August 3, 2021 – Vancouver, BC, Canada. Infield Minerals Corp. (TSX-V: INFD) (“Infield” or the “Company”) is pleased to provide an update on its ongoing and near-term exploration activities in Nevada, including details of its upcoming reverse circulation (“RC”) drilling program at the North Zone of the Company’s M1 property (“M1 North Zone”).
“The receipt of our revised drilling permit for the M1 North Zone is a key step in moving exploration forward on the project. We will soon have crews preparing the access roads and drill pads in anticipation of the exciting drilling program our team has outlined,” stated Evandra Nakano, President and CEO of Infield. Ms. Nakano continued, “In parallel, we are advancing systematic exploration at Desperado and are encouraged by the initial findings which suggest significant project potential.”
The M1 property is located approximately 30 kilometres SW of the Kinsley Mountain deposit (New Placer Dome) in White Pine County, Nevada. Gold and silver mineralization at the property is associated with silicified breccia zones along and proximal to regional and local fault structures. On June 30, 2020, Infield entered into a property option agreement to acquire 100% interest in the M1 property over a three-year term, for which it has completed the first-year anniversary option payments in the amounts of US$35,000 and 180,000 common shares of Infield.
North Zone Drilling Program
The Company has received the revised Notice of Intent drilling permits from the Bureau of Land Management for the North Zone of the M1 property. The M1 North Zone will be the focus of approximately 2,000 metres of RC drilling planned to commence this quarter, for which the Company has retained the services of DrillRite LLC, an established exploration drilling company based out of Elko, Nevada. Access road work and drill pad construction will commence in the coming weeks.
Five drill sites have been permitted in the North Zone, from which seven drill holes have been proposed for the testing of high priority targets. Proposed drill hole depths vary between 150 to 400 metres and are designed to test geophysical anomalies that exhibit signatures consistent with potential mineralized structures and mineralized geological features. Historical drilling data in the North Zone have revealed that previous operators intersected 0.55 g/t gold over 15.2 metres from 7.62 to 22.86 metres, including 2.39 g/t gold over 1.5 metres, in hole GC-14 which was terminated at 30.5 metres depth; and 0.51 g/t gold over 8.2 metres from 5.49 to 13.7 metres in hole GC-20 which was terminated at 24.4 metres depth (Nevada Bureau of Mines and Geology) (Figure 1). The Company looks to follow up on the encouraging historical data and to test whether near surface mineralization extends to depths across interpreted structures and geophysical signatures.
(1) See the Company’s news release dated February 10, 2021, for reference information.
On June 14, 2021, the Company announced it outlined a silver-gold target area at its 100% owned Desperado project located 40 kilometres east of the historical Tonopah mining district in Nye County, Nevada. The target area is defined by anomalous silver in soil distributed over an area of 3.5 kilometres in length by500 to 800 metres in width and corresponds with a clay alteration zone, potentially indicative of the upper levels of an epithermal system. The Company has initiated a follow-up surface exploration program that includes geological mapping, rock sampling and geophysical surveying.
Initial field inspection of the silver-gold target area has been completed and geophysical surveying is in progress at the Desperado property. A ground magnetic survey of approximately 100 line-kilometres covering the entire property is currently being carried out by TMC Geophysics. The Company has also retained TMC Geophysics for an 84 line-kilometre induced polarization (“IP”) survey to commence around mid-August. The IP survey will cover the silver-gold target area which is largely overlain by “desert gravel” (Figures 2 and 3). The program will provide geophysical insights to help identify geological and structural features, which combined with surface geology and sampling results, will enable the Company to vector in on potentially mineralized targets.
(2) See the Company’s news release dated June 14, 2021, for reference information.
Effective July 29, 2021, Infield has opted to terminate its option agreement dated June 30, 2020, as amended, with Mercury Exploration Nevada Inc.(the “Bandit Option Agreement”). The Bandit Option Agreement granted Infield the right to acquire a 100% interest in certain mining properties in the State of Nevada, however, following its assessment of surface work the Company completed in 2020 and 2021, Infield has elected to discontinue its activities under the Bandit Option Agreement and focus its exploration campaigns on the M1 and Desperado properties.
Technical information in this news release has been reviewed and approved by Richard Dufresne, P.Geo., Vice-President Exploration for Infield Minerals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
The potential quantity and grade of mineralization described herein is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in targets being delineated as a mineral resource.
For more information, please contact Evandra Nakano, the CEO, President and a director of the Company, at +1 (604) 220-4691 or email: email@example.com.
On Behalf of the Board of Directors of Infield Minerals Corp.
Infield Minerals is currently exploring for high-grade gold and silver in mining-friendly Nevada. Our mission is to grow and deliver value through discovery, acquisitions and sustainable development of high quality, high potential assets for the social and economic benefits of our stakeholders. Founded in 2020, Infield is led by a team of mining entrepreneurs with extensive technical and resource evaluation experience.
Neither 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.
Statements included in this announcement, including statements concerning Infield’s plans, intentions and expectations, which are not historical in nature, are intended to be, and are hereby identified as, “forward‐looking statements”. Forward-looking statements include, among other matters, the exploration plans for the M1 and Desperado properties. Forward‐looking statements may be, but are not always, identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. Infield cautions readers that forward‐looking statements, including without limitation those relating to Infield’s future operations and business prospects, are subject to certain risks and uncertainties (including geopolitical risk, regulatory, COVID-19 and exchange rate risk) that could cause actual results to differ materially from those indicated in the forward‐looking statements. There can be no assurance that any forward-looking statement will prove to be accurate or that management's assumptions underlying such statements, including assumptions concerning future developments, circumstances or results, will materialize. The forward-looking statements included in this news release are made as of the date of this new release and Infield does not undertake to update or revise any forward-looking information included herein, except in accordance with applicable securities laws.