Tempus Resources Ltd (" Tempus " or the " Company ") (ASX:TMR)(TSXV:TMRR)(OTCQB:TMRFF) is pleased to announce further assay results from drill-holes from its Elizabeth Gold Project in British Columbia, Canada. Drill holes being reported in this release are EZ-21-15, EZ-21-16, EZ-21-17, EZ-21-18, and EZ-21-19. The drill holes targeted the SW Vein at a vertical depth below 200 metres and the Blue Vein (EZ-21-19
HIGHLIGHTS
Tempus President and CEO, Jason Bahnsen commented "The assay results for drill hole EZ-21-19 show continued high-grade gold mineralisation down dip of the previously reported ‘bonanza' grade intersection at the newly discovered Blue Vein. Assays have now been received for three out of the seven drill holes that have intersected the Blue Vein. With the historic resource at Elizabeth largely centred on the SW Vein, the Blue Vein holds significant potential for expanding the current resource base for the project."
Blue Vein Results
Tempus discovered the new Blue Vein with drill hole EZ-21-12 with an intersection of visible gold in the drill core, as announced on 27 September 2021. The Blue Vein is located approximately 150 metres to the northwest, and parallel, to the SW Vein (See Figure 1). This previously unknown vein has now been intersected by 7 drill-holes (EZ-21-09, EZ-21-12, EZ-21-19, EZ-21-24, EZ-21-25, EZ-21-26, EZ-21-27) demonstrating an initial strike length of 380 metres (see Figure 2), with four of those drill-holes pending assay results.
Drill hole EZ-21-12 (see announcement 26 October 2021) included high-grade gold intersections with assays of including 33.7g/t gold over 1.0 metre from 117.8 metres, 26.4g/t gold over 0.5m from 130.7 metres, and 8.4g/t gold over 0.5m from 163.9 metres. EZ-21-19 was drilled at a steeper angle than EZ-21-12 and demonstrates continuity of the Blue Vein down dip .
Results from EZ-21-24 to EZ-21-27, which specifically target the Blue Vein, were all successful in intersecting the quartz vein and are currently in the lab with assays pending. See Table 1 below for Blue Vein drill results received to date.
Table 1 - Elizabeth Gold Project Blue Vein Drill Intersections
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade (g/t Au) | MET Screen Grade (g/t Au) |
EZ-21-09 | 58.60 | 59.10 | 0.50 | 0.43 | 0.31 | Not Performed |
EZ-21-12 | 117.80 | 118.80 | 1.00 | 0.85 | 47.6 | 33.7 |
and | 130.70 | 131.20 | 0.50 | 0.43 | 26.4 | Not Performed |
and | 163.90 | 164.40 | 0.50 | 0.43 | 5.50 | 8.41 |
EZ-21-19 | 127.50 | 128.00 | 0.50 | 0.43 | 4.52 | Not Performed |
and | 129.00 | 130.50 | 1.50 | 1.28 | 4.25 | Not Performed |
and | 167.80 | 168.70 | 0.90 | 0.76 | 4.50 | 6.14 |
EZ-21-24 | pending | |||||
EZ-21-25 | pending | |||||
EZ-21-26 | pending | |||||
EZ-21-27 | pending | |||||
*true thickness is estimated using a multiplier of 0.85.
SW Vein Results
Each of drill holes being reported today have successfully intersected the SW Vein and continue to indicate significant mineralisation and anomalous gold values. Mineralised intervals are consistent with mesothermal/orogenic gold veins and contain highly elevated values in arsenic, antimony, silver, and mercury. Drill holes EZ-21-15, EZ-21-16, EZ-21-17, EZ-21-18, and EZ-21-19 targeted the southern portion of the SW Vein at depths below 200m vertical. See Appendix 1 Table 1 for detailed results.
Tempus has now completed exploration drilling at Elizabeth for 2021. A total of 28 drill holes have been completed at Elizabeth for approximately 7,740 metres. Combined with the 11 drill holes completed in 2020, Tempus has now completed 39 drillholes for a total of approximately 9,750 metres at Elizabeth since Tempus began drilling in November 2020. Drill collar information can be seen in Appendix 1, Table 1. There are currently 9 drill holes pending assay results.
The underground development permit for the Elizabeth Lower Portal exploration drift is still pending (see announcement 13 September 2021).
