October 25, 2017 GREENWOOD, BRITISH COLUMBIA – New Nadina Explorations Limited (TSX VENTURE: NNA) is pleased to announce successful completion of drill hole 17S-01 at its 100% owned Silver Queen property south of Houston BC near Owen Lake.
Drill hole 17S-01, drilled to a length of 816M, successfully intersected the conductive geophysical anomaly (blue) to the northwest of the Itsit Copper-Molybdenum-Gold porphyry. The single drill hole, as indicated in the figure below, has confirmed that the target is consisting of high grade sulfides. Samples are expected to be completed and shipped for assaying within a week.
According to the visible reporting of mineral identification, abundance, and distribution, an intercept of 261M total size of the target (blue) ranging from 555 to 816M (open to depth), including 132M of high grade core, containing bornite +/- pyrargyrite, ranging from 663 to 795M depth, has been recognized. The structure of the core mineralization is an intense stockwork veining grid with sub-vertical high grade (low silica) veins up to 1.5 cm and down to 10 cm spacing.
Drilling of this deposit can be expedited from a closer site, on Crown Land, located to the immediate Northwest of the target. The Company’s work permit allows up to 50 drill sites. The Company has requested a four year (2013-2017) permit extension to compensate when no work was conducted due to the landowner opposition/obstruction hiatus.
Drill hole 17S-02 has commenced and will target both the high grade silver veins (intercepted in drill hole 12S-05 NR Jun 30, 2017) and the high chargeability, low resistivity anomaly, respectively. Within this target area, two holes are planned and, depending on duration and funding available, an additional hole is anticipated.
Re-cognoscente geological work has shown that the Silver Queen vein system is located within a caldera, which formed during repetitive explosive eruptions producing pyroclastic volcanic (tuffs). The apparent ring structure of the ancient volcano plays an important role in the development of the Itsit porphyry system adjacent to the South of it by providing heat and metal bearing fluids. Pyroclastic flows of eruptive events, forming layers of tuff and ash, deposit at an angle of about 32-34 degrees on the flank of the volcano. In the case of high temperatures during deposition, it will form a welded tuff. Often, welded tuffs are located above an ash layer of a previous event cycle. Ash tuff layers, due to their high reactive particle surface, tend to turn into clay soon after deposition. In the case of the Itsit Porphyry, located outside of the caldera under the flank of the volcano, multiple welded tuff layers and underlain clay layer, latter formed from a previous ash tuff, capped the top of the porphyry. Therefore, the asymmetric shaped deposit formed by fluids due to the permeability (porphyry) and the lack of it (cap at a 32 degree angle), rather than by shearing it off by a thrust fault.
Dr. Mathias Westphal. P.Geo., a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.
I, Mathias Westphal, graduated with a Masters of Science degree in Mineralogy with a volcanological thesis from Albert-Ludwigs-University at Freiburg, Germany in 1994. In addition, I have obtained a Masters of Arts degree in Geography from Albert-Ludwigs-University at Freiburg, Germany in 1992. Since 1998 I hold a Ph.D. in Mineralogy from Albert-Ludwigs-University at Freiburg, Germany. In 2009 I joined APEGBC as a P.Geo. I have worked as a Mineralogist/Geologist for a total of 23 years since my Masters of Science graduation from university. All projects I worked on are based on fluid flow ore forming processes, which are either structure controlled, pervasive alteration processes controlled, or show transitions of both.
PRIVATE PLACEMENT OFFERING UPDATE (Jun 30, 2017 NR, Sept 26, 2017 NR)
The Company announces it will finalize and cancel the unsubscribed remainder of the 8 cent unit offering first announced June 30, 2017. At this date, the Company has 13,934,933 issued shares, 1,025,000 outstanding unexercised share Options and 1,287,500 outstanding unexercised warrants.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
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