SIERRA BLANCA, TX, November 30, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Texas Mineral Resources Corp. (OTCQB: TMRC)
Inversion analysis of about 37% of the examined area shows 13
Electromagnetic drill targets within a 10 hectare area
All potential targets are within 100 feet of the surface
TMRC in late-night negotiations to fund a bankable feasibility study
Webinar planned for December to discuss analysis results in more detail
Texas Mineral Resources Corp. (TMRC), an exploration company currently targeting rare earth, industrial and technology metals through its 20% interest in the Round Top Mountain project in Texas and ongoing exploration initiatives, is pleased to announce this detailed analysis by Time Domain Electro-Magnetic (TDEM) surveys of high-grade silver veins in the Black Hawk District, Grant County, New Mexico have returned very encouraging results.
TMRC directed exploration in the Black Hawk district after signing an option agreement with Santa Fe Gold Corp. in October 2021 (see press release of November 9, 2021).
The Black Hawk District, located near Silver City in southwest New Mexico, is known for the occurrence of well-defined high-grade bodies of native silver that contain significant amounts of a US Government-listed critical mineral: nickel , cobalt and arsenic as well as uranium. Silver grades of up to 20% have been reported within these mineralized lenses in the past.
These extremely high grades are consistent with the historical record of production from this unique geological type of deposit, which includes known counties such as Cobalt, Ontario; Portradium, new with tags; Anneberg and Freiberg, Saxony; and Jachymov in the Czech Republic, all prolific silver districts. The Black Hawk District was active from 1884 to 1894, the period when the Black Hawk and Alhambra mines accounted for most of the production. Due to their small size, these extremely high grade ore shoots have proven nearly impossible to locate by conventional geologically targeted diamond drill holes.
Due to the high concentrations of native silver in the core zones of the ore shoots, it was postulated that they would be electrically conductive. Three types of electrical conductors are common in nature: solid metal or metallic minerals, graphite, and salt water. Because graphite and saline water are unlikely to be present in the rocks beneath the Black Hawk area, the deposit is a prime candidate for an exploration method to detect massive metals and metallic minerals.
TMRC commissioned Zonge Intl. to assess the Black Hawk District using its Time Domain Electro Magnetic (TDEM) survey process. “TDEM is a non-invasive method performed at the surface of the reservoir and allows for a more focused and efficient approach to traditional drilling by providing a map of underground targets before a single hole has been drilled,” said Dan Gorksi, CEO of TMRC.
Two scoping-level geophysical surveys were completed in late 2021 and early 2022 under the direction of Thomas Weis, Consulting Geophysicist, Computational Geosciences Inc. and Zonge International. Zonge’s NANOTEM technique, a variant of traditional time-domain electromagnetic surveying, is used to locate metallic objects such as pipes, tanks and unexploded ordnance, and effectively locates small electrically conductive bodies at shallow depths. Transmission loops have been modified to increase depth capability without unduly degrading resolution. In practice, the TDEM survey is performed by laying out wire loops on the ground surface, switching a relatively high electric current on and off, and recording the electromagnetic effects induced in underground electrical conductors. In February 2022, a survey covering 18 acres and consisting of 24 overlapping current loops was designed and completed. Field collection of this data is ongoing but is a relatively straightforward process. Analysis of this data is crucial and requires significant computing time per current loop.
Our July 2022 news release reported that analysis of three of these loops, covering approximately ten percent of the area surveyed, had identified three strong anomalies worthy of designation as drill targets. The analysis is now complete on another six loops. Another four are currently being analyzed and another eleven loops have yet to be processed. Within the nine loops analyzed to date, thirteen strong and relatively deep conduction anomalies have been identified, with an additional four possible anomalies lying slightly outside the current loop boundaries. Data is reliably collected to depths of one hundred to one hundred and twenty feet.
“The results of this analysis phase have exceeded our expectations,” said Mr. Gorski. “We expected to define anomalies within trend of the known Alhambra vein and indeed the survey was designed in accordance with those expectations and four of those anomalies were within trend. The unexpected result was that a total of thirteen large and deep anomalies were found over an area of approximately nine hectares. Although nine of these anomalies lie east of the Alhambra vein, these linear features are consistent with trends from known carbonate veins in the immediate vicinity. The fact that these targets are within 120 feet of surface ensures that the intensity of drilling required to outline these features can be carried out practically.”
plans for the next phase
The next phase of work is to refine the geophysical process to improve the definition of each anomaly both laterally and at depth to better guide drilling. Drilling will commence immediately upon completion of the next geophysical phase and acquisition of the necessary permits. Subject to these steps, TMRC expects to start drilling in March or April 2023.
“We are extremely pleased with the results to date using a unique technology to identify high grade silver veins along with critical mineral by-products,” said Anthony Marchese, Chairman of TMRC. “The estimated cost of funding a bankable feasibility study is estimated at no more than $4 million while mine capital expenditures are estimated at no more than $9 million. Assuming historical grade recoveries and successful access to the identified veins, the Blackhawk District’s risk/reward potential is quite favorable. We look forward to determining our capital requirements as we seek to develop a new line of business to complement our 20% interest in Round Top’s heavy rare earth and critical minerals deposit in west Texas.”
About Texas Mineral Resources Corp.
The main focus of Texas Mineral Resources Corp. is to develop and commercialize the Round Top heavy rare earth, technology metals and industrial minerals project in Hudspeth County, Texas, along with its joint venture operating partner USA Rare Earth LLC, 85 miles southeast of El Paso, in which TMRC has an interest of 20% and USA Rare Earth owns 80%. In addition, the Company is developing other domestic mining projects for precious and industrial metals and critical minerals. The Company’s common stock trades on the OTCQB US level under the symbol “TMRC”.
Warning Notice to Investors
The United States Securities and Exchange Commission (“SEC”) limits disclosure for US reporting purposes to mineral deposits that a company can economically and legally extract or produce that comply with SEC Industry Guide 7 or the entire proposed project in the Black Hawk Mining District , as contemplated by the written agreement, contains mineral deposits that will ever be converted into resources, or that an inferred mineral resource or measured and indicated resource exists or is economically or legally mineable. The proposed project contains no known proven or probable ore reserves or mineral resources that meet SEC Industry Guide 7 reporting standards. Investors are urged to review carefully the disclosures in TMRC’s most recent reports filed with the SEC.
This press release contains forward-looking statements within the meaning of the US Securities Act of 1933, as amended, and the US Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding potential development, economic feasibility, resource, grade and other features of mineralization and drilling and exploration methods that may be employed in potential exploration of the Black Hawk Mining District project. The words “potential”, “plan”, “indicate”, “expect”, “intend”, “hope”, “believe”, “may”, “will”, “if”, “anticipate” as used in this press release. ‘ and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such statements. These factors include, but are not limited to, uncertainties related to mineralized material and mineral resource estimates, risks to forecast and estimated economic results not reflecting actual economic results due to the uncertainty of mining processes, potential inconsistent intersections of mineralized material, potential mining hazards and accidents, Changes in equipment and labor costs, changes in projected mineral prices and demand, competition in the mining industry, risks associated with project development decisions, the inherently hazardous nature of mining-related activities, the potential impact of environmental regulations on the Company’s operations, pending litigation risks, liquidity risks and Risks related to the uncertainty of being able to raise capital on favorable terms, or at all, and those factors discussed under the heading ft “Risk Factors” are discussed in the Company’s most recent Annual Report on Form 10-K as filed November 2022 and other documents filed with the US Securities and Exchange Commission. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements.
Texas Mineral Resources Corp.
Anthony Marchese, Chairman
Email: [email protected]