Gold'n Futures
TO ACQUIRE SIGNFICANT
gold & silver
property
in
the
RENOWNED buchans-roberts arm
volcanic
belt,
central newfoundland
VANCOUVER, BC, Canada -- June
1, 2021 -- InvestorsHub NewsWire -- Gold'n
Futures
Mineral
Corp.
(CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company" or "Gold'n Futures")
is pleased to report it has signed a letter of intent ("LOI") to acquire up
to 75% of
the Handcamp Gold & Silver Property located in the
Buchans-Roberts
Arm Volcanic Belt, Central Newfoundland
(the "Handcamp
Property").
"We are most pleased with the
opportunity to acquire such an excellent district scale
project –
excellent in its geological and
geophysical attributes but also in its significant size,' commented
Stephen Wilkinson, President and CEO. "The Handcamp Property contains many
mineral
occurrences hosting gold and silver
plus
polymetallic volcanogenic sulphide
zones. All of the main occurrences
are only partially delineated and remain open for the Gold'n
Future's teams to
advance."
Highlights
of the Handcamp Property:
-
District-sized
mineral project encompassing
16,375
hectares
("ha"),
-
Comprising
the
initial 355 mining
claims to which 300
claims were added
through staking for a
contiguous land holding over 32 kilometres of the volcanic
belt,
-
Surface
grab samples taken in 1989 with gold values ranging up to
74 grams per
tonne gold ("g/t
Au")
and silver
values up to 587 grams per
tonne silver ("g/t
Ag")
-
Surface
grab samples taken in 2011 with gold values up to 82 g/t Au, 94 g/t
Au, and 158 g/t Au,
-
Gold
zone diamond
drill intersections of 6.3 g/t Au and 111.6 g/t Ag over 1.9
metres ("m"),
including 10.8 g/t Au and 222.4 g/t Ag over 0.9 m within a wider
interval grading 3.1 g/t Au and 42.6 g/t Ag over 5.9 m;
and,
-
Base
metal/sulphide
zone
drill
intersections with assays
of up to 2.35% Zn, 1.61% Pb, 0.06% Cu, 13.37
g/t Ag and
2.18 g/t Au over 1.5m.
The Handcamp Property
The Handcamp Property is
located in central Newfoundland, 13km south of the town of South
Brook and approximately 1km east of the Trans-Canada Highway
(Figure
One). The Handcamp Property covers
much of the northern part of
the central Buchans?Roberts Arm
belt that
is well known as the host of several past producing
mining
operations
including
the famous and
rich Buchans polymetallic mine located
approximately 80 km south west of the Handcamp
Property. From 1928 until its
closure in
1984 the
Buchans mine is reported to have produced
16.2 million tonnes with average grades of 14.51% zinc, 7.65% lead,
1.33% copper, 126 g/t Ag, and 1.37
g/t
Au.
Also in the central
Buchans-Roberts Arm belt and approximately 2km south of the
Handcamp Property boundary, the Gullbridge deposit was
discovered in 1905 along the western shore of Great
Gull Lake. The Gullbridge deposit went
into production in 1967 and operations ceased in
1972. Three
million
tonnes averaging
1.1% copper had been produced. Zinc, gold and silver were reportedly
present in
the sulphide
mineralization but were not
recovered.
Figure One –
Location of the Handcamp Gold & Silver Property and also the
Company's Brady Gold Property. Map
is
adapted
from a Newfoundland government pamphlet entitled: GOLD and dated
February 2021.
The major occurrence at the
Handcamp
Property
is a rusty
weathering, structurally bound, linear
altered and gossan
zone
up to 50m
wide, mapped for 1.2km along strike
and drilled to
a vertical depth of up to
190m. The mineralization is hosted within mafic
volcanic rocks and associated iron
formation. The zone dips steeply to the
west. Reportedly,
the bulk of the
mineralized zone is the
intensely
altered to quartz?muscovite (±
fuchsite) ?pyrite?magnetite.
Mineralization
consists of pyrite, chalcopyrite, sphalerite, minor galena and
gold.
