Discovery Harbour Commences Drilling on the Caldera Gold Property, Nevada

·5 min read

Vancouver, British Columbia--(Newsfile Corp. - August 5, 2021) - Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company" or "Discovery Harbour") is pleased to announce that Company's drill program is underway on the Caldera gold property, which lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada. The Company plans to test six to eight drill targets, the order being determined by logistics and results as the drilling progresses. The drill holes will be 100 to 300 metres deeper than any previous drilling on Caldera in order to target the potentially high grade portion of the low sulphidation epithermal gold system. Discovery Harbour will be the first company to test the potential of a boiling zone, typically found at approximately 300+ metres depth, where precious metals come out of solution.

Drilling has commenced on target "G" (Figure 1 on the following page). This target is characterized by rock sample assays which are continuously anomalous along a structure of at least 500 metres in length, including three rock samples greater than 15 grams per tonne ("g/t") gold and a further 11 samples greater than 2 g/t gold. Shallow historical drill holes in this area returned anomalous gold, including 10.7 metres of 1.09 g/t gold. A broad zone of coincident quartz and chalcedony, also coincident with soil samples anomalous in gold, silver, arsenic and antimony, further support this target as a promising low sulphidation epithermal gold system. An additional encouraging feature of this target is a structural inflection prospective for gold deposition.

The drill program is expected to take approximately eight weeks. The drill core will be split and sent to the laboratory for analysis with results expected to begin during the fall.

Mark Fields, the Company's President and CEO, stated "It is an exciting time with the Caldera drill program now underway. We have a selected 10 targets from no less than 33 targets within five of the eight distinct gold mineralized areas at Caldera, each having the potential to deliver a significant high grade intercept."

Mark Fields continued "In addition to the Caldera drill program, Newcrest Mining Ltd. has confirmed it has identified encouraging targets which it plans to drill test this year (see Discovery Harbour news release, July 14 2021). Caldera and Fortuity 89 are only a few kilometres apart with similar geology and gold deposition models."

TEN DRILL SITES PERMITTEED FOR DRILLING



Figure 1

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1559/92189_224d76dec47e59ab_001full.jpg.

A summary description of highlight characteristics of each drill target permitted for drilling is provided in the table below. Detailed descriptions are available at the Company website: www.discoveryharbour.com.

Drill Site Target

Highlights

A

Strong continuous structure characterized by strong alteration, numerous old workings with rock samples including assays of 8.2, 4.9, 15.6, 3.3 and 8.2 grams/tonne ("g/t") gold with a high silver ratio, historical drilling consistently intersected low grade mineralization indicative that this target is within the gold mineralized system.

B

Gold and silver plus arsenic, mercury soil anomalies coincident with northwesterly structure, prominent regional linear, previously untested by drilling.

C

Good gold and silver soil anomalies coincident with bladed silica after calcite mineral textures supportive of gold system intact below surface, rock samples include assays of 4.1 g/t gold.

D

Good sheeted stringer veins, strong silica alteration, poor rock exposure, historical drillholes include 6.1m@7.36 g/t gold and 3.0m@5.14 g/t gold.

E

Rock samples from old workings include 48.9 and 22.4 g/t gold, historical drilling includes 7.6m@4.45 g/t gold.

F

At intersection of 2 structures, broad zone of quartz and chalcedony alteration, rock samples include 36.9 and 14.5 g/t gold and a further 9 rock samples greater than 2 g/t gold, historical drillholes include 7.6m@8.33 g/t gold, 3.0m@2.75 g/t gold

G

Rock sample assays continuously anomalous along 500 metre structure, 3 rock samples greater than 15 g/t gold and a further 11 samples greater than 2 g/t gold, structural inflection prospective for gold deposition.

H

Various old workings and historic small scale mining, rock samples include assays of 65.5 and 9.6 g/t gold with anomalous silver, arsenic and antimony, historical drillholes include 6.1m@3.97 g/t gold.

I,J

Historical drill holes include 2.2m@22.4 g/t gold, (which ended in mineralization at 45.7m), 3.0m@37.92 g/t gold, 1.5 m@9.03 g/t gold and numerous old workings, locations provide flexibility subject to permitting.

Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is to undertake a drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Resources, Inc on its Fortuity 89 property in Nevada.

About Newcrest

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world's largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects - predominantly in the Asia-Pacific and North and South America.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

"Mark Fields"

Mark Fields, P.Geo., B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour's plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92189.

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