TORONTO, Feb. 22,
2024 /CNW/ - 1911 Gold Corporation
("1911 Gold" or the "Company") (TSXV: AUMB)
(OTCQX: AUMBF) is pleased to report assay results from the Fall
2022 diamond drill program on its Rice Lake Gold Property in
Manitoba as well as provide an
update on the True North mine complex mineral resource estimate
review. The 2022 drill program primarily focused on the historical
Central Manitoba gold mine,
located approximately 25 kilometres ("km") southeast of the True
North mill and mine complex, testing the extensions of known gold
mineralization.
Highlights:
Central Manitoba
- Drill results confirmed the extensions of gold mineralized
structures over 400 m of strike
length on the Wentworth vein
corridor and over 270 m of strike
length on the Hope-Roger vein corridor.
- Drill hole CM-22-010 intersected 2.75 metres ("m") of 2.27
grammes per tonne ("g/t") gold ("Au") at a down hole depth of
31.10 m, including 0.55 m of 10.10 g/t Au, as a 125 m step-out to the southeast of historical
drillholes,
- Drill hole CM-22-009 intersected 1.25
m of 3.28 g/t Au at a down hole depth of 122.25 m, including 0.55
m of 7.23 g/t Au, along strike 270
m to the northwest of CM-22-010,
Palomar
- Drill hole PL-22-003, intersected 3.20 m of 1.90 g/t Au at a down hole depth of
135.20 m, including 0.80 m of 7.16 g/t Au, in the first drill hole
drilled on this target.
Shaun Heinrichs, 1911 Gold's
President and CEO, stated "We are encouraged with the results
returned from the large step-outs drilled at the historical Central
Manitoba Gold Mine. This structure spans over 2.6 km in length and
our drill results, combined with historical data, indicate a
potentially large, mineralized structure open at depth and to the
southeast. Some of our best results were from large step outs into
previously untested areas and extended known zones as well as
identified new zones, all remaining open. These findings, along
with our progress on validating and updating the existing mineral
resource estimate for the True North mine, will significantly
advance us towards a sustainable resource and production profile
leveraging our existing infrastructure."
2022 Exploration Drilling
Program
Central
Manitoba
In 2022, the Company drill tested the extensions of high-grade
veins from both historical workings and drillholes, as well as
potential for parallel vein systems well into the hangingwall along
strike from the historical underground workings, in areas with no
record of previous drilling. The initial program included fourteen
(14) drillholes for 3,786.0 m of
drilling.
The Central Manitoba mine
(Figure 1) is the second-largest historical producer in the
Rice Lake district, with among the highest head grades (12.60 g/t
Au) and total gold production of 160,000 ounces ("oz"). Bison Gold
Resources Inc ("Bison") drilled a total of sixty-six (66) diamond
drill holes for a total of 13,268.9 m
at Central Manitoba between 2006
and 2009, testing the extensions of gold mineralization to
historical mine workings (see Bison press releases dated
January 18, 2010 and March 04, 2010). The vein systems extend over
2.6 km at surface (Figure 2) but were only mined to vertical
depths of up to 150 m.
Twelve (12) drillholes (CM-22-001 to CM-22-008, and CM-22-011 to
CM-22-014), totalling 2,881.0 m,
tested for extensions of high-grade gold mineralization intersected
by Bison on the Wentworth vein
system. Highlights from the previous Bison drill program included
intercepts of 5.49 m @ 10.26 g/t Au,
including 1.15 m @ 30.24 g/t Au from
a down-hole depth of 66.66 m in drill
hole CM-09-13, and 1.11 m @ 23.10 g/t
Au, including 0.50 m @ 50.40 g/t Au
at a down hole depth of 68.82 m in
drill hole CM-09-15. The Bison drill holes were relatively shallow
and close spaced, with the best intercepts occurring where the host
stratigraphy appears to be more gently inclined in the hinge of an
upright open fold, as well as along the steep north limb of this
fold.
