A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Matthew Bowles is a senior corporate finance executive with extensive public corporate advisory, private equity and capital markets experience in the resources sector. Bowles has successfully negotiated domestic and cross border corporate funding, joint venture and M&A transactions for a number of ASX listed companies in Africa, the Americas and Australia. He was previously chief development officer for a West African focused ASX listed company. He commenced his career with Rio Tinto, working in corporate and commercial roles for nine years, before moving to London to work in banking and finance. Since his return to Australia, Bowles has held senior roles with global advisory firms, focusing on the resources sector. Bowles holds a Bachelor of Business, is a member of CPA Australia and a Fellow of the Financial Services Institute of Australia.
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Rio Silver Inc. (TSXV:RYO) ("Rio Silver") and African Energy Metals Inc. (NEX: CUCO.H; FSE: BC2; WKN: A3DEJG) ("African Energy Metals") jointly announce they have entered into an option agreement for African Energy Metals (the "Option Agreement") to earn an 100% undivided interest in the Niñobamba advanced gold silver project (the "Project") located in the Department of Ayacucho in South Central Peru.
Terms of the Option Agreement
Under the terms of the Option Agreement dated January 21, 2025 with Rio Silver, African Energy Metals has the right to earn a 100% interest in the Project upon the full exercise of the option under the Option Agreement. As set out in the table below, the Option Agreement requires a payment of CAD$260,000 during the first year of the Option Agreement and further payments of up to US$2,000,000, US$500,000 of which are advance payments on any royalties payable under the royalty agreement, pursuant to which a net smelter return royalty of 2% is granted to Rio Silver. African Energy Metals retains the right to buy back 1% of the NSR for US$1,000,000 prior to commercial production on the Project.
The Option Agreement also requires the issuance to Rio Silver of a total of 2,500,000 common shares of African Energy Metals upon receipt of regulatory approval and a further 2,500,000 common shares on the earlier of the date that is one year from the receipt of the Exchange's approval and May 15, 2026. African Energy Metals has the right but not the obligation to issue African Energy Metals shares in lieu of 50% of any cash payment obligation. African Energy Metals paid a deposit of $10,000 on a non-refundable basis to Rio Silver when the Option Agreement was executed. Rio Silver will provide operational support and use of Rio Silver facilities in Peru for a minimum of one year at Rio Silver's cost. Rio Silver is an arm's length party to African Energy Metals. The share issuances and payments under the Option Agreement are subject to the approval of the TSX Venture Exchange and the NEX Exchange.
Chris Verrico, CEO of Rio Silver stated: "We are extremely pleased to be able to continue supporting progress at Niñobamba for the mutual benefit of all stakeholders. Rio Silvers management firmly believes that with the additional strength that this transaction brings to the table, that Niñobamba will imminently reap outsized reward. We remain ever impressed and optimistic by the resilience and ingenuity of the Peruvian people as the country continues to endorse supportive mining policies, ensuring continued growth and opportunity throughout the country. Rio Silver will fully assist African Energy Metals in advancing the Project for the mutual benefit of both companies, our shareholders and all stakeholders.
About Rio Silver Inc
Rio Silver is a Canadian exploration and development company with an oversized per cent of insider, friends and family ownership, focused on Peru. Rio Silver continues to review precious and base metal properties in Peru while maintaining its interest in its Ontario Gerow Lake, critical metals project. This transaction enables the Company to complete certain planned acquisitions that bring significant potential for near-term, cash flowing, production allowing the company to leverage other similar opportunities, going forward, in a non-dilutive shareholder friendly way.
ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
"Chris" Christopher Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
News Provided by GlobeNewswire via QuoteMedia
GS2425 Significant Mineralization to Depth West of Willow
GS2426 – Higher grade within the south-southwest trend
VANCOUVER, BC , Jan. 21, 2025 /CNW/ -Â Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company") is pleased to announce additional assay results from its 2024 drilling program. A total of 41 holes were completed, totalling 25,708 meters. Assays have now been reported for 29 of the 41 holes completed.
