TORONTO, Aug. 22,
2022 /CNW/ - 1911 Gold Corporation
("1911 Gold" or the "Company") (TSXV: AUMB)
(OTCQX: AUMBF) is pleased to announce that it has commenced
exploration drilling on its 100%-owned Rice Lake gold property in
Manitoba.
Highlights:
- Initial drilling will test priority targets at the
historical Central Manitoba Mine which produced approximately
160,000 ounces of gold at a grade of 12.6 g/t gold (1927–1937),
mostly from within 150 metres of surface
- Numerous near-mine drill targets, as well as potential deep
extensions, identified at Central
Manitoba in areas with no record of previous drilling, based
on new mapping and compiled unpublished historical data
- Follow-up drilling planned on high-grade vein systems
identified at the Wallace project,
as well as first pass drilling of high-grade surface showings at
the Palomar project
- Exploration programs are also ongoing at the Apex property
near Snow Lake, Manitoba, and at
the Denton-Keefer property west of Timmins, Ontario
For Q3-Q4 2022, the Company has laid out 5,000 metres of
exploration drilling at the Rice Lake property, including
first-pass drilling on new targets at the Central Manitoba and Palomar projects, and
follow-up drilling at the Wallace
project.
The Company has identified a number of compelling new drill
targets at the Central Manitoba
project based on a compilation of new mapping and unpublished
historical data. This work indicates several areas where potential
extensions of high-grade veins in workings and historical drill
intercepts remain untested, as well as newly recognized potential
for parallel vein systems at depth, in areas with no record of
previous drilling. The initial program is planned to include 12
drillholes for 1,700 metres of drilling, with operational and
permitting flexibility for immediate follow-up of encouraging
results.
"Following a thorough compilation of historical data that
resided outside the public domain for decades, Central Manitoba has been upgraded to a very
compelling exploration target", Dr. Scott
Anderson, Vice President, Exploration, commented. "This
historical mine was the second-largest producer in the Rice Lake
district, with among the highest head grades. The vein systems
extend for over 2.6 kilometres at surface but were only mined to
vertical depths of about 150 metres, which is highly unusual for
these types of deposits both locally and regionally. Traditionally
thought to be cut-out by faults at depth, new 3D models that
incorporate surface mapping and magnetic inversions indicate
significant potential at depth, including in areas where high-grade
intercepts from historical drilling remain 'open' in several
directions. The Company looks forward to testing its new model for
Central Manitoba and unlocking
unrecognized potential of this target".
At Palomar, the Company plans to test two parallel structures
that returned high-grade gold values from surface grab and channel
samples—the latter returning up to 10.6 g/t gold over 2.4 metres.
The structures range up to 5 meters in thickness, are spaced
approximately 20 metres apart and have been traced on surface more
than 125 metres along strike. The Palomar project was acquired by
the Company in 2021 to amalgamate its land position over the most
prospective parts of the Rice Lake belt into a single contiguous
block, now totalling over 58,000 hectares. The Palomar project area
is significantly underexplored, with no record of previous drilling
of the target structures; two drillholes are planned initially to
test these structures down-plunge from high-grade gold showings on
surface.
At Wallace, drilling earlier in
2022 tested five structures associated high-grade gold values in
grab and channel samples, located in the hinge of a regional-scale
fold. Drilling at the Crown-10 and Hi-Grade targets intersected
very thick, robust structures associated with strong alteration and
ultramafic/lamprophyric dikes, and locally containing high-grade
gold in quartz veins up to 4.5 metres thick (see Press Release
dated July 19, 2022). Follow-up
drilling at Wallace is planned to
test these structures down-dip and along strike from the previous
drill intercepts.
Update on Regional Exploration
Programs
The Company is continuing exploration programs on the Rice Lake
and Apex properties in Manitoba,
and is also advancing its 100%-owned Denton-Keefer property located
west of Timmins, Ontario. These
programs are funded by the proceeds of the $8 million brokered private placement of
flow-through shares completed in December, 2021 (see Press
Release dated December 30,
2021).
Field exploration is ongoing across multiple projects on the
Rice Lake property, with major exploration activities focussed on
the Central Manitoba, Tinney,
Wallace, Bidou and Palomar
projects. In the coming weeks, a field crew will also mobilize to
the Apex Property to further assess its potential for orogenic gold
and lithium-pegmatite deposits, and to follow up on the most
significant intercept from first-pass drilling at Apex, which
returned 15.3 g/t gold over 0.65 metres from a shear-hosted vein
containing visible gold, within a broader interval of 0.9 g/t gold
over 20.7 metres (see Press Release dated July 6, 2022).
At the Denton-Keefer property, located west of Timmins, Ontario, the Company has recently
completed high-resolution, property-scale LiDAR, magnetic and VTEM
electromagnetic surveys to evaluate potential for both orogenic
gold and gold-rich VMS deposits. Preliminary magnetic data clearly
delineates two major east-west structures, the southern of which
may represent the main strand of the Porcupine-Destor fault, which is the principal structure
in the +70 million-ounce Timmins-Porcupine gold camp. Proximity to this fault
is widely considered a first-order predictor of gold
prospectivity.
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. The belt includes the True
North deposit at Bissett,
Manitoba, which historically produced close to 2 million
ounces of gold.
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.
Denton-Keefer (Timmins) Gold
Property
The Denton-Keefer property (2,106 hectares) is located 30
kilometres southwest of Timmins,
Ontario, adjacent to paved highway 101. The property
includes a section of the Porcupine-Destor Fault directly on strike
with the Timmins-Porcupine Gold Camp, which boasts over 70 million
ounces of gold production. The property covers a 6.5-kilometre-long
section of the Archean Abitibi greenstone belt, in a location where
it 'necks-down' between two granitoid intrusions, representing a
very favourable site for fluid focussing and gold deposition. This
highly-prospective setting, geologically similar to those hosting
giant gold deposits in the Timmins-Porcupine Gold Camp, is
strategically positioned between Pan American Silver's Timmins West mine and GFG Resources' Pen Gold
exploration project.
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 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