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Sranan Gold Corp. (CSE: SRAN) (FSE: P84) (Tradegate: P84) ("Sranan" or the "Company") announces additional high-grade results from sampling within Randy's Pit, which is located within its Tapanahony Project in Suriname.
Nine grab samples were taken from within shafts that were recently opened by local miners (see Figure 1) immediately north of Randy's Pit. The highlight samples returned 76.6 grams per tonne (g/t) gold and 23.7 g/t gold, and the most northern shaft showed west-dipping transposed sugary veins with grab samples up to 6.5 g/t gold.
In total, locals have excavated by hand four shafts that range from 20 to 30 metres in depth. Access to these underground workings provides an opportunity to better understand the orientation and associated alteration of the mineralization that will be the target of the initial drill holes of the Company's inaugural drill program. The mineralized saprolite within these workings contains transposed sugary-textured quartz veins and intense sericite-limonite alteration. Quartz veins and iron sulfides that oxidize to limonite are typically associated with gold.
Dr. Dennis LaPoint, EVP of Exploration and Corporate Development, commented: "These shafts and sampling are very exciting for the potential of the Randy trend. This sampling is instrumental in assisting Sranan in the initiation of drilling. We are better defining the orientation of the mineralized structures while demonstrating the presence of high-grade gold."
In addition to the surface and underground sampling, the Company has initiated a trenching program. The trenches are designed to test the continuity of the gold mineralization. The initial trenches will be up to 150 metres to the south beyond the pit limits.
Samples are prepared and assayed by Filab in Paramaribo, Suriname. All samples >2 g/t were re-assayed with 50 gm re-assay and gravimetric assay. Standard QA/QC procedures were followed which showed a satisfactory level of reproducibility. Grab samples indicate promising evidence of high-grade gold. Channel sampling, trenching and drilling are the steps to determine average grade and thickness. The Company notes that grab samples are selected samples and may not represent true underlying mineralization.
Figure 1: Recent drone image by Sranan Gold of Randy's Pit, the new shafts, and location of high-grade samples.
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Stock Options
The Company announces that it has granted a total of 100,000 stock options to a consultant at an exercise price C$0.51 per share, for a term of five (5) years.
About Sranan Gold
Sranan Gold Corp. is engaged in the business of mineral exploration and the acquisition of mineral property assets in Suriname. The highly prospective Tapanahony Project is located in the heart of Suriname's modern-day gold rush. Tapanahony covers 29,000 hectares in one of the oldest and largest small-scale mining areas in Suriname. There is significant production from saprolite by local miners along a 4.5-kilometre trend, where several areas of mining have been opened.
Sranan Gold is also exploring its Aida Property consisting of five mineral claims covering an area of 2,335.42 hectares on the Shuswap Highland within the Kamloops Mining Division.
For more information, visit sranangold.com.
Qualified Person
Dr. Dennis J. LaPoint, Ph.D., P.Geo. a "qualified person" as defined under National Instrument 43‐101, has reviewed and approved the scientific and technical information in this release. Dr. LaPoint is not independent of Sranan Gold, as he is the Company's EVP Exploration and Corporate Development.
Information contact
Oscar Louzada, CEO
+31 6 25438975
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE.
Forward-looking statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company's exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release. Further details about the risks applicable to the Company are contained in the Company's public filings available on SEDAR+ (www.sedarplus.ca), under the Company's profile.
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
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