Sample Results up to 19.55% Cu and 1370ppm U

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% U₃O₈. 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 Hamish Harris/ Peter Ruse	[phone]
Cairn Financial Advisers LLP James Caithie / Liam Murray / James Western	[phone]
Peterhouse Capital Limited Lucy Williams	[phone]

 

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