Snowline Gold Intersects 161.0 M of 1.1 Grams Per Tonne Gold at its Valley Discovery and Confirms a Second Reduced Intrusion-Related Gold System at its Rogue Project, Yukon

Snowline Gold Intersects 161.0 M of 1.1 Grams Per Tonne Gold at its Valley Discovery and Confirms a Second Reduced Intrusion-Related Gold System at its Rogue Project, Yukon

  • Hole V-22-030 returned 1.06 g/t Au over 161.0 m within broader 282.5 m mineralized interval averaging 0.73 g/t Au, adding width to southeast extension of near-surface, well mineralized corridor at Valley
  • Hole ends in mineralization, with final 66.0 m of hole averaging 1.46 g/t Au and final 21.0 m averaging 1.93 g/t Au
  • Localized gold intersections at Gracie target (4 km east of Valley) confirm a second reduced-intrusion gold system to be targeted in phase 2 drilling in 2023.

Snowline Gold Corp. (CSE:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce additional preliminary assay results from its 2022 drilling programs at its Rogue Project in Canada's Yukon Territory. Hole V-22-030, drilled on the southeastern margin of Valley's central mineralized zone, returned 1.06 gt Au over 161.0 m before ending in strong mineralization (Tables 1 and 2). The result adds scale and tonnage to the southeastern side of this near-surface, well mineralized zone. In addition, results from phase 1 drilling at the Gracie confirm the existence of a second reduced intrusion-related gold system, with a high correlation between gold, bismuth and tellurium values in sheeted quartz veins. Phase 1 results will be used to guide a targeted phase 2 drill program at Gracie in 2023

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Table 1 - Preliminary highlight summary of Snowline's latest assay results. *Interval widths reported; true widths of the system are not yet known.

"Today's results continue to highlight and build on the prospectivity of our Rogue Project," said Scott Berdahl, CEO & Director of Snowline. "A single season of drilling has transformed our Valley Zone from an interesting exploration target to a pre-resource gold project noteworthy on a global scale, redefining the deposit model far beyond what are traditionally low grade, heap-leach systems. The consistency of strong grades and the size of Valley make it easy to understand, translating to lower exploration costs required for delineation, and in the future, lower costs for any potential economic operation. Our results from Gracie demonstrate that Valley is not a one-off-Snowline's Rogue Project is prospective for multiple gold systems of this scale and intensity. We are excited to resume exploration in 2023 with the dual goals of further advancing Valley and locating additional gold systems just like it."

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Figure 1 - 2021 and 2022 drilling at the Valley Zone, showing analytical results (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Figure 2 - Cross-section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom).

HOLE V-22-030

Hole V-22-030 was collared within the Valley intrusion, to the east of the known near-surface well-mineralized corridor. The hole was a 301 m step-back along section to the northeast from the collar site for V-22-026 (289.7 m @ 0.90 g/t Au including 189.2 m @ 1.25 g/t Au from surface, see Snowline news release dated January 18, 2023), and located 126 m from the nearest hole (V-22-027).

The hole encountered increasingly abundant sheeted quartz veins and trace visible gold as it progressed, returning 1.06 g/t Au over its final 161.0 m from 246.0 m downhole within a broader interval averaging 0.73 g/t Au over 282.5 m from 124.5 m downhole (Tables 1 and 2). The hole was terminated for technical reasons and ended in mineralization. The final 66.0 m averaged 1.46 g/t Au, while the final 21.0 m averaged 1.93 g/t Au.

As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Figure 3 - Plan map of Gracie area drilling, showing downhole analytical results for gold along with 2022 surface grab samples (to 12.3 g/t Au, elsewhere at Gracie to 13.5 g/t Au) along with quartz veins mapped on surface. A dominant NW-SE, vertically oriented sheeted vein array is parallel to those at Valley and appears to correspond to vein hosted gold mineralization encountered in drilling at Gracie.

GRACIE

Gracie is a separate reduced-intrusion related gold system (RIRGS) located roughly 4-5 km east of the Valley discovery. Unlike Valley, where the mineralized intrusion is exposed on surface, the causative intrusion at Gracie does not daylight. This presents an attractive exploration target, as the highest gold grades in RIRGS systems are commonly found near the top of a given intrusion. Thus, at Gracie, the strongest part of the gold system is likely to be intact.

