News Release – Vancouver, British Columbia – June 8, 2020: SKRR Exploration Inc. (TSXV: SKRR) (“SKRR” or the “Company”) is pleased to announce the 2020 work program for the Leland property (the “Leland Property”) located 20km south of SSR Mining’s Seabee Gold Operation and 100 km east of La Ronge, northern Saskatchewan. The summer field program will include detailed prospecting and mapping, infill soil geochemical sampling, channel sampling of trenches and ground truthing of EM anomalies generated by a 2019 drone survey. A UTV trail will also be constructed to improve access to the Irving/Simon Lake area from the camp.
Under the terms of the option agreement with Taiga Gold Corp. (“Taiga”), SKRR may earn-in up to a 75% interest in the Leland Property.
Previous Work by Taiga Gold
In 2019 Taiga completed a three-phase geological and geophysical program at the Leland Property. Highlights from the program include:
- Gold mineralization grading up to 5.4 g/t Au over 0.65 m within 2.1 g/t Au over 3.22 m (channel sample) from the Irving trench along the Simon-Irving Trend.
- Discovery of 5 new gold-mineralized occurrences along the Simon-Irving trend grading between 113 ppb Au and 3.5g/t Au.
- Soil geochemical results proximal to the Leland showing (SMDI-2390) support samples collected in 2015 and delineate a new zone of anomalous soils to the west of the Leland Showing and northeast of the Simon Showing (SMDI-2388) that are targets for future follow up work.
- Recent staking by Taiga included claims overlying the Duck Lake Occurrence (SMDI 1731) which covers two quartz stockwork zones within a shear with the Main Zone traced on surface for 180m. Limited historical grab sampling returned values up to 3.2 g/t Au.
- Drone magnetic survey defines association of Simon-Irving mineralization with a magnetic low linear feature.
Some of the above results were taken directly from the SMDI descriptions. SKRR cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Leland Property area. SKRR has not verified the assay results nor has SKRR done the drilling and sampling necessary to verify the assay results. Further work is required by SKRR in order to verify the historical work on the Leland Property.
Leland Property History
The Leland Property hosts several zones of orogenic gold mineralization with good exploration potential. Historic work in the western part of the Leland Property has identified numerous gold-bearing quartz veins with notable grades including the Leland Lake South Zone, which hosts grab samples ranging from trace values to up to 32.8 g/t Au and 8.6 g/t Au; and the Simon/Irving Lake Zone, which returned up to 60 g/t Au and 53 g/t Au from within a 2km x 600m shear zone centered along an open- ended contact between mafic volcanic and intrusive rocks. Near the new eastern limit of the property, known vein-hosted mineralization at the Sun Zone returned values ranging from trace quantities to up to 8 g/t Au. Gold-bearing shear zones at this location are proximal to mafic volcanic and intrusive rock units that also contain VMS-style base metal mineralization. None of the showing areas have been drill-tested but trenching indicates they contain structurally-controlled mineralization and are open along strike. The presence of amphibolite-grade meta-volcanic and associated meta-intrusive rocks hosting well-defined shear zones are considered positive indicators for the presence of orogenic gold deposits. The mineralization, host rocks and structural framework are similar to gold deposits in the region such as the nearby Seabee Gold Operation. Additionally, this prospective geology is considered to be underexplored for 30 km of strike length within the current Leland property boundaries. SKRR cautions that past results or discoveries on proximate lands are not necessarily indicative of the results that may be achieved on the Leland Property.
Ross McElroy, Chairman and Chief Geologist for SKRR, commented, “The recently optioned Leland property represents a strategically important part of SKRR’s large Irving Lake project, located within 10km to 20km south of SRR Mining’s very successful Seabee Gold Mine operation, Saskatchewan’s largest orogenic gold deposit. With the inclusion of Leland, SKRR now has amassed a coveted and dominant land position covering more than 23,500 hectares with numerous highly prospective targets and trends. We are excited and proud to be working along side with Taiga Gold Corp. to explore and develop this under-explored area. Irving Lake has many of the key geological ingredients required for hosting large high-grade gold deposits such as Seabee and Santoy: favorable geology, large scale structural shear zones, localized flexures and faults and numerous mineralized showings. We are in the early stages of a committed and systematic approach to exploring this premier area, located in the heart of the Trans Hudson Corridor.”
The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geol, a director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About SKRR Exploration Inc.:
SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan – one of the world’s highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
President & CEO
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This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the planned exploration work on the Leland property and work on other properties, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.