FORTUNE BAY ANNOUNCES INITIAL DRILL TARGETS FOR THE MURMAC URANIUM PROJECT

FORTUNE BAY ANNOUNCES INITIAL DRILL TARGETS FOR THE MURMAC URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) ("Fortune Bay" or the "Company") is pleased to announce initial drill targets for its 100% owned Murmac Uranium Project ("Murmac" or the "Project") located in northern Saskatchewan (see Figures 1 and 2).

Highlights:

  • Nineteen (19) initial drill targets have been identified following completion of airborne electromagnetic ("EM") and ground gravity surveying (Figure 3).
  • The targets represent favorable geophysical and geological features typically associated with high-grade basement-hosted uranium deposits related to the Athabasca Basin. Targets include discrete gravity lows located along prominent EM conductors proximal to numerous radioactive and uranium surface showings and/or favorable structural features.
  • Drilling is expected to commence in the coming days with approximately 2,500 meters planned in eight to ten drill holes. The program is expected to be results-driven and may be modified based on results from drilling.

Dale Verran , CEO for Fortune Bay, commented, "We are pleased to announce an initial set of drill targets for Murmac which have the potential to yield a discovery of high-grade, basement-hosted uranium mineralization related to the Athabasca Basin. The maiden drilling program, scheduled to commence shortly, is planned to test an initial eight to ten targets along three prospective corridors. We look forward to reporting drill results for Murmac, in addition to results from the ongoing drilling at the Strike Uranium Project."

Murmac Drill Targeting

Background
The Project is located within the original uranium mining district of Canada , lying between the historical Gunnar and Lorado Uranium Mines. The Project was explored for Beaverlodge-style uranium mineralization predominantly during the period 1960 to 1980. Historical exploration work focused on ground prospecting and sampling, followed by trenching and/or drill testing. Numerous high-grade (> 1% U 3 O 8 ) uranium occurrences were discovered (see News Release dated September 28, 2021 ) demonstrating a significant endowment of uranium in the area. The numerous conductive units (graphite-bearing metasediments) were never systematically explored for high-grade, basement-hosted uranium mineralization typical of the Athabasca Basin and its margins. Due to their physical properties, the conductive units predominantly manifest as valleys and topographical lows, covered by overburden and small shallow lakes. These "blind" conductors have therefore not been amenable to historical surface prospecting and warrant drill testing where favorable targets have been identified. The Athabasca Basin margin is located approximately five kilometres to the south of the Project, indicating vertical proximity to the basal unconformity (now eroded) and good preservation potential for basement-hosted mineralization.

Drill Targeting

  • Targeting at Murmac has encompassed detailed review of historical data which have been integrated with newly acquired datasets, which include a VTEM™ (Versatile Time Domain Electromagnetic) survey completed in April 2022 and a ground gravity survey completed in June 2022 . Targeting is currently focused exclusively in areas where gravity survey data have been acquired. The Company plans to carry out additional gravity surveying to continue coverage over the conductive units to the northeast and northwest.
  • Multiple linear conductor traces spanning the entire length of the project area (approximately 12 kilometres) have been identified from the VTEM TM survey, and three of these conductor packages (named the Pitchvein, Armbruster and Howland Corridors) have been prioritized. Targets along these conductors were selected based on the nature and amplitude of the electromagnetic anomaly, gravity features, topography and surface exposure, magnetic features, structural setting and historical scintillometer survey and geochemical sampling results. Target locations are shown in Figure 3.
  • The southern portions of the Armbruster and Howland Corridors have been subjected to historical surface prospecting and geophysics, but very little exploratory drilling. Only seven holes have been drilled on the southernmost seven kilometres of each of these two corridors. This area is characterised by more extensive overburden cover where historical surface prospecting efforts would have had limited value.
  • The Pitchvein Corridor was first explored in the 1950's by Pitchvein Mines, who carried out surface prospecting and diamond core drilling. Exploration continued in the period 1978 to 1982 by SMDC who carried out further ground geophysics and drilling, with assessment reports documenting intersections including 1.01% U 3 O 8 over 2.0 metres (56.0 to 58.0 metres in drill hole CKI-9) and 2.19% U 3 O 8 over 0.5 metres (68.0 to 68.5 metres in drill hole CKI-10) in quartzite horizons within graphitic sediments. All the historical exploration and drill data have been captured by Fortune Bay and have been used to support prioritization of three drill targets on the southern portion of this corridor.

