CAT STRATEGIC METALS BEGINS GRAVITY SURVEY AT GOLD JACKPOT STRATEGIC METALS PROPERTY, NORTHEASTERN ELKO COUNTY, NEVADA
Vancouver, B.C. May 17, 2021 – CAT Strategic Metals Corporation (CSE: CAT) (OTC: CATTF) (FRA:8CH) (“CAT” or the “Company”) announces the following update on its Gold Jackpot Copper-Gold-Silver-Tellurium mineral property in Elko County, Nevada.
Gold Jackpot Strategic Metals Property
CAT is pleased to report that it engaged Magee Geophysical Services of Reno, Nevada to complete a ground gravity survey, now in progress on its Gold Jackpot strategic metals property. Gold Jackpot is situated 30 km SE of Jackpot, Nevada and 92 km NE of Elko, Nevada. The property comprises 62 unpatented lode mining claims on BLM land totaling 1280 acres (518 hectares), in an area that was largely burned out by previous brush fires. The Long Canyon open pit gold mine of Nevada Gold Mines LLC lies 78 km south of the property. Gold Jackpot lies adjacent to the Texas Canyon mineral property of Peloton Minerals, and 5 km west of Peloton’s Golden Trail gold property, which was recently drilled in 2021 by Peloton. Newmont and Liberty Gold own claims 11 km east of Gold Jackpot, in the Rock Spring gold exploration area. No detailed geophysics have previously been completed on Gold Jackpot.
Gold Jackpot has 3 exploration targets for:
1) Porphyry/Diatreme copper-gold-silver bodies in the central part of the property, where strong Cu-Au-Ag mineralization is exposed at the surface. Quartz-sericite (phyllic) altered quartz-feldspar porphyry dikes were mapped and studied by R. Redfern to the south of the main porphyry/diatreme target area. Barrick took a 16 gram per tonne gold surface sample here several years ago, and one rock chip sample here by Redfern for Mexivada Mining Corp. here assayed 239 g/t silver; 4.84 g/t Au, and 339 g/t tellurium.
2) Carlin-style gold deposits of Eocene age, such as are present at the Long Canyon Mine, along a major N-S range Front fault boundary system, which intersects mineralized NE trending fault systems that extend SW to the Prince Mine. Peloton rock chip samples yielded gold assays of up to 1.2 ppm Au in Paleozoic limestones at the surface in the Gold Jackpot claims area. Strong Carlin-style decalcification of limestones is present on the adjoining Prince Mine on the Texas Canyon property, along strong NE-trending fault systems that are analogous to those similar ore-controlling structures in the Long Canyon Mine;
3) one or more possible high-grade Tellurium mineral systems cutting Paleozoic limestones. Rock chip samples containing up to 4% Tellurium were sampled from surface outcrops at Gold Jackpot. Local drillholes were completed on the property by Tenneco Minerals in 1989-1990, but the samples were rotary drill cut chips that were not assayed for copper or tellurium.
Tellurium is a strategic mineral used by First Solar Corporation in their solar panels. Gold Jackpot is one of the only prospective solar power tellurium properties in the southwestern United States. Rio Tinto just recently announced that they were going to construct and add on a tellurium recovery circuit to their Bingham Canyon mine-mill complex at Magna, Utah.
CAT also will begin a tightly-spaced drone-borne aeromagnetic survey of the Gold Jackpot property starting in May, 2021, and to be followed up by a 2-line induced polarization survey by Zonge Geosciences of Reno, Nevada in 3rd Quarter, 2021, to better define possible porphyry and Carlin-style metal systems at Gold Jackpot. A new detailed program of geologic mapping and sampling will be started in May, 2021 as well.
Mr. Richard R. Redfern, M.S., C.P.G. No. 10717, is the qualified person as defined by National Instrument 43-101 who has examined and reviewed the geological information available from public sources related to the property, completed a Master’s Thesis on parts of the Gold Jackpot and Texas Canyon properties in 1977, and is responsible for approving the technical contents of this press release.
About CAT Strategic Metals Corporation:
CAT Strategic Metals Corporation is a Canadian based mineral exploration company focused on the acquisition and de risking of overlooked projects situated in well-established World Class geological districts in North America. The Company is specially focused on minerals which are considered highly strategic from a monetary as well as global infrastructure and energy point of view. CAT’s shares trade on the Canadian Securities Exchange (CSE) under the trading symbol “CAT”, on the OTCMarkets.com under the trading symbol “CATTF”, and on the Frankfurt Stock Exchange under the symbol “8CH”.
ON BEHALF OF THE BOARD
Chairman, President & CEO
This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted exploration outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will be found or have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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