Calgary, AB – TheNewswire – July 21, 2022 Tocvan Ventures Corp. (the “Company”) (CSE: TOC); (OTC: TCVNF); (FSE: TV3), is pleased to announce the successful completion of the final stage of drilling on its Pilar Au-Ag project in Sonora, Mexico. Seven drill holes were completed, totaling 1,382 meters. Drilling focused on extension targets along 4-T and a newly discovered trend between the Main Zone and 4-T (see Figure 1). All seven drill holes intersected the target horizons. Results from all seven drill holes have been submitted to ALS (Hermosillo) for analysis, results are pending.
The Company is also pleased to announce first metallurgical results. Four trench samples were submitted for column leaching to strategic partner Minera Castor, a local private gold producer in Mexico that has developed and operates its own heap leach facility. All four surface samples underwent column leach testing to determine potential gold recovery in different areas of the project. Over a 30-day test period, all four samples returned gold recovery greater than 85%. The Company warns that while it has confidence in the capabilities of Minera Castor, which is owned by a highly respected group that provides contract services to major gold producers in the region, the results provided have not been achieved by a certified laboratory. The Company is in the process of validating and analyzing material samples to confirm the results. The Company refers to the 2021 cylinder roll sampling conducted by SGS Durango (see below) as a guide to the higher potential for expected recovery.
“These initial results are encouraging and suggest that gold recovery from oxide materials at Pilar has the potential to be relatively high.”, commented CEO, Brodie Sutherland. “Work is underway to validate these results in a certified laboratory. In the meantime, we await results from our latest round of drilling at Pilar which has aggressively targeted new areas beyond our main zone.
2022 Initial Metallurgical Sample Highlights
Four (4) column leach samples submitted for analysis
Main category range: 0.4 g/t Au to 5.0 g/t Au
Gold recovery range: 88.9% to 96.9%
*Important Note – The tests were carried out by a local private producer and a contractor based in Sonora, Mexico. The facility used to calculate the feed height and recovery is not a certified laboratory. The Company is in the process of evaluating the duplicate material to validate the results. These results are pending. Preliminary analysis of duplicate material suggests that gold recovery may be variable and lower than the values reported here.
Summary of the results of the Bottle Roll 2021 SGS (Durango) – RC Drill Hole Composites (from JES-20-32, 94.6 m at 1.6 g/t Au)
Sample 494801 – 1.15 g/t Au chief rank, 91.6% Au recovery
Sample 494804 – 0.63 g/t Au chief rank, 90.6% Au recovery
Pilar Drill Program Update
As part of the ongoing Phase III drill program, a total of seven reverse circulation (“RC”) drill holes have been completed, totaling 1,382 meters. Drilling focused on the 4-T expansion and extension targets and a new corridor discovered during the final stage of drilling (Figure 1). Samples from all seven drill holes have been submitted to ALS (Hermosillo) for analysis, results are pending. As planned, drilling will stop at Pilar for the remainder of the summer and resume in mid-September to follow up and expand target areas. In the meantime, surface work will be evaluated on the El Picacho project to continue advancing key targets.
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Figure 1. Plan Map highlighting the seven completed drill holes from the final stage of drilling at Pilar.
Summary of Column Leach Test Parameters
Four samples were submitted for a column leach study representing different areas of the project. The samples ranged in total weight from 52.8 kg to 58.2 kg each. The material was homogenized and ground to a size of approximately ½ inch and used to fill 2 meters of a 6 inch diameter column. A pH of 10.5 was maintained while NaCN consumption varied between 0.25 and 0.33 kg/t over the duration of the tests. The tests for each sample were carried out over a period of 30 to 35 days.
A duplicate sample has been submitted to SGS (Durango) for separate analysis, final results are pending. Duplicates of the head and tail fractions for each column sample have been submitted to ALS (Hermosillo) to validate the recorded grades, results are pending. The Company will provide an update as this information becomes available.
Private Placement Update
The Company wishes to inform investors that the previously announced private placement (see press release dated June 30, 2022) has passed all regulatory approvals. All regulatory filings have been submitted to CSE. In accordance with the terms of the sharing agreement, the first scheduled monthly payment will occur no later than July 30.e.
About the Pilar Property
The Pilar Gold-Silver property is interpreted as a structurally controlled low sulphidation epithermal project hosted in andesitic rocks. Three zones of mineralization have been identified in the northwest portion of the property from surface work and historical drilling and are referred to as the Main Zone, North Hill and 4-T. The structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. More than 22,000 m of drilling has been completed to date. Significant results are highlighted below:
2021 Phase II RC drilling highlights include (all lengths are drilled thicknesses):
39.7 m at 0.96 g/t Au, including 1.5 m at 14. g/t Au
47.7 m at 0.70 g/t Au including 3 m at 5.6 g/t Au and 22 g/t Ag
29m @ 0.71g/t Au
35.1 m at 0.66 g/t Au
RC Drilling Phase I 2020 Highlights include (all lengths are drilled thicknesses
94.6 m at 1.6 g/t Au, including 9.2 m at 10.8 g/t Au and 38 g/t Ag;
41.2 m at 1.1 g/t Au, including 3.1 m at 6.0 g/t Au and 12 g/t Ag;
24.4 m @ 2.5 g/t Au and 73 g/t Ag, including 1.5 m @ 33.4 g/t Au and 1,090 g/t Ag
15,000 historical RC drill base. Highlights include:
About Tocvan Ventures Corp..
Tocvan is a well-structured exploration development company. Tocvan was created to capitalize on the prolonged downturn in the junior mining exploration sector, by identifying and brokering interest in opportunities where management feels they can build on past successes. Tocvan has approximately 36 million shares outstanding and is gaining 100% in two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver Project and the El Picacho Gold-Silver Project. Management believes that both projects represent a tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO of Tocvan Ventures Corp. and a Qualified Person (“QP”) as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking information” which may include, but is not limited to, statements regarding activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this press release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates” , “forecasts”, “intends”, “anticipates” or “believes” or variations (including negative variations) of these words and phrases, or state that certain actions, events or results “may”, ” could”, “could” or “will” be taken, occur or be carried out.
These forward-looking statements, and any assumptions on which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management considers these assumptions to be reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors that 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. These factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s stage of development and the Company’s financial condition. The forward-looking statements contained herein are made as of the date of this press release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except if it may be required by 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 more information please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 Pender Street West
Vancouver, BC V6E 4A4
Phone: 1 888 772 2452