Reyna Gold Corp. provide an update on its flagship project Gryphon Summit in Nevada as well as announce the final drilling results of its Phase 2 drilling at its La Gloria property in Sonora, Mexico.
Reyna Gold is pleased to provide an update on its flagship Gryphon project in Nevada which is been explored on a 50/50 option agreement basis with its sister company Reyna Silver. Our joined technical team has been hard at work this spring developing targets and we are now in the stage of building the pads and mobilizing the drill rig with drilling starting in the next few days.
As the company shifts focus to its Nevada project this summer we are pleased to announce below the final remaining drill results from La Gloria.
Reyna Gold is pleased with the drilling done at the project to date which is consistent to the grades observed in projects in the region. Reyna Gold’s management is actively looking to extract value of this project either through a JV, partnership or a sale of the project which is very attractive to a number of producers who are in our immediate vicinity.
Highlights:
- Drilling at the Western target showed large-mineralized zones in strongly deformed rocks.
- LG-23-58: 39.10m of 0.29 g/t Gold including 4.85m of 0.99 g/t Au
Drill Highlights include:
- LG-23-59: 14.20m of 0.26 g/t Gold
- LG-23-60: 12.70m of 0.23 g/t Gold & 3.30m of 0.92 g/t Gold
- LG-23-46: 44.75m of 0.15 g/t Gold
- Step-out drilling at La Republicana continued to hit board intersects of gold mineralization close to the surface
Drill Highlights include:
- LG-23-49: 35.20m of 0.23 g/t Gold & 13.70m of 0.19 g/t Gold
- LG-23-42: 25.35m of 0.23 g/t Gold & 1.65m @ 0.50% Cu, 71.82 g/t Ag, 0.55% Pb
- LG-23-46: 44.75m of 0.15 g/t Gold
Western Target
In the Western target, new assay results have been received from Holes LG-23-045, LG-23-046, and LG-23-058 to LG-23-060. These drill holes were carried out to test the NE-SW trending veins and veinlets system, as well as secondary NW-SE systems; The system is developed within a dioritic unit with degrees of variable metamorphisms (schistosity zones) and meta-sedimentary rocks, as well as dikes/sills of andesitic composition.
“Large deformed zones with quartz veins were intercepted with Gold values, and some rock intervals present higher-grade metamorphism; Furthermore, the correlation of Au-Bi with the possible relationship of an intrusive at depth is interesting. Coupled with the first results from drill holes LG-23-37 and LG-23-38 with the extensive intervals intercepted with anomalies of Zinc, Molybdenum, and the same relationship of high Bismuth values in relation to gold in the system, the project has great potential for a large intrusive orebody at depth and the opportunity for new discovery on the Caborca Gold Belt”
Ariel Navarro, VP Exploration of Reyna Gold.
Recent exploration in the most northwest area of the Western target within a large magnetic dipole anomaly shows evidence of the magmatic relationship in the area and the presence of a deep intrusive, with a high content of iron sulfides, oxidized sulfides, and ilmenite in the area, as well, oxidized copper, with the presence of chalcopyrite, and chalcocite; In addition, a series of tourmaline and hydrothermal breccias in the area located in a magnetic low is closely related to a porphyric rock of dioritic composition with disseminated pyrite and copper anomalies in the intrusive body, this evidence and the correlation with the results of the drilling, show affinity with higher temperature systems and a generation of several superimposed hydrothermal and mineralogical systems.
La Republicana Zone
The objective of drilling these additional drill holes in the La Republicana was to continue outlining the mineralized zone (Republicana Main) of approximately 200 m by 150 m and, subsequently, also step-out drilling into new parts of the La Republicana system.
It is also important to mention the area of the LG-23-35 hole (24 m @ 0.36 g/t gold), which may be a parallel system to the main one, located 500 m southwest of LG-22-30 (main area). This zone shows the potential for multiple systems within the La Republicana Zone.
To date, 18 drill holes have been drilled in the La Republicana for a total of 1,977m.
Las Carmelitas Target
Within the Las Carmelitas area to date, 6 holes have been drilled for a total of 831m. The drilling objective focused on the IP geophysical survey anomalies, the geochemical anomalies with high Copper-Antimony-Mercury values, as well as the extensive silica alteration zone (ASTER & WV3).
