SASKATOON, SK, April 26,
2022 /CNW/ - MAS Gold Corp. ("MAS Gold" - (TSXV: MAS)
or the "Company") is pleased to announce it has completed a total
of 5,730 meters (m) of diamond core drilling of its Q1 winter
drilling program (the "Program"), previously announced on
January 20, 2022, on its La Ronge gold properties in Saskatchewan using 2 diamond drill rigs.
Preliminary North Lake Assay Results: As previously
described in our March 8, 2022, news
release, the Program concentrated on the Company's North Lake
Deposit where 4,123.5 meters of diamond drilling was completed in
34 drill holes. Preliminary assay results from 5 of 34 holes from
the North Lake drilling are
reported in Table 1 below which includes 99.0 m grading 1.00 g/t (grams per tonne) gold
including 25.0 m of 1.88 g/t gold in
drill hole NL21-073, 84 m grading
0.61 g/t gold, including 14 m of 1.3
g/t gold in drill hole NL22-074, and 29.2
m grading 0.99 g/t gold in drill hole NL22-075.
Table 1: Preliminary North Lake Assay Results
In addition to the 4,123.5 meters drilled at North Lake, the winter drilling program
included 772 meters drilled at the Point Deposit on Ramsland Lake
with four drill holes. The Company also completed 996 meters of
drilling in 4 holes at its recently acquired Preview SW gold
deposit.
Based on the geological logging of the drill holes to date from
the winter drilling program as well as historical drill results
obtained at Preview SW, MAS Gold expects to provide an updated and
revised and enhanced resource by the fall of this year.
The Company's objective is to define a sufficient gold resource
over the course of the next couple of years to support a production
decision.
Our current core exploration targets include (Figure
1):
- Greywacke Lake Project
- North Lake Project
- Point Project (Ramsland Lake)
- Preview SW Project
- Contact Lake Project
Numerous exploration targets present on the extensive property
require follow-up investigation utilizing a comprehensive database
that will support further exploration and development.
Forty-three diamond drill holes (DDH) totaling 5,891.5 metres
of diamond drilling was completed during the Q1 winter program
(Figure 2, 3 and 4).
MAS Gold expects results from its winter drilling program to
come in consistently over the coming few months, with results to be
released as the assays are completed, received and analyzed.
Eros Resources Corp.'s Option Agreement; MAS Gold
anticipates that in the next few weeks Eros Resources Corp.
("Eros") (TSXV: ERC) will have earned its 17.5% interest in MAS
Gold's Preview-North, Greywacke Lake, Contact Lake, Elizabeth Lake and Henry
Lake properties, totalling an area of approximately 33,860
hectares subject to certain existing royalties, after Eros
Resources fully funds $3.5 million in
exploration expenditures on those properties. Further details
on the terms of the Eros option agreement is available in MAS
Gold's news release dated December 21,
2021.
David
Tupper, P.Geo, Resigns as VP of Exploration
As of March 28, 2022, David Tupper, P.Geo, resigned as Vice President
of Exploration for MAS Gold Corp. in order to pursue other
opportunities. We would like to thank David for his
significant contribution to MAS Gold and wish him well in his
future endeavours.
Darren Slugoski, P. Geo., Chief
Geologist, will take on David
Tupper's role and responsibilities. Darren has over 10
years of experience in mineral exploration in Saskatchewan including the La Ronge Gold Belt
and the Athabasca Basin and has
been involved with MAS Gold since January
2021. Prior to this, Darren most notably worked at a
project geologist for Purepoint Uranium Group Inc.. His work
significantly contributed to the discovery and growth of
Purepoint's Spitfire Uranium Deposit. He is registered as a
member of the Association of Professional Engineers and
Geoscientists of Saskatchewan
(APEGS) and Professional Geoscientists Ontario (PGO).
Table 2: Preview North Property Collar Summary
Table 3: Preview SW Collar Summary
Sample Quality Assurance / Quality
Control (QAQC)
Working with its principal geological exploration consultant,
Axiom Exploration, MAS Gold designed and executed a vigorous
quality control/quality assurance program for its 2022 winter drill
program.
Sample intervals were laid out with the objective of capturing
homogenous lithology and not cross any significant alterations with
the sample guideline of a minimum samples size of 0.50 m and a maximum sample size of 2.0 m.
Samples were marked on core with assigned sample number from a
pre-numbered sample tag. These markings and stapled sample
tags were placed at the start of the intervals. Drill core was cut
using a core saw with a diamond bit blade using fresh flowed water
to ensure no possible contamination between samples. Care was
taken to ensure that the same half of the core was sampled for the
entire sample interval to maintain consistency and no biases in the
assay results.
MAS Gold utilized SRC laboratories in Saskatoon. All rock sample preparation
conducted by SRC at their preparation facility in Saskatoon, SK. Rock samples were dried,
crushed to 70% passing 1.70 mm. A 250-gram sample is then
riffle split and pulverized to 95% passing 106 microns. The
pulveriser was cleaned using a silica sand wash after every samples
as to avoid any potential contamination.
