8th May, 2024 TSX-V: GLAD
GLADIATOR ANNOUNCES FURTHER HIGH-GRADE COPPER RESULTS FROM CHIEFS TREND: 20.44m at 2.17% COPPER RETURNED
Highlights
Gladiator CEO, Jason Bontempo commented:
“Gladiator has received further assays from its ongoing, 10,000m diamond drill program at the Chiefs Trend. These results confirm and support the significant widths of high-grade copper skarn mineralization identified from Gladiators data compilation of historical datasets and point to further extensions of the defined mineralised bodies. Mineralization remains open in all directions with some holes finishing in high grade copper-gold mineralization.
These results continue to confirm the extent of unmined mineralization and highlight the near-term, high-grade copper resource potential of the Chiefs Trend. Initial step out drilling on the Chiefs Trend, 200m to the north of Middle Chief has also encountered significant widths and grades of copper mineralization pointing to the exploration potential of the trend which is being followed up by ongoing drilling.
The significant gold assays coincident with high-grade copper mineralization identified in these initial assay results point to the upside potential of the Chiefs Trend with the historic drilling only assaying for copper”.
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VANCOUVER, B.C. – May 8, 2024 – Gladiator Metals Corp. (TSX-V: GLAD) (OTC: GDTRF) (FSE: ZX7) (“Gladiator” or the “Company”) provides an update on drilling at the Whitehorse Copper Project with drilling targeting significant widths of unmined, copper-gold skarns over more than 700m of strike at the historic Chiefs Trend (refer to Figure 1 below for details).
Figure 1: Plan view of recently collated Little Chief and Middle Chief drillhole data showing historic open pit as well as areas of historical production and unmined mineralization. Recent drilling highlighted showing extensions to mineralization as well as recently identified high-mag anomalies from drone magnetics (pink shading).
Drilling at Middle Chief & Big Chief Prospects
Assay results returned from 20 holes, 3,581m (LCG-001-005, LCG-007-008, LCG009, LCG-009D1, LCG-009D2, LCG-010 and LCG-010D1) at the Chiefs Trend confirm the extensive high-grade mineralization highlighted by Gladiator’s data compilation of historical drilling (refer to news release 16th Nov 2023). Mineralization remains open in all directions with some holes finishing in high-grade copper and gold mineralization due to difficult ground conditions. Copper – gold mineralization highlighted from these assay returns includes:
In addition, significant exploration upside remains with extensive widths of anomalous copper intersected in initial 200m spaced step out drilling north of the known Middle Chief Mineralization. Drillhole LCG-010D1 intersected significant anomalous copper(Plus 40m > 0.1 Cu%, including 1m @ 1.28% Cu and 1.61 g/t Au) that is interpreted as being immediately distal to the mineralized trend. Gladiator plans to complete Down-Hole Electromagnetic (DHEM) prior to recommencing drilling targeting extensions to the known Middle Chief Mineralization. These results confirm mineralization to be associated with magnetite alteration as indicated in the recently completed drone-borne magnetic survey where magnetic anomalism is reported over 500 meters at Middle Chief extending into Big Chief.
These results are in addition to analytical results reported on March 5, 2024, including:
Please refer to Table 1 below for a full listing of drill results:
Drilling has now defined unmined, near surface magnetite-copper skarn mineralization over more than 600m’s of strike north of the historical mining operations at Little Chief.
Historical drilling at the Chiefs Trend prospects was selectively sampled for copper only. Given the recent significant gold intervals returned from these initial assay results Gladiator intends to assay all future drilling and sampling for additional credits including gold, silver and molybdenum which were proven significant contributors to the economics of historic operations at Little Chief.
QA / QC and Data Verification
Drilling completed by Gladiator was irregularly spaced to test parts of the mineralized systems, holes were directionally surveyed utilising a North Seeking Gyro direction tool. Drill collars were or are to be subsequently surveyed utilising a high-accuracy RTK DGPS system.
Upon drilling of diamond core Gladiator undertakes geological logging, marking up of lineal length of the core, recording core recovery, Geotech measurements such as RQD’s and undertakes core photographs.
Based on the geological logging, core is then marked up for sampling with a new sampling ticket that matches the submitted sample for analysis at the start of the sample interval, the drill core is then cut in half utilizing a core saw equipped with a diamond saw blade. The core samples are then sent for analysis and the remaining half core retained for future reference. Certified Reference Materials (CRMs) or known blank material is placed within the sampling sequence at a nominal sampling rate of 1 in 20 samples to monitor the Laboratory. Samples are submitted to the ALS Global Laboratory (Canada).
