Highlights:
- Fully-funded and permitted 2022 exploration drilling
campaign is progressing as planned and on-pace to complete an
initial 12,000 metres of drilling, testing multiple targets at the
Rice Lake and Apex (Snow Lake)
Gold Properties in Manitoba
- Eight drillholes, totalling 2,259 metres, have been
completed at the Tinney Project (Edna-Otter-Cougar targets),
including the deepest drillhole to date, EO-22-026, at 533
metres
- Drillhole EO-22-026 intersected the targeted felsic porphyry
intrusion over a 145-metre drillcore length (from 334.4 to 479.3
metres downhole), including over 60 metres of alteration and
sheeted veins within the porphyry; assay results are
pending
- Ice-road building is complete at the Bidou Project, and a
second drill has been mobilized to the Rice Lake Property to begin
testing down-plunge at the priority Bidou South target
- Drilling also commenced at the Apex Property with one drill
rig, to test new structural and geophysical targets on the flank of
the crustal-scale Crowduck Bay fault
- At the Wallace Project, drilling is planned to commence in
early March to test multiple structural targets in the hinge of a
regional-scale fold
TORONTO, Feb. 10, 2022 /CNW/ - 1911
Gold Corporation ("1911 Gold" or the
"Company") (TSX-V: AUMB) (OTCQX: AUMBF) is pleased to
provide an update on the ongoing 2022 exploration drilling
campaign at its 100% owned Rice Lake and Apex (Snow Lake) Gold Properties in Manitoba.
For Q1 2022, the Company has now laid-out 12,000 metres of
exploration drilling, to follow up on priority high-grade
intercepts from its Phase I and Phase II drilling programs at the
Tinney and Bidou projects, and to test several new targets
generated by the Company's exploration programs at both the Rice
Lake and Apex properties. The company anticipates this initial
phase of drilling will be completed by late April 2022.
"Drilling at Tinney and Bidou has clearly identified potential
for gold systems of similar scale to the True North deposit at
Bissett, which attracted the
interest of our significant new strategic investor. We are very
excited to continue testing these systems, using our advanced 3D
geological models to evaluate their potential", stated Scott Anderson, Vice President, Exploration. "In
addition, our systematic exploration program continues to generate
compelling new targets at both the Rice Lake and Apex properties,
most of which have no record of previous drilling, and we look
forward to seeing the first drillcore and assay results from
several of these kilometre-scale structural and geophysical targets
in the coming months".
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—an ancient
plate-margin—that produced the exceptional gold endowment of this
district. The Company's consolidated land position, 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 is drilling several
targets in the Tinney and Bidou project areas, focusing on
significant structures that have demonstrated potential to host
high-grade gold.
Initial drilling at Tinney will include approximately 2,200
metres to follow-up on previous results at the Edna-Otter and
Cougar targets, and approximately 1,300 metres to test several new
targets proximal to the Gunnar porphyry intrusion (Figure
1). Likewise, at Bidou, initial drilling is planned to include
2,100 metres of follow-up drilling at the Bidou South and Bidou
Shear targets (Figure 2), as well as 1,400 metres to test
two new targets in the northern part of the project area, both of
which are associated with historical workings, with no record of
previous drilling.
At the Wallace Project, the Company plans to complete
approximately 2,500 metres of helicopter-supported, first-pass
drilling to test five different structures that are favourably
situated in the hinge of a regional-scale fold and returned
high-grade gold values from the Company's sampling programs.
In addition, an induced-polarization (IP) survey (Abitibi
Geophysics' OreVision® system) has been completed over a 24
line-kilometre grid at the Currie's Landing Project, in the far
western portion of the Rice Lake Property. The grid was centred on
a large-scale, untested, structural target defined by
high-resolution magnetic survey data. The Company anticipates
generating a number of compelling drill targets at Currie's Landing
based detailed 3D inversion and interpretation of the magnetic and
IP datasets, with a maiden drill program anticipated for H2
2022.
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 prolific
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 14 kilometres to the northwest at Snow Lake. Significant gold deposits and
occurrences in the district are spatially associated with the
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, which is also
currently being explored for gold by an affiliate of Kinross Gold
Corporation, on the opposite (south) side of the crustal-scale
Crowduck Bay fault.
On the basis of new geological mapping, surface sampling and a
deep-penetrating IP survey (Abitibi Geophysics' OreVision® system),
the Company has identified six priority drill targets at Apex
(Figure 3); approximately 2,500 metres of drilling is
planned to test these targets in the coming weeks.
Outlook
With drilling programs now ongoing in three projects areas, and
a fourth program to be added in early March, the Company
anticipates strong news flow in H1 2022, leading into the 2022
field exploration program, which is being designed to further
advance several projects within the district-scale Rice Lake
Property, as well as the Apex Property.
The Company is continuing to manage off-site issues related to
weather and COVID-19 which have already caused delays in sample
shipments from the first six drillholes to the assay lab in
Ontario. The Company has also
received reports of increased lab turnaround times due to staff
depletions. The Company is evaluating options to work around the
shipping delays and every effort will be made to obtain and report
assay results as rapidly as possible.
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 reprocesses 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.
The Company 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).
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