The program's results continue to showcase the strong potential of the Golden Summit Project, highlighted by significant mineralization intercepted across broad areas. 2024 was pivotal, marked by a major resource update in September that increased both the total number of resource ounces and improved the overall resource grade. The 2024 drilling program was strategically designed to expand mineralization to the west, a decision aimed at enhancing the project's resource base and economic viability. Additionally, the program included drilling specific metallurgical holes to conduct comprehensive metallurgical tests for optimizing the flowsheet design. These results will enable the Company to proceed with economic studies, including trade-off analyses of capital expenditures (CAPEX) and operating expenses (OPEX) in relation to gold recoveries, with the goal of maximizing economic returns.
Western Expansion Zone – West of Willow Creek (WOW Zone)
Twenty-six holes were drilled in the WOW Zone to investigate multiple gold anomalies in soils. The soil anomaly extends 1.5 kilometres west of the existing resource. The current and planned programs aim to increase the overall grade of the resource to enhance future economic returns. This anomaly could expand the project's resource base and influence its future economic potential. The 2025 program will focus on testing the depth extent of the higher-grade zones discovered during the 2024 program and further exploring the mineralization to the west in the WOW Zone. An updated mineral resource will be completed upon receiving the final assay results from 2024, followed by the initiation of a pre-feasibility study.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2423 | 645.3 | -89 | 0 | 57 | 100.9 | 43.9 | 0.76 |
195.7 | 270.4 | 74.7 | 0.62 | ||||
340.5 | 361.8 | 21.3 | 1.63 | ||||
391.4 | 543.8 | 152.4 | 0.84 | ||||
including | 508.1 | 543.8 | 35.7 | 1.47 | |||
GS2424 | 653 | -85 | 67 | 388.1 | 412.9 | 24.8 | 1.28 |
488 | 503 | 15 | 0.80 | ||||
551 | 578 | 27 | 0.72 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. |
Hole GS2423, situated west of Willow Creek , is aligned within the southwest geochemical trend. It has intersected mineralization that not only exceeds resource grade from near the surface but also demonstrates substantial mineralization at depth, with an intersection of 1.47 g/t Au over 35.7 meters at 508.1 meters. In the WOW Zone, the orientation of the mineralization appears to change west of 478400E as such GS2424 has effectively intercepted the downdip extent of the north-dipping mineralization.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2425 | 691.9 | -90 | 0 | 44.2 | 81.4 | 37.2 | 0.61 |
108.8 | 166.7 | 57.9 | 0.80 | ||||
194.2 | 212.4 | 18.2 | 1.41 | ||||
311.2 | 340.5 | 29.3 | 0.72 | ||||
401.4 | 541.3 | 139.9 | 2.72 | ||||
including | 514.2 | 541.3 | 27.1 | 11.6 | |||
including | 514.2 | 517.2 | 3 | 44.7 | |||
including | 520.3 | 523 | 2.7 | 59.5 | |||
572.1 | 585.5 | 13.4 | 5.26 | ||||
including | 572.1 | 575.2 | 3.1 | 18.2 | |||
611.7 | 647.7 | 36 | 0.89 |
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2426 | 627 | -86 | 360 | 117.3 | 129.6 | 12.3 | 0.96 |
343.8 | 359 | 15.2 | 1.02 | ||||
405 | 510 | 105 | 1.93 | ||||
including | 481.8 | 483 | 1.2 | 44.1 | |||
including | 502.6 | 504 | 1.4 | 65.9 | |||
609 | 627 | 18 | 2.03 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization |
GS2425 was a vertical hole that successfully extended mineralization to depth, intersecting several zones with grades exceeding 1 g/t Au. The most significant intercept was 2.72 g/t Au over 139.9 meters, starting from a depth of 401.4 meters. This included a notable section of 11.6 g/t Au over 27.1 meters, which featured 3 metres of 44.7 g/t Au and another 2.7 metres at 59.5 g/t Au. Additionally, a further zone of 5.26 g/t Au over 13.4 metres was encountered, including 3.1 metres at 18.2 g/t Au. The hole was terminated prematurely, and this zone represents an excellent follow-up opportunity for the 2025 program.
