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Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) ("Ready Set Gold" or the "Company") is pleased to provide an update on the Company's portfolio of properties with regards to its Hemlo Eastern Flanks Gold project ("Hemlo Eastern Flanks").
The Hemlo Eastern Flanks is ideally located south-east of the Company's flagship property, the Northshore Gold project and is within the gold producing Hemlo Camp, on-trend from the Hemlo gold deposit, and located on the Hemlo/Schreiber Greenstone Belt of Ontario. The 4,456-hectare project consists of two claim blocks (see illustration #1). The western border of the northern claim block lies just 25km from the Hemlo Mine and surrounds MetalCorp's claims which were the subject of a favourable Joint Venture arrangement (See Metal Corps Release Nov. 20th, 2020) with Barrick Gold in late 2020. Whereby MetalCorp received a non-refundable cash payment of $3 million CAD and a work commitment totalling $4.5 million over a three-year period to earn an 80% stake in the project.
A new compilation and interpretation completed by Ready Set Gold's Geological Team on the Hemlo Eastern Flanks North claim has identified a prospective trend that extends from the Hemlo Deposit onto the project area. This favourable trend is defined by historical geological mapping that has been completed in the area and is supported by a strong lineation within the government magnetic data. The compilation has also identified that where the trend enters the Hemlo Eastern Flanks North, the prospective rock suite appears to be intensely folded and structurally complex, which is a favourable setting for the potential of a large-scale gold system.
"It is a very encouraging start to our evaluation work on the large and prospective Hemlo Eastern Flanks property. Not only has our initial compilation identified a very significant geological and structural trend with supporting geophysics, it is also showing us that the rock-type and geological environment is very similar to that at The Hemlo Mine, where there is a lot of structural complexity adjacent to the Cedar Lake Pluton. This new compilation now gives us a more focused early-stage exploration model to start advancing the project and generating drill-ready targets," stated Brad Lazich, Ready Set Gold Corp's VP of Exploration.
Ready Set Gold is preparing for an initial reconnaissance exploration program of the claims. This exploration is expected to include a detailed airborne and or ground magnetic survey followed by surface mapping, sampling, and a soil survey.
Illustration #1: Claims Map of Ready Set Gold's Hemlo Eastern Flanks Project
To view an enhanced version of Illustration #1, please visit:
https://orders.newsfilecorp.com/files/7393/76838_45bbfd9b24508bda_002full.jpg
Illustration #2: Geological compilation of Hemlo Eastern Flanks showing interpreted Hemlo trend and supporting government magnetic data.
To view an enhanced version of Illustration #2, please visit:
https://orders.newsfilecorp.com/files/7393/76838_45bbfd9b24508bda_003full.jpg
Ready Set Gold Corp, CEO & Director, Christian Scovenna comments; "While the Company's focus remains on our flagship property at our Northshore Gold project, we are extremely encouraged by the new compilation and interpretation on this property. It demonstrates, to our shareholders that the Management and Directors of the Company are rapidly unlocking shareholder value and additional upside. We look forward to the end of Q2 or early Q3 of this year to advancing the Hemlo Eastern Flanks Project."
Brad Lazich, P.Geo (ON), VP Exploration of Ready Set Gold Corp, and a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has approved the scientific and technical disclosure in this news release.
About Ready Set Gold Corp.
Ready Set Gold is a precious metals exploration company listed on the Canadian Securities Exchange under symbol RDY and on the Boerse Frankfurt in Europe as 0MZ. The Company has consolidated and now owns a 100-per-cent interest in the Northshore gold property located in the Schreiber-Hemlo greenstone belt near Thunder Bay, Ontario. For further information on the property please see the technical report on the Northshore gold property, Thunder Bay mining division, Priske township, Ontario, Canada, prepared for Ready Set Gold (formerly Omni Commerce Corp.) dated Nov. 20, 2020, with an effective date of July 10, 2020, on the Company's profile at www.sedar.com.
The Company also owns a 100-per-cent interest in two separate claim blocks totalling 4,453 hectares known as the Hemlo Eastern Flanks project and holds an option to acquire a 100-per-cent undivided interest in a continuous claim block totalling 1,634 hectares comprising the Emmons Peak project, located 50 kilometres south of Dryden, Ontario, near the Treasury Metals Goliath and Goldlund advanced gold development projects.
On Behalf of the Board of Directors,
Ready Set Gold Corporation
"Christian Scovenna"
Chief Executive Officer & Director
Email: info@readysetgoldcorp.com
CEO Direct Line: +1 (416) 453-4708
For further information please contact:
Investor Relations
Sean Kingsley - VP Corporate Communications
Tel: +1 (604) 440-8474
Email: skingsley@readysetgoldcorp.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements" within the meaning of Canadian Securities laws, including that the Company anticipates its first assay results from the Phase 1 drill program in the next two to three weeks and the expectation that information from the Phase 1 drill program will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Ready Set Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release including that the Company will complete the Phase 1 drilling program and on the timeline as anticipated by management and that information from the Phase 1 drill program will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Although Ready Set Gold believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Ready Set Gold to implement its business strategies; competition; the Company will not complete the Phase 1 drilling program on the timeline as anticipated by management or at all and therefore the Company will not gain more confidence in its geological model and will be unable to design additional drill programs and other assumptions, risks and uncertainties.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76838
Fig. 1: Location of the New Amalga Gold Project and Cascade Point