News Release – Vancouver, British Columbia – October 14, 2020:SKRR Exploration Inc. (TSXV: SKRR; OTC: SKKRF; FSE: B04Q) (“SKRR” or the “Company”) is pleased to report intersections of arsenopyrite bearing sulphides and disseminated arsenopyrite and quartz veining in current and ongoing drill program at the Olson property in the Trans Hudson Corridor, Saskatchewan.
Sherman Dahl, Chief Executive Officer of SKRR comments:
“The visual indications of mineralization for which assays are pending, are encouraging.”
The drill program at the Olson property is advancing well. To date a total of 7 holes totaling 968m have been completed on 4 separate target areas; Jena, Juba, Point and Tuscan.
- Jena/Juba – Twenty surface samples from outcrops taken earlier this summer returned values >1000 ppb Au, with a maximum of 15.7 g/t Au from quartz arsenopyrite veins (see News Release June 02, 2020). Two angle holes (OL20002 and OL0003) drilled to the NE tested for contact related mineralization at a granodiorite – metasedimentary contact, similar to that seen at surface. The main Juba area had historic known arsenopyrite mineralization in surface trenches and is associated with an IP geophysics chargeability anomaly.
- OL20001 was an angle hole, drilled to the SE and completed to a depth of 116m. The hole tested a coincident conductive IP geophysics anomaly associated with arsenopyrite bearing metasedimentary rocks in surface trenches. Formational pyrite and graphite were encountered in the hole and likely accounted for the IP anomaly. No obvious mineralization was encountered.
- OL20002 collared in granodiorite and intersected a sedimentary contact at 76.6m. Intermittent intervals up to of quartz and sulphide (pyrite, arsenopyrite +/- chalcopyrite) mineralized zones were encountered between 67m to 76.6m. The hole continued in sedimentary schist until 103.6m then back into intrusive rocks (porphyritic monzonite) to 116m. Well developed quartz and sulphide mineralization was encountered from 114m to 116.14m with 3-10% arsenopyrite both disseminated and massive blebs.
- OL20003 was collared from the same set-up but at 23 degree azimuth change to the south. The hole collared in granodiorite, encountered a single sedimentary contact, which had some notable arsenopyrite occurrence, but not the intensity of mineralization as in the previous hole.
- Point – three angle drill holes (OL20004, OL20005 and OL20006) tested the Point target where summer program work identified anomalous soil geochemistry (80 ppb to 2704.6 ppb Au) and prospecting returned assays up to 9.8 g/t Au. Holes were collared in Granodiorite, with the main target being the contact with a metasedimentary projected to be encountered around ~230m depth.
- OL20004 was designed to test a projected sediment contact around 230m, beneath Michael Lake. The hole was collared granodiorite and encountered sediments at only 27m depth. Multiple pods of intrusive rock were present to 91m. Arsenopyrite was encountered in every unit from top to bottom of this hole with the strongest occurrences in the first 40m of Granodiorite in disseminated and massive blebs. Significant arsenopyrite was also associated in fine grained pelitic sediments associated with numerous narrow quartz-chlorite veins particularly between 114m to 141m with up to 3% disseminated and massive arsenopyrite. From 146m to 151m strong arsenopyrite (2-5%) was present in foliated sediments.
- OL20005 was collared from the same set-up but at 60 degree azimuth change to the south. The hole collared in granodiorite which continued to 20.2m where the sediment contact was encountered. The hole remained in sediments until EOH at 80m. Good disseminated arsenopyrite was encountered in the top 26m of the hole within granodiorite and drops off rapidly after 26m.
- OL20006 was and angle hole drilled to the south. The hole was designed to test a series of stacked mineralized shears within granodiorite where surface rock samples retuned up to 3 g/t Au. The hole intersected granodiorite from top to bottom. Trace sulphides present throughout, but 2 shear zones with narrow quartz-chlorite veins stand out with 1-5% arsenopyrite; 32.2m to 62m and 95m to 105m.
- Tuscan – drilling is designed to test the east west intrusive contacts at the Tuscan showing. Earlier surface prospecting this summer returned assays up to 45.1 g/t Au.
- OL20007 was an angle hole drilled to the west and completed to a depth of 137m. The hole collared in granodiorite and intersected the contact with sedimentary rocks at 96.65m. A second granodiorite was intersected at 120.75m. Promising mineralization was encountered in 2 distinct zones of sulphide mineralization were encountered (100.5m to 105.8m and 112.85m to 115.55m) with the most significant being the interval from 112.85m to 115.55m of semi-massive to massive sulphide mineralization with up to 40% pyrite and 15% arsenopyrite.
Samples from all seven (7) drill holes have been delivered to the laboratory and assay results are pending.
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. Mr. McElroy verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
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
For further information contact:
Rich Matthews, Investor Relations
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.
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 drilling on the Olson property, receipt of assays, 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, decrease in the price of gold and other metals, equipment failures, failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, 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.