Highlights:
- Fully-funded and permitted winter 2022 exploration drilling
campaign has commenced, with plans for an initial 11,000 metres of
drilling to test multiple targets at the Rice Lake and Apex
(Snow Lake) Gold Properties in
Manitoba
- A seasoned mid-tier Canadian gold producer recently acquired
an 8.9% interest in the Company after completing significant due
diligence over the last summer
- 1911 Gold has a cash balance of $9.9
million (as of December 31,
2021)
- On the Rice Lake Property, infill and step-out drillholes at
the Tinney and Bidou projects will test for continuity and plunge
extensions of high-grade gold intercepts from the Company's
previous drilling programs
- First-pass drilling will be completed on multiple new
targets at the Bidou, Tinney and Wallace projects to follow up on
high-grade gold in grab and channel samples
- At the Apex Property, the Company will complete first-pass
drilling of new targets generated by fieldwork and high-resolution
geophysical surveys, which indicate potential for both bulk-tonnage
and narrow-vein high-grade gold
- The Company is actively planning for a robust field
exploration program in 2022 to continue generating compelling new
targets for exploration drilling
TORONTO, Jan. 6, 2022 /CNW/ - 1911
Gold Corporation ("1911 Gold" or the
"Company") (TSXV: AUMB) (OTCQX: AUMBF) is pleased to
announce the start of the 2022 exploration program on its
high-grade gold properties in Manitoba, including the 100% owned Rice Lake
and Apex (Snow Lake) Gold
Properties.
With the successful closing of the $8
million brokered private placement of flow-through shares
(see Press Release dated December 30,
2021), the Company has the financial resources to
complete an aggressive exploration program on the Rice Lake and
Apex (Snow Lake) properties.
For Q1 2022, the Company has laid-out an initial 11,000 metres
of exploration drilling, including follow-up drilling of priority
high-grade targets from its Phase I and Phase II programs, and
first-pass drilling of several new targets generated by the
Company's field exploration programs.
Ron Clayton, President and CEO,
commented, "Our fully-funded exploration program is focused on
advancing our key project areas, Tinney and Bidou, to identify
resource potential, while also continuing to test new targets
generated at the Tinney, Bidou, Wallace and Apex projects. We are
very encouraged by the significant position taken in the Company by
a mid-tier gold producer with an experienced exploration team that
clearly shares our belief in the potential for significant
discovery at Rice Lake. We look forward to a beneficial working
relationship as we work towards identifying significant new
resources at our Rice Lake property."
The 2022 exploration drilling program will commence in the
coming days with land-based drilling of high-grade targets at the
Tinney project on the Rice Lake property, followed by ice-based
drilling beginning in early February at the Rice Lake and Apex
(Snow Lake) properties.
Helicopter-supported drilling is also scheduled to commence in
early March at the Wallace project within the Rice Lake property.
With work permits in-hand for all proposed exploration drilling,
the Company has been preparing drill trails and pads for land- and
ice-based drilling programs at the Rice Lake and Apex properties
since mid-December.
The Company is pleased to announce that, following a competitive
tendering process, it has once again partnered with Major Drilling ("Major") for the 2022
exploration drilling program. With its Canadian Operations Head
Office in Winnipeg, Major offers
the Company significant flexibility to up-scale drilling programs
as results warrant. Major is currently mobilizing crews and
equipment to the Tinney project.
Line cutting is complete at the Currie's Landing project on the
Rice Lake property and crews from Abitibi Geophysics ("Abitibi")
are mobilizing to site to complete a 24-line-kilometre
induced-polarization (IP) survey over large-scale structural
targets at Currie's Landing, using Abitibi's deep-penetrating
OreVision® IP system to identify the most prospective structures
for drill testing, within an area with very little bedrock exposure
and no record of previous exploration drilling.
The Company also acknowledges the support received by the
Government of Manitoba via a
$300,000 grant from the Manitoba
Mineral Development Fund (MMDF), which provided partial funding for
the 2021 field exploration program and was instrumental in
advancing several new exploration targets to drill-stage (see
Press Release dated September 1,
2021).
Rice Lake Gold Property
The Rice Lake Gold Property is located on the Archean Rice Lake
greenstone belt, which is the western extension of the prolific
Red Lake belt in adjacent
Ontario, and is situated along the
same fundamental crustal-scale structure (ancient plate-margin)
that accounts for the exceptional gold endowment of this district.
