Stakeholder Gold Corp. (TSXV: SRC) (“Stakeholder Gold” or the “Company”) is pleased to announce completion of its first core drill hole on the Goldstorm property in Nevada.
Stakeholder Gold Corp. (TSXV:SRC) (“Stakeholder Gold” or the “Company”) is pleased to announce completion of its first core drill hole on the Goldstorm property in Nevada. The property is located 17 km northwest of the Midas Mine of Klondex Gold Mines Ltd., and 18 km northeast of the Twin Creeks Mine of Newmont Mining Corporation.
The Company has just completed drill hole G-2017-1 targeting Midas-style gold-silver mineralization at Goldstorm. A wide zone of highly altered basaltic rocks containing quartz-silica-pyrite (“QSP”) mineralization was discovered in the upper part of the hole, from a depth of 20 feet to a depth of 438 feet, where it was cut off by a post-mineral fault.
New zones of silica-pyrite-(naumannite) mineralization were also found from 676 to 678 feet, 702 to 712 feet, 855 to 870 feet, 890 to 920, 961 to 980, 1015 to 1035.6, 1082 to 1091.6, 1105 to 1175.3, 1183 to 1202.5, 1223 to 1235, and from 1255 to 1259 feet down the hole, in a complex series of fault zones. These zones of silica-pyrite mineralization lie above the 1830 m (6,000 foot) MSL elevation that appears to be the approximate top of the zone of ore continuity at the Midas Mine and perhaps also at the nearby Hollister Mine. This may represent an ancient paleo ground water table present in the region at the 15.4 Ma age of mineralization in this Midas Gold Trend area. It must be emphasized that these zones of mineralization were delineated by visual observation and can only be confirmed by fire assay analysis.
A second hole is being started today to test the Trail Hill open pit target southwest of the collar of hole G-2017-1 but utilizing the same drill platform; this area has never been drill tested before. Mapping by an independent QP geologist has indicated the presence of a 10 meter wide zone of silica veining in QSP-altered basaltic rocks, sub-parallel to the Collar and Clayton vein systems, at the top of Trail Hill. Hole G-2017-2 will intersect this block of rocks and the known fault-vein system at a depth of approximately 500 feet. A third hole will test the lateral extension of QSP altered rocks to the northwest of hole G-2017-1. These drill sites are all located on unpatented lode claims controlled by the Company.
“Discovery of multiple mineralized zones and an extensive, weathered and fractured structural system near to surface beginning at only 20 feet of depth and extending to over 1,200 feet of depth, were surprises. Assays will reveal the significance of this promising first hole which displays key characteristics of some of the most prolific Nevada gold mines,” stated Chris Berlet.
The Company’s combined ground position now encompasses 3,806 contiguous acres. The enhanced land position surrounds both the Clayton Veins and the Prochnau Veins systems, and includes their respective strike extensions. Success with early drilling would open up the prospect of considerable expansion on strike and depth extensions.
The drill core was logged by an independent QP consulting geologist, sawed in half by an independent, third party services company and submitted under chain-of-custody procedures to ALS Chemex laboratory in Elko, Nevada. The samples were submitted for processing and rush 50 g fire assay analyses for gravimetric gold and silver. Stakeholder expects to receive assays in the coming weeks.
Richard R. Redfern, C.P.G. and M.S. (Geology), Geological Consultant for Stakeholder Gold, is the Qualified Person for the Company, as defined by NI 43-101, who has reviewed and approved the contents of this press release.
About Stakeholder Gold
Stakeholder Gold Corporation is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of the Corporation during 2017 is to explore the Goldstorm property in Elko County, Nevada (USA). Stakeholder is also exploring on its 100% owned Ballarat Gold Project located in the White Gold District of the Yukon Territory, Canada.
For further information on the content of this release or about Stakeholder Gold, please contact:
Stakeholder Gold Corporation
416 548 – 9749
Forward Looking Information
This news release contains forward-looking information. All information, other than information of historicalfact, constitute “forward-looking statements” and includes any information that addresses activities, events ordevelopments that the Corporation believes, expects or anticipates will or may occur in the future including the Corporation’s strategy, plans or future financial or operating performance.
When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking information. The forward-looking information is based on current expectations and applies only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking information include, but are not limited to, the ability of the Corporation to fund the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Corporation’s annual financial statements, MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with Stakeholder Gold Corp. (TSXV:SRC) for an Investor Presentation.