News Release – Vancouver, British Columbia – January 26, 2021:SKRR Exploration Inc. (TSXV: SKRR; OTC Pink: SKKRF; FSE: B04Q) (“SKRR” or the “Company”) is pleased to announce that it mobilized personnel in preparation for a 1600m diamond drilling program at the Leland gold project (the “Leland Property”), located 23 kilometers southwest of SSR Mining’s Seabee Gold Operation, within the Trans Hudson Corridor of east-central Saskatchewan. Under the terms of the option agreement with Taiga Gold Corp. (“Taiga”), SKRR may earn up to a 75% interest in the Leland Property.
Sherman Dahl, SKRR’s CEO comments:
“SKRR and our drilling partner Terra Logic have been in recent contact with ALS labs in Saskatchewan and anticipate assays from the Olson project very soon. The extreme back up at labs throughout Canada is simply a result of a dramatic increase in drill programs in late 2020 and Covid-19 operational issues throughout Canada. The announcement of the commencement of drilling at the Leland Property and the upcoming assays results lay the foundation for an exciting 2021 for SKRR Exploration.”
2021 Drill Program
The 2021 winter drill program will focus on testing a 1 km strike length of the gold-mineralized shear system between the Irving Lake and Simon Lake showings. This will be the first drill program to test this orogenic gold-bearing system. Targets have been prioritized based on surface rock grab and trenching results, soil geochemistry and detailed airborne (drone) magnetic survey data. Up to a total of 9 holes from 6 pads are slated for the 1,600m drill program this winter.
2020 Work Program
The 2020 summer field program at the Leland Property included detailed prospecting and mapping, infill and grid soil geochemical sampling, channel sampling of trenches and ground truthing of geophysics anomalies generated by 2019 drone airborne geophysics survey. Work was focused on the Michelle/Irving area (channel sampling), the East Leland target area (systematic soil sampling) and the newly discovered Irvle magnetic anomaly area (prospecting and soil sampling). An ATV trail was also constructed to provide access from the main camp to the Irving and Simon showing areas. A total of 71 rock samples (34 channel, 35 grab and 2 float) and 135 soil samples were collected and submitted for geochemical analyses. Rock sampling returned values ranging from trace quantities to a maximum of 2.1 g/t Au (grab) with channel sampling returning 1.1 g/t over 0.7 m. Results of soil samples ranged from trace quantities to a high of 12.6 ppb Au.
The 2020 field program was successful in verifying and extending the known strike-length exposure of several gold-bearing veins and shears within the Irving-Simon shear zone corridor. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the Leland Property.
Highlights of Previous Work at Leland
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) 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. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
Leland Property History
The 10,761 ha 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.
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 (unless indicated otherwise) 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 Integrous Communications
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 planned drilling on the Leland Property, receipt of assays from the Olson property, 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 or failure to obtain the necessary equipment, adverse weather conditions, 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.