Viridian Metals intersects Cu, Ni sulphides at Kraken

Executive Summary

• Viridian Metals reports initial drilling results from its 100%-owned Kraken copper-nickel-cobalt project in Labrador, highlighting extensive near-surface sulphide mineralization.
• Eight of the 14 holes drilled to date have intersected copper and nickel sulphides over widths up to 20 metres, with four holes cutting more than 10 metres of semi-massive to massive pyrrhotite containing disseminated and veined chalcopyrite.
• The company is on track to complete up to 35 drill holes in the current program, testing mineralization within 30 metres of surface along roughly 400 metres of strike length at the Kraken main zone.

Key Details

• Drilling Performance: Eight of 14 holes intersected copper and nickel sulphides over widths of up to 20 metres.
• Specific Intercepts: Four holes cut more than 10 metres of semi-massive to massive pyrrhotite containing disseminated and veined chalcopyrite.
• Hole Termination: Four holes ended in significant mineralization at approximately 25 metres depth.
• Mineralization Characteristics: Intervals contain significant chalcopyrite, pointing to copper-enriched zones within the system.
• Program Scope: The current program aims to complete up to 35 drill holes.
• Target Area: Testing mineralization within 30 metres of surface along roughly 400 metres of strike length at the Kraken main zone.
• Objectives: Drilling is designed to confirm continuity of shallow mineralization and vector toward copper-rich mineralization identified in the core.
• Drilling Method: Completed by Compass Exploration Group Ltd. using a low-impact mini-rig diamond drill rig.
• Depth Testing: Effective testing of bedrock to 26 metres depth through overburden up to nine metres.
• Future Rig Capacity: Working with Compass to expand rig depth capacity to test targets to 50 metres.
• Cost Efficiency: The mini-rig is more cost-effective per hole than conventional drilling, allowing evaluation of a greater number of shallow targets.
• Assay Timeline: First batch of drill core scheduled for shipment to Activation Laboratories in Ancaster, Ont., at the end of September.
• Results Expected: Analytical results expected before the end of October.
• QA/QC: Certified reference standards, blanks, and duplicates inserted into the sample stream at regular intervals.
• Technical Note: Reported mineralized intervals are based on downhole lengths; true widths are not yet determined.
• Financial Position: Approximately $2-million in the treasury.
• Future Plans: Company remains well capitalized to advance the project and resume exploration/drilling next year.

Notable Quotes

• "Several of our earliest holes at Kraken are mineralized from the collar through to end-of-hole, underscoring the shallow nature of this system," said Tyrell Sutherland, president and chief executive officer.