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Mining Stock News: Sasquatch Resources (CSE: SASQ) Provides Update on Its Mount Sicker Property

 

Vancouver, British Columbia - January 6, 2023 (Newsfile Corp.) (Investorideas.com Newswire) SASQUATCH RESOURCES CORP. (CSE: SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has received a field report outlining various observations made by the Sasquatch geology team in November 2022 at the Company's Mount Sicker Property in southern Vancouver Island, British Columbia.

As discussed in the Company's last press release of November 7, 2022, our geological team spent time investigating topographical anomalies outlined by LiDAR, assessing structural and mineralization continuations, refining and flagging potential drill targets, and obtaining further samples while infill mapping.

As expected, additional rock samples were taken, and some previously drilled core was also logged and sent for analysis. Drilled core sent for analysis was from four back-pack drill holes completed in early 2022, three drilled in the Historical Mining Zone, and one drilled on Battery Ridge, with each hole getting to a depth of approximately five meters. These holes were drilled to test the depth and consistency of what appears to be substantial mineralization at surface in each case. Results from all samples are expected in late January 2023, at which time a more robust and definitive update will be made available.

In the meantime, the preliminary field report has been made available on the Company's web-site at sasquatchresources.com. A few observations from the preliminary field report are summarized below.

An additional bedrock geology map was developed showing all the zones of interest at Mount Sicker (including those added when the Company nearly doubled its exploration claim area shortly after listing - see press release dated Sept 16, 2022). This map is reproduced immediately below.

Figure 1 - Bedrock geology map

It was also noted from the field that extensive and continuous bedrock exposure in the Copper Canyon Zone allows the team to observe the nature of compositional variations over a significant thickness, with these observations certainly being applicable to the Copper Canyon Zone, but also potentially being applicable to other zones on Mount Sicker. Some photographs taken showing some of the larger exposed bedrock areas are reproduced below.

Figure 2(a) - Images showing extensive exposed geology at Copper Canyon

Figure 2(b) - Images showing extensive exposed geology at Copper Canyon

The team also spent time in the Historic Mining Zone, Battery Ridge Zone and Rusty Rock Zone. Interestingly, it was observed that mineralization patterns and types showed some continuity across all these zones, which also shared common traits with Copper Canyon Zone discussed above, and which could suggest a common, continuous system, or systems, that run throughout the entire area (that area potentially corresponding with the area within the red circle in Figure 1 above). Pictures taken from the field showing these similarities are reproduced below.

Figure 3 - Images showing potential for common continuous systems across multiple zones

Limited geological mapping has started to support this theory, with some important further steps to occur in the spring. Once rock samples and drill core have been returned (expected in late January) it is anticipated that any potentially economic mineralization in surface showings can be further followed and mapped within and between these various zones of interest, potentially starting to confirm the overall size of some of these trends. This work will be further supplemented with additional backpack drilling at key locations to test mineralization consistency to the first 5 meters.

A complete list of samples taken and lab analyzed at Mount Sicker since 2010 has been reproduced on our website, and many of those are also fully described in our NI 43-101 Technical Report dated May 15, 2022 ("43-101 Report"), which is also available on our website. Some highlights of samples taken from the Historical Mining Zone and the Copper Canyon Zone, which may have continuous systems between them and extending as far the Rusty Rock Zone, are reproduced below.

  • Our 43-101 Report describes 27 samples taken at Lenora in 2011, within the Historical Mining Zone, returning average values of 5.44 % copper and 8.1% zinc.
  • That same sampling program took 4 samples from the Copper Canyon Zone, which averaged 3.4% copper.
  • The 43-101 Report describes further samples taken in 2020, with 3 samples taken from adits in the Copper Canyon Zone returning 12.9%, 18.5% and 18.65% copper respectively.
  • In 2021, the author of the 43-101 Report took 12 samples from Lenora, and 4 samples from Tyee (both being former mine sites within the Historical Mining Zone). These samples returned averages of 4.78% copper and 10.72% zinc (for Lenora) and 2.23% copper and 5.61% zinc (for Tyee).
  • In the same program, the author took 2 new samples from the Copper Canyon Zone, which returned an average of 4.98% copper and 1.83% zinc.

*Readers are cautioned that there has been insufficient exploration to define a mineral resource on the property and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Over the spring, we will continue to map, follow and sample surface occurrences as well as backpack drill in certain key locations, in hopes of further understanding if these trends run over significant distances and continuously throughout our numerous respective zones of interest.

