Vancouver, February 4th, 2020 – Gaia Metals Corp. (the “Company”) (TSX.V: GMC) (OTCQB: RGDCF) (FSE: R9G) highlights strong potential for platinum group element (PGE) mineralization as a result of ongoing compilation of historical data for the Company’s Corvette-FCI Property (the “Property”), located in the James Bay Region of Quebec.
The compilation included a more focused review of the Property geology and indicates a strong potential for Ni-Cu-PGE mineralization. A historical sample of outcrop assayed 3.10 g/t Au, 1.06 g/t Pd, 0.005 g/t Pt, 7.5 g/t Ag, 0.24% Cu, 0.19% Ni, and 411 g/t Co (Lac Long Sud Showing) (see Figure 1 below). This unit is located at the eastern end of the more than 10 km long Maven Trend where significant Cu-Au-Ag mineralization in outcrop was discovered during the Company’s 2019 summer exploration program, including 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag, and 3.63% Cu, 0.64 g/t Au, and 52.3 g/t Ag (see news release dated September 10th, 2019). The historical samples with PGE enrichment are interpreted to be associated with komatiite (ultramafic) bodies. The Company notes that only a small portion of historical and none of the 2019 samples were analyzed for PGEs; hence these seemingly isolated results necessitate further geochemical analysis in future exploration programs.
The Corvette-FCI Property is situated within the Guyer Group (wacke, iron formation, komatiite, tuffs, amphibolite) of the La Grande Greenstone Belt, a geological setting that is prospective for numerous commodities over several different deposit types. Historically, exploration has focused on the orogenic gold potential, and more recently, on the copper-gold-silver potential over the more than 10 km long Maven Trend, as well as the numerous pegmatite-hosted lithium prospects.
The Company is further evaluating the potential for PGEs across the Property, which will include submitting for PGE analysis, a subset of the samples collected in 2019. Several ultramafic units have been regionally mapped across the Property; however, have seen only limited exploration attention for PGEs. The Company intends to expand its 2020 summer program to include a more detailed surface evaluation of the ultramafic occurrences mapped on the Property for both gold and PGE mineralization.
Figure 1: Regionally mapped ultramafic occurrences on the Company’s Corvette-FCI Property
The Platinum Group Elements (PGEs) are a group of six precious metals (Pt, Pd, Rh, Ru, Os, Ir) with similar chemical and physical properties that commonly occur together in nature. The most well-known of this group are platinum and palladium. The bulk of PGEs are mined in South Africa and Russia, followed by Zimbabwe and Canada.
The use of platinum and palladium in jewelry is relatively well-known; however, the metals primary use is in automotive catalytic converters, to reduce harmful emissions produced from combustion and hybrid vehicles. An acute lack of supply and ongoing market deficits (particularly in palladium), coupled with the tightening of vehicle emission regulations globally (particularly in Europe and China), have placed sustained upward pressure on prices that is anticipated to continue. Platinum and palladium prices are up 20+% and 80+%, respectively, over the last 12 months, and are currently trading at approximately $1,000/ oz, and $2,200/oz, respectively, with palladium trading at all-time highs.
Further, the Company has granted 80,000 incentive stock options (the “Options”) to an officer of the Company. The Options are exercisable at $0.09 per share for a period of three years from the date of grant. The Options have been granted under and are governed by the terms of the Company’s incentive stock option plan.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Vice President of Exploration for the Company, a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Gaia Metals Corp.
Gaia Metals Corp. is a mineral exploration company focused on the acquisition and development of mineral projects containing base and precious metals, including platinum group elements, and lithium.
The Company’s primary assets are the wholly owned Corvette Property and the FCI Property (held under Option from O3 Mining, a recent spin-out from Osisko Mining, for a 75% interest) located in the James Bay Region of Quebec. The properties are contiguous and host significant gold-silver-copper-PGE-lithium potential highlighted by the Golden Gap Prospect with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, the Elsass and Lorraine prospects with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop, and the CV1 Pegmatite Prospect with 2.28% Li2O over 6 m in channel.
In addition, the Company holds the Pontax Lithium-Gold Property, QC, the Golden Silica Property, BC, and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.