TORONTO, July 6, 2022
/CNW/ - 1911 Gold Corporation ("1911
Gold" or the "Company") (TSXV: AUMB) (OTCQX: AUMBF)
is pleased to report assay results from exploration drilling at the
100%-owned Apex Property located near Snow Lake, Manitoba (Figure 1).
Highlights:
- First-pass drilling at Apex intersected high-grade gold
mineralization at two targets, including 9.7 g/t gold over 0.45
meters and 15.3 g/t gold over 0.65 metres, the latter within a
broader zone grading 0.9 g/t gold over 20.7 metres
- The Company completed 1,642 metres of drilling in six
drillholes at Apex, to test high-grade shear-hosted quartz veins in
two locations, as well as three large-scale IP geophysical
anomalies associated with gold occurrences or major geological
contacts
- Fieldwork in 2022 will further advance the gold potential at
Apex and will evaluate a large linear magnetic and topographic-low
feature for lithium pegmatite, which is the focus of exploration on
adjacent properties with known lithium resources, associated with
similar features
The Company completed six drillholes, totaling 1,642 metres, in
its maiden drilling program at Apex in Q1 2022. The program was
designed to test high-grade quartz vein systems exposed on surface,
as well as several strong, large-scale, geophysical anomalies
revealed by an induced-polarization (IP) survey in 2021, utilizing
Abitibi Geophysics' OreVision® IP system (Figure 2).
The Apex property, located 15 kilometres southeast of
Snow Lake, Manitoba, has strong
potential for both narrow-vein and bulk tonnage gold, as well as
lithium pegmatite deposits.
2022 Exploration
Drilling
Four drillholes from the 2022 program were designed to test gold
showings identified from historical work and the Company's recent
mapping and prospecting programs, the latter yielding several
high-grade assays, including 132.6 g/t gold, 69.1 g/t gold and 36.2
g/t gold from grab samples.
Three drillholes, totalling 604 metres, targeted the historical
KK showing, located in strongly sheared and altered sedimentary
rocks at the contact of a large granitic intrusion referred to as
the Rex Lake pluton. Gold mineralization at KK is associated with
intense biotite and sericite alteration with disseminated to
fracture-controlled arsenopyrite and pyrite, and minor quartz
veins. Highlights from historical shallow drilling at KK include
27.4 g/t gold over 2.1 metres, 24.7 g/t gold over 1.5 metres and
9.3 g/t gold over 1.6 metres, all within 50 metres of surface. The
new drillholes tested the zone over a strike of 150 metres,
targeting the down-dip extents of high-grade veins and
intersections of faults that splay off the main structure.
All three drillholes at KK intersected moderate to strong,
pervasive to fracture-controlled biotite and sericite alteration in
the sedimentary rocks, associated with diffuse haloes containing up
to 20% disseminated arsenopyrite and pyrite. Drillhole KK-22-003
yielded the most significant assay, returning 4.3 g/t gold over 1.2
metres, including 9.7 g/t gold over 0.45 metres (Table 1).
The western-most drillhole (KK-22-001) intersected a thick zone of
intense biotite alteration and heavily disseminated arsenopyrite
that yielded strongly anomalous gold (0.2 g/t gold over 5.6
metres), indicating the zone remains open to the west.
Drillhole RX-22-002 (449 metres) targeted a number of surface
showings associated with quartz vein systems in the Rex Lake
pluton. This drillhole also tested an underlying strong
chargeability anomaly revealed by the IP geophysical survey,
suggesting the presence of sulphide mineralization at depth. From
95.45 to 163.0 metres, this drillhole intersected strongly sheared
and fractured granodiorite containing moderate to strong biotite
alteration, up to 50% quartz veinlets (with local visible gold),
and up to 10% disseminated arsenopyrite-pyrite. A shear-hosted vein
containing visible gold within this interval returned 15.3 g/t gold
over 0.65 metres, within a broader interval of 0.9 g/t gold over
20.7 metres, thus demonstrating potential for both narrow-vein and
bulk tonnage gold mineralization in the Rex Lake pluton. This
significant zone of mineralization remains open in all directions
(Figure 2).
Two additional drillholes, totalling 589 metres, targeted
large-scale chargeability anomalies in areas of little to no
bedrock exposure, but failed to yield significant assay results
despite localized zones of mineralization and alteration similar to
that observed at the KK zone and in drillhole RX-22-002. Several
large-scale IP geophysical anomalies both within and external to
the Rex Lake pluton remain to be tested.
Table 1: Assay results from 2022 exploration drilling at the
Apex property.
Target
|
Hole
ID(1)
|
Easting
|
Northing
|
Length
|
Azimuth
|
Incl.
|
From
|
To
|
Length(2)
|
Grade(3)
|
|
|
(NAD83; UTM
Z14N)
|
(m)
|
|
|
(m)
|
(m)
|
(m)
|
(g/t Au)
|
KK zone
|
KK-22-001
|
449245
|
6073203
|
155
|
350
|
-50
|
32.95
|
34.00
|
1.05
|
1.01
|
|
|
|
|
|
|
Inc.
|
32.95
|
33.55
|
0.60
|
1.57
|
|
|
|
|
|
|
|
127.40
|
128.00
|
0.60
|
0.51
|
|
KK-22-002
|
449379
|
6073250
|
251
|
305
|
-45
|
|
|
|
NSV
|
|
KK-22-003
|
449312
|
6073219
|
198
|
330
|
-45
|
137.10
|
138.25
|
1.15
|
4.27
|
|
|
|
|
|
|
Inc.
