Inomin Forms Strategic Alliance on Fleetwood-Seneca Zinc-Copper-Silver-Gold Properties
Friday, January 18th, 2019
Deal consolidates a high-grade VMS mineral district with several exploration targets
Inomin Mines Inc. (TSX.V: MINE) (“Inomin”, “MINE” or the “Company”) reports it has formed a strategic alliance with Turnagain Resources Inc. to co-market the companies’ adjacent Fleetwood and Seneca zinc-copper-silver-gold properties as a combined project named Fleetwood-Seneca. Together the Fleetwood and Seneca properties are a considerably more attractive exploration and development project as the properties consolidate a significant Volcanogenic Massive Sulphide (VMS) district in southwestern British Columbia.
Fleetwood-Seneca host the Seneca zinc-copper-silver-gold deposit, the partially-delineated Fleetwood, 33 and Vent zones, and several priority exploration targets within a 6 kilometre by 2 kilometre mineral belt.
Any consideration received from a third-party deal, such as an investment or the sale of the Fleetwood-Seneca project, is to be divided equally between Inomin and Turnagain. The strategic alliance agreement was entered into December 21, 2018.
Fleetwood-Seneca District Mineralization
The Fleetwood-Seneca project is located within a 6 km by 2 km northwest trending volcanic belt hosting extensive zinc-copper-silver-gold rich VMS mineralization. Exploration in the belt has discovered four Kuroko style mineral zones: Fleetwood, 33, Vent, and the Seneca deposit. These mineralized zones are typical of VMS districts where deposits commonly occur in clusters.
Within the Fleetwood-Seneca VMS district, most of the exploration has focused at the Seneca deposit where (in the Seneca Pit zone) the mineralization is associated with dominantly felsic fragmental footwall units known as the ore zone conglomerate. It is a massive sulphide body with a chalcopyrite-pyrite-rich base overlain by a sphalerite-barite-galena-rich zone.
Drilling at the Seneca deposit has encountered several significant intersections that illustrate the high-grade, polymetallic nature of portions of the massive sulphide mineralization including the following:
|DDH-71-6||Massive||9.15%||1.01%||–||84.6 g/t||2.82 g/t||7.3 m|
|DDH-74-31||Massive||11.28%||0.64%||0.66%||125.1 g/t||0.9 g/t||5.0 m|
|DDH-83-6||Massive||17.7%||5.11%||0.04%||144.3 g/t||6.96 g/t||1.3 m|
Work included 33,000 metres of diamond drilling, underground development and extraction of a bulk sample that was custom milled at the Britannia Mine. This exploration was not carried out under the supervision of a qualified person, nor has a qualified person verified the data; as all, of the written information and reports are unavailable. The only relevance herein is strictly as geological information.
An historic estimate of 1.506 million tonnes at a grade of 0.82 g/t gold, 41.13 g/t silver, 0.63% copper, 0.15% lead, and 3.57% zinc for the Seneca deposit is referenced by Arnold (1996), Hoy (1991) and Chapman (1999), without specifying any details, referring to an unpublished 1984 report by Wright Engineers.
This report is not available and none of the aforementioned qualified persons have done enough work to classify this estimate as current mineral resources or mineral reserves. This estimate cannot be considered as reliable since it is unknown whether or not it was prepared by a qualified person. In addition, resource categories are not mentioned and assumptions, parameters and methods used to prepare it are not known. There is no known more recent estimate, and much additional drilling would be needed to verify such an estimate. The only relevance herein is strictly as geological information. Neither Inomin nor Turnagain consider this historical estimate as current or as an indication of what might be found on the Fleetwood-Seneca project claim holdings. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and is not treating the historical estimate as a current mineral resource.
“The creation of the Fleetwood-Seneca strategic alliance consolidates a proven VMS district with several polymetallic exploration targets,” comments John Gomez, President & CEO of Inomin Mines. “We look forward to attracting a partner to advance the exploration and development of the project.”http://www.inominmines.com