Drilling Program and Operational Details
Drilling of the initial target areas is expected to commence in the coming days following completion of drilling at the Strike Uranium Project. The Company has the required permits for the planned exploration activities.

Qualified Person and Data Quality
The technical and scientific information in this news release has been reviewed and approved by Dale Verran , M.Sc., P.Geo., Chief Executive Officer of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Verran is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

Unless otherwise stated, the historical results (including drill results) contained within this news release have not been verified and there is a risk that any future confirmation work and exploration may produce results that substantially differ from the historical results. The Company considers these results relevant to assess the mineralization and economic potential of the property. The historical drill results obtained by SMDC in drill holes CKI-9 and CKI-10 can be found within the Saskatchewan Mineral Assessment Database (SMAD) references 74N07-0310 and 74N07-0311.

Fortune Bay Corp. (TSXV:FOR, FWB: 5QN) is an exploration and development company with 100% ownership in two advanced gold exploration projects in Canada , Saskatchewan (Goldfields Project) and Mexico , Chiapas (Ixhuatán Project), both with exploration and development potential. The Company is also advancing the 100% owned Strike and Murmac uranium exploration projects, located near the Goldfields Project, which have high-grade potential typical of the Athabasca Basin. The Company has a goal of building a mid-tier exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, availability of contractors, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual, and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1: Location of the Goldfields, Strike and Murmac Projects relative to the Athabasca Basin. (CNW Group/Fortune Bay Corp.)

Figure 2: Location of the Goldfields, Strike and Murmac Projects. (CNW Group/Fortune Bay Corp.)

Figure 3. Initial drill target for the Murmac Uranium Project. (CNW Group/Fortune Bay Corp.)

(CNW Group/Fortune Bay Corp.)

SOURCE Fortune Bay Corp.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2022/16/c8083.html

News Provided by Canada Newswire via QuoteMedia

FOR:CA
Fortune Bay

Fortune Bay Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Fortune Bay (TSXV:FOR)

Fortune Bay


Keep reading...Show less
FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

FORTUNE BAY ANNOUNCES ADDITIONAL URANIUM STAKING AND PROVIDES UPDATE FOR MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of two additional uranium projects through staking on the north-central margin of the Athabasca Basin, in proximity to the Company's recently announced Spruce Pine and Aspen Uranium Projects (Figure 1).

Gareth Garlick , Technical Director for Fortune Bay, commented "The acquisition of the Birch and Fir projects adds to our growing uranium portfolio of newly acquired, 100% owned projects on the north-central margin of the Athabasca Basin. This extensive portfolio now totals five new uranium projects covering over 40,000 hectares and provides Fortune Bay with further opportunity to create value through exploration and/or transactional success. The Birch and Fir projects have known uranium endowment with historical occurrences of up to 55.1% U 3 O 8 , in addition to Rare Earth Element potential with historical outcrop grades of up to 2.4% Total Rare Earth Elements."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ACQUIRES THE ASPEN URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Aspen Uranium Project ("Aspen" or the "Project"). The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project and Pine Uranium Project .

Aspen Uranium Project Highlights:
  • Large-scale land package covering 9,869 hectares located in proximity to the northern rim of the Athabasca Basin (Figure 1).
  • Includes extensive anomalous uranium results from historical surface sampling, including;
    • The highest regional lake sediment uranium anomaly in Saskatchewan of 989 ppm U, within the Geological Survey of Canada data compilation.
    • Historical exploration samples collected during the late 1970's identified extensive lake sediment anomalies within the Property, with values averaging 302 ppm U from 439 samples collected, including seven samples with values exceeding 1,000 ppm U (maximum 1,870 ppm U).
    • Historical muskeg samples within the Property averaged 2,007 ppm U from 24 samples collected, including a maximum value of 10,400 ppm U.
  • Historical surface prospecting, limited to areas of outcrop, failed to identify a bedrock source of this uranium anomalism and no drilling has been completed on the Project to date despite compelling support for the possible presence of a uranium deposit/s within the Project area.
  • The application of modern exploration methods, including high-resolution airborne electromagnetic ("EM") survey, presents an opportunity for discovery in an area where overburden and small lakes cover prospective graphitic lithologies (softer) and structural corridors.