Figure 1 - The Elizabeth Project - Plan map of drilling
Figure 2 - Elizabeth Project - Long-section of the Blue Vein
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Piepgrass has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
For further information:
Tempus Resources LTD
Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181
About Tempus Resources Ltd
Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Elizabeth-Blackdome Project, a high-grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Elizabeth-Blackdome that will form the basis of an updated NI43-101/JORC resource estimate. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed on Page 27 under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the quarter ended September 30, 2021 dated November 15, 2021 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix 1
Table 1:Drill Hole Collar Table
UTM | UTM | ||||||
| Hole ID | Target | Easting (NAD83 | Northing (NAD83 | Elevation (m) | Length (m) | Azimuth | Dip |
Z10) | Z10) | ||||||
| EZ-21-01 | SW Vein | 531203 | 5653771 | 2400 | 105 | 121 | -52 |
| EZ-21-02 | SW Vein | 531203 | 5653771 | 2400 | 132 | 146 | -55 |
| EZ-21-03 | SW Vein | 531203 | 5653771 | 2400 | 111 | 158 | -47 |
| EZ-21-04 | SW Vein | 531203 | 5653771 | 2400 | 135 | 168 | -58 |
| EZ-21-05 | SW Vein | 531078 | 5653776 | 2400 | 561 | 123 | -48 |
| EZ-21-06 | SW Vein | 531078 | 5653776 | 2400 | 255 | 110 | -55 |
| EZ-21-07 | SW Vein | 531203 | 5653771 | 2400 | 126 | 115 | -75 |
| EZ-21-07b | SW Vein | 531203 | 5653771 | 2400 | 186 | 115 | -75 |
| EZ-21-08 | SW Vein | 531195 | 5653839 | 2427 | 231 | 115 | -68 |
| EZ-21-09 | SW Vein | 531200 | 5654020 | 2330 | 360 | 120 | -48 |
| EZ-21-10 | SW Vein | 530953 | 5653772 | 2390 | 354 | 127 | -50 |
| EZ-21-11 | SW Vein | 530953 | 5653772 | 2390 | 381 | 136 | -50 |
| EZ-21-12 | SW Vein | 530953 | 5653772 | 2390 | 375 | 125 | -45 |
| EZ-21-13 | SW Vein | 530919 | 5653596 | 2300 | 261 | 94 | -45 |
| EZ-21-14 | SW Vein | 530919 | 5653596 | 2300 | 261 | 108 | -55 |
| EZ-21-15 | SW Vein | 530919 | 5653596 | 2300 | 330 | 100 | -55 |
| EZ-21-16 | SW Vein | 530919 | 5653596 | 2300 | 330 | 83 | -48.5 |
| EZ-21-17 | SW Vein | 530919 | 5653596 | 2300 | 414 | 98 | -63 |
| EZ-21-18 | SW Vein | 530919 | 5653596 | 2300 | 351 | 128.5 | -63 |
| EZ-21-19 | SW Vein | 530953 | 5653772 | 2390 | 417 | 129 | -58 |
| EZ-21-20 | SW Vein | 530849 | 5653432 | 2260 | 300 | 129 | -45 |
| EZ-21-21 | East Veins | 531695 | 5653463 | 2120 | 357 | 90 | -45 |
| EZ-21-22 | SW Vein | 531195 | 5653839 | 2427 | 188 | 75 | -45 |
| EZ-21-23 | SW Vein | 531695 | 5653463 | 2120 | 165 | 91 | -45 |
| EZ-21-24 | Blue Vein | 530953 | 5653772 | 2390 | 219 | 84 | -54 |
| EZ-21-25 | Blue Vein | 530953 | 5653772 | 2390 | 201 | 105 | -58 |
| EZ-21-26 | Blue Vein | 530953 | 5653772 | 2390 | 198 | 95 | -45 |
| EZ-21-27 | Blue Vein | 530953 | 5653772 | 2390 | 195 | 150 | -60 |
| EZ-21-28 | No.9 Vein | 530953 | 5653772 | 2390 | 321 | 300 | -55 |
Table 2: Significant Interval Table
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-01 | 94.00 | 96.60 | 2.60 | 2.21 | 4.60 | 5.12 | SW Vein |
and | 83.50 | 84.00 | 0.50 | 0.43 | 20.50 | pending | SW Vein |