Phase 1 drilling at Gracie successfully confirms the presence of a RIRGS. Of the five holes drilled in 2022 (2,152 m total), four intersected zones of high-temperature alteration known as hornfels, indicative of a nearby intrusion. Each of these four holes also encountered trace instances of visible gold associated with bismuth and tellurium minerals in sheeted quartz veins oriented parallel to those at Valley, albeit at low overall vein densities. Geochemical correlations at Gracie in phase 1 drilling are further diagnostic confirmation of RIRGS mineralization. G-22-004, for example, returned 19.45 g/t Au over 0.9 m downhole width, with strong bismuth and tellurium values (378 ppm and 43.1 ppm respectively) and very low arsenic (3.92 ppm), suggesting proximity to a heat source.

Phase 2 drilling is planned at Gracie for 2023, with the objective of intersecting arrays of high-density sheeted quartz vein mineralization within the Gracie intrusion. Multi-element analytical results from the phase 1 program will be used alongside mineralogical observations to identify possible vectors towards the Gracie intrusion.

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Table 2 - Summary of mineralization in current holes. Holes denoted by "V" are from the Valley target, holes denoted by "G" are from Gracie. *Interval widths reported; true widths of the system are not yet known, with different vein generations, orientations and grade distributions within given intervals through the bulk tonnage gold target at Valley.

QA/QC

On receipt from the drill site, Valley's NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline's 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories' preparatory facility in Whitehorse, Yukon. Sample preparation was completed at different facilities in Whitehorse, Sudbury, ON, Thunder Bay, ON and Langley, BC with analyses completed in Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).

Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.

Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.

ABOUT ROGUE

Rogue's Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross's Fort Knox Mine in Alaska and Victoria Gold's Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.

The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.

ABOUT Snowline Gold Corp.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline's project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross' Fort Knox mine, Newmont's Coffee deposit, and Victoria Gold's Eagle Mine. The Company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

Snowline Gold Corp., Tuesday, March 7, 2023, Press release picture

Figure 4 - Project location map for Snowline Gold's eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline's 2022 drill programs.

QUALIFIED PERSON

Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Vice President of Exploration for Snowline and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

Scott Berdahl
CEO & Director

For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements about the Company's drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE:Snowline Gold Corp.



View source version on accesswire.com:
https://www.accesswire.com/742390/Snowline-Gold-Intersects-1610-M-of-11-Grams-Per-Tonne-Gold-at-its-Valley-Discovery-and-Confirms-a-Second-Reduced-Intrusion-Related-Gold-System-at-its-Rogue-Project-Yukon

News Provided by ACCESSWIRE via QuoteMedia

SGD:CNX
The Conversation (0)
Snowline Gold Announces Listing on TSX Venture Exchange and Outlines 2023 Rogue Project Field Program

Snowline Gold Announces Listing on TSX Venture Exchange and Outlines 2023 Rogue Project Field Program

  • Snowline has initiated process to list on the TSX-V to offer enhanced value for existing shareholders by raising the company's profile and to provide greater exposure to domestic and global markets
  • C$14.2M exploration program is planned for Rogue in 2023, with the dual objectives of advancing the Valley discovery and making additional drill discoveries on high-priority intrusion-related gold targets
  • Snowline will complete an updated NI 43-101 technical report on its Rogue project in Yukon, Canada within 120 days of listing as part of the listing process
  • This news release contains a summary of material results and work completed since the latest NI 43-101 technical document in December 2020.

Snowline Gold Corp. (CSE:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce approval to list on the TSX Venture Exchange (the "TSX-V") following satisfaction of regulatory requirements. The common shares of the Company will be de-listed from the Canadian Securities Exchange at the close on Wednesday, May 3rd and commence trading on the TSX-V under the symbol SGD at the open on Thursday, May 4th. The move is set to improve Company visibility to domestic and international capital markets, providing a means of expanding its investor base and further realising the value of the gold discoveries within Snowline's Yukon Territory property portfolio

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Snowline Gold Completes C$19.2 Million Financing and Strategic Investment by B2Gold

Snowline Gold Completes C$19.2 Million Financing and Strategic Investment by B2Gold

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Snowline Gold Corp. (CSE:SGD) (the "Company" or "Snowline") is pleased to announce that it has completed its non-brokered private placement of 3,941,048 flow-through common shares of the Company (the "FT Shares") at a price of C$4.862 per FT Share for aggregate gross proceeds of C$19,161,375.38 (the "Offering") and strategic investment by B2Gold Corp. (TSX:BTO) ("B2Gold") announced on March 14, 2023

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Snowline Gold Announces Strategic Investment by B2Gold Through Non-Brokered Private Placement

