REG - Gunsynd PLC - Sample Results up to 19.55% Cu and 1370ppm U

GunsyndAnnouncement

08/10/2024 07:00

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RNS Number : 2618H  Gunsynd PLC  08 October 2024

Gunsynd Plc

("Gunsynd" or the "Company")

Rock Chip Samples Deliver Exceptional Results up to 19.55% Cu and 1370ppm U

Falcon and Merlin Project(s) (Formerly West Dismal) Exploration Update

Gunsynd (AIM: GUN) is pleased to provide an update in relation to the Falcon
Lake and Merlin (formerly known as the West Dismal Project) Projects in Canada
(together the "Projects"), which the Company acquired a 100% legal and
beneficial interest in the Projects as previously announced on 5 August 2024
and 19 August 2024.

Highlights

Prospecting across Gunsynd's recently acquired Projects have returned
exceptional high-grade Copper results at the Falcon Lake Project and Uranium
results at the Merlin Project.

 These results include up to 19.55% Cu with both Falcon Lake copper results
exceeding 15%.

 It is now the Company's belief that the source and feeders system of high
grade uranium found in boulders within the Merlin Project is within the same
(geological) setting in the project area.

Falcon Lake Project

 Sample ID  Year  Easting  Northing  Ag (g/t)  Cu (%)
 V749901    2024  457667   7475703   11.65     19.55
 V749902    2024  457669   7475702   12.55     15.30

 

The exploration program included the collection of two rock chip samples from
outcrops within the Falcon Lake Project. Representative samples of the
mineralised outcrop were taken, given unique sample IDs and bagged for
shipping to ALS Canada Ltd for analysis. Samples were prepared using the
PREP-31BY method followed by 4-acid digestion, ICP-MS analysis (ME-MS61) with
copper assay using the Cu-OG62 technique. Gold fire assay was also completed
on a 30g charge (Au-ICP21).

Falcon Lake Geology

The Falcon zone is located within geology of both the Great Bear Batholith
which is host to the historic Eldorado minesite, the largest uranium mine in
Canada during the 1930s-40s, and the overlying basinal sedimentary rocks.
Rocks of the Hornby Bay and Dismal Lakes Groups represent the basin fill,
consisting of mudstone-shale-dolostone and limestones. To the north, the basin
is capped by flood basalts of the Copper Creek Formation, known to host high
grade chalcocite dominant lodes along extensive shear zones. Within the Falcon
Lake project, copper is known to be concentrated within siltstone-dolostone
members of the sequence and other metals within the mudstone-shale members. A
series of regional NE trending structures pass through the Falcon area, and
may be important controls on mineralisation. Selected grab samples from a 1979
map show copper up to 8.9 % and 300 ppm U. This suggests hydrothermal fluids,
containing both copper and uranium entered the reactive sedimentary rocks and
formed high-grade mineralisation, which remains unexplored.

 

 

 

Merlin Project

 Sample_ID  Easting  Northing  Cu (%)  U (ppm)
 V749903    466672   7487761   0.61    1370
 V749904    466700   7487827   0.01    4.1
 V749905    466593   7487702   0.07    1135
 V749906    466600   7487661   0.14    1310

 

The field visit included the collection of four rock chip samples from
outcrops of the 1977-1979 identified boulder field  within the Merlin
Project.  The Merlin project covers a 6 km E/W trending train of radioactive
glacial boulders of quartz sandstones identified in the 1970s. Detailed work
between 1977-1980 identified over 400 radioactive boulders which returned
grades up to 3.3% U(3)O(8). Measurements performed on 101 of these boulders
indicate an average transport distance of 2.5 km, with ice flow direction from
west to east, placing the suspected source of the boulders firmly within the
Merlin boundary (NUMIN Open File #81310). The source is further bounded by a
regional scale NE/SW trending fault which crosses the eastern extent of the
Merlin Project.

Preliminary field investigation of the boulder field indicates the presence of
uranium secondary minerals within the quartz sandstones at the West Dismal
project.  Further to this chalcopyrite was observed within the cement phase
of the sandstones, indicating potential for sedimentary hosted copper
deposits. Locating the source and feeder structure for this mineralisation
will inevitably lead to greater sulphide occurrence. The Fort Confidence Fm.
contains laminated black shales within sandstone packages, offering strong
reductants for oxidised copper bearing hydrothermal fluids. Locating these
reduced sedimentary rocks adjacent to a feeder structure offers a compelling
exploration target for copper and uranium.

Assay results of the 2024 rock samples taken within the 1977-1979 identified
boulder field. NAD83/UTM Zone 11N are shown below.

 

 

 

Further intended work

Ongoing integration of historic datasets and regional geophysics for the
Projects.

Planning of field program to ground truth historic showings and demonstrate
continuity at known occurrences of mineralisation within the Projects.

The Company intends to complete airborne geophysics surveys at the Projects in
due course.

Hamish Harris, Executive Chairman of Gunsynd commented "This marks an
exceptional first pass exploration campaign on the two newly acquired projects
that are delivering extremely high grade samples. We remain committed to
carrying out more in-depth exploration to follow up these attractive sample
results."

"Whilst a small sample the Board believe its statistically significant that
100% of assay results from the Falcon project were over 15% Cu and 3 of 4 U
assay results at Merlin  were over 1,000ppm U. This level of grade and
consistency gives the Company great encouragement for future exploration."

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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