" The surface endowment of uranium across the Aspen Project is extraordinary with values in surface sample media equivalent to, or greater than, uranium ore grades elsewhere in the world. We are excited to apply our team's extensive uranium skill set, together with a modern, systematic exploration approach to unravel the nature, extent and cause of this exceptionally high anomalism with the potential to deliver a near-surface uranium discovery." commented Dale Verran , CEO for Fortune Bay.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ANNOUNCES ACQUISITION OF THE PINE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQB: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Pine Uranium Project ("Pine" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, proximal to the Company's recently announced Spruce Uranium Project .

Pine Uranium Project Highlights:
  • Large-scale land package covering 17,688 hectares located in proximity to the northern rim of the Athabasca Basin ("Basin") (Figure 1).
  • Potential for high-grade, basement-hosted uranium deposits along approximately thirteen (13) kilometres of the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
  • Additional potential for bulk tonnage Rössing-style uranium deposits associated with abundant, historically recognized, uranium-bearing leucogranites and pegmatites. Limited historical prospecting yielded Rössing-style surface uranium showings of 0.17% U 3 O 8 (1,442 ppm U) and 0.10% U 3 O 8 (848 ppm U), and a trenching result of 509 ppm U over 24.7 metres.
  • No modern airborne radiometric surveying completed over approximately 60% of the Project, and no modern airborne electromagnetic surveying.
  • Regionally, the area is characterized by the highest lake sediment uranium anomalies in Saskatchewan , including values up to 435 ppm U within the Project area.
  • No drilling conducted on the property to date.

Dale Verran , CEO for Fortune Bay, commented, " Combined, our Spruce and Pine Uranium Projects cover approximately 20 kilometres of the Grease River Shear Zone, providing Fortune Bay with a dominant land position of this major structural corridor within 25 kilometres of the Athabasca Basin margin. The corridor is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant Athabasca Basin-style, basement-hosted uranium discoveries. Historical exploration has demonstrated the corridor to be prospective for basement-hosted mineralization, evidenced by the Fond du Lac uranium deposit and numerous historical uranium occurrences. The potential for Rössing-style uranium deposits adds an additional dimension to the Pine Uranium Project. Average uranium ore grades for the Rössing and Husab open-pit mines in Namibia are in the order of 350 ppm and 500 ppm, respectively. There is a precedent for these grades, and greater, associated with similar rock types historically identified within the Project area. The promising results from regional reconnaissance-style exploration by historical operators, and the extensive nature of the uranium mineralization in lake sediments, highlight the potential for future discovery."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

FORTUNE BAY ANNOUNCES ACQUISITION OF THE SPRUCE URANIUM PROJECT IN NORTHERN SASKATCHEWAN

 Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce the acquisition of the Spruce Uranium Project ("Spruce" or the "Project") through staking over the past several months. The Project is located within the north-central margin of the Athabasca Basin, near the community of Fond du Lac and comprises four mineral claims covering 6,855 hectares (Figure 1).

Highlights:
  • Located in proximity to the northern rim of the Athabasca Basin ("Basin") with potential for high-grade, basement-hosted uranium deposits.
  • Covers over six (6) kilometres of prospective strike length along the Grease River Shear Zone ("GRSZ"), a major structural corridor that hosts the historical Fond du Lac uranium deposit.
  • The GRSZ is significantly underexplored relative to other major, Basin-margin structural corridors that have yielded significant basement-hosted uranium discoveries (e.g. Arrow, Triple R and Eagle Point).
  • Historical surface uranium showings of 1.60% U 3 O 8 and 0.65% U 3 O 8 from limited prospecting.
  • Additional Rare Earth Element ("REE") potential, including historical surface REE showings of 3.13% total rare earth element ("TREE"), 1.23% TREE, 0.88% TREE and 0.85% TREE.
  • Adjacent to properties held by IsoEnergy Ltd., and Forum Energy Metals Corp. (under option to Traction Uranium Inc.) that recently highlighted prospective conductive trends on the Project through airborne electromagnetic ("EM") surveying.

