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Green River Gold Corp. (CSE:CCR) (OTC Pink: CCRRF) (the "Company" or "Green River") is pleased to announce that it has received the initial assay results for drilling done late in 2021 at its wholly owned Quesnel NickelTalc Project (the Project) in British Columbia, Canada. The results represent a significant upside surprise to what was expected based on the XRF results released on February 7, 2022.
The initial assay results cover the top 10 meters of hole Do-21-06 which was drilled to a depth of 15.24 meters. The assay results received are significantly higher than the preliminary results released on February 7, 2022, which were based on readings from a portable XRF sampler.
The assay results show 17.99% magnesium content where the XRF gun results indicated only 1.4% magnesium content. The higher percentage of magnesium was not expected and adds yet another mineral to the existing nickel, chromium and talc that has already been shown to exist on the property. Magnesium prices are up 170% in the past year.
The average nickel assay results over the 10 meter interval came back at 0.19% versus 0.11% shown by the XRF readings. In addition, the chromium assay results over the 10 meters assayed at 0.16% versus 0.13% based on the XRF readings. These results begin right at surface. The assay results over the 10 meters also showed 85 ppm of cobalt and 664 ppm of manganese. Assay results on the bottom 5 meters of the hole as well as the other 8 holes drilled in 2021 are pending and will be released as received.
We look forward to seeing assay results on some of the areas that showed higher grades of nickel and chromium in the prior testing with the XRF sampler. For example, the bottom 5 meters of hole Do-21-06 showed significantly higher XRF results than the top 10 meters discussed above. The XRF results for the bottom 5 meters of hole Do-21-06 were 0.25% nickel versus 0.11% nickel in the top 10 meters of the hole.
According to preliminary tests made with a portable XRF sampler, tests indicated the presence of elevated nickel and chromium in core recovered from 9 shallow holes (Table 1). The holes were drilled during the last 2 months of 2021 and range up to 18.3 m deep. The elevated elements are hosted in serpentinized ultramafic rocks belonging to the Slide Mountain Terrane. The rock terrane reaches up to 500 m wide and extends more than 3 km NW across the Project area. Elevated nickel and chromium concentrations were present in each XRF gun sample point in every drill hole, starting right from the surface. The Company is very encouraged by the discovery of this mineralization so close to the surface of a known area of talc alteration.
The following table indicates the average grades of nickel over the length of each drill hole based on the XRF results.
Table 1: Average values of XRF Ni concentrations in each of 9 holes drilled in the Project area.
| Hole ID | Total Depth (m) | Number of XRF Points | XRF Ni Average (%) | XRF Cr Average (%) |
| Do-21-01 | 15.2 | 148 | 0.10% | 0.13% |
| Do-21-02 | 14 | 127 | 0.09% | 0.14% |
| Do-21-03 | 16.76 | 163 | 0.09% | 0.13% |
| Do-21-04 | 18.29 | 194 | 0.08% | 0.13% |
| Do-21-05 | 17.68 | 173 | 0.11% | 0.13% |
| Do-21-06 | 15.24 | 167 | 0.16% | 0.13% |
| Do-21-07 | 13.72 | 135 | 0.15% | 0.13% |
| Do-21-08 | 11.8 | 116 | 0.14% | 0.13% |
| Do-21-09 | 18.29 | 197 | 0.14% | 0.11% |
Note: The XRF data is taken as point values and will not represent the true grade of the samples assayed. The elemental data is highly dependent on the location of which the beam intersects the rock. The device used to take the data points is an Olympus Vanta C Series handheld X-ray fluorescence (XRF) and produces a beam spot diameter of up to 3mm. It is designed to achieve laboratory-quality results in the field and provides rapid, accurate elemental analysis and testing.
Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. Our experience with the XRF unit has encouraged us to continue to use it for preliminary guidance on our future drilling.
Samples have been prepared and sent to ALS labs located in Vancouver for sample preparation and will undergo a four-acid digest multi-element suite including nickel and cobalt as well as a fire assay for platinum and palladium. Certain sections of the drill core will also have a nickel-sulphide fire assay along with Davis Tube Recovery testing.
Perry Little, President and CEO of Green River comments, "We are very pleased that the assay results have significantly exceeded what was shown by the XRF sampling, especially with results starting right at surface. The high percentage of magnesium is a new twist and adds yet another potential source of value to what seems to be turning out to be a multi-commodity play. The nickel, chromium and magnesium we are seeing are found right inside a known talc occurrence. In the 1980's, the talc occurrence was studied with the plan to mine it for the talc alone. Our drilling to date is returning talc results similar to those reported in the 1980's, with talc comprising anywhere from 15% to 85% of the material, with the percentage increasing at depth. The presence of valuable minerals within the talc zone, which begins right at surface, makes for very compelling economics. Rather than most of the material processed being waste rock, the bulk of the material processed could theoretically be marketable talc. The next step is to determine the depth of the mineralized showing and we will be doing that starting with another drilling program immediately."
Quesnel Nickel/Talc Project Highlights:
There are 3 BC MINFILE occurrences as follows:
- 093A 013 - Sovereign Creek - developed prospect containing talc and magnesite, and a co-incident nickel sulfide showing.
- 093A 130 - Sovereign - showings containing talc and nickel sulfides.
- 093H 061 - R.T. - showing containing nickel, chromium, and cobalt.
Historical records indicate four widely separated areas of talc alteration along a 1-kilomter trend. Having discovered the presence of nickel in the talc mineralization in the area of Do-Do- Creek, we will be further investigating the other three known areas of talc alteration for the presence of nickel this season.
The recently completed UAV-MAG survey results over the Quesnel Nickel/Cobalt/Talc Project area indicates the presence of highly magnetic rocks co-incident with the interpreted surface exposure and down-dip projection of a favorable ultramafic rock assemblage. These results are similar to the aeromagnetic response in the area of nickel-alloy mineralization found throughout the BC Decar District.
In addition to finding out more about the potential for a commercial talc deposit, the exploration focus will be on nickel, chromium, and cobalt. Preliminary metallurgical work completed in 1971 has suggested the presence of nickel sulfide or nickel alloy minerals. One focus in the initial phase of exploration is to prioritize the multiple Nickel/Cobalt targets within the project area for a follow-up RC/DD drill program and to expand the areas of mineralization in 2022.
Regional Exploration Plan:
Additionally, there will be some upcoming exploration plans for the Fontaine Lode Gold Project, which is contiguous to the Quesnel Nickel/Talc Project and is also contiguous to Osisko Development Corp.'s Cariboo Gold Project.
Qualified Person:
Stephen P. Kocsis is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.
About Green River Gold Corp.
Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly owned high-grade Fontaine Gold Project, Quesnel Nickel/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.
The Fontaine and Quesnel properties straddle an 18 km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.
The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,440 hectares, along the southeast flank of Mount Catherine.
For more information contact:
Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer perry.little@greenrivergold.ca
780-993-2193
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com.
Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
In addition, the forward- looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
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