TORONTO, ON–(Marketwired – November 18, 2016) – GPM Metals Inc. (TSX VENTURE: GPM) (the “Company” or “GPM”) announces that seven diamond drill holes for 953 meters have been completed at the Walker Gossan Project (“WGP”) in the Northern Territory.
The project is a joint venture / earn in agreement between the Company and Rio Tinto Exploration PTY Ltd. (see January 27, 2014 press release of the Company available on SEDAR at www.sedar.com).
GPM is conducting exploration for SEDEX style base metal mineralisation in the Walker Fault Zone, a Proterozoic sedimentary basin which is the northern most of a series of extensional basins stepping NW from Mt Isa and which host the lead-zinc-silver mines at Mt Isa, George Fisher, Lady Loretta, Century and McArthur River.
Drilling was conducted over 3200m of strike length (hole WD#7 to WD#4) and 1200m — east to west (hole WD #7 to hole WD#5). Drilling is targeting SEDEX style base metal mineralization.
Drill hole locations, section diagrams and assay tables are found on the company’s web site.
The drill holes tested the Balbirini Fm which hosts the “gossan”, an iron and silica altered carbonate unit, and down sequence through a carbonaceous siltstone and basal sandstone which unconformably overlies the Jalma Fm sediments. Stratigraphic thickness from the top of the ferruginous dolostone to the basal unconformity is approximately 35m. Thickness of the Jalma Fm is approximately 110m.
The drill targets are being identified by systematic mapping, sampling, airborne magnetics and ground IP surveys.
The initial target area has encouraging surface geochemistry with soil and chip sample results of anomalous lead, including a 1400m long contour of plus 500ppm lead with a maximum of 2800ppm lead. Rock chips have confirmed the soil results with values as high as 1.8% lead. (see November 19, 2015 press release of the Company available on SEDAR at www.sedar.com).
The presence of pyritic, carbonaceous siltstones and base metal mineralisation has been confirmed in this programme. A basin margin fault to the west of the drilled area is interpreted from airborne magnetics and a recently conducted ground gravity survey and will be tested during the RC drill programme.
Assays are consistent with surface geochemical sampling and are typical of a sulphur poor outflow zone of a SEDEX style base metal system. The intense sideritic (iron carbonate) alteration observed is generally found proximal to mineralisation in SEDEX systems. To date 584 samples from holes WD#1 to 6 have been cut and assayed on 0.5 and 1m intervals. Assays for DDH- WD#7 are pending. The second phase of reverse circulation (RC) percussion drilling has now commenced.
The RC drilling will infill the wide spaced diamond drill pattern and then move northwest to test a combined magnetic and gravity anomaly.
The North – South trending magnetic and gravity anomaly is located 5km north of WD#7 and 1.5km west and down-dip of the outcropping gossanous Balbirini Fm. This anomalous feature is interpreted to be a basin margin fault and the potential major conduit for mineralising fluids.
Although early in our current exploration campaign, we are encouraged by the large volume of sideritic (iron carbonate) alteration encountered, and the presence of pyritic carbonaceous sediments in the Balbirini and Jalma Fm, confirming the potential to host a significant SEDEX style deposit.
Initial observations from drilling on EL 24305 point to the target mineralisation being located down dip (basin-ward / to the west) on the adjacent ELA 30956 tenement. ELA 30956 is currently held under application by Rio and forms part of the earn in ground.
Meetings to progress several applications to grant are scheduled for 2017 and GPM anticipates the results of this current successful programme to impact those in a positive manner.
“Initial drilling has shown that we are in a very large SEDEX style alteration system with potential to host a significant discovery. I am confident that with the information at hand and the results from the continuing drilling, that we will be able to vector into the core of the mineralisation,” said Patrick Sheridan Jr., Executive Chairman and CEO of GPM Metals.
About GPM Metals Inc.
GPM Metals is a zinc focused exploration company with offices in Toronto, Brisbane and Lima.
The Company’s current holdings include the district scale Walker Gossan Project, NT, Australia, a joint venture with Rio Tinto Exploration Pty Limited; and the Pasco Project, Department of Pasco, Peru.
Both projects are advanced exploration properties with drill ready targets and have considerable potential to host significant zinc resources.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM’s future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM’s dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM’s public disclosure documents, (including, without limitation, those risks identified in this news release and GPM’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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 and / or accuracy of this release
For further information contact:
GPM Metals Inc.
Att: John Patrick Sheridan, CEO
Suite 1205 – 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : (416) 628-5904
Email: [email protected]