|
137.80
|
138.25
|
0.45
|
9.68
|
Rex pluton
|
RX-22-001
|
447537
|
6075727
|
317
|
150
|
-60
|
|
|
|
NSV
|
(IP targets)
|
RX-22-002
|
448000
|
6074705
|
449
|
130
|
-60
|
74.00
|
74.60
|
0.60
|
0.59
|
|
|
|
|
|
|
|
95.45
|
116.15
|
20.70
|
0.88
|
|
|
|
|
|
|
Inc.
|
95.45
|
96.15
|
0.70
|
1.95
|
|
|
|
|
|
|
|
98.60
|
99.25
|
0.65
|
0.92
|
|
|
|
|
|
|
|
100.80
|
101.45
|
0.65
|
15.30
|
|
|
|
|
|
|
|
106.70
|
107.30
|
0.60
|
0.75
|
|
|
|
|
|
|
|
111.20
|
111.70
|
0.50
|
1.08
|
|
|
|
|
|
|
|
112.70
|
113.30
|
0.60
|
0.55
|
|
|
|
|
|
|
|
113.85
|
114.60
|
0.75
|
0.69
|
|
|
|
|
|
|
|
115.10
|
116.15
|
1.05
|
2.14
|
|
|
|
|
|
|
|
136.45
|
137.00
|
0.55
|
1.70
|
|
RX-22-004
|
447344
|
6074378
|
272
|
080
|
-51
|
|
|
|
NSV
|
(1)
Numbering reflects order in which drillholes were planned, rather
than sequence of drilling
|
(2) Represents drillcore length; true
widths are presently unknown
|
(3)
Weighted-average composites; NSV, no significant values
|
2022 Field Exploration
Program
The 2022 exploration program will include additional mapping,
prospecting and surficial geochemistry to evaluate the gold
potential of the Rex Lake pluton and its sedimentary host rocks,
particularly in the vicinity of drillhole RX-22-002 to further
evaluate the controls on mineralization and potential strike
extensions.
Fieldwork in 2022 will also focus on evaluating a large-scale
magnetic low feature in the southeast portion of the Apex property.
This northwest-trending feature (Figure 2) extends for at
least 1,200 metres on the Apex property and roughly coincides with
a pronounced topographic low, with minimal bedrock exposure.
Similar magnetic lows are currently the focus of intensive
exploration on adjacent properties, where they have been found to
coincide with lithium pegmatite dikes. These dikes are part of the
larger Wekusko Lake pegmatite field, within which pegmatites tend
to define clusters of northwest or northeast-trending, subvertical
dikes. Fieldwork in 2022 will include mapping, prospecting, and
surficial or whole-rock geochemistry to evaluate this very
large-scale magnetic low for its lithium pegmatite potential.
QA-QC Protocols
Sample handling, preparation and analysis are monitored through
the implementation of formal chain-of-custody procedures and
quality assurance-quality control (QA-QC) programs designed to
follow industry best practices. Drillcore is logged and sampled in
a secure facility located in Bissett,
Manitoba. Drillcore samples for gold assay are cut in half
using a diamond saw and are submitted to Activation Laboratories
Ltd. (Actlabs) in Ancaster,
Ontario, for preparation by crushing to 80% passing 2
millimetres, riffle splitting to obtain 250-gram aliquots, and
pulverizing to 95% passing 106 microns. Pulps are analyzed by a
30-gram fire assay and AAS finish. For assays above 5 g/t Au, a cut
of the original pulp is re-assayed with a gravimetric finish.
Samples with visible gold are analyzed by metallic screen assay. In
addition to Actlabs' in-house QA-QC protocols, 1911 Gold inserts
certified standards, non-certified blanks and field duplicates into
the sample stream at regular intervals, such that QA-QC accounts
for 10% of the total samples submitted. Results are routinely
evaluated for accuracy, precision and contamination.
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.
Update From the Annual and Special
Meeting of Shareholders
At the Company's annual and special meeting of shareholders held
on June 28, 2022 ("Meeting"),
the shareholders of the Company approved a resolution confirming
the implementation of a new restricted share unit plan (the
"Plan"). Under the terms of the Plan, the Company has
reserved 1,500,000 shares for issuance to officers, directors,
employees and bona fide consultants, subject to certain vesting
conditions as more particularly described in the Plan and the
Management Information Circular furnished in connection with the
Meeting.
About the Apex Property
The 100%-owned Apex property consists of 12 mining claims,
totalling 2,200 hectares, located 15 kilometres southeast of
Snow Lake in north-central
Manitoba. The property lies in the
Flin Flon greenstone belt, one of
the most prolific mining districts in the world, with world-class
gold-rich VMS and orogenic gold deposits. Situated in a
fault-block, bound on both sides by crustal-scale faults, the
property lies in a highly favourable structural setting immediately
north of the Laguna property, currently being explored by an
affiliate of Kinross Gold Corp. The property is underlain by
sedimentary rocks of the Burntwood assemblage, intruded by the Rex
Lake pluton, comprised of tonalite, granodiorite, granite and
quartz gabbro. Several significant historical gold occurrences on
the property fall into two distinct styles: 1) broad, diffuse zones
of lower-grade gold associated with arsenopyrite and scheelite in
strongly fractured and altered granodiorite; 2) narrow zones of
higher-grade gold associated with shear veins and pervasive
sericite or biotite alteration, within the granodiorite and its
host rocks. Thus, the property has potential for both
high-grade narrow vein and bulk-tonnage gold deposits; it also lies
adjacent to the Wekusko Lake pegmatite field, including several
resource-stage lithium pegmatite 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 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.
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
SOURCE 1911 Gold Corporation