Dale Verran , CEO for Fortune Bay, commented, " As the uranium market continues to strengthen, with spot prices recently topping US$90 /lb U 3 O 8 , investment in uranium exploration in Saskatchewan's prolific Athabasca Basin is on the rise as explorers search for resources to meet the growing future supply deficit. This timely acquisition provides Fortune Bay with another uranium project to create value for our stakeholders. The Spruce Uranium Project hosts the hallmarks for a high-grade basement-hosted discovery; located on a major structural zone in proximity to the Basin margin with a precedent for mineralization, and limited exploration to date."

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS

FORTUNE BAY ANNOUNCES OPTION AGREEMENT FOR THE MURMAC AND STRIKE URANIUM PROJECTS

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce that it has entered into a definitive option agreement (the "Agreement"), dated December 15, 2023, with 1443904 B.C. Ltd. (the "Optionee"), an arms-length private company. Pursuant to the Agreement, the Optionee will be granted the right to acquire up to a 70% interest in the Company's wholly owned Murmac and Strike Uranium Projects (the "Projects") over a three-and-a-half-year period by funding C$6 million in exploration expenditures, making cash payments totalling C$1.35 million, and issuing C$2.15 million in common shares following completion of a going public transaction.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
 INN Interview Highlights Prismo Metals' Exploration in Palos Verdes , Los Pavitos , and Hot Breccia  Projects

INN Interview Highlights Prismo Metals' Exploration in Palos Verdes , Los Pavitos , and Hot Breccia Projects

(TheNewswire)

Prismo Metals Inc.

Investing News Network( INN)

During the Prospectors & Developers Association of Canada (PDAC) convention, the Investing News Network (INN), a premier source for resource and mining news and investor education, filmed interviews with experts and CEOs of leading companies. In a recent CEO Interview published on InvestingNews.com, Mari-Len DeGuzman interviewed Alain Lambert, the Executive Chairman of Prismo Metals (CSE:PRIZ) at PDAC. Lambert discussed updates and strategic plans for the company's silver, copper, and gold projects, including the latest on their collaboration with Vizsla Silver and forthcoming exploration efforts.

Strategic Collaboration and Exploration at Palos Verdes

Lambert reminded viewers that Palos Verdes, a silver prospect in Mexico, stands as one of Prismo Metals' flagship properties. Surrounded by Vizsla Silver Corp. (TSXV:VZLA) territory, which encompasses the remainder of the district, Prismo benefits from a strategic relationship with Vizsla. Following a recent $34 million bought deal closure by Vizsla, Lambert highlighted their ongoing collaboration, which includes a technical committee aimed at exploring the district's northeast.

With three successful drilling campaigns under their belt, Prismo Metals is preparing for a robust exploration program into Palos Verdes. Lambert expressed excitement about the upcoming fourth drilling campaign, which will extend into Vizsla's already permitted property, promising further insights into the prospect's potential.

Los Pavitos and Hot Breccia: Expanding Exploration Horizons

In addition to Palos Verdes, Prismo Metals is making waves with their Los Pavitos gold prospect, spanning over 5,300 hectares in the Sonora State, Mexico. The first drilling campaign in 2023 yielded exceptional results, extending the prospective zone significantly. Plans for geophysics and further drilling later this year are in place to capitalize on these findings.

Moreover, Lambert shed light on the Hot Breccia copper project in Arizona, poised to capture investors' attention. Awaiting drilling permits, Prismo anticipates initiating exploration on this property, situated in the heart of Arizona's copper belt. With historical data backing its potential, the focus will soon shift to twinning old holes, exploring the vast copper resources.