Table 1: Central
Manitoba- Palomar Significant Drill Results
|
|
Target
|
Drill
Hole(1)
|
From
|
To
|
Length(2)(5)
|
Grade(3)(4)
|
|
(Name)
|
(#)
|
(m)
|
(m)
|
(m)
|
(g/t
Au)
|
|
Central
Manitoba
|
CM-22-001
|
47.15
|
47.65
|
0.50
|
0.26
|
|
|
|
87.30
|
88.00
|
0.70
|
2.15
|
|
|
CM-22-002
|
52.25
|
52.60
|
0.35
|
1.82
|
|
|
|
54.30
|
55.00
|
0.70
|
0.53
|
|
|
|
69.15
|
69.70
|
0.55
|
2.39
|
|
|
|
72.50
|
73.50
|
1.00
|
1.40
|
|
|
|
76.70
|
77.35
|
0.65
|
0.91
|
|
|
|
91.05
|
92.30
|
1.25
|
0.46
|
|
|
|
95.20
|
96.70
|
1.50
|
0.27
|
|
|
CM-22-003
|
148.10
|
148.60
|
0.50
|
0.43
|
|
|
CM-22-004
|
97.40
|
98.20
|
0.80
|
0.39
|
|
|
CM-22-005
|
117.00
|
117.50
|
0.50
|
2.30
|
|
|
CM-22-006
|
147.50
|
148.00
|
0.50
|
0.42
|
|
|
|
149.50
|
150.00
|
0.50
|
0.26
|
|
|
CM-22-007
|
152.10
|
152.60
|
0.50
|
0.64
|
|
|
|
154.20
|
155.00
|
0.80
|
0.33
|
|
|
|
198.50
|
199.20
|
0.70
|
0.59
|
|
|
CM-22-008
|
|
|
|
NSV
|
|
|
CM-22-009
|
122.25
|
123.50
|
1.25
|
3.28
|
|
|
inc.
|
122.25
|
122.80
|
0.55
|
7.23
|
|
|
CM-22-010
|
31.10
|
33.85
|
2.75
|
2.27
|
|
|
inc.
|
33.30
|
33.85
|
0.55
|
10.10
|
|
|
CM-22-011
|
45.80
|
46.30
|
0.50
|
0.28
|
|
|
|
114.90
|
115.40
|
0.50
|
0.86
|
|
|
|
117.35
|
117.65
|
0.30
|
0.27
|
|
|
CM-22-012
|
218.30
|
219.30
|
1.00
|
1.58
|
|
|
CM-22-013
|
|
|
|
NSV
|
|
|
CM-22-014
|
123.75
|
125.50
|
1.75
|
0.28
|
|
|
|
175.55
|
177.00
|
1.45
|
0.31
|
|
|
|
261.60
|
262.50
|
0.90
|
0.55
|
|
Palomar
|
PL-22-001
|
38.40
|
42.00
|
3.60
|
0.39
|
|
|
|
96.80
|
100.00
|
3.20
|
0.74
|
|
|
PL-22-002
|
97.70
|
98.40
|
0.65
|
0.29
|
|
|
|
127.70
|
128.30
|
0.60
|
1.16
|
|
|
PL-22-003
|
98.00
|
98.70
|
0.70
|
0.34
|
|
|
|
100.00
|
100.90
|
0.90
|
0.37
|
|
|
|
118.50
|
119.90
|
1.40
|
0.49
|
|
|
|
135.20
|
138.40
|
3.20
|
1.90
|
|
|
inc.
|
135.20
|
136.00
|
0.80
|
7.16
|
|
|
|
(1)
|
Numbering reflects order in which drillholes were
planned, not sequence drilled
|
(2)
|
Represents drill core length; true widths are
presently unknown.
