Calgary, Alberta - TheNewswire – December 22, 2020. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce the completion of its maiden drill program (the “Program”) at the Pilar Gold-Silver Project in Sonora, Mexico. A total of 1,505 meters of reverse circulation (RC) drilling was completed in nine (9) drill holes. All samples have been submitted to the lab in Hermosillo, results are expected in early 2021 and will be released in batches as they are received.
The Phase I program was designed to provide important structural information for defining drill targets along the main mineralized trend and across the deep-seated feeder-pipe like structures interpreted from geophysics. As the Corporation looks to continue the advancement of the Pilar Project, a Phase II drill program to test these targets is planned for early 2021.
“The ability to efficiently execute our first drill program at Pilar is an important milestone for Tocvan.” commented President and CEO Derek Wood. “As we await drill results, planning has begun for the next phase of exploration. 2021 will be an important year for the Corporation as we look forward to the continued advancement of Pilar.”
Review of 2020
Just a little over a year ago Tocvan finalized their agreement to acquire up to 100% of the Pilar gold project located in the Sonora state of Mexico. What attracted Tocvan to the Pilar property was the amount of successful drilling that had occurred on a very concentrated area of the Pilar property. 17,700 meters of previous drilling from surface to a maximum depth of just 150 meters led management to believe the property likely contained an at surface deposit amenable to an open pit within the known mineralized zone. Tocvan completed detailed geophysical and ground analysis of the property prior to defining drill targets and making application for drilling. Most of the year was spent gaining valuable information relating to structure of the epithermal system as well as identifying brand new targets never explored on the property. Exploration progress at Pilar over the last year included:
- Discovery of High-Grade Gold & Silver Surface Mineralization at Two New Showings, extending Known Mineralized Trends: Highlights included 323 g/t Silver & 9.3 g/t Gold
- Geophysical Survey Results identified Several New Targets not previously explored
- Results from Property Scale Soil Survey, Included Highest Soil Results to Date with 8 g/t Gold & 317 g/t Silver at New East Zone Discovery
- Initial Results from Structural Analysis; Identified possible Major Structures or "Plumbing" for Gold Silver-Mineral-Rich Fluids
- Commenced Drill Program at the Pilar Project in Sonora
Tocvan also had great corporate developments over the past year, these included:
- Adding depth to the Board of Directors with the appointment of Fred Jones;
- In February, Tocvan Closed on the first private placement financing since their IPO;
- In August, approximately 95% of the outstanding IPO warrants exercised. Providing necessary working capital;
- Appointment of Brodie Sutherland to VP Exploration;
- Adding Donn Lovett as Strategic Advisor
Derek Wood CEO commented that “We are very pleased with the success Tocvan has enjoyed over the last year in terms of de-risking the Pilar project while strengthening management and managing finances to minimize shareholder dilution. Although the shares have already rewarded early investors, we still believe that the current valuation represents tremendous value as we continue to de-risk the Pilar project and move towards demonstrating Pilar as both near term production story and an exciting exploration opportunity. Tocvan also plans to move forward this year advancing the Roger Creek property located in Southern British Columbia. Rogers Creek is a large property showing promise for a potential porphyry copper-gold discovery. Tocvan remains committed to maximizing shareholder value by further de-risking advanced explorations assets with minimal dilution to their enviable capital structure.”
Exploration and work towards the development of Pilar will continue in 2021. Following the receipt of Phase I drill results expected early in the new year, a Phase II drill program will be designed to test deeper drill targets and continue the expansion of the known mineralized trends. In addition, metallurgical work to determine the amenability for potential heap leaching is planned. Surface exploration work will continue with mapping and sampling along the expanded mineralized trends recently defined by soil and rock sampling.
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Hydrothermal fluids carrying gold, silver and other elements are transported through the pre-existing structures and precipitate from the fluids to become mineralized veins within the structures and surrounding host rock. 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 17,700m of drilling have been completed to date. Significant results are highlighted below from previous operators:
- 17,700m of Core & RC drilling. Highlights include (all lengths are drilled thicknesses):
- 0.73g/t Au over 40m
- 0.75g/t Au over 61m
- 17.3g/t Au over 1.5m
- 5.27g/t Au over 3m
- 53.47g/t Au & 53.4g/t Ag over 16m
- 9.64g/t Au over 13m
- 10.6g/t Au & 37.8g/t Ag over 9m
- 2,650m of surface and trench channel sampling. Highlights include:
- 55g/t Au over 3m
- 28.6g/t Au over 6m
- 3.39 g/t Au over 50m
- Soil sampling results from undrilled areas indicating mineralization extends towards the southeast from the Main Zone, North Hill Zone, and 4-Trench Zone
Figure 1. 3D Inversion processed from Induced Polarization (IP) geophysics survey showing interpreted feeder-pipe structures.
Additional areas of mineralization have been identified from surface rock-grab-sample assay results that extend known mineralized trends and show a second NW-SE trend of mineralization to the east parallel to the trending zone described above; gold-silver mineralization is indicated across the property from the north to the south, see press release dated January 7, 2020.
Figure 2. Results from 2020 Surface Sampling at Pilar Au-Ag Project. Showing existing zones and trends of mineralization, along with the recently discovered East Zone of mineralization showing high grade silver.
Brodie A. Sutherland, P.Geo., VP Exploration 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.
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created 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 Ventures Currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.
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 using 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 because 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 FURTHER INFORMATION, PLEASE CONTACT:
TOCVAN VENTURES CORP.
Derek A. Wood, President and CEO
Suite 1150 Iveagh House,
707 – 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: (403) 200-3569
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Copyright (c) 2020 TheNewswire - All rights reserved.