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Metals X Ltd

Publié le 27 novembre 2013

Rackla Metals provides exploration update / cancels financing

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Mots clés associés :   Canada | Fortuna | Zinc |
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News Release

November 27, 2013


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Rackla Metals provides exploration update / cancels financing

November 27, 2013: Rackla Metals Inc. (TSX-V: RAK) announces that the results of exploration work conducted on the Company�s properties during the 2013 summer season have been compiled and are set out below.
 
King Solomon�s Dome Property
 
The results from the recent diamond drill program on Kestrel Gold Inc.�s King Solomon�s Dome (KSD) property show that all three holes intersected low grade gold mineralization with some short higher grade gold intervals, for example 4.89 g/t Au over 13cm in hole DDH13-02.  Hole DDH13-02 cut several intervals of gold mineralization between 34m and 127m down hole which are believed to be related to the easterly dipping Sheba Vein system and its hanging wall mineralization (see Kestrel Gold Inc. news release: December 16, 2011).  The gold mineralization, although generally low grade, shows continuity with surface trench sampling and remains open to depth.
 
The two zones of gold mineralization and increased sulphide content encountered in DDH13-01 and DDH13-03 are believed to correlate with the geophysical chargeability anomaly at depths of 217 � 224 metres and 189 � 195.5 metres respectively and also with increased sulphide content.  No visible gold was encountered and no samples returned greater than 5 g/t Au in the three holes drilled. 
 
Rackla is not planning to undertake any further drilling at KSD and has relinquished its option on the property. 
 
Face Project

A six week geochemical sampling and mapping project was carried out on the Face project located approximately 90 kilometers northwest of Dawson City, Yukon.  Work focused on following up anomalous gold and silver results from a ridge and spur soil sampling program carried out in 2012.  A total of 1109 soil samples and 115 rock samples were collected in 2013. The survey identified an irregular shaped silver-zinc anomaly (>10 ppm Ag to 88 ppm Ag; >500 ppm to 6000 ppm Zn) over an area of approximately one square kilometer underlain by black shale of the Road River Group.  Rock samples of the black shale contained similar values for silver and zinc.  Based on these results the size of the property was reduced by 176 claims, leaving 529 contiguous claims in good standing.

Iola Project
 
A short program was carried on the Iola project to follow up on anomalous geochemical soil sample results for gold and silver obtained in 2012.  The 2013 program identified the source of the anomalous gold as being from a narrow thrust fault zone.  Other 2012 soil samples anomalous for silver, lead and zinc reflected narrow fault structures cutting shales and other clastic rocks plus zones of secondary enrichment due to weathering.  Based on these observations and results the property claims have been allowed to lapse. 
Financing
 
The Company also announces that due to current market conditions, it has cancelled the flow-through private placement financing described in the Company�s news release of September 16, 2013. 
 
Quality Assurance / Quality Control
 
Sampling is conducted under the supervision of the on-site project geologist.  Samples are tracked by the project geologist from the project site to the sample preparation facility. Samples are transported by Company personnel or commercial trucking companies.
 
The Company employs a rigorous QA program with respect to its diamond drill core.  Samples are generally 0.5 to 1.5 m in length.  Rock pulp standards, blank gravel aggregate, and lab duplicates are inserted into the sample stream each at a rate of one per 30 samples, for a total of 9% check samples.  All data received from the laboratory is verified for quality control using both the laboratory and the inline check samples.
 
All samples were sent to Acme Analytical Laboratories Ltd.�s preparation facility in Whitehorse, Yukon Territory for crushing and pulping.  Pulp splits are forwarded from Whitehorse by Acme to their laboratory in Vancouver, British Columbia, for analysis. Gold in rock samples is determined by a 30 gram fire assay fusion followed by ICP-ES analysis (method 3B01).  An additional 32 elements are analyzed by a 0.5 gram sample split leached in hot Aqua Regia followed by ICP-ES analysis (method 1D).
 
Qualified Person
 
Roger Hulstein, BSc, P.Geo., is a member of the Association of Professional Engineers and Geoscientists of British Columbia and is the Company�s Qualified Person as defined by National Instrument 43-101.  Mr. Hulstein is responsible for the accuracy of the technical information in this news release.
 
About Rackla
 
Rackla Metals controls a portfolio of promising gold projects across Yukon Territory, including two extensive claim blocks in the Rackla belt, an emerging trend of Carlin type gold systems in east-central Yukon, and the Sixty Mile project near Dawson City. 
 
ON BEHALF OF THE BOARD
 
�Simon Ridgway�
President and CEO
 
 
Contact:  Ralph Rushton
Tel: (604) 801-5432;   Fax: (604) 662-8829
Email: info@goldgroup.com
Website: www.racklametals.com
 
 
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
 
Forward-Looking Statement
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of the Company.  Actual results may differ materially from those currently anticipated in such statement.
   
Radius Gold | Fortuna Silver Mines | Focus Ventures | Rackla Metals | Medgold Resources Corp. | Cordoba Minerals




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Metals X Ltd

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CODE : MLX.AX
ISIN : AU000000MLX7
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Metals X est une société développant des projet miniers de étain basée en Australie.

Son principal projet en exploration est RENISON au Tasmanie.

Metals X est cotée aux Etats-Unis D'Amerique, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 228,5 millions AU$ (164,9 millions US$, 144,5 millions €).

La valeur de son action a atteint son plus haut niveau récent le 28 novembre 2014 à 2,76 AU$, et son plus bas niveau récent le 20 mars 2020 à 0,05 AU$.

Metals X possède 609 340 032 actions en circulation.

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