EZ-21-02 | 102.40 | 109.00 | 6.60 | 5.61 | 8.40 | pending | SW Vein |
including | 105.40 | 106.50 | 1.10 | 0.93 | 46.30 | pending | SW Vein |
EZ-21-03 | 88.60 | 95.00 | 6.40 | 5.44 | 7.22 | pending | SW Vein |
including | 89.30 | 91.90 | 2.60 | 2.21 | 11.80 | pending | SW Vein |
and | 90.00 | 91.30 | 1.30 | 1.11 | 19.80 | pending | SW Vein |
and | 34.70 | 35.20 | 0.50 | 0.43 | 3.15 | pending | SW Vein |
EZ-21-04 | 122.00 | 126.00 | 4.00 | 3.40 | 31.20 | 34.40 | SW Vein |
including | 123.00 | 124.50 | 1.50 | 1.28 | 52.10 | 68.30 | SW Vein |
including | 124.00 | 124.50 | 0.50 | 0.43 | 72.00 | 87.30 | SW Vein |
EZ-21-05 | 134.00 | 135.00 | 1.00 | 0.85 | 1.38 | not performed | 7 Vein |
217.55 | 218.25 | 0.70 | 0.59 | 1.74 | 1.67 | SW Vein | |
and | 256.00 | 256.50 | 0.50 | 0.43 | 1.03 | 0.89 | SW Vein |
and | 554.85 | 555.35 | 0.50 | 0.43 | 0.24 | not performed | West Vein |
EZ-21-06 | 134.50 | 136.00 | 1.50 | 1.28 | 1.10 | 1.71 | 7 Vein |
and | 245.00 | 246.00 | 1.00 | 0.85 | 2.05 | 2.45 | SW Vein |
EZ-21-07 | Hole lost | ||||||
EZ-21-07B | 40.10 | 41.10 | 1.00 | 0.85 | 4.88 | not performed | 7 Vein |
and | 51.50 | 52.20 | 0.70 | 0.60 | 9.06 | not performed | 7 Vein |
and | 160.00 | 165.75 | 5.75 | 4.89 | 0.53 | 0.70 | SW Vein |
EZ-21-08 | 196.25 | 202.40 | 6.15 | 5.23 | 0.65 | 0.66 | SW Vein |
and | 226.60 | 227.10 | 0.50 | 0.43 | 1.54 | 1.85 | SW Vein |
EZ-21-09 | 58.60 | 59.10 | 0.50 | 0.43 | 0.31 | not performed | Blue Vein |
and | 270.90 | 272.90 | 2.00 | 1.70 | 2.56 | not performed | SW Vein |
and | 355.88 | 357.00 | 1.12 | 0.95 | 0.85 | not performed | SW Vein |
EZ-21-10 | 223.00 | 223.50 | 0.50 | 0.43 | 4.04 | not performed | 7 Vein |
and | 347.70 | 349.20 | 1.50 | 1.28 | 0.22 | 0.21 | SW Vein |
EZ-21-11 | 326.90 | 327.40 | 0.50 | 0.43 | 0.55 | 0.44 | SW Vein |
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-12 | 117.80 | 118.80 | 1.00 | 0.85 | 47.6 | 33.7 | Blue Vein |
and | 130.70 | 131.20 | 0.50 | 0.43 | 26.4 | not performed | Blue Vein |
and | 163.90 | 164.40 | 0.50 | 0.43 | 5.50 | 8.41 | Blue Vein |
and | 344.90 | 347.00 | 2.10 | 1.79 | 0.78 | 1.22 | SW Vein |
EZ-21-13 | 230.70 | 232.60 | 1.90 | 1.62 | 0.76 | 0.71 | SW Vein |
EZ-21-14 | 224.00 | 224.90 | 0.90 | 0.77 | 1.63 | 1.15 | SW Vein |
EZ-21-15 | 318.40 | 320.80 | 2.40 | 2.04 | 0.31 | not performed | SW Vein |
including | 320.30 | 320.80 | 0.50 | 0.43 | 1.14 | not performed | SW Vein |
EZ-21-16 | 305.00 | 306.90 | 1.90 | 1.61 | 0.55 | not performed | SW Vein |
EZ-21-17 | 171.00 | 171.50 | 0.50 | 0.43 | 0.14 | 0.57 | Vein |
and | 204.00 | 204.60 | 0.60 | 0.51 | 0.53 | not performed | vein |
and | 254.60 | 256.85 | 2.25 | 1.91 | 1.40 | 1.58 | 7 Vein |
and | 350.13 | 350.75 | 0.62 | 0.53 | 1.01 | not performed | SW Vein |
and | 379.47 | 382.00 | 2.53 | 2.15 | 0.63 | 0.64 | SW Vein |
EZ-21-18 | 299.50 | 299.90 | 0.40 | 0.34 | 1.53 | not performed | SW Vein |
EZ-21-19 | 127.50 | 128.00 | 0.50 | 0.43 | 4.52 | not performed | Blue Vein |
and | 129.00 | 130.50 | 1.50 | 1.28 | 4.25 | not performed | Blue Vein |
and | 167.80 | 168.70 | 0.90 | 0.76 | 4.50 | 6.14 | Blue Vein |
and | 351.80 | 354.90 | 3.10 | 2.63 | 0.34 | not performed | SW Vein |
*true thickness is estimated using a multiplier of 0.85.
