VANCOUVER, British Columbia, May 07, 2025 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB:MMETF) ("Miata" or the "Company") is pleased to update on the 10,000m diamond core drilling program at the Sela Creek Gold Project in Suriname ("Sela Creek").
Highlights:
- Approximately 1,500m of diamond drilling has been completed across 10 holes
- Four holes were drilled at the Stranger Target, and the drill is currently drilling the sixth hole at the Golden Hand Target
- The Company plans to mobilize a second drill rig to Sela Creek
- Assays are pending QAQC checks for several holes, which are expected to be completed this month
"We have completed the first 10 holes totalling approximately 1,500m, or 15%, of our targeted of 10,000 meters this year, and the drill crew continues to increase their average daily production," stated Dr. Jaap Verbaas, CEO of Miata. "Assays are pending QAQC checks for several holes and will be disseminated once the Company has verified current assaying protocols and methods. The drill is currently testing the Golden Hand target where a large amount of small-scale saprolite mining has taken place in the past."
Figure 1. Map showing the drill collars of holes drilled to date and prepared drill pads.
Operational Update
The Company has made ample progress in the last four months since camp build started, and camp continues to be gradually expanded as the drilling program continues to test additional targets. A second drill rig is expected to be mobilized to Sela Creek. Initially, the second drill rig is planned to replace the one currently drilling and is expected to reach a higher meterage per shift. This is expected to reduce the cost per meter drilled and increase production. The Company anticipates running two drill rigs simultaneously before the end of the year.
Road access to certain targets has been difficult over the last few weeks because of heavy rain. As a result, the Puma Target, one of the Company's high-priority targets, remains undrilled for the time being. The Company is currently working to establish reliable access to Puma where several drill pads have been prepared. In the meatime, the Company continues to drill at the Golden Hand target.
Select intervals of the first five drill holes were sent for reassay with 30g aliquot fire assay, 50g aliquot fire assay, and metallic screen assay, to verify whether nuggety gold is present and not captured in 30g aliquot or 50g aliquot fire assay. Once these QAQC checks are complete the first set of results will likely include all of the holes drilled in the Stranger Target and a portion of those in the Golden Hand target.
Figure 2. Drill rig at the Stranger Target.
Golden Hand
The Golden Hand target is over two kilometers long and has numerous mining pits that crosscut the main orientation of foliation and metasedimentary rocks. Several potential structures may host the gold at the Golden Hand target, and all are being tested. The Company is currently drilling its sixth hole at Golden Hand.
Quality Assurance and Quality Control
Sample intervals from the first 5 holes were sent for reassay in 50g aliquots from the original 30g aliquots, and select samples sent for metallic screen to verify whether nuggety gold is present and not captured in 30g aliquot or 50g aliquot fire assay. The metallic screen process includes a 500g sample pulp that will be screened to 106 µm, a 50g fire assay is completed on the fine and a fire assay on the entire coarse fraction duplicate.
QP Statement
The scientific and technical information in this news release has been reviewed and approved by Dr. Jacob Verbaas, P.Geo., a director of the Company and Qualified Person as defined under the definitions of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Miata Metals Corp.
Miata Metals Corp. (CSE: MMET). is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as the OTCQB (OTCQB:MMETF) and Frankfurt (FSE:8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215km2 Sela Creek Gold Project in Suriname with an option to acquire a full 100% interest in the project, and a 70% beneficial interest in the Nassau Gold Project in Suriname. Both assets are located in the greenstone belt of Suriname.
On Behalf of the Board
Dr. Jacob (Jaap) Verbaas, P.Geo | CEO and Director
info@miatametals.com
+1 778 488 9754
Forward-Looking Statements
This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. Forward-looking statements include, but are not limited to the scope and timing of the Company's drilling programs. The words "expected", "will" and similar expressions are intended to be among the statements that identify forward looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward- looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b6fcdb0-a826-4796-aa70-c06fea4a2084
https://www.globenewswire.com/NewsRoom/AttachmentNg/c57d5934-becf-4333-aa90-5ccfb2b18a07
