Solstice Gold Corporation (TSXV:SGC)
(“Solstice”, the “Company”, “its”, “we” or “our”) is
pleased to announce that the Company has completed its summer 2020
field program at its 886 km2 KGP project, located only 26 km from
Rankin Inlet, Nunavut and within seven km of the low cost Meliadine
gold mine owned by Agnico Eagle Mines Ltd which began gold
production in 2019*. Mapping and sampling on the KGP were carried
out within a
large, 40
km2 area of gold-bearing boulders to
identify potential source areas as drill targets.
“With this new, focused work we have identified
likely bedrock sources within this very extensive, gold-bearing
boulder field. Collectively, we now have
five
well-constrained
drill-ready target
areas, which are up to 5km long
and large enough to host significant potential gold deposits. “In
our view, the KGP occupies the eastern extension of the emerging
Meliadine Gold District but, unlike many of the gold belts
elsewhere in Canada, it is virtually unexplored. Through our
extensive land holdings, we offer unrivalled exposure to
exploration in this politically safe, high geological potential
region” stated David Adamson, Chairman.
Results are summarized below:
Three well-defined areas of proximal
gold-bearing boulders have been identified which point to a local
bedrock source. These are the EWIF, South and QIF targets (Figure
1). Collectively, gold values range from less than detection to
66.7 g/t gold (Figure 1). Summary statistics of
boulder field samples are provided in Table 1 along with data for
specific targets areas described in this release. Auriferous
boulders are predominantly chert-magnetite-grunerite iron formation
and are associated with 2 – 20% pyrrhotite, pyrite and/or
arsenopyrite. Quartz veins are often present in the iron formation
boulders but many are just sulphidic.
-
EWIF is a 4.5 km long east-west
oriented iron formation bounded by major faults and defined by
local boulder trains and subcrop (shallow, buried outcrop). EWIF is
interpreted to be a meta-sedimentary structural panel between
granitic rocks to the north and a diverse package of gneisses with
supracrustal lenses to the south. Arsenopyrite- bearing iron
formation boulders and subcrop along the trend of the iron
formation are consistently auriferous with gold values from this
target of 7.0 g/t Au in 2020 sampling (see Table 1) and up to 34.9
g/t Au further down ice. This target is untested by
drilling.
-
The Southern Target is marked by auriferous samples collected north
(i.e., up ice direction) of the EWIF and must therefore
have a separate source. Gold-bearing boulders in this area
are also angular and abundant. It is likely that this target
extends eastwards beneath the southern part of Enterprise Lake.
This target is untested by drilling.
-
The QIF target is an area of mineralized iron formation boulders
and subcrop which define a proximal bedrock source striking towards
Enterprise Lake. Maximum gold values in this area are 54.9 g/t Au
(6.2 g/t Au in 2020 sampling further east).
-
The South and QIF target areas
trend towards Enterprise Lake. Well developed electromagnetic
anomalies in this area (Figure 1) comprise
two additional
extensive target areas.
The targets flank and wrap around the margin of
a large, variably deformed two-mica granite. In addition to
presenting a permissive structural setting around its margins, the
granite may be more directly associated with the mineralization
since some samples from it are weakly anomalous in gold (<200ppb
Au). Internally, the two-mica granite contains well developed
faults up to 50m wide which are weakly to moderately conductive and
which form secondary drill targets.
Figure 1 accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/bee82f0b-3a86-47af-837c-1b56e5bcf82a
Table 1. Summary statistics QEA area boulder
sampling
QEA |
ALL |
HISTORIC |
2020 |
EWIF |
QIF |
SOUTH |
NUM |
950 |
779 |
171 |
310 |
109 |
50 |
80th |
0.42 |
0.36 |
0.59 |
0.49 |
0.57 |
0.91 |
85th |
0.68 |
0.58 |
0.89 |
0.69 |
0.76 |
0.95 |
90th |
1 |
0.97 |
1.23 |
1 |
0.94 |
1.09 |
median |
0.07 |
0.06 |
0.14 |
0.1 |
0.11 |
0.16 |
mean |
0.59 |
0.62 |
0.49 |
0.53 |
0.92 |
0.51 |
Max |
66.6 |
66.6 |
6.99 |
34.9 |
54.9 |
3.63 |
*The Meliadine deposits owned by Agnico Eagle has
the following Reserves and Resources: 2P: 4.07MMoz (20.7 MM tonnes
@ 6.1 g/t), M&I: 2.80MMoz (24.7MM tonnes @ 3.52 g/t, Inf:
2.63MMoz (14.6MM tonnes @ 5.60g/t) (Source: Agnico Eagle
Website)
This news release contains information with respect to the
Agnico Eagle’s Meliadine Gold Mine along with other gold targets
owned by Agnico Eagle Mines, in respect of which the Company has no
interest or rights to explore or mine. Readers are cautioned that
the Company has no interest in or right to acquire any interest in
any such properties, and that mineral deposits on adjacent or
similar properties are not indicative of mineral deposits on the
Company’s properties and there is no certainty of the same or
similar deposits on the Company’s properties.