As we work to verify and measure the rough dimensions of these various occurrences right at surface, as well as ascertain their mineral composition, we will also continue to investigate deeper structures (those mined between 1895-1906) using available geophysical data, as well as all the historical data we have available (i.e. historical drilling, audit/tunnel maps, old MINFILE reports, etc.). To this end, The Company has hired a data gathering and analysis specialist, and we are expecting a report from them in late January.

A map showing the original 5 zones of interest together, indicating where new samples from late 2022 have been taken, as well as showing the location of backpack drill holes from 2022, is reproduced below to better demonstrate the unfolding exploration picture at Mount Sicker.

Figure 4 - Zones of interest with 2022 sampling and back-back drill hole locations indicated

Further updates will be provided once assays from new samples taken and backpack drill holes have been returned, with these results expected in late January.

Steps Completed Since Listing

We are also pleased to provide the following list of milestones and accomplishments that have occurred since our listing date in September 2022, which have all potentially added value to the Company and our property on Mount Sicker.

These include:

  • The addition of 1,232 hectares of new claims adjoining the existing claim area at Mount Sicker, making the entire project area over 3,300 hectares, adding a number of additional MINFILE occurrences and prospective areas and making this project one of the largest continuous claim packages ever assembled at Mount Sicker.
  • In September the Company constructed and launched a comprehensive web-site, which includes an "Interactive Map" section allowing users to tour each area of interest in great detail, providing detailed maps, photographs, drone footage from each area of interest, and the ability to zoom in and out and see the project from numerous perspectives.
  • All known lab-analyzed samples taken from various locations across the Mount Sicker claims since 2010 were compiled on a single table, which has greatly helped the Company focus time and efforts in the field - this table has been made available on the Company's web-site (within the "Interactive Map" area).
  • The acquisition of data from a previous TDEM geophysical survey, and the subsequent inversion of that data by an independent geophysicist, who in turn provided a report which has been made available on the Company's web-site (in the "Reports" section).
  • A LiDAR survey of the entire claim area (original and extended claim area) was completed by Aeroquest Mapcon Inc. A sample of LiDAR survey highlights, as well as an explanation of its expected future uses, has been made available on the Company web-site.
  • Identification of a number of areas of waste rock within the claim areas, likely each corresponding with one of the mines in operation between 1895-1906, and we have started the process of ascertaining the volume and composition of these waste piles, as well as any potential value they might have. More information will be released about these waste rock piles as more is learned about them over the coming weeks.
  • Completion of a geological reconnaissance program in late November, the first date Mount Sicker was accessible due to an unusually dry late summer and corresponding fire hazard closures, which is the subject of this press release.
  • A data compilation and analysis expert has been hired to look though all available historical data and complete a report, as well as provide recommendations and further guidance in conjunction with work completed to date by Sasquatch, with first feedback expected in late January.

Pete Smith, the Company's CEO, commented that, "We are extremely pleased with our progress over the first four months of being a public company. We've added almost 40% to our claim area, procured and analysed some very useful historical data, and made great strides in understanding our geology so we can conduct future exploration efforts more efficiently. Best of all, we've done it all on a shoe-string budget, maintaining the majority of our treasury along the way. I'm certainly very excited to see what we learn from our larger historical data compilation and analysis, currently underway, and to get back our lab results from sampling and backpack drilling. We look forward to advancing Mount Sicker in leaps and bounds in 2023."

Qualified Person

Graham Leroux, P. Geo., a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release. Mr. Leroux has verified the scientific or technical information, by reviewing all available data underlying such information, including all of the relevant historical and current exploration data. Based on his review, Mr. Leroux is of the opinion that all of the historical and current data in this news release was collected, completed, and supervised by competent personnel and appears to have been properly done and validated by repeat methods. There were no limitations on the data verification process. Further scientific or technical information in this document respecting the Mount Sicker Property is based on an independent geological report titled "Technical Report for the Mount Sicker Property" (an NI 43-101 compliant report) dated May 15, 2022 prepared by Jacques Houle, P.Eng.

About the Company

Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia. For further information, please refer to the Company's disclosure record on SEDAR (www.sedar.com) or contact the Company by email at psmith@sasquatchresources.com or by telephone at 778.999.7030.

On Behalf of the Board of Directors

Peter Smith
Chief Executive Officer
778.999.7030

Forward-Looking Information

Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Mount Sicker Property, the proposed work program on the Mount Sicker Property and the potential and economic viability of the Mount Sicker Property. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has not reviewed, approved or disapproved the contents of this news release.

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