News Release – Vancouver, British Columbia – June 2, 2020: SKRR Exploration Inc. (TSXV: SKRR) (“SKRR” or the “Company”) is pleased to announce that crews have been mobilised to commence phase one exploration activity on the Olson property (the “Property”) located 100 km east of La Ronge, northern Saskatchewan.
Under the terms of the option agreement with Eagle Plains Resources Ltd. (“Eagle Plains”), SKRR may earn-in up to a 75% interest in the Property.
Olson Project Summary
The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling. Historical drilling has intersected 7.5 m grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike. These results are historical in nature and have not been confirmed by Eagle Plains/SKRR but are considered to be reliable and will form a basis for ongoing work. SKRR has not verified the assay results nor has SKRR done the drilling and sampling necessary to verify the assay results.
In 2018, Eagle Plains and a previous partner completed a detailed compilation of existing data, followed by a 2- Phase, $150,000 field program which consisted of geological mapping and prospecting and the collection of a total of 862 soil samples and 126 rock samples.
The 2018 field program verified the results of historical work and identified additional targets in areas that were previously unexplored. Grid soil geochemistry highlighted two main areas with extensive gold in soil anomalies. Soil geochemical values ranged from below detection to a maximum of 2704.6 ppb Au, with 6 samples returning greater than 1000 ppb Au. In the Jena area, soil geochemistry delineated a 1.4 km strike length of anomalous soil results greater than 80 ppb Au with a maximum of 1346 ppb Au. The Ackbar-Tuscan-Point area also returned promising results, with a 300m by 100m zone returning values greater than 80 ppb Au and a maximum of 2704.6 ppb Au. Soil geochemistry at the Olson and Juba showing areas returned lower values, likely related to thick clay and soil cover in these areas.
Prospecting in the areas of anomalous soil geochemistry identified gold mineralization associated with
shear-hosted quartz veins. Analytical results ranged from below detection to a maximum of 45.1 g/t Au, with 20 grab samples returning greater than 1000 ppb Au. The Olson area had a maximum assay of 41.0 g/t Au from a grab sample of sheeted veins. The Jena area had 20 samples in excess of 1000 ppb Au with a maximum assay of 15.7 g/t Au from quartz-arsenopyrite veins. At the Juba occurrence, a grab sample returned 13.1 g/t Au. Mineralization at the Point and Tuscan area returned maximum values of 9.8 g/t Au at the Point and 45.1 g/t Au at Tuscan.
Ross McElroy, Chairman and Chief Geologist for SKRR, commented, “The Olson project exploration program is the maiden work program for SKRR and thus represents a major milestone for the company. With an exceptional partner in Eagle Plains, we are poised to take advantage of this mineral-rich strategic property, located in the heart of Saskatchewan’s gold district. In a short period of time, SKRR has built an impressive portfolio of five projects, under-explored for precious metals and located in this highly ranked mining jurisdiction. SKRR plans to aggressively explore and quickly move to develop drill targets on Olson as well as the rest of its portfolio. SKRR plans to be a significant explorer in this top-tier mining province.”
2020 Work Program Objectives
Phase one fieldwork has been designed to define targets for a phase two diamond drilling program, with planning underway for a Fall, 2020 program. Discovery Geophysics from Saskatoon has been contracted to carry out a 10.3 line-km DC resistivity / IP geophysical survey at the Jena-Juba and Point-Tuscan targets, with preliminary results available for follow-up during phase one. Geological fieldwork will include detailed prospecting and mapping, infill soil geochemical sampling and channel sampling of trenches.
Interpretation of historical work indicates that the historical drillholes were likely oriented parallel to the main structures and missed the most prospective targets. Geological fieldwork will focus on defining target areas within the known mineralized trends with the IP survey providing depth and orientation of the target mineralization.
North Point-Tuscan Area
Geological mapping, detailed soil geochemistry, channel sampling and IP will be used to define the relationship between known mineralized vein orientations and cross cutting historic gold in soil geochemical anomalies.
Detailed follow-up of a 300m x 100m gold soil geochemistry anomaly located in 2018 as well as reconnaissance prospecting north of Ackbar Lake in an area with abundant outcrop and no historical work.
Assess continuity of veining and shears to define potential for drill targets associated with high-grade ore shoots.
Geological modelling of the Olson showing using historical drilling, trenching and reinterpreted historical IP data will be used to assess potential for on‐strike diamond drill targets.
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 Olson 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.