Assay results from grab samples (boulders and outcrop) are
selected samples and are not necessarily representative of the
mineralization hosted on the property. Grab sample weights
range from 0.25kg to 3kg.
Sample procedures
Rock samples are collected in plastic bags in the field and are
shipped in secure bags using unique security coded tags to
Activation Laboratories Ltd. (“Actlabs”) in Thunder Bay Ontario, an
accredited mineral analysis laboratory. All samples are
analyzed for gold using a standard 50g fire assay technique.
Samples returning over 5 g/t gold are analyzed using fire
assay-gravimetric method.
A subset of 28 samples from the 2020 program
were analyzed using the metallic screen fire assay method by
Actlabs. This method is preferred in potentially coarse gold
environments and involves taking a representative 1,000g split,
sieved at 100 mesh (149 micron) with fire assays performed on the
entire +100 mesh and 2 splits on the -100 mesh fraction. The total
amount of sample and the +100 mesh and -100 mesh fraction is
weighed for assay reconciliation. Of the 29 samples tested, two
samples reported >35% less gold than the fire 50g fire assay
method (maximum -97% - 1.17g/t FA compared to less than 0.03g/t
metallics), one samples showed a >35% increase compared to the
50g fire assay method (maximum +331% - 1.47g/t FA compared to
6.33g/t metallics). The average difference was +2% between the
metallic versus 50g fire assay method. These results suggest that,
in general, there is very little coarse gold (‘nugget’) effect in
the sampled population expect for one sample (+331%). Metallic
assays are reported in this release, where available.
About Solstice
Solstice is a gold-focussed exploration company
engaged in the exploration of its 886 km2 (100%) district scale KGP
and certain other rights covering an adjacent 683 km2, all with no
underlying option or earn in payments. KGP is located in Nunavut,
Canada only 26 km from Rankin Inlet and approximately 7 km from the
Meliadine gold deposits owned by Agnico Eagle Mines Ltd. Solstice
has 99.5 million shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold and the KGP please see our Corporate
Presentation available at www.solsticegold.com.
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 release.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified
Person as defined by NI 43-101 standards responsible for reviewing
and approving the technical content of this news release.
On Behalf of Solstice Gold
Corp.
David Adamson, PhDChairman
For further information please visit our website
at www.solsticegold.com or contact:
Marty Tunney,
PEngPresidentinfo@solsticegold.com
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating but not limited to the
Company’s expectations, intentions, plans and beliefs. FLS can
often be identified by forward-looking words such as “approximate
or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”,
“expects”, “potential”, “scheduled”, “may” and “will” or similar
words suggesting future outcomes or other expectations, beliefs,
plans, objectives, assumptions, intentions or statements about
future events or performance. FLS in this news release also
include, but are not limited to, the extent and timing of described
programs and ground work, such as rock sampling, drilling,
geophysics, mapping, till sampling and analysis. Geological
interpretations are FLS and are subject to change based on
additional data and/or further analysis. FLS in this news release
include comparison with certain geological features at an adjacent
development property. There can be no guarantee that continued
exploration at the KGP, which is at an early stage of exploration,
will lead to the discovery of an economic gold deposit. Factors
that could cause actual results to differ materially from any FLS
include, but are not limited to, the future impacts of the COVID 19
pandemic and government response to such pandemic, the ability of
the Company to continue exploration at its project in lieu of the
pandemic and the risk of future lack of access to the project as a
result thereof, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, inability
to locate source rocks, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, regulatory approvals and other factors. While the Company
believes the boulders are sourced locally for the reasons outlined
in this news release, there can be no certainty that their source
is local, or that it will be located on Solstice claims. FLS are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from expected results.
Potential shareholders and prospective investors
should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the
FLS. Shareholders are cautioned not to place undue reliance on FLS.
By their nature FLS involve numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
various future events will not occur. Solstice undertakes no
obligation to update publicly or otherwise revise any FLS whether
as a result of new information, future events or other such factors
which affect this information, except as required by law.
This news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or mine.
Readers are cautioned that the Company has no interest in or right
to acquire any interest in any such properties, and that mineral
deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s properties. Past performance is
no guarantee of future performance and all investors are urged to
consult their investment professionals before making an investment
decision.
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