VANCOUVER, BC / June 17, 2019 / Academy Metals Inc. (the “Company“) (TSXV: UTY) is pleased to announce the acquisition through staking of the Loughborough claims, which cover an area of 739 hectares and increase the Company’s holdings in the Phillips Arm Gold Camp to 2,686 hectares. The Loughborough claims connect the Margurete claims to the western extent of Loughborough Inlet and surround the historic mine site.
The acquisition of the Loughborough claims was made to capture a 6-kilometer prospective corridor, connecting the Doratha Morton shear to the historic Loughborough mine, where in the 1930’s artisanal miners produced both gold and silver. An examination of gold, silver and base metal mineralization at Loughborough, Doratha Morton and Hewitt Point appear to confirm that the whole of the Philips Arm Gold Camp was subject to several hydrothermal alteration events and is part of a single mineralized system. The acquisition of Loughborough expands the land package at the Phillips Arm Gold Camp and, most importantly, consolidates the most prospective targets under one banner.
The Loughborough claims are underlain by diorites of the Jurassic to Cretaceous Coast Plutonic Complex. Around the old mine site, the diorite is described as a weakly to well-foliated, coarse-grained, equigranular hornblende diorite. Air photographs of the area reveal the presence of multiple, very prominent northeast and northwest trending lineaments. Complexly associated with the diorite are dykes and intrusive bodies of highly altered felsic rock. Alteration minerals in the area are quartz, epidote, chlorite, apatite and pyrite. As elsewhere in the camp, mineralization occurs in quartz veins which follow fractures or narrow shear zones. Disseminated grains and crystalline aggregates of pyrite are found irregularly distributed through the gangue of quartz and altered, sheared and frequently silicified rock. Small amounts of chalcopyrite and sphalerite have also been noted within the veins.
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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