese, P. Eng., is the Qualified Person for Silver Grail Resources for the purposes of this news release; as President and CEO of Silver Grail, he is not independent of the Company.
About Silver Grail
Silver Grail Resources Ltd. is a junior exploration company with a portfolio of properties in the Golden Triangle region of British Columbia.
On Behalf of the Board of Directors of Silver Grail Resources:
“Dino Cremonese”
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company’s website at www.silvergrail.com or contact:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
Email: bholmesmba@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.
Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.