Investment Appeal and Future Focus

Addressing investors at PDAC, Lambert confidently positioned Prismo Metals as a compelling investment opportunity, drawing parallels with recent successes in the space, such as Hercules Silver Corp. (TSXV:BIG). With high expectations for the Hot Breccia project and continued exploration at Palos Verdes and Los Pavitos, Prismo Metals is dedicating substantial resources to uncover the next significant discovery.

As Prismo Metals gears up for a year filled with promising exploration activities and strategic collaborations, Lambert's message to investors is clear: keep a close eye on Prismo Metals. With a strong exploration strategy and potential for significant discoveries, Prismo Metals represents an intriguing opportunity in the mining sector.

For more insights on Primso Metals check INN's exclusive profile of the company:

https://investingnews.com/stocks/cse-priz/prismo-metals/

For complete coverage of The Prospectors & Developers Association of Canada (PDAC) 2024 visit: https://investingnews.com/pdac/

About the Investing News Network:

The Investing News Network (INN) is a leading source of independent news and educational content for investors. Since 2007, INN has been providing breaking news, analysis and expert commentary on the latest developments in the resources and mining, tech, and life science sectors. With a global network of reporters and analysts, INN is committed to providing accurate, timely and actionable information to investors.

For more information, please visit the Investing News Network website at InvestingNews.com .

Contact:

Chris Smith

CSO

Investing News Network

+1 (604) 688-8231

csmith@investingnews.com

Copyright (c) 2024 TheNewswire - All rights reserved.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Steppe Gold Announces Amended and Restated Gold Prepay Agreement

Steppe Gold Announces Amended and Restated Gold Prepay Agreement

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that Steppe Investments Limited, a wholly owned subsidiary of the Company, has entered into an amended and restated gold prepay agreement (the "Prepay Agreement") with Triple Flag International Ltd. ("Triple Flag") for an additional advance under its previously negotiated short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").

Under the terms of the Prepay Agreement, Triple Flag has advanced additional funds of US$5 million to Steppe Gold or one of its affiliates. The Triple Flag Gold Prepay Facility will be repaid by the Company over five months, commencing on August 15, 2024, with five equal monthly deliveries of 530 oz of gold for a total of 2,650 oz delivered.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Sylla Gold Announces Intention to Consolidate

Sylla Gold Announces Intention to Consolidate

Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") announces its intention to consolidate its issued and outstanding common shares (the "Common Shares") on the basis of three (3) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the "Consolidation"). No fractional Common Shares will be issued and any fractional Common Shares will be rounded down to the nearest lower whole Common Share.

The Consolidation is subject to the approval of the TSX Venture Exchange, applicable securities regulatory authorities, and the approval of the shareholders of the Company. The Company anticipates that it will hold its annual and special shareholder meeting in May, 2024.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Antler Gold Further Consolidates Land Holdings in the Namibian 'Gold Corridor'

Antler Gold Further Consolidates Land Holdings in the Namibian 'Gold Corridor'

Antler Gold Inc. (TSXV: ANTL) ("Antler" or "Company") is pleased to announce the expansion of its land holding in Namibia. Two additional exploration licenses have been awarded to Antler by the Ministry of Mines and Energy of Namibia, pending issuance of environmental clearance, as well as the renewal of Exclusive Prospecting Licenses EPL-8010 and EPL-6408 (Erongo Central Gold Project).

Highlights

  • Two newly-awarded licenses, EPL-9134 and EPL-9135, expand the Paresis Gold Project land package to ~812 km2 (81,189 ha) within the highly prospective 'gold corridor' of Namibia (Figure 1 and Figure 2).
  • A gold project with high potential to host gold deposits similar to the Otjikoto Gold Mine (B2Gold), the Ondundu Gold deposit, as well as recent discoveries such as the Eureka Gold Project (Osino Resources) (Figure 1).
  • Additional potential on EPL-9134 for a Carlin-style gold deposit, referred to as the Victory Gold Target, an area with a large regional-scale thrust fault and numerous base metal (copper, lead and zinc) occurrences indicating a fertile mineral system (Figure 4).
  • The Erongo Gold Project, EPL-8010 and EPL-6408, bordering the Twin Hills Gold Project (Osino Resources-Yintai Gold Corp.[i]), has been granted renewal for another two years.