Appendix 2: The following tables are providedto ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Elizabeth - Blackdome Gold Project
Section 1: SamplingTechniques and Data
(Criteria in this sectionapply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
information. |
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Drilling techniques |
what method, etc). |
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Drill sample recovery |
have occurred due to preferential loss/gain of fine/coarse material. |
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Criteria | JORC Code explanation | Commentary | |
Logging |
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Sub- sampling techniques andsample preparation |
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Quality of assay data and laboratory tests |
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Verification ofsampling and assaying |
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| |
Criteria | JORC Code explanation | Commentary | |
Location of datapoints |
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Data spacing anddistribution |
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Orientation of data in relation to geological structure |
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Sample s Security |
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Audits or Reviews |
|
| |
Section 2: Reportingof Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria | JORC Code explanation | Commentary | |
Mineral tenement and land tenurestatus |
|
(refer to ASX announcement 15 December 2020)
| |
Exploration done by other parties |
|
| |
Criteria | JORC Code explanation | Commentary |
Mining operations lasted six months and ended in May of 1999. During this period, 6,547 oz of Au and 17,300 oz of Ag were producedfrom 21,268 tons of ore. Further exploration programs were continued by Claimstaker over the following years and a Japanese joint venture partnerwas brought onboardthat prompted a name changeto J-Pacific Gold Inc. This partnership was terminated by 2010, resulting in another name change to Sona Resources Corp.
| ||
Geology |
|
Blackdome and are correlated with the KamloopsGroup seen in the Ashcroft and Nicola regions. |
Criteria | JORC Code explanation | Commentary |
Geochemical studies (Vivian, 1988)have shown these rocks to be derivedfrom a "calc-alkaline" magma in a volcanicarc type tectonicsetting. Eocene age granitic intrusions at Poison Mountain some 22 kilometres southwest of Blackdome are host to a gold bearing porphyry copper/molybdenum deposit. It is speculated that this or related intrusions could reflect the source magmas of the volcanic rocks seen at Blackdome. There is some documented evidenceof young graniticrocks several kilometres south of the mine near Lone Cabin Creek. The youngest rocks present are Oligocene to Miocene basalts of the Chilcotin Group. These are exposed on the uppermost slopes of Blackdome Mountain and Red Mountain to the south.
brittle faulting believed to be contemporaneous with mid- Eocene extensional faulting along the Marshall Creek,Mission Ridge and Quartz Mountain faults. |
Criteria | JORC Code explanation | Commentary |
Drill hole Information |
of the report, the Competent Person should clearlyexplain why this isthe case. |
|
Data aggregation methods |
|
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Relationship between mineralisation widths andintercept lengths |
known'). |
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Diagrams |
hole collar locations and appropriate sectional views. |
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Criteria | JORC Code explanation | Commentary |
Balanced reporting |
Results. |
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Other substantive exploration data |
substances. |
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Further work |
information is not commercially sensitive. |
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SOURCE: Tempus Resources Ltd
News Provided by ACCESSWIRE via QuoteMedia
Kestrel Gold Inc. ("Kestrel" or the "Corporation")(TSXV:KGC) is pleased to provide an update on work completed by Centerra Gold Inc. ("Centerra")(TSX:CG) on the QCM gold property ("QCM") located in the Manson-Germanson area of central British Columbia. Centerra is currently in the process of earning a 75% interest in QCM by making cash payments totaling $900,000 and completing $6,500,000 in exploration work, which must include a minimum of 13,500 metres of drilling, by May 7th, 2029
Centerra's reverse circulation ("RC") drill program is well underway. A total of 6 holes and 813.97 metres have been completed to date with drilling ongoing. Completed holes are located in the 14 Vein area where RC drilling by Kestrel in 2022 returned up to 2.33 g/t Au over 44.19 metres. Results for the Centerra drill program will be released once analytical results have been received and interpreted. Centerra has also advised that they have submitted to the Ministry of Energy, Mines and Low Carbon Innovation of British Columbia an application for a 5-year Multi-Year-Area-Based (MYAB) permit, which upon receipt will allow for property wide exploration and drilling.
Showings on Geology
Pat Lynch, President and CEO of Kestrel, states: "We are pleased to see Centerra drilling at QCM. They are well funded and their geological team has significant experience with this type of target. Both the drilling and the permitting have potential to yield significant value to Kestrel shareholders, and we look forward to a successful completion of the program and the results that will follow."
QCM Project Highlights:
QCM is comprised of 8,729 hectares covering an approximate 15-kilometre strike length of the Manson Fault Zone which is thought to be a controlling structure for much of the gold mineralization in the district.
