Vancouver, British Columbia–(August 9, 2022) – Lode Metals Corp. (CSE: LODE) (“Lode” or the “Company”) is pleased to provide an update confirming high grade mineralization at the Cracker Creek Project, near Baker City, Oregon (the “Cracker Creek Project”).
- Underexplored Project: Geological and structural mapping, together with rock and soil geochemical sampling are ongoing to update mapping conducted in the early 1980’s by the Oregon Department of Geology and Minerals (DOGAMI) and mapping and sampling by AMAX. Logging roads constructed after the early mapping have exposed several unmapped quartz veins, an important indicator of mineralization in the Cracker Creek system. The Lode Metals geology team have identified four target types at the Cracker Creek project, including: subparallel, cross-cutting, on-strike, and down-dip extensions.
- Assays Pending from Soil and Rock Samples: Initial samples have been submitted for geochemical analysis to a conventional lab. Additionally, Lode Metalsis utilizing x-ray fluorescence spectrometer (“pXRF”) geochemistry to augment the conventional assays, while conducting the rock and soil sampling program. This approach enables the Company to act on results from the initial soil grid and initiate grid expansion immediately, rather than wait more than 6 weeks for results from a conventional lab.
- Mineralization Encountered: An initial pilot study of one of the North Pole mine dumps using pXRF has identified significant, anomalous gold mineralization (30, 99, 238 & 1,182 ppm Au) along with a strongly anomalous suite of trace metals (+/- Ag, As, Te and Sb). Lab results are pending. These initial pXRF results compare favorably with historic high-grade mineralization reported from the North Pole Mine to average 26.316 opt (818.5 g/t) gold.
- Drill Ready Targets Are Permitted: The Company has identified several, near surface structural intersection targets that splay from the main Cracker Creek structure. These targets are drill ready and permitted by DOGAMI. Current exploration work is advancing targeting on-strike, down-dip, and subparallel targets.
Ken Tullar, CEO, stated: “The Cracker Creek exploration model is rapidly taking shape and will receive the benefit of the ongoing geologic and structural mapping, adding to, refining and improving the drill ready targets that we already have in our portfolio. The use of pXRF is an exciting, real-time tool that has already served to discriminate mineralization at our North Pole target. We look forward to the results of more pXRF outcrop interrogation and focusing our soil grid extensions as data becomes available.”
Dimensions of Mineralization:
- The mineralized Cracker Creek structure was mined selectively over 3.5 km along strike and to a depth of 1 km down dip. Historic production for the mines that Lode Metals controls, Columbia, E & E and North Pole focused on the main Cracker Creek vein – see Figure 1 for historic mine locations. Reportedly secondary splays from the main Cracker Creek vein were recognized but never mined.
- Historic records indicate +400,000 ounces of gold was produced from the combined three mine mills (Columbia, E & E, and North Pole). The North Pole records indicate that the average mill grade was 0.482 opt (15.0 g/t) gold that included some direct ship to smelter ore that averaged 26.316 opt (818.5 g/t) gold, and combined, the overall grade was 0.630 opt (19.6 g/t) gold.
- The Cracker Creek project historic resource of +400,000 ounces of gold has an average grade of 0.316 opt (9.8 g/t) gold. Lode Metals believes targeting structural splays and intersections will encounter higher grades in drilling.
- Previous miners and explorationists noted that the higher-grade mineralization had a rake of 18 degrees to the southwest and an even steeper rake to the southeast. Therefore, it is critical to drill-oriented core to unravel these very important, geological, and structurally controlled questions. Lode Metals has State of Oregon issued drill permits to begin drilling in hand.
New geology surface mapping data will be incorporated into an updated geological and structural model for the entire, consolidated project. Lode Metals has already invested time and resources into integrating more than US$6M in legacy data generated by previous explorers from the late 1800’s through the 1990’s. This includes digitizing the underground mine workings, underground channel samples and extensive, and localized core drilling. These maps and sampling have instructed the vein and structural model and have led to the spatial recognition of previously known vein intersections that were never explored.
System Characterization: The Cracker Creek property is a structurally controlled, narrow, high-grade, orogenic gold deposit with the Mother Lode District, California as an analog. Gold bearing orogenic systems have been known to persist for several kilometers down dip. To date, the Cracker Creek system has only been historically mined to a depth of 1km and remains unexplored at depth and along strike.
The focus for the geological mapping and exploration is to refine and improve the lithological and structural model to better characterize favorable mineralized areas, associated structural intersections and identify trends for additional outcropping quartz veins. Recognized targets already include down-dip from historically mined mineralization along the Cracker Creek lode, on-strike, structural intersections, and subparallel veins that were either historically mined or simply unexplored.
The soil surveys will focus on gold and silver as well as pathfinder elements known to be associated with orogenic-related, high-grade gold mineralization hosted in Elkhorn Argillite, a metasedimentary suite of rocks. Initially, a portable x-ray fluorescence spectrometer (pXRF) is being used in the field to measure elemental concentrations from prepared samples. Following this field test, these samples have been sent to the lab for full multi-element, low-detection geochemical analyses. Comparisons of field measurements to lab analyses are progressing, helping to build confidence in the exploration team that the pXRF can and will be a more cost-effective and timely solution to soil geochemical analyses.
The technical content of this news release has been reviewed and approved by Kenneth Tullar, P. Geo., the CEO of the Company, and a qualified person as defined by National Instrument 43-101.
About Lode Metals Corp.
Lode Metals is a gold exploration company focused on applying modern exploration techniques integrated with current geological models to the previous producing, high-grade Cracker Creek property located in northeastern Oregon, United States. The Cracker Creek property consolidates the contiguous, high-grade, past-producing Columbia, Eureka, Excelsior and North Pole Mines, collectively the most prolific gold producers in Oregon between 1891 and 1934.
President, Chief Executive Officer and Director
Lode Metals Corp.