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Archer Exploration touts potential of Grasset Deposit

Mar 22, 2024

"Today's assay results further reinforce our confidence in the presence of a robust mineralizing system that we can't fully appreciate yet," said Tom Meyer, President and Chief Executive Officer of Archer. "As our technical team persists in exploring and defining the boundaries of the Grasset Deposit, we remain highly encouraged from the successes of our fall and winter drilling campaigns. We are particularly enthusiastic about future drilling as we focus on the H1X Discovery Zone at depth and towards the southeast, an area devoid of any historical drilling or exploration along the Sunday Lake Fault."

The 2024 Winter Program consisted of three diamond drill holes totaling 1,323 metres of drilling. The primary objective of the program was to test the new geophysical anomaly, N9, approximately two kilometres northeast of the Grasset Deposit and to further explore the high-grade H1X Discovery Zone. 

H1X Discovery Zone Drilling Results

Holes GR23-07 and GR23-08, drilled in December 2023, confirmed the extension of mineralization in the H1X Zone to a depth of approximately 430 metres, approximately 100 metres below the discovery hole, GR23-03, which intersected 0.30 metres of massive sulphides at a depth of 330 metres. Hole GR24-10A intersected the H1X Zone 50 metres above and 50 metres southeast of hole GR23-08. The mineralized zone is located on the northern contact at the bottom of the main ultramafic sequence. 

Hole GR24-10A intersected 2.67% Ni, 0.44% Cu, 2.32 g/t Pt-Pd over 2.90 metres, including a subinterval of 4.08% Ni, 0.98% Cu, 4.57 g/t Pt-Pd over 0.85 metres within a broader zone grading 1.19% Ni, 0.17% Cu, 0.99 g/t Pt-Pd over 8.20 metres. The mineralization is comprised of two zones of massive sulphides, (pyrrhotine and pentlandite) 0.25 and 0.35 cm thick, within a 2.90 metre section of net-texture mineralization. This is the first intersection demonstrating large, high-grade net-texture thickness within the H1X Zone.

Hole GR24-11 was targeting the up-dip extension of the trend defined through the intersections of holes GR23-08 and GR23-03. Unfortunately, due to strong deviation, the hole interested the H1 Horizon 50 metres west of the target and intersected 0.41% Ni over 0.70 metres. As with hole GR23-07, the bottom contact of the ultramafic was strongly sheared with a small zone of disseminated sulphides.

Holes GR23-03, GR23-08 and GR24-10A, which now define the newly discovered H1X Zone, clearly demonstrate the presence of a strong mineralizing system that remains open in all directions below 250 metres in the southeast portion of the H1 Horizon (Figure 1). 

Grades and textures, observed at the bottom of the main ultramafic package, indicate the potential for recent intersections to be at the fringe of a new high-grade-hosting ultramafic conduit. All four drill holes in the H1X Discovery Zone intersected nickel grades higher than the Indicated Resources average grade of the H1 Horizon of 0.82% (Tables 1 and 2). 

N9 Target Drilling

The N9 electromagnetic conductive plate (Figure 1) was interpreted from a high-power, large loop InfiniTEM-XL surface survey conducted in 2023. The N9 plate ranges from a depth of 300 to 700 metres and occupies an area of approximately 400 by 400 metres. The anomaly is located at the northern contact of an ultramafic sequence (interpreted from magnetic surveys) similar in nature to the H1 Zone.

Hole GR24-09 was designed to intersect the center of the conductive plate, at a depth of about 400 metres below surface. Due to technical difficulties, hole GR23-09 was unable to reach its target and following an unsuccessful attempt to wedge the hole a depth of 336 metres, the decision was made to abandon the hole and move the drill rig to the Grasset Deposit for continued drilling of the H1X Discovery Zone. Notwithstanding the technical challenges, the N9 target remains a priority as it presents very similar characteristics to the S6 plate (Figure 1) that overlays the H1X Discovery Zone.

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Figure 1: Grasset Geological Surface Plan

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Figure 2: H1 Horizon Metal Factor Vertical Longitudinal Section

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