Tocvan Ventures Corp. (CNX:TOC) (“Tocvan” or the “Corporation”) is pleased to announce the start-up of its maiden drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. Phase I of the Program plans for up to 1,500 meters of reverse circulation (RC) drilling utilizing one drill rig at the Pilar Main Zone.
“We are excited to start our first drill program and continue to show the potential of Pilar,” commented President and CEO Derek Wood. “Tocvan’s work over the past year has generated new target areas and shown great potential for deeper mineralization. Phase I drilling will focus on expanding known mineralization within the Main Zone whilst acquiring important data to continue advancing the new target areas for later drilling. Field crews are on-site with COVID-19 mitigation plans in place and are ready to commence drilling.”
Priority Drill Targets
The Program will provide important structural data to incorporate into the recently interpreted deep feeder zones and controlling north-south faults (see press release from October 26, 2020). The results of Phase I will be used to define deeper drill targets (>125m) and delineate key structures for exploring on trend and parallel to the Main Zone. A Phase II program will utilize the key structural data acquired in Phase I to begin testing the feeder-pipe structures interpreted from ground geophysical surveys (See About Pilar section in this release).
In addition, drilling is planned at the Pilar Main Zone to expand the area of known mineralization, building upon the success of previous drill programs. Plans include step-out drilling of drill holes JESP-13-15 and JES-18-24 that intersected:
- -JESP-13-15: 34.5m grading 1.3 g/t Au,
- -including 3m grading 9.5 g/t Au and 28 g/t Ag
-and, 21m grading 0.83 g/t Au
-JES-18-24: 48m grading 0.87 g/t Au,
- -including 1.5m grading 17.3 g/t Au
- -including 3m grading 9.5 g/t Au and 28 g/t Ag
Confirmation drilling of historic drill holes from 1996 and 1997 will also be completed so this data can be included in future resources estimation.
Tocvan would like to announce Mark T. Smethurst will be stepping down from his role as COO. Mr. Smethurst will remain on the Tocvan Board of Directors as an important advisor to the Corporation. Tocvan would like to acknowledge Mr. Smethurst for his efforts in identifying the potential of the Pilar Project and his work to generate new target areas across the Project. Tocvan Director, Brodie A. Sutherland, P.Geo will be taking over as VP Exploration and seeing to the advancement of the Pilar Project. Mr. Sutherland has fourteen years experience managing exploration and resource definition drill programs across the globe.
“Tocvan would like to thank Mr. Smethurst for his role in developing the Pilar Project to date,” commented President and CEO Derek Wood. “As the Pilar Project advances we are excited to have Mr. Sutherland take on a management role to see to the continued development of Pilar.”
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. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock. 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 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:
- – of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
- -0.73g/t Au over 40m
-0.75g/t Au over 61m
-17.3g/t Au over 1.5m
-5.27g/t Au over 3m
-53.47g/t Au & 53.4g/t Ag over 16m
-9.64g/t Au over 13m
-.6g/t Au & 37.8g/t Ag over 9m
-2,650m of surface and trench channel sampling. Highlights include:
- -55g/t Au over 3m
-28.6g/t Au over 6m
-3.39 g/t Au over 50m
-sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone
- -0.73g/t Au over 40m
Figure 1. 3D Inversion processed from Induced Polarization (IP) geophysics survey showing interpreted feeder-pipe structures.
Additional areas of mineralization have been identified from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020.
Figure 2. Results from 2020 Surface Sampling at Pilar Au-Ag Project. Showing existing zones and trends of mineralization, along with the recently discovered East Zone of mineralization showing high grade silver.
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.
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 the Sonora state of 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
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.