Minimum expenditure conditions satisfied to earn into 80% of the Monitor Joint Venture Project TCO NEWS
TCO NEWS RELEASE-VANCOUVER, B.C., May 1st, 2017 – Transatlantic Mining Corp. (the “Company”) (TCO: TSX.V) announces that it has met its financial commitment to meet the expenditure requirements of USD $ 2.1 Million, with its partners American Cordillera Mining Corporation (“AMCOR”) and Northern Adventures LLC (“NALLC”) for TCO to earn its 80% position into the Joint Venture Arrangement for the Monitor Property (“the Project”), located in Idaho, USA.
Highlights
- The financial conditions precedent to earn into 80% of the Monitor Project for USD 2.1M have been met;
- Mineralisation on the Monitor Project may also be accessed by the neighbouring St. Lawrence; and
- The flotation circuit at the US Grant Mill provides potential synergies for processing of Monitor
mineralisation on extraction.
Monitor Project
The Monitor Project is located along the eastern extension of the Couer D’Alene Mining District, Idaho. The location is shown in Figure 1. The Monitor Project contains several historic mining operations including Monitor, Richmond, St. Lawrence & Copper Age, and is reported to have mineralization that is high in copper (Cu), while also strong in gold (Au) and silver (Ag) as by-products. Additionally there are indications of cobalt that will require further testing. Table 1 presents historical grades of the two known structures, Monitor and Richmond Veins.
TCO’s initial surface drilling on the Richmond vein confirmed mineralization supporting historical grades and the three dimensional position of the historical workings. Refer to Table 2, this information was also contained the News Release of 27 Oct 2015.
Figure 1 Monitor, St. Lawrence and Big Elk Projects
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Table 1 Historical Mined Grades at Monitor Project on Richmond and Monitor Veins 1
| Vein Structure | % Cu | Au (g/t) | Ag (g/t) | ||||
|---|---|---|---|---|---|---|---|
| Monitor | 15% avg (30.5% highest reported) | 7.2 | 22.5 | ||||
| Richmond | 7.5% avg | 6.5 (3-10 g/t) | +30 |
1 NI 43-101 Technical Report: The Geology and Mineralization of the Monitor Mine Property Dr. G.E. Ray, 10 February 2013
Plans have been developed to test drill the veins on the Monitor Joint Venture leases from both surface and underground in the coming months.
Table 2 TCO Richmond Vein Drilling Results1,2
| Drill Hole No | ft (m) | % Cu | Au | Ag | ||
|---|---|---|---|---|---|---|
| (g/t) | (g/t) | |||||
| DMH#2 | 6.3 (1.9) | 3.4 | ND | ND | ||
| DMH#3 | 7.0 (2.1) | 1.2 | ND | ND |
Notes
includes 1.5m @ 4.3% Cu includes 0.8m @ 1.9% Cu 1 TCO News Release 27 October 2015(partial set 2 of 8 assays)
2 ND No detection.
Whilst the election to purchase the US Grant Mine and processing facility in Montana is near (18 May 2017, see News Release 23 Jan 2016), the benefit of this plant is that it has the potential future option to process material from the Monitor Property through its crush grind and flotation circuit .
Big Elk Project
One of the exploration targets in the Copper Corridor is the Big Elk prospect. This prospect amongst other mineralised lineaments is another piece of the Copper corridor that requires further drilling and metallurgical testing. The initial grades from the TCO surface sampling indicated in Table 3 (see News Release 27 Oct 2015) highlight sulphidised chalcopyrite rock within approximately 1 metre of the existing surface, including a Copper assay of sample of 30.8% at the Big Elk Prospect. A photograph of one of the samples is shown in Figure 2.
Table 3 Big Elk Field Exploration Assays1
| Sample No | UTM E (m) | UTM W ( m) | Elev | Width (m) | % Cu | Au (g/t) | Ag (g/t) | % Cu Equiv | |
|---|---|---|---|---|---|---|---|---|---|
| (Ft) | |||||||||
| ACC091214 | 11T 603120 | 11T 5225844 | 4835 | 0.9 | 30.8 % | 0.3 | 25.6 | 31.3% | |
| _ KD1013-178871 | 11T 603239 | 11T 5246284 | 5166 | Grab | 0.9% | 61.0 | 50.4 | 46.8 % |
Notes
Face Chip sample Field Rock sample 1 TCO News Release 27 October 2015 (partial set 2 of 6 assays)
# All composites are true width from the outcrop source where designated. Copper equivalents are based on Contained Metal Value at US$2.35/lb Cu, US$1200/oz Au and $15.80/oz Ag.
Figure 2 Big Elk Prospect- Sample ID ACC_091214 – ( 30.8 % Cu ,0.3 g/t Au and 25.6 g/t A
St Lawrence
St. Lawrence is on land adjacent to the Monitor Project and provides an access option to the Richmond Vein and underground workings. The location can be seen in Figure 1. The St Lawrence adit and access to the Richmond Vein was opened and accessed for sampling to an area 300 ft in on a 1500 ft strike length before it was blocked. The grades analysed in the accessible area of the St Lawrence adit along with the surface drilling on the Monitor Property for the Richmond Vein confirm that high grade mineralized rock exists within the already identified structures . These are shown in Table 4, this uses information already provided in the News Release of 3 Nov 2015).
Table 4 St Lawrence Adit Sampling of Richmond Vein1
| Sample No | Dist. fr | Assay True Width (m) | % Cu | Au (g/t) | Ag (g/t) | % Cu Equiv. | Notes | |
|---|---|---|---|---|---|---|---|---|
| Portal | ||||||||
| (m) | ||||||||
| 178928 | 102.1 | 1.2 | 13.0% | 0.41 | 17.6 | 13.5% | X-cut #1, 4’ wide main vein, red hematic blebs of malachite-azurite, random vein face channel sample | |
| 178929 | 103 | Grab | 7.6% | 0.17 | 7.6 | 7.8% | Rock chip of siderite vein from NW rib of X-cut #1, blue azurite/malachite mass fist sized in Fn grn rdorg siderite |
1 TCO News Release 3 November 2015 (partial set 2 of 14 results reported)
St Lawrence Tunnel Assay Results - All > 1.0% Cu Equivalent based on Contained Metal Value at US$2.35/lb Cu, US$1200/oz Au and $15.80/oz Ag
CEO Bernie Sostak commented,
“Whilst the processing and optimised technical pathway is still being developed, the structures we have targeted and tested to date, support the historical records. Now with the expenditure commitment being met, and the 80% earn being achieved , we can now plan further to enhance the attributes of the Monitor Copper Gold Project.”
The Technical information in this release has been consented and previously stated
About Transatlantic Mining Corp.
Transatlantic Mining (TSX-V: TCO) is an emerging precious and base metal explorer and developer. The Company has a focus on high-grade mining, in stable mining jurisdictions. The Company is engaged in controlling and owning mineral properties interests, such as the 80% earn-in option on the Monitor Copper-Gold project in Idaho (USA).
In January 2016, the Company entered a lease/purchase option agreement on 100% of the US Grant Gold-Silver Mine & Mill complex in Montana (USA) which has now processed a concentrate within 12 months. A proven management team, led by Chief Executive Officer Bernie Sostak, seek to enhance shareholder value through expert exploration/development and expansion of its existing assets, together with selective and future earning accretive acquisitions.
For further information please contact: Bernie Sostak +61 (0) 439 904 044
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 or accuracy of this release