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Waterpump Creek

Project Summary

Stage:Exploration

Deposit:Carbonate Replacement Deposit (“CRD”)

Ag
Pb
Zn

Overview

The Waterpump Creek (Pb-Zn-Ag) deposit is located due north of the Illinois Creek airstrip. Waterpump Creek is a carbonate replacement deposit (“CRD”) hosted by the Illinois Creek dolomite sequence, with similar stratigraphy as the main Illinois Creek Oxide Gold deposit. A total of 58 diamond drill holes by Anaconda Minerals Company, and later by Nova gold Resources, discovered high grade silver-lead-zinc mineralization. A preliminary hand drawn polygonal resource by Anaconda estimated a non-43-101 resource of 166,000 tons at 9.5 opt silver, 16.1% lead, and 5.5% zinc. A modern resource estimate will be completed once the 2021 and 2022 drilling has been completed.

Drill hole WPC21-09. Base metal mineralization visible

Geology & Exploration

Nine drill holes were completed at Waterpump Creek in 2021. Assays on one sulfide intercept have been completed and it cut an exceptional, high-grade zone of massive sulfides.

Drill hole WPC21-09 cut 9.3 meters (8.1 m true thickness) of 540g/t Ag, 23.5% Zn and 16.1% Pb of massive intergrown sphalerite and argentiferous galena down-dip of historical Anaconda and NovaGold drilling. This equates to 1,949g/t Ag Eq, a truly exceptional intercept.

Waterpump Creek contains numerous geophysical targets and is open along strike and at depth. The deposit has excellent potential for additional discovery of Pb-Zn-Ag carbonate replacement mineralization. The mineralization at Waterpump Creek has very similar geological characteristics to prolific CRD systems (Santa Eulalia, Naica, Taylor-Sunnyside, Tintic). This type of CRD replacement mineralization is often continuous over multi-kilometer distances in major CRD systems.

The mineralized manto has been traced in drilling over a ~400 x 600 meter area with robust oxide and sulfide intercepts. 2021 drilling shows massive Ag, Pb, Zn sulfide mineralization continues to the north and east from the historical drilling and is open for expansion. Potential expansions of mineralization in the down dropped fault block to the south is still unexplored.

Various geophysical exploration methods are being evaluated for their potential to trace the mineralization at depth. We anticipate mounting a robust geophysical program in Spring 2022 prior to start-up of the drilling program in May.

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