"We are pleased to announce the granting of new licenses, further strengthening Antler's presence in the emerging Damara Gold Province, referred to as the gold corridor of Namibia. With access to roughly 2,000 km2 in the Central and Northern Zones of the Damara Belt, Antler is strategically positioned to explore the significant potential of this region. Additionally, the renewal of EPL-8010 and EPL-6408 solidifies our Erongo Gold Project, providing contiguous land adjacent to the Twin Hills Gold Project recently acquired by Yintai Gold Corp. for C$368 million in an all-cash deali. Our commitment remains in maximizing shareholder value through strategic partnerships and ongoing exploration efforts," said Christopher Drysdale, CEO of Antler Gold Inc.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_001.jpg

Figure 1: Antler's land holding relative to in-country peers B2Gold Namibia (pink), Osino Resources Namibia (blue), and WIA Gold (green). Background image: ESRI Earth natural colour satellite imagery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_001full.jpg

Paresis Gold Project

The Paresis Gold Project is now made up of EPL-8711 (approx. 21,000 ha) and EPL-9135 (approx. 23,700 ha) situated between the towns of Otjiwarongo and Outjo, and EPL-9134 (approx. 36,400 ha) situated ~7km west of the town Outjo (Figure 2 and Figure 3). The project area is ~300 km from the capital Windhoek, in north central Namibia. Refer to News Releases dated February 5, 2024, and September 14, 2023, for more background on the Paresis Gold Project.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_002.jpg

Figure 2: Paresis Gold Project area comprising EPL-8711, EPL-9135 and EPL-9134 (Victory Gold Target) relative to in-country peers B2Gold Namibia (pink), Osino Resources Namibia (blue), and WIA Gold (green).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_002full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_003.jpg

Figure 3: Overview map of the Paresis Gold Project license EPL-8711 and new EPL-9135. Relevant geological units (250K Geology Source: Geological Survey of Namibia) overlain on ESRI Earth natural colour satellite imagery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_003full.jpg

Victory Gold Target

The Victory Gold Target is located within the new EPL-9134 (approx. 33,472 ha), situated 7 km west of the town Outjo, in north central Namibia, within the Northern Zone (NZ) and Northern Margin Zone (NMZ) of the Damara Orogenic Belt (Figure 2 and Figure 4). With this conceptual project, Antler is targeting Carlin-type/sediment-hosted disseminated gold in an area that has strong mineralization potential - regional-scale thrust, faults, layered and folded permeable carbonate host rocks, and existing base metal occurrences indicating hydrothermal activity.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_004.jpg

Figure 4: Overview map of the new Victory Gold Target on license EPL-9134. Relevant geological units (250K Geology Source: Geological Survey of Namibia) overlain on ESRI Earth natural colour satellite imagery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_004full.jpg

The EPL includes two of the tectonostratigraphic zones of the Damara Orogen, namely the NZ, and the NMZ, a narrow zone between the southern edge of the Northern Platform (NP) and the northern edge of the NZ (Miller, 2008)[ii] (Figure 5). The NZ comprises carbonates, schists and siliciclastics of the Swakop Group, whereas the NMZ comprises deep-water carbonates of the coeval Otavi Group, and siliciclastic rocks of the Mulden Group (Table 1), the highest stratigraphic unit of the Damara Supergroup. Two glacial horizons, i.e. the Chuos and Ghaub diamictites, subdivide the Swakop and Otavi Groups into subgroups (Table 1), providing distinct lithological and geochronological markers, but outcrops of the Chuos within the EPL are poor.

The sequences have been multiply folded and faulted (local and regional-scale) during the Pan-African Damara Orogeny during which the NZ has been thrust northwards onto Otavi, Mulden (NMZ) and pre-Damara rocks along the NE-trending, km-scale, deep-seated regional Khorixas-Gaseneirob Thrust (KGT), marking the edge of the NZ (Miller, 2008).

