Supernova Engages APEX Geoscience Ltd. and Commences Exploration at Cold Springs
Mike Dufresne has recently completed a site visit to Cold Springs to initiate SUPERNOVA's exploration efforts and assist in further planning for its pending surface exploration program and drill campaign. Several grab samples were collected during the site visit to confirm the tenor of historic sampling on the property which have been sent for analysis.
APEX and SUPERNOVA are currently compiling all available property data. APEX will prepare a budget, program recommendations and a drill permit application for SUPERNOVA's approval in the coming weeks. APEX and SUPERNOVA are targeting additional ground work and drilling to begin in October 2020 on the property.
Sean McGrath, CEO stated, "Cold Springs is a prospective low-cost exploration target in a great jurisdiction with easy, year-round access. SUPERNOVA intends to drill the property this year after all necessary permits are in place."
Mike Dufresne stated "The initial site visit was an important first step to further plan for the upcoming drill program. The visual alteration on the property appears more intense and widespread than initially anticipated. The property has many of the hallmarks of a large-scale epithermal system and I look forward to working on this compelling target."
APEX is a privately-owned, independent geological consulting company that provides high quality, cost effective and timely geological consulting services to exploration companies, government, and non-government organizations. APEX has experience in all aspects of the mineral exploration industry from initial assessment and NI 43-101 reporting through to mining including the identification and outlining of resources. They specialize in managing large mine site and exploration databases, digital capture of historic datasets, and combining rigorous geostatistical analysis with modern geological, geochemical, and drill datasets to create concise 3D models that result in discovery and expansion of resources.
About Cold Springs
The Cold Springs property consists of 22 Federal Lode Claims located in the western Great Basin of Nevada. The property lies approximately 80km east of Fallon and is accessible by road. It covers an approximately 800m by 350m hill-top exposure of altered and silicified rhyodacite breccia which hosts a series of northwest-striking, sub-parallel gold and silver-bearing quartz veins.
Four large low sulphidation epithermal veins are exposed in a wider 500 x 200 metre area of silicification. Exposed veins are up to 70 metres long and 2 metres thick. Previous selected rock grab sampling by Silver Range and others has yielded values of up to 64.9 grams per tonne ("g/t") gold and 1,770 g/t silver from veined material in historic mine dumps, trenches and workings. There are also indications from historic drilling and surface sampling of widespread zones of strong hydrothermal alteration associated with lower grade gold mineralized halos in the wall rock surrounding the veining. This indicates the potential for both near surface low grade, potentially bulk minable, gold mineralization along and with the high-grade vein structures. The limited reverse circulation drilling that has been completed on the property to date has not adequately tested the mineralizing system.
All indications are that the exposed mineralization is on the periphery of a larger system. Prior geological mapping and drill results indicate that the host tuffs, the large area of silicified breccia and the high-grade veins dip towards the Cold Springs valley and are down-dropped beneath alluvium across a range front fault.
The mineralization exposed on the hill at Cold Springs appears to be merely the eastern periphery of a larger epithermal system. Geophysical surveys have identified a large resistivity low west of the range front fault beneath alluvium and the exposed mineralization in basement rocks. This is interpreted to be argillic alteration and/or sulphide mineralization associated with the core of the hydrothermal system.
SUPERNOVA is a growth-oriented exploration company focused on acquiring and advancing natural resources opportunities within North America. SUPERNOVA has a growing and diversified portfolio of assets, including revenue generating oil production, as well as Lithium, Vanadium, Silver and Gold assets.
The scientific and technical information contained in this news release has been reviewed and approved by Mike Dufresne, M.Sc., P.Geo., a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Dufresne verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. The sampling and interpretation of the geology and mineralization of the Cold Springs property presented in this news release is historical in nature and is taken from reports of exploration reports completed by past operators on the property and therefore should not be relied upon as current.
ON BEHALF OF THE BOARD
CEO and Director
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Certain statements contained in this press release constitute forward-looking information as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). These forward-looking statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the SUPERNOVA's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. All statements including, without limitation, statements relating to the potential mineralization and geological merits of SUPERNOVA's properties and other future plans, objectives or expectations of SUPERNOVA are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements. Important factors that could cause actual results to differ materially from SUPERNOVA's plans or expectations include risks relating to the actual results of current or future exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by SUPERNOVA with securities regulators. SUPERNOVA expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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