Snowline Gold Announces Strategic Investment by B2Gold Through Non-Brokered Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Snowline Gold Corp. (CSE:SGD) (the "Company" or "Snowline") is pleased to announce that B2Gold Corp. (TSX:BTO, NYSE American: BTG, NSX: B2G) ("B2Gold") has agreed to complete a strategic investment into the Company. B2Gold will be the purchaser of common shares of the Company on the back end of an initial non-brokered flow-through private placement arranged by Snowline. Pursuant to the initial non-brokered private placement, up to 3,941,048 flow-through common shares of the Company (the "FT Shares") will be issued at a price of C$4.862 per FT Share for aggregate gross proceeds to the Company of up to C$19,161,375 (the "Offering

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Snowline Gold Further Strengthens Technical Team with Appointment of Vice President of Exploration

Snowline Gold Further Strengthens Technical Team with Appointment of Vice President of Exploration

Snowline Gold Corp. (CSE:SGD) (OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce the appointment of Thomas Branson, M.Sc., P.Geo., to the role of Vice President of Exploration. Mr. Branson served as Snowline's Exploration Manager in 2022, playing a key role on Snowline's team during a transformative year for the Company that included initial delineation of the large, near-surface, and unusually high-grade bulk tonnage Valley gold discovery on Snowline's Rogue Project in Canada's Yukon Territory

Prior to joining Snowline, Mr. Branson spent 15 years as an exploration geologist, gaining extensive experience in the Yukon and British Columbia, from greenfields exploration through to feasibility studies. He has been involved with organization and management of over 190,000 cumulative metres of exploration and resource drilling on programs in the Wernecke Mountains and Wolverine mine in Yukon, Mount Milligan, Kemess and Scottie Gold mines in BC and elsewhere. His role with Snowline bridges operational and technical aspects of exploration, discovery, team building and project advancement. Mr. Branson earned a B.Sc. in Earth and Ocean Science from the University of British Columbia and an M.Sc. in Exploration Geology from Rhodes University in South Africa. He is a licensed Professional Geologist with Engineers and Geoscientists British Columbia.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Snowline Gold Intersects 558.7 m of 1.3 grams per tonne Gold from Surface Including 202.0 m of 2.0 grams per tonne Gold at Its Valley Discovery, Rogue Project, Yukon

Snowline Gold Intersects 558.7 m of 1.3 grams per tonne Gold from Surface Including 202.0 m of 2.0 grams per tonne Gold at Its Valley Discovery, Rogue Project, Yukon

  • Hole V-22-029 returned 1.26 g/t Au over 558.7 m from surface, including 2.04 g/t Au over 202.0 m in 207 m step-back from previous highlight hole V-22-010
  • Longest mineralized intersection to date at Valley, expands width of central high-grade zone significantly to the north and demonstrates strong continuity to depth
  • Assays still pending for 3 holes drilled at Rogue in 2022, along with surface results from various targets and properties in Snowline's portfolio.

Snowline Gold Corp. (CSE:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce additional preliminary assay results from its 2022 drilling programs at its Rogue Project in Canada's Yukon Territory. Hole V-22-029 intersected sheeted quartz vein mineralization within the Valley intrusion averaging 1.26 gt Au over 558.7 m from surface, including 2.04 gt Au over 202.0 m, with additional mineralization at depth (Tables 1 and 2). The hole was collared at a 207 m step-back perpendicular to strike from V-22-010 (318.8 m @ 2.55 gt Au from surface) to test the local width of Valley's near-surface, well mineralized corridor and the continuity of mineralization to depth

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Grande Portage Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Financing Exemption

Grande Portage Announces Non-Brokered Private Placement Pursuant to the Listed Issuer Financing Exemption

Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce a non-brokered private placement of up to 10,000,000 units (each, a "Unit") at a price of C$0.30 per Unit for aggregate gross proceeds of up to C$3,000,000 (the "Offering"). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions (the "LIFE Exemption") to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the "Offering Document") related to the Offering that can be accessed under Grande Portage's profile at www.sedarplus.ca and on the Company's website at https:grandeportage.com. Prospective investors should read the Offering Document before making an investment decision

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024

Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024

(TheNewswire)

Element79 Gold Corp.

Element79 Gold Corp invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation on the Emerging Growth Conference.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Presenting on the Emerging Growth Conference 76 Day 1 on October 30 Register Now

Presenting on the Emerging Growth Conference 76 Day 1 on October 30 Register Now

EmergingGrowth.com a leading independent small cap media portal announces the schedule of the 76 th Emerging Growth Conference on October 30 & 31, 2024.

The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.

Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico.

(TheNewswire)

Pinnacle Silver and Gold Corp.

Highlights:

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico

Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico

(TheNewswire)

Pinnacle Silver and Gold Corp.