Peak values from historical drilling completed within the Main Zone were found within hole 2004-002 which intersected an interval of 2.86 g/t Au over 110.95 metres, including a high-grade interval of 173 g/t Au over 1.5 metres, true widths unknown.
Prospecting during 2022 resulted in the discovery of the 14 Vein showing, drilling of which returned 2.33 g/t Au over 44.19 metres. Geology consists of silica-ankerite-pyrite altered greywacke cut by sheeted quartz veins. For further details see Kestrel's October 26, 2022 news release: https://www.kestrelgold.com/news/oct-25-2022-e7yzr.
Numerous historical showings occur throughout the project area, including Farrell where historical values of up to 1,777 g/t Au and 3,560 g/t Ag were returned from grab samples of a 3.0-metre-wide quartz vein and Flagstaff where historical values of up to 5.9 g/t Au and 1,153 g/t Ag were reported for grab samples of quartz veins and stockworks.
Kestrel owns a 100% interest in the QCM Property. For further details see Kestrel's March 22, 2024 news release: https://www.kestrelgold.com/news/march-22-2024. Kestrel subsequently granted Centerra the option to earn a 75% interest in QCM. For further details see Kestrel's May 8, 2024 news release: https://www.kestrelgold.com/news/may-8-2024.
Recently completed logging and associated road building has significantly improved access throughout the property which is proving of significant value to exploration efforts.
About Kestrel Gold
Kestrel Gold Inc. is an exploration company headquartered in western Canada and focused on the Canadian Cordillera. Kestrel has earned a 100% interest, subject to a 2% NSR royalty with buydown provisions, in the QCM Property which is an orogenic gold target located in the Manson-Germanson placer district. Kestrel has also earned a 100% interest, subject to a 2.5% NSR royalty with buydown provisions, in the KSD Property which is an orogenic gold target located in the Yukon portion of the Tintina Gold Belt. Kestrel is listed on the TSX Venture exchange under the symbol KGC. Readers are encouraged to refer to the Corporation's website "www.kestrelgold.com" for further information.
Forward-Looking Statements
The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance including exploration activity that could take place on the Corporation's properties or projects. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any 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.
For further information contact:
Pat Lynch, President and CEO
Office: (403) 660-3329
Email: pat@kestrelgold.com
SOURCE: Kestrel Gold Inc.
News Provided by ACCESSWIRE via QuoteMedia
White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its flagship White Gold project located approximately 95 km south of Dawson City in west-central Yukon, Canada. The updated mineral resource includes a significant increase in total gold ounces, including a 18.5% increase in inferred resources and an 4.3% increase in indicated resources. The White Gold project now comprises 1,203,000 ounces of gold in the Indicated Resource category (17.7 million tonnes averaging 2.12 gt Au) and 1,116,600 ounces of gold in the Inferred Resource category (24.5 million tonnes averaging 1.42 gt Au) at US$2,000oz gold. The gold resources at the White Gold Project are near surface, almost entirely captured within an open pit, and remain open for expansion in multiple directions with additional opportunities to increase total resources via targets within close proximity. Additional increases to the size of the resource may also be possible through an ongoing analysis of the resource block model and by capturing additional ounces hosted within the Target for Further Exploration area which hosts an additional estimated 10 12 million tonnes grading between 1 2 gt Au. These results form part of the Company's work program supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).
"We are very pleased to have further increased the size of our robust flagship deposit which is one of the highest-grade open pit gold resources in Canada of this size or greater owned by an exploration company. Furthermore, significant additional resource growth potential exists on the deposits themselves, as well as in the surrounding areas which has seen only limited exploration and has strong prospectivity for new discoveries. We are also very encouraged by the overall prospectivity of our district scale land package for additional gold and other mineral resource discoveries as this area of Yukon continues to evolve as an emerging Canadian mining camp supported by ongoing mine development efforts, infrastructure initiatives and other investment," stated David D'Onofrio, Chief Executive Officer.
Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/ .
