(Vancouver, October 27, 2016): Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSXV: “MMV”) is pleased to announce that the Company has identified one of the largest and thickest bodies of structurally thickened “ledge-type” iron formation in the Rochford District to date with recognition of the north half of the “Silver Creek Syncline” which is located completely within Lawrence County and is on average just 19 km (12 miles) from the Homestake Mine in Lead, South Dakota. This is a very tightly folded synclinal body of iron formation that is more than 3.2 km (2 miles) in strike length and up to 215 meters (700 feet) thick locally.
This major syncline is dissected by a large, near vertical shear zone at a nearly parallel to acute angle. The east side of this shear zone has been upthrown and offset in a right lateral sense of movement. Previous explorers had not recognized or identified the large body of shallowly plunging “hinge zone” iron formation localized along a very tightly folded syncline.. This newly recognized “hinge zone” was the target of the that Mineral Mountain has justrecent stakedstaking. The west side of the shear zone is part of the downthrown block with iron formation folded by the same very tight syncline. The buried downthrown “hinge zone” , but with the hinge zone buried at depth and was recognized in the geologic mapping of former workers explorersin the area and had been staked by . Mineral Mountain staked this ground in in 2012. The Silver Creek Syncline is Ssimilar to structural shear zones within iron formation at the Homestake Mine have having the same or very similarcomparable geometry and to the tightly folded synclinal structures hosting all of the major orebodies . at the Homestake Mine.at the mine are hosted by tightly folded synclinal structures in iron formation like the Silver Creek Syncline.
Mineral Mountain’s Rochford property previously covered four high priority gold targets that are situated within two structural corridors that host Homestake “ledge-type” gold mineralization associated with banded iron formation well documented by Getty, Noranda, Western Mining and Homestake between 1982 and 1996. The discovery and recognition of this new target adds an additional 5th gold target and a third major structural corridor. The five large-scale gold targets, three along the 5.5 km long Standby-South Standby-Lookout Mine Trend, the fourth along the 1.0 km long Cochrane Trend and now the fifth along the 3 km long Silver Creek Trend, will require a well-planned program initially totaling a minimum of 10,000 meters of drilling. The Company has engaged the professional services of FMG Engineering, a firm based in Rapid City, South Dakota to assist Mineral Mountain through the drill permitting process.
Recognition and discovery of this favourable “ledge-type” structure is in part a result of a relatively recent published mapping by Jack redden Redden (2008) from of the South Dakota School of Mines in (Rapid City) along with field mapping/verification by Mineral Mountain geologists. Coupled with the geological mapping, supported by the Company’s VTEM data, which shows indicates the presence of a large linear magnetic high, and of potential economic interest, a large coincident resistivity low that is not typical of unmineralized/unaltered iron formation, but is typical of iron formation that is altered, sheared and couldwith potentially possibly have significant disseminated and banded sulphides (pyrrhotite + arsenopyrite). Limited grab sampling at the historic Standard Mine situated at the southern end of the Silver Creek Trend recorded up to 13.7 g/t Au in strongly altered, gossanous iron formation with quartz veins. Outcrop exposure over much of this area is poor explaining why this large structure was not mapped and identified previously by former explorers.
Mineral Mountain had six (6) unpatented claims on part of this structure from previous staking, but has now added an additional eleven (11) unpatented lode mining claims for a total of 17 claims totaling 209 acres to cover the up-thrown east half of the Silver Creek Syncline. In total, Mineral Mountain now has assembled a contiguous land package totaling 356 unpatented lode mining claims for 5,656 acres (2289 hectares) and 9 patented lode claims (Standby Mine) for 67.45 acres (27.3 hectares).
Nelson W. Baker, President and CEO commented: “Our airborne HEM VTEM survey was able to trace and define the limits of this “hidden structure” that early day prospectors missed because of poor rock exposure and is a prime example of how under-explored the Rochford District really is!”
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. All exploration activities at the Rochford Project are carried out under the supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, development of its 100%-owned Rochford Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. Currently, the Rochford Project covers approximately 5,723 acres (2,316 hectares) and straddles three major trends of structurally thickened auriferous iron formation extending over a total strike length of 9.5 km.
Since 2013, the Company has continued to expand its land position in the Rochford gold district by professional claim staking and also by purchasing strategically located private properties that fall along three major sub-parallel structural trends that host Ledge-type gold mineralization similar to those developed at the Homestake Mine just 19 km to the north. The Company now owns the largest contiguous land position in the Rochford greenstone belt and now possesses by far the largest and most comprehensive database for the district in modern day exploration history! The Rochford Project is vastly under-explored and has the potential to host several district scale gold discoveries.
Following a complete review and assimilation of the newly-acquired database, the Company anticipates that the Standby Mine, the Cochrane South, and the Standby South gold targets will each require a well-planned, systematic diamond drill program to test for Ledge-style gold mineralization down plunge. The permitting process to drill the above targets is in progress.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
For further information, please contact:
Forward looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation 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.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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.