Samples subject to this release were crushed to 70% less than 2mm before pulverizing to better than 85% passing 75 microns. Samples were then analysed by ALS method ME-ICP61 (Aqua Regia with ICP-MS finish), with over limits for Cu analysed by method CU-OG62 (Aqua Regia with ICP-MS finish). As part of this process, Gladiator also captures the required sampling metadata to potentially utilize the core and analysis for any future requirements if deemed acceptable. The QA/QC meets the current required standards under reporting instruments, such as NI-43-101. At this point the Company regards the data collected from this exercise as reliable for the purposes of identifying mineralization and future exploration targets and may be used to inform future drilling and exploration campaigns.
For information regarding QA/ QC and Data verification for the Historically Reported Intercepts, please refer to the Company’s release dated 18th January, 2024 “Gladiator Commences Drilling at the Middle Chief Copper Prospect” or the Company’s release dated 16th November, 2023 “High-Grade Copper Mineralization Identified at Middle Chief & Class 1 Permit Extension Granted”. Please note the Company believes that the historical drill results do not conform to the presently accepted industry standards.
The historical mineral resources discussed in this press release were calculated using mining industry standard practices for estimating Mineral Resource and Mineral Reserves prior to the implementation of the current CIM standards for mineral resource estimation (as defined by the CIM Definition Standard on Mineral Resources and Mineral Reserves dated May 10, 2014). The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. An independent Qualified Person (‘QP’), has not done sufficient work to classify the estimate discussed as current mineral resources or reserves and therefore the estimate should be treated as historical in nature and not current mineral resources or mineral reserves. The historical resources have been included simply to demonstrate the mineral potential of the Whitehorse Copper Project. A thorough review of all historical data performed by a QP, along with additional exploration work to confirm results, would be required in order to produce a current mineral resource estimate for each of the key prospects. For greater certainty, the Company confirms that it does not have a current mineral resource on any part of its Whitehorse Copper Project.
Where Copper Equivalents have been stated, Assumptions of the pricing are referenced in the tabulated results and recovery is assumed to be 100% as no metallurgical data is available. The following equation was used to calculate copper equivalence:
Copper Equivalent (CuEq) = ((Cu% * CuPrice 1% Per Tonne) + ((Au (g/t) x (AuPrice/31.105)) + ((Ag (g/t) x (AgPrice/31.105))) / CuPrice 1% Per Tonne
Molybdenum is excluded from the Little Chief Calculation as historically it has not been referenced.
References:
Watson P.H. (1984) The Whitehorse Copper Belt - A Compilation. Yukon Geological Survey, Open File 1984-1.(https://data.geology.gov.yk.ca/Reference/42011#InfoTab)
Tenney D. (1981) – The Whitehorse Copper Belt: Mining, Exploration and Geology (1967-1980). (https://ia802508.us.archive.org/18/items/whitehorsecopper00tenn/whitehorsecopper00tenn.pdf)\
Marketing Campaign Services Agreement
The Company has entered into a service agreement with Native Ads, Inc. dated May 6th, 2024, pursuant to which Native Ads will provide a marketing campaign for a total retainer of up to US$150,000, with a term of up to twenty-four months or until the retainer is depleted. Under the Agreement, Native Ads will execute a comprehensive digital media advertising campaign for the Company, where approximately 75% of the campaign budget will be allocated to cost per click costs, media buying and content distribution, and search engine marketing. The remaining budget will be allocated for content creation, web development, advertising creative development, search engine optimization, campaign optimization, and reporting and data insights services. Native Ads is a full-service advertising agency based out of New York and Vancouver, BC. Native Ads is arms-length to the Company and holds no interest, directly or indirectly, in the securities of the Company or any right to acquire such an interest. The engagement of Native Ads is subject to the approval of the TSX Venture Exchange.
Qualified Person
All scientific and technical information in this news release has been prepared or reviewed and approved by Kell Nielsen, the Company’s Vice President Exploration, a “qualified person” as defined by NI 43-101.
ON BEHALF OF THE BOARD
“Jason Bontempo”
Jason Bontempo
President and CEO
For further information contact:
Dustin Zinger, Investor Relations
+1-604-653-9464
dzinger@gladiatormetals.com
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain of the statements and information in this news release constitute “forward-looking statements” or “forward-looking information”. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “believes”, “plans”, “estimates”, “intends”, “targets”, “goals”, “forecasts”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) that are not statements of historical fact may be forward-looking statements or information.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, the need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company’s properties; the effect of changes in commodity prices; regulatory risks that development of the Company’s material properties will not be acceptable for social, environmental or other reasons; availability of equipment (including drills) and personnel to carry out work programs; and that each stage of work will be completed within expected time frames. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information.
