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Capella Minerals Ltd.: Exploration and Drill Update for the Savant Gold Project, Ontario

Press Release

VANCOUVER, BC, June 28, 2022 – Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (“Capella” or the “Company”) is pleased to advise that Prospector Metals Corp. (“Prospector”; TSXV: PPP) has today provided the market with an update on its ongoing exploration activities at the Savant Gold Joint Venture (“Savant”).

Prospector is currently earning-in to a 70% interest in Savant through the sole funding of CAD 2M of work commitments on this highly-prospective but underexplored property, and by making staged cash and share payments to Capella.

Key points from Prospector’s exploration update include:

  • Prospector mobilized field crews to Savant in May, with the primary objectives being to advance prospect-scale sampling as well as ground truthing areas expected to be drill tested during Q3, 2022. A total of 594 grab samples were taken during this field campaign; assays have now been received for 155 samples with 439 samples pending.
  • Prospector reports initial high-grade gold assays (up to 68 grams per tonne, or “g/t”) from grab samples1 taken from a significant, first-order deformation zone named the Wiggle Deformation Zone (“WDZ”)(see Figure 1). The Wiggle Creek prospect currently contains some 1.3km strike of known gold-bearing structure and remains open in all directions.
  • The WDZ represents a previously unrecognized gold-bearing structural setting that shares many similarities with the Pyke Fault, which is the host shear zone for the Meliadine gold deposits located in Nunavut.
  • The Savant property is also host to numerous more traditional iron formation type gold occurrences including Snowbird and Horseshoe occurrences. Assays from these areas will be released when completed.

1 Grab samples are select samples and not necessarily representative of gold mineralization on the Savant property.

Prospector’s full News Release is appended to this News Release.

Eric Roth, Capella’s President and CEO, commented: “I am pleased to be reporting today that Prospector Metals Corp. continues to generate new high-grade gold targets from ongoing exploration activities at Savant. Previous work had focused almost exclusively on high-grade gold targets in deformed iron formation units, however, Prospector’s current sampling program has confirmed the potential of the Wiggle Deformation Zone to be a significant target in its own right. Prospector also reiterates its intention to begin core drilling at Savant during Q3, 2022, and we look forward to keeping the market updated on progress.”

Figure 1. Key target areas and status of sampling at the Savant project (Prospector Metals June 28, 2022 News Release).

Qualified Persons and Disclosure Statement

The technical information in this news release relating to the Savant gold project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company’s President & CEO, a Director, and a Qualified Person under NI 43-101.  Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of experience in international minerals exploration and mining project evaluation.

On Behalf of the Board of Capella Minerals Ltd.

Eric Roth
Eric Roth, Ph.D., FAusIMM
President & CEO

About Capella Minerals Ltd

Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade copper(-zinc-cobalt) and gold deposits. With respect to its base and battery metals projects, the Company’s current focus is on: i) the determination of a NI 43-101 compliant Mineral Resource Estimate for its 100% owned Hessjøgruva project in central Norway, which will subsequently lead to further drill hole planning and initial development-related studies, and ii) the discovery of further high-grade VMS-type deposits in district-scale land positions around the past-producing Løkken (Løkken Verk District) and Kjøli / Kongensgruve (northern Røros District) copper mines.

The Company’s precious metals focus is on the discovery of high-grade gold deposits on the Katajavaara-Aakenus JV in Finland, its 100%-owned Southern Gold Line Project in Sweden, and its active Canadian Joint Ventures with Prospector Metals Corp (TSXV: PPP) at Savant (Ontario) and Yamana Gold Inc. at Domain (Manitoba). The Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in Santa Cruz, Argentina.

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