GS2426 was a near vertical at -86 and again demonstrates the potential for higher grade at depth intersecting 1.93 g/t Au over 105 metres from 405 metres, including 44.1 g/t Au over 1.2 metres and 65.9 g/t Au over 1.4 metres. The hole bottomed in 18 metres grading 2.03 g/t Au.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2427 | 690.4 | -65 | 360 | 228.9 | 474.6 | 245.7 | 1.07 |
including | 386.2 | 389.2 | 3 | 23.3 | |||
558.7 | 638.6 | 79.9 | 0.95 | ||||
GS2428 | 539 | -85 | 83 | 157.6 | 188 | 30.4 | 0.61 |
328.4 | 340 | 11.6 | 1.57 | ||||
409.4 | 419.7 | 10.3 | 0.80 | ||||
476 | 531.9 | 55.9 | 1.14 | ||||
GS2429 | 587 | -85 | 294 | 433.7 | 487.7 | 54 | 0.85 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization |
GS2427 was drilled to the north immediately to the west of Willow Creek , where the mineralization continues to dip to the south. It intersected 1.07 g/t Au over 245.7 metres starting from 228.9 metres, including 3 metres of 23.3 g/t Au.
Hole GS2428 was the furthest west hole drilled in 2024. Drilled vertically along the south-southwest trend aligned with the historic Newsboy Mine and along trend of the higher grade Tolovana Zone. The hole again demonstrates the potential for higher grade at depth, intersecting 1.14 g/t Au over 55.9 metres starting from 476 metres. This is the only hole drilled on that section to date, and the up-dip extent remains to be tested. The hole intersected intermittent tonalite intrusive in the upper portion from 47 metres to 147 metres.
GS2429, another near vertical hole drilled on the southwesterly trend, again demonstrates the significant potential for higher grade at depth within the WOW zone. The hole was terminated prematurely, and a follow-up holes will be drilled to test the depth extent of this higher-grade zone in 2025.
Drilling was completed in early December, and assays are from 12 holes are still pending. The results from the 2024 drilling program will be incorporated into an updated mineral resource estimate set to be released later this year as part of Freegold's efforts to advance the project toward pre-feasibility. Maps showing the locations of drill holes and cross-sections can be found here.
https://freegoldventures.com/site/assets/files/6287/newsrelease_january2025_478450e_section.pdf
https://freegoldventures.com/site/assets/files/6287/newsrelease_january2025_478650e_section.pdf
https://freegoldventures.com/site/assets/files/6287/goldensummit_january2025_plan_map.pdf
In addition to the drill program, Freegold Ventures Limited is conducting comprehensive metallurgical, baseline environmental, cultural resource, and wetland studies. These studies are integral to our exploration efforts, providing a thorough understanding of the project's potential and ensuring responsible resource development.
A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw and one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, using method code Au-AA23 (30g sample size) and over 10 g/t, which are automatically assayed using an FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.
A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.
The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited Â
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect  on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
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Lode Gold Resources (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce it has completed phase one of exploration in New Brunswick. The preliminary exploration results on its New Brunswick properties are held in its subsidiary Gold Orogen (new Spin Co). Lode Gold confirms gold endowment in mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding PumaKinross JV property. Due to positive gold soil anomalies, Lode Gold expanded its land package to 445 km2. Further analysis in drill targeting is in progress.
Lode Gold subsidiary, Gold Orogen (Spin Co), holds key assets in Yukon and New Brunswick. In New Brunswick, Acadian Gold, its 50/50 JV company with Fancamp Exploration has two assets: McIntyre Brook and Riley Brook.
Exploration Highlights
A Heliborne HeliTEM² Survey, by Xcalibur, was flown covering 419 km² of the joint venture land package, utilizing a 150 m line spacing totalling 3,247 line kilometers. The survey collected Magnetic, Radiometric and Electro Magnetic (EM) data.
Geophysics, prospecting and trenching at McIntyre Brook confirmed the presence of a gold bearing rhyolite horizon (refer to Figure 4 and Table 1), with preliminary trench results that include 5.3 m of 1.19 g/t Au. This is similar to the geology (rhyolite hosted mineralization) of Puma Exploration's Williams Brook Project under option to Kinross Gold Corp, adjacent to our property.
Radiometric and conductive geophysics has revealed geophysical anomalies at both McIntyre Brook and Riley Brook (refer to Figures 1, 2 and 3).
Drill testing is scheduled to commence after all results from 2024 have been received and the complete 2024 exploration dataset has been analyzed. Prospective areas may require additional ground follow-up, before drilling.
Orientation soil geochemical surveys were conducted over three grids covering approximately 10% of the Riley Brook property. They revealed the presence of large soil Au-W-As-Sb geochemical anomalies positioned in the southern part of the property (refer to Figure 2).