Terms of
the Acquisition
Gold'n Futures will have the
exclusive right and option to acquire a 75% interest in the
Property within the 3-year period by issuing shares to the
optionor subject to regulatory approval as
follows:
-
500,000 Payment
Shares upon execution of the Definitive Agreement;
-
500,000 Payment
Shares upon the first anniversary of the execution of the
Definitive Agreement;
-
1,500,000 Payment
Shares upon the second anniversary of the execution of the
Definitive Agreement;
-
2,500,000 Payment
Shares upon the third anniversary of the execution of the
Definitive Agreement.
The Company has also agreed
to participate in a private
placement financing of the
optionor,
anticipated to close on June 30, 2021 (the
"Offering"). Gold'n Futures
shall purchase
600,000 shares of optionor at a price of $0.25 per
share. The total gross proceeds of the Offering will be no
less than $500,000.
Qualified
Person
The scientific and technical
content of this press release has been prepared, reviewed and
approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person
under NI 43-101 regulations and is a director of the Company.
About
Gold'n Futures Mineral Corp.
Gold'n Futures Mineral Corp.
(CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration
company advancing its flagship Hercules Gold Project. The Hercules
Gold
Project is
a well-known high-grade gold project, located 120
kilometres northeast of Thunder Bay, Ont., in the townships of
Elmhirst and Rickaby, within the
Thunder Bay North Mining District in the heart of the Beardmore –
Geraldton gold mining camp. The Hercules Gold Project
lies within an
Archean greenstone belt that extends from the Longlac area in the
east to Lake Nipigon in the west, a distance of about 130
kilometres. It comprises 475 contiguous claim cells (10,052
ha) of
which 95% of the property is effectively
unexplored. To date, the work
completed on the Hercules Gold Project
forms an
extensive database including reconnaissance grab samples; channel
samples; a variety of geophysical surveys; and, historical drilling
totalling in the order of 537 holes – all of which is being
remodeled for planning of the 2021 exploration
program. The historical
resource estimate (see Cautionary Note) for the Hercules
Gold
Project was completed in 2010
and comprised an uncapped
Indicated Resource of
231,800
tonnes containing 111,450 ounces of
gold and an uncapped Inferred Resource of
761,300
tonnes containing 101,050 ounces of
gold.
Gold'n Futures' other
advanced
gold asset is the
Brady Gold Property that consists of an advanced project within a
950 ha claim group in the highly prospective Gander Zone of the
central region of Newfoundland. The Brady's Reid Gold Zone is
an intrusion-hosted deposit that is only partially drill-tested and
remains open on strike and at depth. The historical
resource estimated for Reid Gold Zone in 2011 produced an
Inferred Resource
of 9,750,000 tonnes hosting 173,000 ounces of gold (see the Cautionary
Note).
For more information, please
visit our website at: www.goldnfuturesmineralcorp.com.
For further
information
Stephen Wilkinson,
President and CEO
Email: contact@goldnfutures.com
The
Canadian Securities Exchange accepts no responsibility for the
adequacy or accuracy of this release.
This news
release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results.
Such statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially
from those
reflected in the forward-looking statements. There is no assurance
the private placement, property option, change of board or
reinstatement of trading referred to above will close on the terms
as stated, or at all. The Company disclaims any intention or
obligation to revise or update such statements.
Cautionary Note: The Company refers to the historical resource
estimates associated with the Hercules Gold Project,
the
Brady Gold Property
and the Handcamp Property (the "Historical
Estimates").
The
Historical
Estimates
are based on prior data and reports obtained and prepared by
previous operators, and information provided by governmental
authorities. A Qualified Person has not done sufficient work to
verify the classification of the mineral resource estimates in
accordance with current CIM categories. The Company is not treating
the historical estimate as a current NI 43-101-compliant mineral
resource estimate. Accordingly, this historical estimate should not
be relied upon. Establishing a current mineral resource estimate on
the Hercules
Gold
Project ,
the
Brady
Gold Property and the Handcamp Property
will require further evaluation, which the Company and its
consultants intend to complete in due course.