Highlights:
Updated MRE includes four gold deposits – Golden Saddle, Arc, Ryan's Surprise and VG located within close proximity and includes:
Mineral Resource Estimate Details
Table 1. White Gold Project, Yukon Territory, Mineral Resource Statement, ACS October 28, 2024.
| Area | Type | Classification | Cut-off (g/t) | Tonnes (000's) | Grade (g/t) | Contained Gold (oz) |
| Golden Saddle | Open Pit | Indicated | 0.35 | 16,954 | 2.16 | 1,178,500 |
| Inferred | 5,396 | 1.45 | 250,900 | |||
| Underground | Indicated | 2.3 | 23 | 2.77 | 2,100 | |
| Inferred | 382 | 3.06 | 37,500 | |||
| Arc | Open Pit | Indicated | 0.35 | 683 | 1.02 | 22,400 |
| Inferred | 6,781 | 1.09 | 236,700 | |||
| Underground | Inferred | 2.3 | 47 | 3.00 | 4,600 | |
| Ryan | Open Pit | Inferred | 0.35 | 5,499 | 1.57 | 278,300 |
| Underground | Inferred | 2.3 | 127 | 3.19 | 13,100 | |
| QV | Open Pit | Inferred | 0.35 | 6,240 | 1.47 | 295,500 |
| All Deposits | Open Pit | Indicated | 0.35 | 17,637 | 2.12 | 1,200,900 |
| All Deposits | Open Pit | Inferred | 23,916 | 1.38 | 1,061,400 | |
| All Deposits | Underground | Indicated | 2.3 | 23 | 2.84 | 2,100 |
| All Deposits | Underground | Inferred | 556 | 3.09 | 55,200 | |
| All Deposits | Total | Indicated | 17,660 | 2.12 | 1,203,000 | |
| All Deposits | Total | Inferred | 24,472 | 1.42 | 1,116,600 |
The current MRE for the White Gold project was carried out by Arseneau Consulting Services ("ACS") of Vancouver, B.C. and is reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101 ("NI 43-101") and has been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation and Mineral Resource and Mineral Reserve Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The MRE presents updated estimates for the Golden Saddle, Arc, Ryan's Surprise and VG deposits.
The updated MRE was prepared using a block model approach using ordinary kriging interpolation for the Golden Saddle, Arc and VG deposits and inverse distance squared ("ID2") interpolation for the Ryan's Surprise deposit. Block model sizes varied between deposits as follows: Golden Saddle and Arc (10 m); Ryan's Surprise (5 – 10 m); and VG (10 – 20 m). GEMS 6.8.4 software was used for generating gold mineralization solids, a topography surface, and resource estimation. Statistical analysis and resource validations were performed using non-commercial software and with Sage2001. Near surface resources were constrained using GEOVIA Whittle pit optimization software. Pit slopes in rock were assumed at 50° and the MRE assumes a long-term gold price of US$2,000 per ounce. Gold recoveries used were 92% for the Golden Saddle and VG deposits, and 85% for the Arc and Ryan's Surprise deposits. Gold recoveries are based on metallurgical testwork results for the Golden Saddle and Arc deposits and are assumed for the Ryan's Surprise and VG deposits based on their close similarities to the Arc and Golden Saddle deposits, respectively.
Mineralization on portions of both the Golden Saddle and Arc deposits is known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas did not meet the criteria to be classified as Mineral Resources. Based on drilling at Golden Saddle and current geologic models, there is an estimated 10 – 12 million additional tonnes grading between 1 – 2 g/t Au of material classified as a Target for Further Exploration ("TFFE"). The reader should be cautioned that the potential quantity and grade of the TFFE is conceptual in nature. There has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being advanced to a mineral resource. These zones form more continuous mineralized units at US$ 2,000/oz gold and the Company plans to further evaluate this mineralization through re-modelling and optimization of the block model and wire frames to determine if it can be incorporated in future resource estimates.
A technical report to support the MRE for the White Gold project, prepared in accordance with NI 43-101, will be filed on SEDAR+ (https://www.sedarplus.ca/) and the Company's website (https://www.whitegoldcorp.ca/) within 45 days of the issuance of this news release.
Resources & Opportunities in the White Gold District
West-central Yukon is host to several highly prospective mineral districts, including the White Gold, Dawson Range, Klondike and Sixtymile districts. The Klondike was the epicentre of the historic Klondike Gold Rush in 1896 with over 20 million ounces of placer gold production having occurred in the region since that time. The Company's property portfolio (Figure 1) which covers large portions of the White Gold District, was assembled by renowned prospector Shawn Ryan, and represents the largest claim package in the region, consisting of 15,876 claims across 26 properties and covering approximately 315,000 hectares. Two significant advanced projects border the Company's claims in the south including the Coffee project owned by Newmont Corporation (TSX: NGT, NYSE: NEM) with Indicated Resources of 2.14 Moz at 1.23 g/t Au, and Inferred Resources of 0.23 Moz at 1.01 g/t Au ( 2 ) , and Western Copper and Gold Corporation's (TSX: WRN, NYSE: WRN) Casino project, which has Measured and Indicated Resources of 7.6 billion lb Cu and 14.5 Moz Au and Inferred Resources of 3.3 billion lb Cu and 6.6 Moz Au ( 3 ) . The region has seen significant investment by various other major mining companies recently and the Yukon is consistently ranked as a top 10 mining jurisdiction on the Investment Attractiveness Index based on the Fraser Institute's Annual Survey of Mining Companies.
