REG - Gunsynd PLC - High grade results at Bear Twit

GunsyndAnnouncement

09/12/2024 07:00

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RNS Number : 2321P  Gunsynd PLC  09 December 2024

Gunsynd Plc

("Gunsynd" or the "Company")

High grade results and new targets at Bear Twit

Gunsynd (AIM: GUN), an investing company, is pleased to provide an update in
relation to the Bear-Twit VMS project in Canada (the "Project"). Ongoing
digitisation and interrogation of historic data for the Project has revealed
widespread, untested soil anomalism and further, high grade, drill-tested
occurrences with outstanding zinc grades.

HIGHLIGHTS

·    Historic data integration has revealed further, drill-confirmed
mineralisation at the Project:

o  The REV showing location, only 10 km northeast of the Bear-Twit deposit
returns substantial, high-grade zinc from surface sampling and minor drill
testing

o  Drillhole RM-1 returned 21.34m @ 9.27% Zn from 1.52m depth including
12.19m @ 15.23% Zn from 4.57m depth. RM-1 ended in 0.23% Zn illustrating the
mineralisation remains open and untested to depth

o  Surface bulk sampling return zinc grades of 11.60%, 10.04%, 6.04% from 6 x
9 m panels across the REV showing

o  Copper-antimony, never assayed for despite note of tetrahedrite, offering
upside for additional metals in modern exploration

·    Further surface mineralisation returned up to 8.44% Zn from historic
bulk sampling efforts at the following locations: Waterfall, Big Cirque and
Esau's Fault showings, attesting to a fertile environment and scope for
further discoveries within the Project

·    Numerous unexplained historic soil geochemistry anomalies offer
exploration potential for further discoveries and deposit extensions of
high-grade Cu-Pb-Zn mineralisation

o  Anomalies downslope of the known Bear-Twit Deposit (the "BT deposit")
verify the method with further zones unexplained by current mineral
occurrences

 

ADDITIONAL TARGETS

North of the Bear-Twit Deposit, several showings were investigated in
1975-1976 on multiple sides of a peak spanning over 3 km east-west. The
showings saw surface channel sampling, bulk sampling and very limited
confirmatory drilling. Underexplored mineralisation showings are depicted in
Figure 1.

REV

In addition to the BT deposit hosting the historic estimate, the REV target
(discovered in 1975) saw a very limited sampling and drill confirmation
program. Details of the REV work completed were extracted and digitised from
NUMIN Open File 080488. Located just 10 km NE of the BT deposit the REV
showing target hosts high grade, zinc dominated mineralisation in a
structurally controlled breccia body cropping out at surface. The showing is
exposed over an area more than 91 m horizontal by 137 m vertical thickness.
Mineralisation is fault and fracture controlled alongside the porosity of
chemistry of individual sedimentary beds. Veining, disseminations to massive
sulphides, replacement of fossils and breccia/crackle zone cements are
observed with sphalerite and galena as the main sulphides with lesser pyrite
and note of tetrahedrite (a copper-antimony sulphosalt) although no copper or
antimony assays were completed.

6 x 9 m panels with continuous chip samples to form bulk samples of 50 lbs
returned highlights of:

·    Panel 3 - 10.04% Zn

·    Panel 4 - 5.65% Zn

·    Panel 7 - 2.00% Zn

·    Panel 8 - 11.60% Zn

·    Panel 16 - 6.04% Zn

·    A combined average from 20 panels for 2.88% combined Pb and Zn

Drilling adjacent to the surface showing returned 21.34m @ 9.27% Zn from 1.52m
depth including 12.19m @ 15.23% Zn from 4.57m depth (Drillhole RM-1) ending in
0.23% Zn indicating the zone is open to depth.

WATERFALL

The Waterfall showing represents an underexplored breccia zone, which is up to
20 ft wide on surface, trending northwest through the dolomite host rocks.
Sphalerite and galena are observed as disseminations, infilling vugs and
forming veins along a brecciated/crackle zone exposed in a stream cut
associated with a fault. A brief historic channel sampling program returned
assays as high as 7.40% Zn with 3.26% Pb with the unweighted average of all
samples at 2.77% Zn and 0.71% Pb. Panel sampling, consisting of 50lb bulk
samples returned 3.28% Zn and 0.16% Pb (sample C1) and 8.44% Zn and 0.14% Pb
(sample C2).