Within the drilling, a polymictic conglomerate was cut with large areas of calcite-quartz veinlets and some areas with silica replacement. The drill holes were shallow with respect to the geophysical anomalies and the depth relationship with the Big-Pit mineralized zone, so the marked objectives could not be reached due to the great thickness of up to 250m of conglomerate, but the increase in silica at depth, as well as the low-temperature geochemical anomalies on the surface, and the deep IP anomalies show us a high potential in the area to be discovered at depth. There were no significant values encountered in the drill holes.
Table 1: Highlights Drill Results La Republicana & Western Targets
Gryphon Summit, Nevada
The Company’s focus is now on its Gryphon Summit Asset in Nevada. The Company is assessing options to continue advancing the La Gloria Property to unlock its vast geological potential on one of the world’s major gold belts.
Gryphon Summit is a combined Carlin-type and CRD Gryphon Summit Project in Eureka Co., Nevada. Initial Drilling of the property by Reyna Gold and Reyna Silver will commerce over the summer months.
The full version of the Reyna Silver and Reyna Gold Initiates 43-101 Exploration Report on Gryphon Summit press release can be found here (Ctrl + Click to open the link) on Reyna Gold’s website reynagold.com.
Michael Wood
Chief Executive Officer
For Further Information, Please Contact:
Reyna Gold Corp.
Michael Wood, Chief Executive Officer
[email protected];Â www.reynagold.com
About Reyna Gold Corp.
Reyna Gold Corp. is a gold exploration company focused on district-scale exploration. The Company has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold in Mexico, and an option to acquire the 10,300-hectare combined Carlin-style and CRD Gryphon Summit Project in Eureka Co., Nevada, USA. The Company has an experienced management team with a proven track record of wealth creation through project discovery, advancement, and monetization. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release.
Qualified Person
Ariel Navarro has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Mr. Navarro has a B.Sc. in Geology and an M.Sc. in Plate Tectonic and Structural Geology with more than 20 years of relevant experience exploring the Mexican Republic and the southern United States. He is a Registered Professional Geoscientist (Reg. NC-003 PC) with the College of Mining Engineers, Metallurgists and Geologists of Mexico, A. C. Mr. Navarro is not independent as he is on the technical team of Reyna Gold Corp. Mr. Navarro is satisfied that the results are verified based on a review of the field program details, imagery data, a review of sampling procedures, sample results, the credentials of the professionals completing the work, and the nature of the gold mineralization in a well-known district for the style of mineralization.
QA/QC Statement (ALS)
QA/QC Statement Reyna Gold follows industry standard diamond core drilling and sample analysis procedures. Drilling is done with HQ-size tools. The drill core is cut in half with a diamond rock saw and then half of the core is taken as a sample for analysis and the other as a log. Sampling intervals are generally 0.2 to 2 m intervals, producing samples between 0.6 and 10 kg. Half-core samples are shipped to ALS Minerals’ internationally certified laboratory facility in Hermosillo City, where the samples are prepared. ALS has a quality management system (ISO 17025) and testing is performed by ALS Minerals in Canada. Samples are fire-tested for Au (Au-AA24) and analyzed for Ag and multiple elements using the ICP method code (ME-ICP41 + ME-ME42, only to analyze tellurium) after digestion with aqua regia. Samples showing visible gold are resubmitted to ALS for metal screen assay. Over-limits are analyzed using an appropriate method. Multi-element geochemical standards and blanks or duplicates are inserted based on depth and mineralization of each hole, having 15% to 20% QA/QC control samples per hole, thus monitoring the laboratory performance. The control samples are inserted in a blank, standard, and duplicate pattern, each hole begins with a blank and at least 3 control samples are taken into account for every 20 samples, complying with a minimum of 15% with control samples and standards of quality by probing, these are separated and inserted every 7 to 10 samples for the case of standard and blank pulps, and duplicated every 30 samples. Subsequently, the mineralized zone is taken into account by inserting a control at the beginning of the zone, the middle zone with the greatest abundance of minerals, and at the limit of the mineralized zone with the host rock, having at this stage at least 20% of samples for QA. About the chain of custody, the samples are transported from La Gloria by Reyna Gold personnel to ALS Chemex in the city of Hermosillo.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results, or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information in this press release includes but is not limited to, statements concerning anticipated timing and results of the Company’s drill programs. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance, or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties, and other factors set out herein, including, but not limited to, the risk factors set out under the heading “Risk Factors” in the Company’s final long-form non-offering prospectus dated December 6, 2021, available for review on the Company’s profile at www.sedar.com. Such forward-looking information represents management’s best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