All four of White Gold's near-surface deposits are interpreted to represent structurally-controlled orogenic gold deposits, collectively form the Company's gold resource base in the heart of its large land package, and remain open for expansion.
Golden Saddle Deposit
The Golden Saddle deposit is located 95 km south of Dawson City on the Company's White Gold property (Figure 2), which is supported by the fully operational Thistle exploration camp with airstrip and barge access, and up to 100-person capacity. The deposit consists of the GS Main, GS Footwall and GS West zones and together the zones define mineralization over a 1,500 m strike length and up to 725 m down dip. Currently, the GS Main is the most significant zone in terms of estimated ounces and overall grade; containing approximately 95% of the Indicated ounces within the overall Golden Saddle deposit. GS Main Zone contains a consistent high-grade core of 832,000 gold ounces at a grade of 2.96 g/t gold in the Indicated category and 107,000 gold ounces at a grade of 3.18 g/t gold Inferred using a >1 g/t cut-off. Included in this high-grade core is 525,600 gold ounces at a grade of 4.68 g/t gold in the Indicated category and 81,900 gold ounces at a grade of 4.74 g/t gold Inferred using a >3 g/t cut-off.
Gold mineralization at the Golden Saddle deposit (Figure 2 & 3) is hosted in a meta-volcanic and meta-intrusive assemblage broadly consisting of felsic orthogneiss, amphibolite, and ultramafic units. Gold generally occurs as micron-scale blebs along fractures or encapsulated by pyrite, and as visible gold (less than 5 mm in size) located as free grains in quartz. Mineralization is present in quartz veins and stockwork or breccia with disseminated pyrite. Drill hole intersected gold mineralization is spatially co-incident with structures, and structures or faults which are interpreted to be the primary conduits for hydrothermal fluids responsible for gold deposition. The thicknesses of the mineralization and breccia zones are variable from 5 m to over 50 m, and they pinch and swell along strike. A consistent higher-grade core (> 3 g/t Au) occurs within the main zone at Golden Saddle. Gold mineralization at the Golden Saddle deposit remains open in all directions and is known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas does not currently meet the criteria to be classified as Mineral Resources.
Arc Deposit
The Arc deposit (Figures 2 & 3) is located approximately 400 m south of the Golden Saddle and consists of two zones, the Arc Main and Arc Footwall zones, both trending E-NE and dipping to the north at approximately 50 degrees. Mineralization at the Arc has been defined over 1,200 m in strike length and up to 450 m down dip with mineralization open along strike and down dip. Gold mineralization at the Arc deposit is less well understood than the Golden Saddle, which is partially a function of drilling at the Arc deposit being more widely spaced. Gold mineralization is hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist that is cross-cut by numerous felsic to intermediate dikes and sills.
Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Drilling has defined an upper main zone as well as a lower footwall zone of anomalous gold but of lesser tenure than the main upper zone. Mineralization remains open to the east, west and at depth. The occurrence of gold at Arc is not well understood but appears to be associated with disseminated and veined pyrite, arsenopyrite and graphite.
Ryan's Surprise Deposit
Ryan's Surprise (Figures 2 & 4) is located 1.5 km west of the Golden Saddle deposit, along a 6.5 km long x 1 km wide north-northwest trend of anomalous gold and arsenic in soils ("Ryan's Trend"), which also hosts several other prospective early-stage targets in close proximity with significant surface gold mineralization and represent further potential for expansion of this project. Gold mineralization at the Ryan's Surprise deposit is primarily hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist cross-cut by numerous felsic – intermediate dikes and sills.
Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Recent drilling has defined multiple subparallel zones that are host to gold-bearing sulphide mineralization including arsenopyrite and pyrite, and range in true width from 10 m. The mineralization footprint at the Ryan's Surprise deposit measures approximately 550 m north-south by 500 m east-west to a vertical depth of 650 m remains open along strike and at depth. Metallurgical work, and gold characterization and deportment studies are required to further determine accurate gold recoveries. However, host rocks, alteration and sulphide mineralization at Ryan's Surprise display many similarities to the Arc Deposit.
