Highlights:
- First phase of 2022 drilling, totalling 9,202 metres in 35
drillholes, completed in April with all samples delivered for
analysis and results expected over the next 6–8 weeks
- Fully funded and permitted 2022 field exploration program
commencing in May, with intensive fieldwork planned across multiple
projects on the Rice Lake property
- Planning, targeting and permitting has been initiated for a
fully-funded second phase of 2022 drilling, planned to include
approximately 10,000 metres across multiple projects
TORONTO, May 24, 2022
/CNW/ - 1911 Gold Corporation ("1911
Gold" or the "Company") (TSX-V: AUMB) (OTCQX:
AUMBF) is pleased to announce that it has completed its first phase
of 2022 exploration drilling, testing multiple high-grade gold
targets at the 100%-owned Rice Lake and Apex (Snow Lake) Gold Properties in Manitoba, and will initiate the 2022 field
exploration program in the coming weeks.
2022 Exploration Drilling
Program
In Q1-Q2 2022, the Company completed 9,202 metres of exploration
drilling in 35 drillholes, testing 18 targets across four project
areas on its Rice Lake and Apex properties in Manitoba.
Drilling included follow-up on priority intercepts from the
Company's previous drilling at the Tinney and Bidou projects,
utilizing detailed 3D structural models to selectively target
favourable structural-stratigraphic traps with potential for
significant high-grade orebodies.
In addition, maiden exploration drilling was completed on
several new targets at Tinney and Bidou, and at the Wallace project
where the Company tested five targets in rocks equivalent to the
prolific Balmer assemblage in the adjacent Red Lake district. These 'Red Lake-style'
targets occur in a regional-scale fold hinge adjacent to the
Wanipigow fault, comparable to the large-scale folds and faults
that localize gold mineralization in the Red Lake district, most notably at the
Red Lake mine and at the Dixie
project.
At the Apex property near Snow Lake,
Manitoba, drilling focused on previously-untested
large-scale chargeability anomalies identified by the Company's
induced-polarization (IP) geophysical survey in 2021. Three
separate IP targets were tested, as well as a quartz-sulphide vein
system that had previously been tested by only shallow close-spaced
historical drilling.
"The Company is pleased to have drill-tested all but one of its
planned targets in Q1-Q2 2022, and is strongly encouraged by the
structures, alteration and quartz vein systems observed in
drillcore. With all samples now at the assay laboratory, we look
forward to releasing new drilling data as final results are
received for each project, while also commencing our 2022 field
exploration program intended to advance existing projects and to
initiate fieldwork at several new projects with excellent potential
for large-scale gold systems", stated Scott
Anderson, Vice President, Exploration.
2022 Field Exploration
Program
Exploration in 2022 will involve mapping, sampling and surficial
geochemistry to further advance the Tinney, Bidou and Wallace
projects (Figure 1), where exploration continues to reveal
evidence of gold systems with significant scale potential.
Following reconnaissance and compilation work in 2021, fieldwork
will also commence in three new areas along the crustal-scale
Wanipigow fault, including the Palomar, Gold Creek and Whales
projects. At the latter project, 2022 fieldwork will include a very
high-resolution airborne magnetic survey to infill a gap in the
regional dataset and to upgrade existing lower-resolution data.
Drill targeting is also ongoing for the Curries Landing project
in the western portion of the Rice Lake property – an area with
sparse bedrock exposure and no record of previous drilling. This
project is centred on a regional-scale fold of a major geological
contact adjacent to the crustal-scale Wanipigow fault. Targeting is
utilizing new data from the 24-line-kilometre IP survey (Abitibi
Geophysics' OreVision® system) completed in January, coupled with
the high-resolution UAV magnetic data previously acquired by the
Company, to identify large-scale structural targets within this
untested regional-scale fold.
In addition, at the Central
Manitoba project (site of the historical Central Manitoba mine, which produced
approximately 150,000 ounces of gold at an average grade of 11–12
g/t gold), underground workings and previous drilling are being
compiled, georeferenced and modeled, and augmented with new field
data, to constrain drill targeting below historical workings.
Despite extending in length over two kilometres at surface, the
vein systems at Central Manitoba
were only mined to a vertical depth of approximately 100 metres,
which is highly unusual for gold deposits in the Rice Lake and
Red Lake belts which typically
extend to depths at least as great as their surface footprint,
suggesting untested potential at Central
Manitoba.
In Q2 2022, the Company also plans to commence exploration on
its Denton-Keefer property located 30 km southwest of Timmins, Ontario, along the prolific
Porcupine-Destor fault. The
Company has contracts in place for the acquisition of new
high-resolution datasets for the property, including orthophoto,
LiDAR, magnetic and electromagnetic surveys. These datasets will
provide a strong foundation for exploration planning and drill
targeting at Denton-Keefer; additional details will be provided
once the surveys commence in late Q2 2022.
Rice Lake Gold Property
The 100%-owned Rice Lake Gold Property is located on the 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.
Apex (Snow Lake) Gold Property
The 100%-owned Apex Gold Property, totalling 2,200 hectares, is
located in the Flin Flon–Snow Lake greenstone belt, which is one of
the most prolific mineral belts worldwide and hosts the
1.5-million-ounce New Britannia gold deposit, located 14 kilometres
northwest of Apex. Gold deposits in the district are spatially
associated with the north margin of the belt; the Apex Property is
situated between two crustal-scale faults cutting this margin,
representing a highly favourable setting, also currently being
explored by Kinross Gold at their
adjacent Laguna property. In addition to gold, the Apex property is
prospective for lithium and lies adjacent to ground currently being
explored by Foremost Lithium and Snow Lake Lithium.
Denton-Keefer Gold
Property
The 100%-owned Denton-Keefer property, totalling 2,100 hectares,
is located 30 kilometres southwest of Timmins, Ontario, in the Timmins-Porcupine
Gold Camp of the Abitibi greenstone belt – one of the richest
goldfields in the world with over 70 million ounces of past gold
production from deposits arranged along the crustal-scale
Porcupine-Destor Fault (PDF). The property covers a 7.5-kilometre
section of the Abitibi greenstone belt, including a portion of the
PDF, and is thus situated in a highly-prospective setting,
geologically similar to the supergiant gold deposits in the
Timmins-Porcupine Gold Camp. Strategically positioned between Pan
American Silver's Timmins West mine
and GFG Resources' Pen Gold project, the property has significant
potential for both orogenic gold and gold-rich VMS deposits.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
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