VANCOUVER, British Columbia, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company”) (TSX.V:MMV) (OTCQX:MNRLF) is pleased to report that the Company’s planned Phase I drill program consisting of a minimum of twelve (12) drill holes totaling approximately 4300 meters started February 7th to test the down plunge extension of the 300-meter wide Standby Mine gold structure partially developed from 1891 to 1909 by underground mining from surface to the 425-foot level. 3D Mag modelling suggests that this high priority gold target is a large magnetic body consisting of iron formation-hosted gold mineralization that may have the potential size to have district-scale discovery potential.
A total of 12 drill holes ranging between 300m and 400m deep are planned to intersect the wide Standby Mine gold structure down plunge from the Standby Mine 425-foot level. The first drill hole is spotted to intersect this gold structure at about 100 m below the 425-foot level proximal to hole S-1 drilled by Getty Oil in 1982. S-1 intercepted altered and locally quartz flooded iron formation with 3 - 10% pyrrhotite and trace to 5% arsenopyrite from 33.83m – 71.32m (111.0’ – 234.0’) for a core interval of 37.5m (near true width). Visible gold was observed in 4 different relatively short intervals. The entire interval was sampled and much of it had been sampled twice. No historical assay results are available for the remaining one-quarter core, but it is a very impressive looking intercept.
Up plunge from hole S-1, an historic underground drill hole, BLG-UG03, designed the test the Standby Mine horizon 75 meters below the 125-foot level, intersected 4.61 grams per tonne across 12.19 meters. A channel sample collected from one of the mineralized gold zones of quartz flooded iron formation on the 425-foot levels assayed 6.22 g/t Au across 10.5m. Between 1986 and 1988, Homestake drilled three separate “widely spaced step out” cross sections down plunge from the Standby Mine shaft. The “step out” cross sections were designed to intersect the major gold bearing fold structure at 750-meter intervals down plunge. Remarkably, in 1987, Homestake SM87-3A, located 1500 meters laterally and about 560 meters vertically and 1500m down plunge from the Standby Mine deposit, intersected a broad interval of gold mineralization within a thick unit of iron formation, including a high grade interval grading 10.29 grams per tonne across 3.1 meters.
The Standby Mine patents are located approximately 26 kilometers (16 miles) south of the world’s largest, richest iron formation hosted gold deposit, the Homestake Mine, which produced over 40,000,000 ounces of gold from 11 Ledges of ore averaging approximately 10.89 g/t Au (0.350 opt) over the life of the mine from 1876 to 2001.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain Resources Ltd. and a Qualified Person for this project. All exploration activities at the Rochford Project are carried out under the strict supervision of Kevin Leonard, P.Geo., also a Qualified Person for this project.
About Mineral Mountain Resources and the Rochford Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration of its 100%-owned Homestake South Project situated in the Rochford District along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Rochford Project covers approximately 7,500 acres and straddles five major trends of structurally thickened auriferous iron formation that host ledge-type gold mineralization.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
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Forward looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.