VG Deposit
The VG deposit (Figure 5) is located approximately 85km south of Dawson City and 11km north of the Golden Saddle deposit. Gold mineralization at the VG deposit is hosted in quartz ± carbonate veins, stockwork and breccia zones, and pyrite veinlets, including cubic pyrite and visible gold, associated with intense-quartz-carbonate-sericite alteration, pervasive K-spar and hematite emplaced along en-echelon faults or shear zones. Visually, the style of gold mineralization and alteration appears identical to the Golden Saddle deposit, along with similar dominant host rocks of biotite-feldspar (± augen)-quartz gneisses. To date, no metallurgical testwork has been performed on the VG mineralization, however given its close similarities to Golden Saddle, gold recoveries are assumed to be similar. Opportunities exist at the VG deposit to quickly upgrade a significant portion of Inferred Resources to Indicated, as well as for expansion of gold mineralization at depth and along strike. There are also several other prospective targets on the property which have received limited exploration work and offer potential for additional discoveries.
Qualified Persons, Technical Information and Quality Control
The MRE for the White Gold Project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an Independent Qualified Person ("QP") as defined under NI 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has also been reviewed and approved by Terry Brace, P.Geo. and Vice President of Exploration for the Company who is also a QP as defined under NI 43-101 – Standards of Disclosure of Mineral Projects.
QA/QC
White Gold's drill core sampling consisted of collecting samples over 0.50 m to 2.50 m intervals (depending on lithology and style of mineralization) over the entire hole length. RC samples were collected at continuous 1.5 m intervals. All drill core was cut in half using a diamond saw, with half of the core placed in sample bags and the other half returned to the core box. Standard, blank, and duplicate samples were inserted into both the drill core and RC sample streams at regular intervals to meet a designated QA/QC sample insertion rate. All samples were organized into batches, flown via fixed-wing aircraft from camp, and transported via courier to an ISO-certified laboratory for analysis.
About White Gold Corp.
The Company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 km 2 ) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,203,000
ounces of gold in Indicated Resources and 1,116,600 ounces of gold in Inferred Resources (this news release). Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t gold (2) , and Western Copper and Gold Corporation's Casino project which has Measured and Indicated Resources of 7.6 Blb copper and 14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz gold (3) . For more information visit www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled "2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada ", Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau, P.Geo., available on SEDAR+.
(2) See Newmont Corporation Form 10-K: Annual report for the year ending December 31, 2023, in the Measured, Indicated, and Inferred Resources section, dated February 29, 2024, available on EDGAR. Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.
(3) See Western Copper and Gold Corporation technical report titled "Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada", Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "proposed", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company's objectives, goals and exploration activities conducted and proposed to be conducted at the Company's properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company's properties will be successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: The expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory approvals for the Offering; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company's properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described under the heading "Risks Factors" in the Company's annual information form dated July 29, 2020 available on SEDAR+. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
For Further Information, Please Contact:
Contact Information:
David D'Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca
Request Meeting: https://calendly.com/meet-with-wgo/15min
Photos accompanying this announcement are available at
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HIGHLIGHTS
High Gold in Soil Values Highlight New Gold prospects within the Flicka Lake Claims
Four soil samples from the northern portion of the project area returned exceptionally high gold values of contained 17.8ppm (17.8 g/t Au), 6.32ppm (6.32 g/t Au) and 1.11ppm (1.11 g/t Au) gold. A further sample from the northwest of the project area contained 0.816ppm gold (0.816 g/t Au).
Highly Significant Copper Results
19 samples contained over 200ppm Cu, with peak values of 2420ppm and 1630ppm. The highest copper value of 2420ppm was returned for sample 1291262, located approximately 400m north of the Flicka Zone. Copper results (see Table 1 and Figure 2).
The gold values returned for the soil samples are shown on Figure 1 with 22 samples, listed on Table 1. As outlined in RMX’s ASX announcement of 30 October 2024, the rock and soil sampling program was designed to test ten orogenic gold target zones defined using available geological and geophysical data for the Flicka Lake tenement. Soil sampling was undertaken primarily in areas that lacked surface outcrop, where rock sampling was not possible.
Figure 1: RMX soil gold results for the Flicka Lake project. Values for samples with > 0.1ppm Au are shown. The Fry Lake #9 prospect lies outside of the RMX mineral claims area.
The Company’s geochemical results are consistent with the results of detailed soil sampling from the high- grade Flicka Zone reported by Troon Ventures in their 2003 Assessment Report. Troon reported isolated values of up to 1.19ppm gold (1.19 g/t Au) immediately adjacent to mineralised quartz veins1.
RMX’s results from the north and northwest of the Flicka Lake project area indicate the potential for near- surface high grade quartz-vein hosted gold mineralisation, likely similar in style and tenor to the mineralisation rock chip sampled by RMX at the Flicka Zone (refer ASX Announcement 6 November 2024).
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