Tocvan starts drill permitting, CSAMT survey at Pilar

Sep 15, 2020

2020-09-15 06:36 ET – News Release

Mr. Derek Wood reports


Tocvan Ventures Corp. has initiated drill permitting and controlled source audio-magnetotellurics (CSAMT).

Epithermal gold deposits are highly variable in form, ranging from thin quartz veins to large structures or a concentrated collection of veins, feeder structures and other structures, consequently, they exhibit a wide range of geophysical signatures.

The recent IP (induced polarization) and magnetics survey revealed significant structures reaching depths of up to 350 metres (see press release dated Aug. 25, 2020). Structural and geophysical analyses are wrapping up by the pertinent experts, but those initial findings have given the company the excitement and encouragement to execute a CSAMT survey. This survey is currently under way and is expected to wrap up by Sept. 21.

Controlled source audio-magnetotellurics (CSAMT) is one of the best methods to find the plumbing and feeder structures to epithermal vein systems by mapping resistive and conductive features at depths ranging from surface to over 700 m depth. Resistivity imaging often indicates gold-bearing silicification related to vein systems, these resistive features are prime structural locations for epithermal vein development and are commonly detectable by magnetotelluric methods.

Drill targets are being defined and refined for an estimated 3,000 m initial program focused on expanding and confirming the known area of mineralization in the Main and North Hill zones. Drill permitting has begun as well as the sourcing of drill operators for the Pilar project. Despite the impact of the current world health crisis and subsequent Mexican government-ordered work shutdown this past April and into May, planned completion of drilling is anticipated in early Q1 2021.

Derek Wood, chief executive officer, commented: “I am extremely pleased with the progress Tocvan Ventures has made in just over 18 months from completing its initial public offering. Tocvan negotiated and agreement with Colibri Resources Corp. less then one year ago. Since then the company has managed to derisk the project to a drill-ready stage, while discovering new targets at surface and below areas of known mineralization. Recently Tocvan had over 90 per cent of IPO warrants exercised and now has ample funds to begin drilling as soon as possible while maintaining an attractive capital structure with approximately 23 million shares issued and outstanding.”

Special note

The current world health situation requires adjustments to work programs; health and safety are considered first.

Current health advice is for families and groups to self-isolate and to use caution with suggested recommendations from health leaders when social distancing becomes a challenge. Countries are beginning to allow businesses to operate again. Isolation is an inherent part of mineral development programs.

About the Pilar property

The Pilar gold-silver property has been identified as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other minerals are transported through the pre-existing structures and deposit out of the fluids and become emplaced within the structures and surrounding host rock.

Three zones of mineralization have been identified in the northwest part of the property from historic surface work and drilling and are referred to as the Main zone, North Hill and 4 trench. Structural features and zones of mineralization within the structures follow an overall northwest-southeast trend of mineralization. Over 17,700 metres of drilling have been completed to date. Significant results are highlighted below from previous operators:

  • 17,700 m of core and RC drilling; highlights include (all lengths are drilled thicknesses):
    • 0.73 g/t Au over 40 metres;
    • 0.75 g/t Au over 61 m;
    • 17.3 g/t Au over 1.5 m;
    • 5.27 g/t Au over 3three m;
    • 53.47 g/t Au and 53.4 g/t Ag over 16 m;
    • 9.64 g/t Au over 13 m;
    • 10.6 g/t Au and 37.8 g/t Ag over nine m;
  • 2,650 m of surface and trench channel sampling; highlights include:
    • 55 g/t Au over three m;
    • 28.6 g/t Au over six m;
    • 3.39 g/t Au over 50 m;
    • Soil sampling results from undrilled areas indicating mineralization extends toward the southeast from the Main zone, North Hill zone and 4 trench zone.

Additional areas of mineralization have been identified resulting from surface rock grab sample assay results that extend known mineralized trends and show a second northwest-southeast trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south; see press release dated Jan. 7, 2020. Significant results from that particular survey are highlighted in the associated table.

Sample No.           Au        Ag        Cu        Pb
                  (g/t)     (g/t)       (%)       (%)

PILAR-MTS-02        0.9      14.3     0.261     0.003
PILAR-MTS-03        1.3       5.4     0.338     0.002
PILAR-MTS-05        0.8      12.7     0.129     0.002
PILAR-MTS-06        3.2       8.3     0.350     0.001
PILAR-MTS-09        0.2       2.2     1.255     0.005
PILAR-MTS-10        0.9      17.2     0.734     0.010
PILAR-MTS-11        3.8      57.4     0.846     0.005
PILAR-MTS-12        0.0       5.6     1.910     0.001
PILAR-MTS-13        0.0      12.9     0.946     0.001
PILAR-MTS-14        0.1       3.3     1.400     0.001
PILAR-MTS-19        0.8       1.7     0.013     0.008
PILAR-MTS-20        5.6      84.2     0.088     1.710
PILAR-MTS-21        0.7      20.3     0.027     0.185
PILAR-MTS-22        9.3      76.4     0.120     2.150
PILAR-MTS-25        0.5     323.0     0.016     0.242
PILAR-MTS-26        1.4       2.4     0.002     0.013
PILAR-MTS-27        2.2      14.7     0.012     0.259
PILAR-MTS-29        4.3     172.0     0.086     1.125
PILAR-MTS-30       23.7     116.0     0.089     0.040
PILAR-MTS-33        4.4      44.5     0.109     0.036
PILAR-MTS-34        7.5      41.9     0.044     0.022
PILAR-MTS-35        2.2       3.5     0.179     0.008

The technical information in this news release pertaining to geological data and their interpretation has been prepared by Mark T. Smethurst, PGeo, chief operating officer, director of the company and a qualified person within the meaning of National Instrument 43-101 — Standards of Disclosure for Mineral Projects.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration mining company. Tocvan was created to take advantage of the prolonged downturn in the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels it can build upon previous success. Tocvan currently has approximately 17.7 million shares outstanding and is earning into two exiting opportunities: the Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia. Management feels both projects represent tremendous opportunity.

We seek Safe Harbor.

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