This deformation history provides ample structural pathways, the right plumbing for superheated gold-bearing hydrothermal fluid channelization up through the crust and into the highly-permeable carbonate host rocks where it is potentially deposited as microscopic gold within pyrite. Gold-bearing hydrothermal fluids also carry arsenic, mercury, antimony and thallium that are important pathfinder elements that will guide exploration.

Both the NZ and NMZ are host to numerous mineral deposits, including in the NZ the Otjikoto Gold Mine (B2Gold), the Ondundu and Eureka Gold Projects (Osino Resources) (Figure 1), the Okanjande Graphite deposit (Northern Graphite), the Okorusu Fluospar Mine, and in the NMZ, the Kombat and Berg Aukas polymetallic deposits, evidencing this geological environment's fertile nature.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_005.jpg

Figure 5: Tectonostratigraphic zones of the Damara Orogen (Miller, 2008).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/202401_99169bb444ff5808_005full.jpg

Table 1: Stratigraphy of the Victory Gold Project tenement.

SequenceGroupSubgroupFormationLithology
NamibBertramProto-Ugab terrace gravel
Karoo IntrusivesWolffsgrund Gabbro
Damara
Supergroup
Mulden
Navachab
Sandstone, greywacke, conglomerate
Swakop (NZ)KuisebSchist
KaribibMarble, limestone, schist, quartzite
Chuosdiamictite, iron-formation
UgabOrusewaSchist, phyllite
OkotjizeDolostone, schist, skarn
Otavi (NMZ)TsumebHuttenbergDolomite
ElandshoekMassive and laminated dolomite
GhaubDiamictite
AbenabAurosDolomite; minor shale and limestone
GaussMassive dolomicrite
Berg AukasDolostone
ChuosDiamictite; interbedded quartzite, schist and marble
Pre-Damara Basement - Huab Metamorphic ComplexQuartz-mica schist, quartzite, quartz-feldspar gneiss, migmatitic

About Antler Gold Inc.

Antler Gold Inc. (TSXV: ANTL) is a Canadian listed mineral exploration company focused on organic royalty creation in Africa's Top-Ranked Jurisdictions. The Company continues to assess new regional opportunities with the aim of building a risk diversified business model, that allows the Company to generate short and long-term income whilst providing stakeholders with exposure to potential multiple returns that are generated from the discovery process.

Qualified Person

The technical and scientific information in this presentation has been reviewed and approved by Oliver Tors, B.Sc (Hons)., Exploration Manager of the Company, who is a registered Professional Natural Scientist (Pr.Sci.Nat. No. 120660) with the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person as defined by NI 43-101. Mr. Tors is an employee of Antler Gold Inc. and is not independent of the Company under NI 43-101.

Cautionary Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as "expects", "aims", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Futhermore, this information is based on current expectations and assumptions (including assumptions relating to general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict. Actual results may differ materially from results suggested in any forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, Antler Gold does not assume any obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by securities laws applicable to Antler Gold. Additional information identifying risks and uncertainties is contained in the filings made by Antler Gold with Canadian securities regulators, which filings are available at www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact Christopher Drysdale, CEO of Antler Gold Inc., at +264 81 220 2439

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Ltd. Announce Extension of Binding Term Sheet

Steppe Gold Ltd. Announce Extension of Binding Term Sheet

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold ") is pleased to announce the extension (the " Extension Letter Agreement ") of the binding term sheet entered with, among other parties, Boroo Gold LLC (" Boroo Gold ") dated January 18, 2024 (the " Binding Agreement "), pursuant to which Steppe Gold, either directly or through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares of Boroo Gold in an all-share transaction (the " Proposed Transaction "). The Extension Letter Agreement extends the exclusivity period between Steppe Gold and Boroo Gold in the Binding Agreement from March 29, 2024 to April 12, 2024, or such earlier or later time as Steppe Gold and Boroo Gold mutually agree, in order to provide more time for the parties to complete due diligence and enter into a definitive agreement.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project

Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project

(TheNewswire)

Element79 Gold Corp.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Fortune Bay

Fortune Bay Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×