Core analyzed by SRC was handled at their facility in
Saskatoon, SK. Core samples
were analyzed for gold using FA/AA of 30g as well as multi-element
ICP-MS with a multi-acid digestion. Gold assays returning greater
than 3 g/t (ppm) where analyzed using gold fire assay with
gravimetric finish. Reject pulps are saved and stored for
potential, future metallic screening or other analyses.
An independent QAQC program was conducted by inserting pulp
duplicates, certified reference materials, coarse and pulp blanks.
This was used to test for natural variability/sampling bias /
testing the lab for homogeneity during sample preparation processes
within the lab as well as testing the precision and any possible
contamination from the lab. Additionally, SRC labs also includes an
internal QAQC duplicate on gold analyses.
Qualified Person
The scientific and technical information contained in this news
release has been prepared, reviewed, and approved by Darren Slugoski, P.Geo. (Saskatchewan and Ontario), of Axiom Exploration Group Ltd., a
Qualified Person within the context of Canadian Securities
Administrators' National Instrument 43-101; Standards of Disclosure
for Mineral Projects (NI 43-101).
About MAS Gold Corp.
MAS Gold Corp. is a Canadian mineral exploration company focused
on gold exploration projects in the prospective La Ronge Gold Belt
of Saskatchewan. MAS Gold
operates four properties in the belt, including the Preview-North,
Greywacke Lake, Elizabeth Lake and
Henry Lake Properties that extend along segments totaling roughly
60 kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that
make up the La Ronge Gold Belt.
MAS Gold's current projects include the North Lake, Greywacke North, Preview SW, Bakos
(Contact Lake) and Point gold deposits and the historically defined
Elizabeth Lake copper-gold
volcanic-hosted massive sulphide deposit within four properties
totalling 35,175.6 hectares (86,920.8 acres).
The North Lake deposit located
at the Preview-North Property is estimated to contain an Inferred
Mineral Resource of 18,100,000 t grading 0.85 g/t Au, hence 494,000
contained ounces of gold (Godden, S, Thomas, D. Tupper, D.
Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects,
La Ronge Gold Belt, Saskatchewan,
Canada.; effective date December 1,
2021)*. The Technical Report about the updated Mineral
Resource estimate was filed on SEDAR January, 12, 2022.
The Greywacke North deposit, which hosts multiple known
stratabound, high-grade gold-bearing zones, has an updated,
combined open pit and underground Indicated Mineral Resource of
645,000 t averaging 4.90 g/t Au for 101,000 insitu ounces of gold
(600,000 t at 4.89 g/t Au, and 45,000t at 5.03 g/t Au,
respectively), plus a combined open pit and underground Inferred
Mineral Resource of 410,000 t averaging 4.12 g/t Au for 55,000
insitu ounces of gold (35,000 t at 1.97 g/t Au, and 375,000 t at
4.33 g/t Au, respectively). The Indicated and Inferred
Mineral Resources were estimated using open pit and underground
cut-off grades of 0.65 g/t Au and 1.75 g/t Au, respectively
(Godden, S, Thomas, D. Tupper, D. Technical Report on the Mineral
Resource Updates, North Lake and
Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date
December 1, 2021)*. The
Technical Report regarding the updated Mineral Resource estimate
was filed on SEDAR January 12,
2022.
The Preview SW Gold Project, a resource-stage gold project in
the La Ronge district of
Saskatchewan. The Preview SW
deposit hosts a historical Indicated Mineral Resource containing
158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au)
and a historical Inferred Mineral Resource containing 270,800
ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both
based on a 0.50 g/t Au cut-off grade (Simpson, R. Technical Report, Preview SW Gold
Project, La Ronge, Saskatchewan.;
effective date September 27, 2016)*.
The Technical Report about the Mineral Resource estimate was
filed on SEDAR September 27, 2016 for
Comstock Metals Ltd. (TSXV: CSL).
MAS Gold Corp.
Jim
Engdahl
President & CEO
Figure 1: MAS Gold Corp. Holdings
Figure 2: North Lake Drill Hole Locations (Previous and
2022)
Figure 3: Point Drill Hole Locations (Previous and
2022)
Figure 4: Preview SW Hole Locations (Previous and
2022)
Caution Regarding Forward-Looking
Information and Statements:
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions, and expectations. They
are not guarantees of future performance. MAS Gold cautions that
all forward-looking statements are inherently uncertain, and that
actual performance may be affected by a number of material factors,
many of which are beyond their respective control. Such factors
include, among other things: risks and uncertainties relating to
MAS Gold's limited operating history, the need to comply with
environmental and governmental regulations, results of exploration
programs on their projects and those risks and uncertainties
identified in each of their annual and interim financial statements
and management discussion and analysis. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, MAS Gold undertakes no
obligation to publicly update or revise forward-looking
information.
Neither 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 news release.
SOURCE MAS Gold Corp