The Company's consolidated land position, now totaling over 58,000
hectares after recent strategic acquisitions, covers a
70-kilometre-long section of a crustal-scale 'break'—referred to as
the Wanipigow Fault—that represents a principal control on orogenic
gold in the Rice Lake–Red Lake district.
Following up on high-grade intercepts from its previous
exploration drilling programs, the Company plans to conduct
follow-up drilling of several targets in the Tinney and Bidou
project areas, focusing on major structures with potential to host
significant high-grade gold mineralization. This work will include
infill and step-out drilling of the Edna-Otter and Bidou South
targets, which have both yielded strong intercepts in previous
drilling, including 8.1 g/t Au over 5.7 metres (EO-21-005) at the
Edna-Otter target and 6.0 g/t Au over 3.3 metres (BL-20-005) from
the Bidou South target.
Step-out drilling will also be completed at the Cougar and Bidou
Shear targets, in order to test for extensions of gold
mineralization along the principal structures in both locations.
Additionally, the Company will conduct first-pass drilling of five
new targets at the Bidou and Tinney projects, to test large-scale
structures that returned high-grade gold values from the Company's
grab and channel sampling program (see Press Release dated
September 9, 2021).
At the Wallace project, five new targets have been advanced to
drill stage through fieldwork and high-resolution UAV magnetic
surveys (EarthEx Geophysical Solutions Inc.) in 2020 and 2021. Each
of these targets are associated with large-scale structures that
cut across the hinge of a regional-scale fold structure, and
locally contain high-grade gold mineralization on surface. Only one
of these targets has any record of historical drilling, which
consisted of shallow, close-spaced drillholes over one small
section of a kilometre-scale and poorly-exposed structure. This
drilling will be helicopter-supported and is planned for early
March, once increased daylight hours allow for maximum efficiency
of drill moves and crew changes.
At the Curries Landing project, the Company has contracted
Abitibi Geophysics to complete a deep-penetrating IP survey
(OreVision® system) over a 24 line-kilometre grid covering a
regional-scale unexposed fold structure of a major geological
contact, immediately adjacent to the Wanipigow fault – a geological
setting analogous to many world-class orogenic gold districts. The
survey results are anticipated in late February and will inform
drill targeting within this very large-scale prospective target,
which has not previously been drill-tested.
Apex (Snow Lake) Gold
Property
The Apex Gold Property, totalling 2,200 hectares, is located in
the Paleoproterozoic Flin Flon – Snow
Lake greenstone belt, which is one of the most productive
belts of that age worldwide, hosting numerous world-class base
metal deposits as well as the 1.5-million-ounce New Britannia gold
deposit, located at Snow Lake, 14
kilometres northwest of the Apex Property. Significant gold
deposits and occurrences in the district are spatially associated
with the structurally complex northern margin of the belt; the
Company's Apex Property is situated between two crustal-scale
faults cutting this margin, representing a highly favourable
structural setting. Grab sampling by the Company has returned
numerous high-grade gold values, with over 50% of the samples
collected to date yielding values greater than 1 g/t gold and close
to 20% of samples yielding high-grade (>5 g/t) gold values
(see Press Release dated October 6,
2021).
The surface sampling results, coupled with a deep-penetrating IP
geophysical survey (Abitibi Geophysics' OreVision® system),
indicate a number of compelling drill targets, and the company
plans to test five of the highest-priority targets with first-pass
drilling beginning in February 2022,
once sufficient ice thickness is achieved on the ice-road across
Wekusko Lake, presently under construction.
Qualified Person Statement
Technical information in this news release has been reviewed and
approved by Dr. Scott Anderson,
Ph.D., P.Geo., the Company's Vice President, Exploration, and
Qualified Person as defined by Canadian National Instrument 43-101
– Standards of Disclosure for Mineral Projects.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 58,000 hectares
within and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba, where it is reprocessing historic tailings on a
seasonal basis. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Tully and Denton-Keefer projects near
Timmins, Ontario, and intends to
focus on both organic growth opportunities and accretive
acquisition opportunities in North
America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Ron Clayton
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements about exploration plans and the
timing and results thereof, are forward-looking statements.
Although 1911 Gold has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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.
SOURCE 1911 Gold Corporation