BIG CIRQUE

The Big Cirque showing is located on the north facing wall of a large cirque
cutting through the mountain that is also host to the Waterfall and REV
showings. Mineralisation can be traced in outcrop and float for several
thousand feet along strike to the northwest from a major fault/ Mineralisation
consists of crackle breccia zones, veins and disseminations of dolomite. Panel
samples consisting of 6 x 9 m composite samples of 50 lbs returned highlights
of:

·    Panel 6 - 5.88% Zn and 1.12% Pb

·    Panel 2 - 2.40% Zn and 0.05% Pb

·    Panel 5 - 1.44% Zn and 2.84% Pb

ESAU'S FAULT

Located on the eastern flanks of the mountain which hosts the REV, Waterfall
and Big Cirque showing the Esau's Fault showing represents another zone of
zinc mineralisation on surface. Mineralisation is lower grade, with 1975 bulk
sampling averaging 0.65% Zn, however, occurs with similar styles to that of
the REV showing. Sphalerite and galena are associated with tetrahedrite
(copper or antimony not assayed for) with lesser pyrite. Sulphides are vein
hosted with minor crackle breccia zones. Although lower grade the Esau's Fault
showing is further proof of zinc fertility within the broader Bear-Twit
Project.

 

Figure 1. Geological Map of the Bear-Twit Project highlighting historic mineral occurrences, the Bear-Twit Deposit and location of untested soil anomalies.

 

BEAR-TWIT DEPOSIT - EXPLORATION UPSIDE

In 1973 a detailed soil geochemistry program was conducted in the immediate
vicinity of the Bear-Twit Pb-Zn deposit prior to the historic drilling
efforts. A total of 900 samples were taken and analysed for copper, lead, zinc
and silver. Samples were taken of the B horizon every 200 ft along 400 ft
spaced survey lines. The zones presented in Figure 2 depict where the assay
values surpassed the median + 2 standard deviations, defining an anomaly.
Anomalies were where values surpassed 26 ppm for Cu, 73 ppm for Pb and 475 ppm
for Zn.

A clear anomaly of Cu-Pb-Zn is observed overlapping and immediately downslope
of the known BT deposit. The topography in the survey area is steep and thus
anomalies defined by the sediment sampling program will require a degree of
relocation upslope. Further anomalies are presented in the data, which have
not received follow up ground truthing. Of note is the anomaly directly
upslope of the known deposit, indicating a possible extension to the drill
tested mineralisation at Bear-Twit. Across the river to the southeast there
are further anomalies, which present wider zones of copper anomalism and
combined Pb-Zn. These areas require ground truthing and will feed into the
target pipeline for field activities. Given their position in a separate
topographic feature and thus sediment catchment, these anomalies must
represent further mineral occurrences.

FURTHER WORK

·    Ongoing integration and digitisation of historic data

·    Planning of 2025 exploration program to include:

o  Confirmatory rock chip/channel sampling at the Bear-Twit Deposit and
northern showings,

o  Detailed geological and structural mapping to locate the high grade
"feeder zones" of surface mineralisation,

o  Prospecting work across the numerous unexplained Cu-Pb-Zn soil anomalies,
especially upslope to the northwest and across the river to the southeast of
the known Bear-Twit deposit, and

o  Assessment of ground geophysical techniques, namely ground gravimetry to
assist in drillhole targeting.

 

Figure 2. Map of the 1973 soil geochemistry results. Contours of above
threshold Cu (>26 ppm), Pb (>73 ppm) and Zn (>475 ppm).

 

 

 

Qualified Person Statement

The technical information contained in this disclosure has been read and
approved by Eric Sondergaard, (P.Geo) who is a Professional Member of the
Association of Professional Engineers and Geoscientists of Alberta. Mr.
Sondergaard has sufficient experience, relevant to the styles of
mineralisation and type of deposits under consideration, to qualify as a
Qualified Person as defined by the AIM Note for Mining, Oil and Gas Companies.

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events.  Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information, please contact:

 Gunsynd plc                                   +44 (0) 78 7958 4153

 Hamish Harris/ Peter Ruse

 Cairn Financial Advisers LLP                  +44 20 7213 0880

 James Caithie / Liam Murray / James Western

 Peterhouse Capital Limited                    +44 20 7469 0936

 Lucy Williams

 

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