Based on these results, the joint venture staked an additional 26 km² (new total JV area of 445 km2) at the southwestern edge of the Riley Brook property to cover the potential continuation of the soil geochemical anomaly and coincident conductivity anomaly.
McIntyre Brook
The trenching at the McIntyre Brook prospect has significantly increased the known surface expression of a mineralized rhyolite horizon initially revealed by Lode Gold's 2019 drill results (20 m @1.2 g/t and 16 m @ 0.84 g/t in two holes). The new work demonstrates a minimum strike extension of the mineralization of at least a 200-metre with the horizon measured up to 9-metre thick. The trench results report up to 5.3 m @ 1.19 g/t Au (see Figure 4). Multi-element assays for pathfinder elements are awaited. This mineralization appears similar to mineralized lithological unit on the neighbouring Williams Brook Project (Puma Exploration).
The trenching also allowed for a better definition of the strike and dip of the gold bearing rhyolites at the McIntyre Brook prospect. Follow-up exploration drilling along the northeast and southwest mineralization trends can be better defined with this information.
These results are considered very encouraging, and work is planned at McIntyre Brook prospect to extend the strike and identify potential parallel structures and inflections.
The EM airborne data has revealed a distinctive anomaly in the east of the property. Soil samples were taken from this area, assay results are expected later this month.
Riley Brook
Recon soil sampling (only covering 10% of the property) has revealed multiple gold anomalies of similar tenor evidenced at deposits on the Appalachian Gold Belt, such as at Puma Exploration's Williams Brook Property (>20ppb Au in soils). These gold anomalies have coincident Antimony, with +/- Arsenic and Tungsten pathfinder elements. This association of elements are often linked to intrusive-related gold deposits, further work is required to confirm (see Figure 3). The anomalies in the southern part of Riley Brook are also coincident with a prominent EM conductor. Based on these results, Gold Orogen staked more ground expanding the Riley Brook property (now totalling 445 km2) to the south to encapsulate the full extent of the anomaly.
Future work will consider ground geophysics to cover the gold geochemistry and EM anomaly. Further soil sampling and trenching is planned for spring 2025.
"The first phase of exploration at the Acadian Gold joint venture has been successful at confirming gold bearing rhyolitic mineralization at McIntyre Brook through the trenching and channel sampling; and at Riley Brook with coincident, geophysical and multi-element geochemical anomalies," comments François Auclair, Vice President Exploration of Fancamp and Acadian Gold (subsidiary of Gold Orogen). "The results at both properties are highly encouraging considering the limited historical work recorded in the area, especially noting that our current soil sampling has covered less than 10% of the Riley Brook property. We see a lot of potential for growth given the prolific region which hosts other gold-focused development projects."
Figure 1: Total field magnetic image over Puma Exploration's Williams Brook property (optioned to Kinross). Red colors represent volcanics. Inset shows new total magnetic field data demonstrating these rock types trend into the McIntyre Brook property.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_004full.jpg
Figure 2: Total magnetic field images over McIntyre Brook and Riley Brook.
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https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_005full.jpg
Figure 3: Riley Brook coincident EM and soil geochemical anomaly.
To view an enhanced version of this graphic, please visit:
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Figure 4: McIntyre Brook Prospect Trenching Results.
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| Trench ID | From (m) | To (m) | Length (m) | Au (gpt) | Metal Factor (gpt*m) |
| T10 | 8.8 | 14.1 | 5.3 | 1.19 | 6.30 |
| T9 | 3 | 9.8 | 6.8 | 0.89 | 6.04 |
| T1 | 24.9 | 28.9 | 4 | 0.21 | 0.86 |
| T2 | 3.7 | 6.7 | 3 | 0.50 | 1.51 |
| T5 | No significant assay results | ||||
| T6 | No significant assay results | ||||
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Table 1: Preliminary Trenching Results at McIntyre Brook.
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.
In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1940's.
Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.
The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.
Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment(" PEA"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.
All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.
ON BEHALF OF THE COMPANY
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
info@lode-gold.com
+1-604-977-4653
Kevin Shum
Investor Relations
kevin@jeminicapital.com
+1 (647) 725-3888 ext. 702
Cautionary Note Related to this News Release and Figures
This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
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