VANCOUVER – Paycore Minerals Inc. [CORE-TSXV] reported exploration drilling results from the 100%-owned FAD property in the Battle Mountain-Eureka gold belt in Nevada. Paycore common shares commenced trading on the TSX Venture Exchange today.
Drilling highlights include the first hole drilled to test for near-surface mineralization intersected multiple mineralized horizons over the first 110.6 metres of the hole including 4.5 g/t gold equivalent (AuEq) over 28.0 metres in hole PC22-02 comprised of 1.02 g/t gold, 25.7 g/t silver, 4.3% zinc, 1% lead and 0.09% copper starting at 40 metres from surface; 5.3 g/t AuEq over 23.9 metres comprised of 2.3 g/t gold, 24.0 g/t silver, 4.15% zinc, 0.4% lead and 0.09% copper starting at 86.7 metres from surface.
Drilling in the FAD Main Zone returned 13 g/t AuEq over 36.6 metres in hole GH21-02 comprised of 5.1 g/t gold, 185.5 g/t silver, 4.5% lead and 6.0% zinc.
Paycore has completed the acquisition of a 100% interest in the high-grade, polymetallic, FAD project located in one of the most prolific gold belts in the world, the Eureka gold district of Nevada. Paycore is currently completing its Phase-1 drill program targeting two primary targets: high-grade polymetallic mineralization in the FAD Main Zone and near-surface oxide mineralization proximate to the historic Ruby Hill Mine workings, both with historical previous production. Seven holes have been completed to-date with assay results having been received for the first four drill holes. Assays are pending for the remaining three holes and will be released upon receipt.
“Today is Paycore’s first day as a publicly traded company and an opportunity to bring this exciting high-grade project to investors in the mineral sector. Results to-date demonstrate the near-surface oxide potential and confirm the historic mineralization in the FAD Main Zone. The FAD property was previously owned by Barrick and Homestake who were more focused on near-surface mineralization in the Archimedes/Ruby-Hill area. No drilling has tested this highly-prospective FAD Main Zone in more than 50 years. The FAD property is located in one of the world’s most favourable mining jurisdictions, Nevada, and has the potential to host a world-class deposit,” stated Christina McCarthy, president and CEO.
Based on the historic data, the FAD deposit has a mineralized footprint of approximately 1.5 x 1.5 km and is open in multiple directions. Outside of the core deposit area, little to no exploration has been completed and its extensions are largely untested. Additionally, near-surface oxide mineralization is a priority target that was overlooked by previous operators and has the potential for widespread mineralization proximal to the historic high-grade underground mine that last operated more than 100 years ago. Hole PC22-02 is the first hole drilled to test the near-surface opportunity at FAD.
In the 1950s, a shaft was sunk to a depth of approximately 700 metres to access the FAD deposit, with development work completed between 1956-58 including underground drilling. Since then, no modern-day drilling or exploration has been completed on the FAD Main Zone, until now.
Holes GH21-01, GH21-02 and GH21-03 were the first three holes completed in the program. Holes GH21-01 and GH21-02 were drilled on the main FAD deposit and are approximately 150 and 200 meter step-outs to the southeast of the FAD Main Zone. Hole GH21-03 was drilled as a 40 m step-out to the southwest of the core of the main FAD deposit.
All holes have intersected high-grade poly-metallic (Au, Ag, Pb, Zn) mineralization and demonstrate significant expansion potential. Hole GH21-01 returned 3.5 metres grading 18.1 g/t AuEq; hole GH21-02 returned 36.6 metres of 13.0 g/t AuEq including 7.6 metres of 21.6 g/t AuEq and hole GH21-03 returned 14.3 metres of 5.3 g/t AuEq.
The phase one exploration program is near completion and will consist of approximately 3,900 metres of drilling. A phase-two program consisting of approximately 3,800 metres is expected to commence thereafter.
The FAD property is located less than three miles from Eureka and has established infrastructure, including a shaft, roads and old buildings.