Vancouver, Canada – May 7th, 2019– Academy Metals Inc. (“Unity” or the “Company”) (TSXV: UTY) is pleased to provide a corporate update on its activities in the Phillips Arm Gold Camp, which is located 200 kilometers north of the city of Vancouver. Building on the Company’s successful initial exploration program, since the beginning of the year, the Company has expanded it’s holding from 678 hectares to 2477 hectares of prospective mineral claims comprised of the Margurete and Hewitt Point Claims, both of which host two distinct parallel mineralized trends. Management’s decision to expand the Company’s holdings in the region was based on the Company’s anticipation on further positive results from in summer exploration program, and it’s desire to ensure in holds all the key claims in advance of any discovery.
The Margurete Claims covers an area of 1947 hectares and hosts 3 km of a northwest trending mineralized contact called the Doratha Morton shear. The shear was first explored in the late 1800’s and produced 5,217oz of gold and 11,560 oz silver from 1898 to 1939. Unity’s claims cover five historic adits (mine shafts) and the principle targets at the Margurete project are the FB Zone, the Enid adits, the Eastern and Western zones. Other targets, including the Enid portal, are also under investigation.
- The FB Zone is highlighted by a successful drilling program in 1986 by Falconbridge. In particular, hole 86-3 had an average grade of 0.631g/t Au over 67.36m, beginning at 4.25m. A summary of the higher gold bearing intervals is summarized in the table below. The hole also included an additional 3 intervals which graded greater than 1g/t Au, indicating a broad mineralizing system.
- The Enid Property contains five historic adits on strike between the historic Doratha Morton Mine and Alexandria Mines. Of particular interest, sampling by Falconbridge (Assessment Report 14466) collected several samples with anomalous gold values, as well as silver and base metals. A float boulder just down ravine from the adits assayed 96g/t Au and 410g/t Ag. Samples taken outside the Empress adit entrance assayed 157g/t Au and 528g/t Ag (Sample 38809) and 9.8g/t Au (Sample 38870). A 1984 boulder sample (#14603) taken down the ravine from the adits assayed 200g/t Au, 613g/t Ag, 0.63% Cu, 1.03% Pb, and 1.99% Zn.
- TheEastern Zone is distinguished by a historic gold-in-soil anomaly trend, identified in surveys completed by Falconbridge in 1985 and 1986. The trend begins at the historic Doratha Morton Mine east of the claims and follows the Doratha Morton Shear to the western end of the claims for a total strike length of over 3km. Within this trend, the highest soil sample assayed at 1700ppb Au.This gold-in soil trend follows an identified VLF-EM conductor for its length. This conductor was the target of the 1986 Falconbridge drilling. There has been very minor documented work completed in this area despite excellent rock exposure and this represents a high priority zone.
- In the Western Zone, Archer Cathro (1983) identified several gold and silver bearing rock samples. Sample M23014R ran greater than 10g/t Au and 68g/t Ag and sample M20545R graded 4g/t Au and 10g/t Ag. These samples were taken proximal to the contact between intrusives and the Margurete Breccia. This is of interest because historic gold deposits in the Phillips arm Gold Camp were generally proximal to contacts with the intrusive. The western side of the claims is underexplored and historic data (soils, rocks, and VLF) indicates there is excellent potential.
The Hewitt Point Claims cover an area of 530 hectares and hosts approximately 3km of a northwest trending mineralized contact called the Hewitt shear. Unity’s claims cover two historic adits and a historic (1916) bulk sample. The principle targets at the Hewitt Point project are the Hewitt Point, the Amethyst and the Monte Cristo Zones.
- At the Hewitt Point Zone A pyritic quartz sample (F-9-2) was obtained at a shear zone near a historic mine shaft at the south end of Hewitt Point and assayed 6.95g/t Au, 1300ppm Mo and over 50ppm Ag. This target is located at the eastern end of the Hewitt shear.Of particular interest, the locally exposed veining has a roughly 295 degree strike, this being subparallel to the mineralized shear zone which passes through the Doratha Morton historic mine site and the FB Zone.
- At the Monte Cristo Zone mineralization grading 2.7% Cu was taken from a bulk sample in 1916 and a high grade gold-silver sample was collected in 1918. The showing includes a large amount of highly siliceous and gossaneous waste rock/ blast boulders and a 30-40m long by 5-10m high cliff/ blast face with patchy strong gossan.
- At the Amethyst Zone a massive sulfide sample (F-29), located near a historic mine adit assayed 6.2g/t Au and over 2% Cu. High copper content rock (malachite-bornite-chalcopyrite) is present in outcrop and at a waste dump area. Silicified, strained, and mineralized rock in both outcrop and subcrop can be found to the west of Amethyst.
Given the number of target zones, the Company is in the process of prioritizing exploration activities. Since consolidating the Phillips Arm Gold Camp, the Company has completed reconnaissance programs at the Hewitt and Margurete claims, both of which involved mapping, surface sampling and Shaw back-pack drilling. The Company expects to release assay results from the Hewitt Point survey in the near term.
About the Company
Academy Metals Inc. is a Vancouver-based gold exploration company. The Company controls a 100% interest in the Margurete Gold Project, which covers 678ha of mineral claims, located in the Phillips Arm gold camp, approximately 200 kilometers northwest of Vancouver in southwest British Columbia, Vancouver Mining Division. The project is on trend with the historic Doratha Morton and Alexandria gold mines, which were active in the late 1800’s. The Margurete project was last explored in 2015 with property-wide prospecting, mapping and rock chip sampling run in parallel with a targeted diamond drilling program. The primary target at the Margurete Gold Project is the FB Zone, where Falconbridge drilled multiple gold bearing intervals at shallow depths. For more information, please visit www.academymetalsinc.com
On behalf of the Company,
Peter Born, President
Phone: (604) 681-0004
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