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Tombill Mines Limited Kicks off Exploration Program at Our Patented Property Within Ontario's Geraldton Gold Camp

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Newsfile Corp.
·7 min read
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  • Commencement of Phase 1 exploration and drilling program

  • Forage M3 and Nordmin appointed to undertake this exploration & drilling program

  • We are adjacent to the Hardrock Project -- which recently changed ownership -- within the Geraldton Gold Camp

Vancouver, British Columbia--(Newsfile Corp. - January 11, 2021) - Tombill Mines Limited (TSXV: TBLL) (the "Company" or "Tombill"), a mineral (mainly gold) company which owns various exploration and past-producing gold properties in the Geraldton and Beardmore Region, Ontario, is pleased to announce it has started its drilling program at Tombill Main Group, following the appointment of Forage M3 Drilling Services Inc. ("Forage M3") and Nordmin Engineering Ltd. ("Nordmin") to undertake drilling and exploration. The Company also welcomes the new strategic ownership of Greenstone Gold Mines ("Greenstone Gold"), comprising its Hardrock Project.

Highlights

  • Commencement of Phase 1 drill campaign: Targeting ~16,000 metres

  • Appointed experienced execution teams to undertake the exploration program:

    • Highly capable and Geraldton seasoned drilling team from Forage M3

    • Respected geological consultancy group Nordmin will manage the program alongside Tombill's team

  • Neighbouring ownership: Tombill believes the commencement of its Phase 1 program is very timely, with more attention likely to be devoted to the Geraldton Gold Camp given the recent announcement of Orion Finance Mine Finance Group's ("Orion") acquisition of Centerra Gold Inc.'s ("Centerra") 50% position in Greenstone Gold -- including its Hardrock Project -- for U$225M at closing plus a contingency of U$75M; and immediately and subsequently, Equinox Gold Corp.'s ("Equinox") friendly acquisition of Premier Gold Mines Limited ("Premier"), which includes the remaining 50% of Greenstone Gold (see Premier & Centerra press release December 15, 2020) (see Premier & Equinox press release December 16, 2020).

  • Tombill Mines website is now live: www.tombillmines.com

Adam Horne, CEO - commented; "Our technical team have rapidly mobilized onto site, and started the drilling program on the Tombill Main Group. This marks the first milestone of our Company's current exploration and development program, as we look to define the extension of strike of the F-zone, and identify further nearer surface targets. Coupled with the fresh and exciting news surrounding our neighbouring Hardrock Project with its two new owners -- Orion and Equinox -- we feel there is a lot to be enthusiastic about at Tombill and the Geraldton Gold Camp, and that the probability of progress is naturally greater and more accelerated."

Ian Stalker, Technical Advisor and Director, commented; "The Geraldton Gold Camp is fast becoming a reality. The combination of the start on Tombill's fully-funded Phase 1 drill and exploration plan coupled with the acceleration and evolution of the Hardrock Project marks real progress in the Geraldton Gold Camp becoming more germane and relevant as a gold producer."

Start of the Fully Funded Phase 1 Exploration and Drilling Plan at Tombill Main Group

  • Focus on defining extension and continuity -- especially the F-zone -- from the neighbouring Hardrock Project's east to west resource plunge, including their western most drill hole (MM170 18.49 g/t - 20.5m), and additional zones that may continue onto Tombill's property

  • Initial results expected to be available early March 2021

  • Team has mobilised quickly off the Trans-Canada Highway, which splits Tombill's patented claims

  • Initial drill holes are directly adjacent to Hardrock Project claim border. Phase 1 plan comprises:

    • 15 drill holes (5 hub-holes + 10 daughter holes) campaign over ~16,000 m

    • On average, 100 m distance between hub-hole collars

  • Further surface and near surface exploration across property planned for Q1 and Q2 2021



To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7659/71722_tombil2.jpg

Recent Purchase of Greenstone (Hardrock Project) by Orion and Equinox

The Company believes this is a very timely transaction that emphasises the sustainability and growth of the Geraldton Gold Camp, of which Tombill is an integral part.

Extensive investment, drilling, and exploration over the adjoining Hardrock Project has yielded gold mineralisation over 2 km from the ultimate west wall of the proposed open pit mine to Tombill Main Group's east boundary. Mineral resources established on the Hardrock Project to date:

  • Proven and probable reserves 232k and 5.3mm[1]

  • Indicated and inferred 1.5mm, and 3.1mm1

  • Some 2.1mm was extracted between 1938-70[2]



Source: Greenstone, 06/28/19. The blue boundary marks the Tombill Main Group. The purple marks the Hardrock Project, owned by Greenstone. The striped portions mark mineral rights owned by Tombill, surface rights owned by Greenstone.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7659/71722_tombil4.jpg

The permitted, construction and development-ready Hardrock Project, previously owned by Premier and Centerra was recently acquired by Equinox and Orion, respectively.

This new 50/50 venture between Equinox and Orion is expected to accelerate the construction of the Hardrock Project, and Equinox has announced that they hope to begin construction during the 2nd half of 2021. This bodes well for Tombill's adjacent property considering both the exploration potential and the relevance of the Geraldton Gold Camp.

Premier Corporate Presentation (Dec, 2020)

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7659/71722_tombil6.jpg

The Company cautions that its Qualified Person has been unable to verify the information concerning the Hardrock Project and that this information is not necessarily indicative of the mineralization on the Tombill Main Group.

Qualified Person

Tim Twomey, P.Geo, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.

About Forage M3

Forage M3 is a diamond drilling contractor with extensive experience across Ontario. They have had strong legacy experience in the Geraldton and Beardmore region for several years, and have strategic relationships with various local First Nation communities.

About Nordmin

Founded in 2005, and headquartered in Thunder Bay, Nordmin has over 120 employees offering solutions in geology, engineering, construction management, and consulting. Nordmin is a part of the Nordmin Group of Companies, which is 100% North American owned.

About Tombill

Tombill owns various royalty-free mineral exploration and past-producing gold properties in the Geraldton and Beardmore region, Ontario. The Company's business is mineral exploration, primarily gold. It has 74 claims: 60 are owned and patented, five leased, and nine where it owns the mineral rights. Of these, the Tombill Main Group property comprises 58 claims: 54 owned patents, and four owned mineral rights. The Tombill claims was originally staked in the first Geraldton Gold Rush in the 1930's by Tom Johnson and his brother Bill.

For more information, please visit www.tombillmines.com, and contact:

Adam Horne
Chairman & Chief Executive Officer
Email: adam@tombillmines.com / Tel: +44 (0) 207 529 2351

Reda Jalabi
Strategic Development & Investor Relations
Email: reda@tombillmines.com / Tel: +44 (0) 207 529 2361

Cautionary Note Regarding Forward-Looking Information

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the trading date of the Company's common shares on the TSXV. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

[1] Premier Gold Feasibility Study Press Release on SEDAR (Dec 16, 2020)
[2]
Premier NI 43-101 Tech report Hardrock Project (Dec 21, 2016)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71722