Calgary, Alberta – February 9, 2021. Tocvan Ventures Corp. (CSE: “TOC”) (“Tocvan” or the “Corporation”) is pleased to announce results form its maiden drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A Phase One drill program was completed in December of 2020 totalling 1,505 meters of reverse circulation (RC) drilling in nine (9) drill holes. Results for all nine drill holes are included in this release, all drill targets were step-outs of historic drill holes within the Main Zone.
Drilling Highlights:
JES-20-32
- 6 meters at 1.6 g/t Au from 57.9 to 152.5 meters
- including a high-grade core of2 meters at 10.8 g/t Au and 38 g/t Ag from 57.9 to 67.1 meters
JES-20-33
- 2 meters at 1.1 g/t Au from 57.9 to 99.1 meters
- including a high-grade core of1 meters at 6.0 g/t Au and 12 g/t Ag from 71.6 to 74.8 meters
JES-20-36
- 4 meters at 2.5 g/t Au and 73 g/t Ag from 96.1 to 120.5 meters
- including a high-grade core of2 meters at 6.3 g/t Au and 192 g/t Ag from 96.1 to 105.2 meters
- including 5 meters at 33.4 g/t Au and 1,090 g/t Ag from 96.1 to 97.6 meters
“We are excited to announce the results for our first drill program at Pilar,” commented President and CEO Derek Wood. “Today’s results confirm the impressive gold and silver mineralization at Pilar is open for expansion. Planning is well underway for our next phase of drilling that will continue to expand the areas of known mineralization and test other property wide targets, drilling deeper and farther out from our established Main Zone.”
Drill Results Discussion
A total of 1,505 meters of RC drilling in nine (9) drill holes was completed during the Phase One program. All drill holes were step-outs or extensions of previously drilled areas. Results are summarized in Table 1 and highlights of the program are shown in Figure 1. JES-20-32 was a 25 meter step-out of historic drill hole P-9B which reported 28.5 meters at 3.4 g/t Au and 22 g/t Ag, hole P-9B ended within a mineralized zone. JES-20-32 was successful in extending the broad mineralization zone seen in P-9B by reporting similar grades and extending the total depth extent of mineralization recorded. JES-20-33 tested 30 meters down-dip of historic drill hole JESP-13-15, which reported 37.5 meters at 1.2 g/t Au. The results from JES-20-33 show continuity of grade at depth. JES-20-36 was a 25 meter step-out from historic drill hole Q8-B, which reported 18 meters at 7.3 g/t Au. Mineralization in JES-20-36 was intersected deeper than anticipated and included a high-grade gold-silver interval of 1.5 meters at 33.4 g/t Au and 1,090 g/t Ag. The Pilar Main Zone remains open at depth and along the southeast extension.
Five of the remaining six drill holes returned anomalous values for gold and silver. Structural and geochemical investigations are underway to determine the significance of each.
*Insufficient drilling has been undertaken to determine true widths. All widths reported are core length. Interval widths are calculated using a 0.15 g/t AuEq cut-off grade with up to 5 meters of internal dilution. Gold equivalent (“AuEq”) is calculated using metal prices of $1,700/oz gold and $18/oz silver.
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below from previous operators:
- 17,700m of Historic Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
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- 0.8 g/t Au over 61 m
- 5g/t Au & 53 g/t Ag over 16.5 m
- 6 g/t Au over 13 m
- 2 g/t Au & 46 g/t Ag over 9 m
- 2,650m of surface and trench channel sampling. Highlights include:
- 55 g/t Au over 3 m
- 6 g/t Au over 6 m
- 4 g/t Au over 50 m
- Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone.
Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Quality Assurance / Quality Control
RC chips were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan Ventures currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in Sonora, Mexico and the Rogers Creek project in southern British Columbia, management feels both projects represent tremendous opportunity.
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOCVAN VENTURES CORP.
Derek A. Wood, President and CEO
Suite 1150 Iveagh House,
707 – 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: (403) 200-3569
Email: [email protected]
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.