Highlights:

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Lode Gold Submits Application for Exchange Approval to Form Spin Co, Gold Orogen - a Yukon  & New Brunswick Exploration Company

Lode Gold Submits Application for Exchange Approval to Form Spin Co, Gold Orogen - a Yukon & New Brunswick Exploration Company

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to announce that it has submitted application to the TSX Venture exchange for approval of the Spin-out of Gold Orogen, as described on its August 27, 2024 and October 22, 2024 news release. The details regarding the Lode Gold shareholder's meeting that is expected to be held in early December 2024 will follow with an information circular to be filed by early November 2024. Lode Gold will seek the approval from shareholders on the Plan of Arrangement, and upon Exchange approval, set the Record Date for distribution of the shares of the new company to shareholders of Lode Gold.

The Company also announces that pursuant to a director resolution passed on July 26, 2024, and a special resolution passed by shareholders of the Company on July 6, 2023, the Company has consolidated its capital on a ten for one (10:1) basis. Post-consolidation, the Company's capitalization composes of unlimited common shares with no par value, of which 38,032,970 shares are issued and outstanding.

Effective at the opening, Tuesday October 29, 2024, the common shares of Lode Gold Resources Inc. will commence trading on the TSX Venture Exchange on a consolidated basis. The Company is classified as a mining company.

Name of Company: No change.
Escrow shares: None
Transfer agent: Odyssey Trust Company.
Trading symbol: LOD (unchanged)
CUSIP number: 540196 20 1 (new)

"The Company has been contemplating share consolidation for sometime. With significant milestones achieved in the last 12 months and more upcoming catalysts, it makes strategic sense now to execute the consolidation. A key catalyst upcoming in a few months is share distribution of Gold Orogen to shareholders of Lode Gold, a significant step in unlocking value.

With a tight capital structure we can more effectively attract new investors. Of note, four shareholders hold over 60% shares of 38 million post-consolidated shares." states Wendy T. Chan, CEO and Director of Lode Gold.

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.

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. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold. A NI 43-101 technical report entitled "Technical Report on the WIN-Golden Culvert Property for Lode Gold" with an effective date of May 15, 2024, summarizing the work to date on these properties is available on the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.lode-gold.com).

In New Brunswick, Lode Gold has created one of the largest land packages with a 42km strike within 420km2. Its McIntyre Brook Project, New Brunswick, covering 111 km2 and a 17-km strike length in the emerging Appalachian/Iapetus Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over 50m)1 and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. The Fancamp's Riley Brook is a 309 km2 package covering a 25 km strike of Wapske formation with its numerous felsic units. Previous exploration efforts have focused on just VMS-style mineralization hosted in the felsic intrusions, and mostly focused on the base metals - the Company is the first to focus on and assay for gold. This transaction will close upon Exchange's acceptance.

The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold's Castle Mountain and Mesquite mines, has a Preliminary Economic Assessment(" PEA") with an after-tax NPV (5%) of USD $217M, a 21% IRR, 11-year LOM, averaging 118,000 Oz per annum at USD $1,750 gold. A sensitivity to the March 31, 2023, PEA at USD $2,000/oz gold gives an after-tax NPV (5%) of USD $370M and a 31% IRR over an 11-year LOM. 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 length of the Fremont property which features five gold-mineralized zones. Significantly, three step-out holes at depth hit the mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on 3,351 acres of 100% owned private land in Mariposa, the original Gold Rush County, and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Please refer to the Fremont Gold project NI 43-101 PEA technical report dated March 31, 2023, which is available on the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.lode-gold.com). The PEA technical report has been reviewed and approved by independent "Qualified Persons" Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.

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
+1-416-320-4388

Kevin Shum
Investor Relations
kevin@lode-gold.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.

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated use of proceeds from the Special Warrant financing, additional proceeds from the exercise of the warrants underlying the Special Warrants, and the receipt of final acceptance from the TSX Venture Exchange with respect to the transactions, are forward-looking statements. Although Lode Gold believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Lode Gold can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Lode Gold's periodic filings with Canadian securities regulators, and assumptions made with regard to: the ability of Lode Gold to obtain final acceptance from the TSX Venture Exchange with respect to the transactions; that the Company will be able to use the proceeds of the Special Warrant financing as anticipated; and the ability of the Company to continue with its stated business objectives and its ability to obtain required approvals and raise additional capital to proceed. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include risks associated with the business of Lode Gold and Fancamp; risks related to the Company's ability to obtain final acceptance from the TSX Venture Exchange with respect to the transactions; the risk that the use of proceeds from the Special Warrant financing may differ from management's expectations; and other risk factors as detailed from time to time and additional risks identified in the Companies' filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×