Calgary, Alberta - April 14, 2022 -- InvestorsHub
NewsWire -- Tocvan Ventures Corp. (the "Company")
(CSE:TOC); (OTC:TCVNF); (FSE:TV3), is
pleased to announce drill results from its Pilar Au-Ag Project in
Sonora, Mexico. Results for drill hole JES-22-59 are provided in
this release, a core twin of RC drill hole JES-20-32 which returned
94.6-meters at 1.6 g/t Au (see Figure 1). Drill hole JES-22-59 was
previously mentioned in a news release (see NR February 15, 2022)
where a mineralized breccia host was observed in drill core
correlating to the Main Zone at Pilar. JES-22-59
returned 116.9-meters at 1.2 g/t Au and 7 g/t Ag, including an
impressive 48.1-meters at 2.8 g/t Au and 9 g/t Ag. High-grade
gold-silver mineralization was recorded adjacent to a heavily
faulted and altered zone returning 10.2-meters at 12.0 g/t Au
and 23 g/t Ag, including 4.2-meters at 28.3 g/t Au and 49 g/t
Ag.
A total of 1,562 meters of Phase III drilling has been completed
in nine drill holes providing key information across the Main Zone
and 4-T Trend. Results for five drill holes are pending.
Drill Highlights
JES-22-59 (Core)
"Once again core drilling has confirmed the significant grade
and distribution of gold-silver mineralization at
Pilar", commented Brodie Sutherland, CEO. "This further
validates the strength of the shallow mineralized system at Pilar,
especially in regard to the significant high-grade mineralization
adjacent to controlling structures. We look forward to reviewing
the remaining results that test the extension of these controlling
faults to the southeast."
Discussion of Significant Results
As part of the Phase III program, nine drill holes have been
completed totalling over 1,562 meters (Figure 1). Drilling looked
to expand the Main Zone through 25, 50 and 100-meter step-outs to
the southeast in a gap zone that has seen little drilling focused
on the main trend between hole JES-20-32 (94.6m at 1.6 g/t Au) and
hole JES-21-50 (39.7m at 0.96 g/t Au). Drilling also covered the
4-T Trend testing below trench T-21-3, which returned 19.5 meters
at 0.61 g/t Au.
Confirmation of host rock and structure through the Main Zone
was completed with core drilling, targeting key areas where past RC
drilling has intersected significant gold—silver mineralization.
Drill hole JES-22-59 was successful in intersecting a significant
zone of oxide gold with broad mineralization in a silicified
brecciated andesite host (116.9 meters of 1.2 g/t Au, including
48.1 meters of 2.8 g/t Au and 9 g/t Ag). The intersection included
a high-grade fault bounded zone grading 12 g/t Au and 23 g/t Ag
over 10.2 meters. This broad interval correlates with
mineralization seen in RC hole JES-20-32, which returned 94.6
meters at 1.6 g/t Au, including 9.2 meters at 10.8 g/t Au and 38
g/t Ag. The high-grade controlling structures indicate a high
probability of continuation to the southeast, where pending drill
results are located along trend.
Figure 1. Map of Phase III
Drill Holes.
Table 1. Summary of JES-22-59 Drill
Results.
*Reported widths are apparent widths, JES-22-59 was drilled at a
50 degree inclination and is thought to be near perpendicular to
the dip of mineralized structures.
Figure 2. Cross-Section of
JES-22-59.
Plate 1. Photo of Core from
JES-22-59.
A.102m to 104.5m, silicified
mineralized breccia
Plate 2. Photos of Core from
JES-22-59. 55m to 60m.
B.Major fault zone hosting
high-grade mineralization.
C.Start of mineralized
breccia zone.
AGM Summary and Results
The Company is pleased to announce the results of voting at its
Annual General Meeting of Shareholders ("AGM") held Friday, April
8, 2022, in Calgary, Canada.
Shareholders voted in favour of all items put forward:
-
-
The appointment of the Board of Directors and fixing the Board
size to five.
-
The approval of audited Financial Statements.
-
The appointment of Dale Matheson Carr-Hilton Labonte LLP, as
Auditors of the Company for the ensuing year with the provision
that the auditors remuneration be fixed by the board of
directors.
-
Ratifying and approving the continuation of the incentive Stock
Option Plan of the Corporation.
A total of 4,055,973 Tocvan common shares were voted,
representing 12.79% of total shares issued and outstanding as at
the record date of the meeting.
The Company announced at the meeting a webinar will be scheduled
for mid-May to go over recent drill results and outline next steps
for Pilar and El Picacho. The Company also commented on the Rogers
Creek Property transaction, a detailed update including the
record-day to be eligible as shareholder will be provided once the
deal is nearing completion. The transaction is going forward and is
planned to be executed in Q2-Q3 of 2022, unlocking the value of the
Rogers Creek property to all shareholders of Tocvan in a new copper
focused company (see NR September 30, 2021).
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally
controlled low-sulphidation epithermal project hosted in andesite
rocks. Three zones of mineralization have been identified in
the north-west 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 NW-SE trend of mineralization.
Over 20,700 m of drilling have been completed to date. Significant
results are highlighted below:
-
2021 Phase II RC Drilling Highlights include (all lengths are
drilled thicknesses):
-
39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au
-
47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t
Ag
-
29m @ 0.71g/t Au
-
35.1m @ 0.66 g/t Au
-
2020 Phase I RC Drilling Highlights include (all lengths
are drilled thicknesses
-
94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t
Ag;
-
41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t
Ag ;
-
24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au
and 1,090 g/t Ag
-
17,700m of Historic Core RC drilling. Highlights
include:
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration development company.
Tocvan was created in order to take advantage of the prolonged
downturn the junior mining exploration sector, by identifying and
negotiating interest in opportunities where management feels they
can build upon previous success. Tocvan has approximately 32
million shares outstanding and is earning 100% into two exciting
opportunities in Sonora, Mexico: the Pilar Gold-Silver project and
the El Picacho Gold-Silver project. Management feels both projects
represent tremendous opportunity to create shareholder value.
Quality Assurance / Quality Control
RC chips and core samples were shipped for sample preparation to
ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the
ALS laboratory in North Vancouver. The ALS Hermosillo and North
Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified.
Gold was analyzed using 50-gram nominal weight fire assay with
atomic absorption spectroscopy finish. Over limits for gold (>10
g/t), were analyzed using fire assay with a gravimetric finish.
Silver and other elements were analyzed using a four-acid digestion
with an ICP finish. Over limit analyses for silver (>100 g/t)
were re-assayed using an ore-grade four-acid digestion with ICP-AES
finish. Control samples comprising certified reference samples and
blank samples were systematically inserted into the sample stream
and analyzed as part of the Company's robust quality assurance /
quality control protocol.
Brodie A. Sutherland, P.Geo., CEO for Tocvan Ventures Corp. and
a qualified person ("QP") as defined by Canadian National
Instrument 43-101, has reviewed and approved the technical
information contained in this release.
Cautionary Statement Regarding Forward Looking Statements
This news release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
activities, events or developments that the Company expects or
anticipates will or may occur in the future. Forward-looking
information in this news release includes statements regarding the
use of proceeds from the Offering. Such forward-looking information
is often, but not always, identified by the use of words and
phrases such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) 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.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding the direction of our business. Management
believes that these assumptions are reasonable. Forward-looking
information involves known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include, among
others, risks related to the speculative nature of the Company's
business, the Company's formative stage of development and the
Company's financial position. Forward-looking statements contained
herein are made as of the date of this news release and the Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or results,
except as may be required by applicable securities laws.
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.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir@tocvan.ca
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