|
(3)
|
Weighted-average composites at 0.25 g/t
composite grade cut-off
|
(4)
|
NSV, no significant values
|
(5)
|
Maximum of 1.60 m internal dilution and no top
capping applied
|
|
|
The 2022 1911 Gold drill program intersected predicted
stratigraphy, structures, alteration, and quartz veins, with some
quartz-sulphide vein intercepts reaching widths of 7.50 m (CM-08-007). These drillholes targeted
plunge projections of the fold hinge and the southern limb of the
fold at depth, intersecting numerous intervals of anomalous to
low-grade gold assays. Significant mineralization appears primarily
on the hinge and northern limb of the fold, where better intercepts
were previously found. Data from oriented drill core confirmed the
geometry of these controlling structures, providing critical
information on new constraints for exploration along other
large-scale fold structures within the Central Manitoba trend, notably the map-scale
Dove Lake syncline (Figure 1). Drill holes CM-22-002
(0.55 m @ 2.39 g/t Au), CM-22-005
(0.50 m @ 2.30 g/t Au), CM-22-007
(0.70 m @ 0.59 g/t Au), and CM-22-012
(1.00 m @ 1.58 g/t Au) confirmed the
plunge extensions of the zone over a strike length exceeding
200 m.
Two (2) deeper drillholes (CM-22-009 and CM-22-010), totaling
906.0 m, were step-outs on the
Roger-Hope structural corridor to the southeast, designed to test
the revised structural model, the potential for extensions of the
Hope and Roger zones, and the potential for previously unrecognized
parallel shears further into the hanging-wall of these zones.
Previous drilling by Bison intersected up to 1.78 m @ 57.99 g/t Au, including 0.49 m @ 207.37 g/t Au in drill hole CM-08-04 at
a down hole depth of 191.57 m, and
3.04 m @ 9.26 g/t Au, including
0.30 m @ 87.56 g/t Au in drill hole
CM-08-04 at a down hole depth of 206.85
m (see Bison press releases dated January 18, 2010 and March
04, 2010).
Drillhole CM-22-009 confirms that the Roger vein continues to
depth below the historical workings, intersecting 1.25 m @ 3.28 g/t Au, including 0.55 m @ 7.23 g/t Au at a down hole depth of
122.25 m associated with
quartz-sulphide veins within 6.0 m of
strongly sheared and altered rock, representing the host structure
to the Roger vein. Drillhole CM-22-010 intersected a new gold zone
that returned 2.75 m @ 2.27 g/t Au,
including 0.55m @ 10.10 g/t Au from
31.10 m downhole, confirming the
presence of mineralized structures well into the hangingwall south
of historical workings, and highlighting the potential for
additional structures along strike to the southeast in the block of
favourable stratigraphy between the North Carbonate and Dove Lake
faults (Figure 1).
Palomar
Palomar is a significantly underexplored area located 20 km east
of the True North mill and mine complex. In late 2022 the Company
completed a maiden drill program consisting of three (3)
drillholes, totalling 603.0 m, to
test two parallel structures that returned high-grade gold values
from grab and channel samples (up to 2.40
m @ 10.60 g/t Au). The structures range up to 5 m in thickness and are spaced approximately
20 m apart, over an exposed strike
length of 125 m on surface.
These drillholes, spaced roughly 70
m apart along the structural trend, confirmed that the
mineralized structures continue to depth, yielding anomalous to
low-grade gold values. Of note in drillhole PL-22-003 is the
presence of three spatially separate zones, the deepest of which is
a distinct zone of sheeted laminar quartz veins that returned
3.20 m @ 1.90 g/t Au, including
0.80 m @ 7.16 g/t Au from
135.20 m downhole. The mineralized
structures remain open in all directions.
Table 2: Drill Hole
Details
|
Target
|
Drill
Hole
|
Easting
|
Northing
|
Elev.
|
Length
|
Az.
|
Inc.
|
(Name)
|
(#)
|
(NAD83;
UTMZ15)
|
(m)
|
(m)
|
(°)
|
(°)
|
Central Manitoba
|
CM-22-001
|
336184
|
5641379
|
336
|
272.0
|
015
|
-65
|
|
CM-22-002
|
336060
|
5641370
|
335
|
149.0
|
015
|
-45
|
|
CM-22-003
|
335960
|
5641333
|
335
|
200.0
|
015
|
-45
|
|
CM-22-004
|
335865
|
5641447
|
333
|
231.3
|
015
|
-55
|
|
CM-22-005
|
336023
|
5641329
|
337
|
191.0
|
015
|
-50
|
|
CM-22-006
|
335902
|
5641354
|
334
|
200.0
|
015
|
-55
|
|
CM-22-007
|
336166
|
5641317
|
336
|
251.0
|
015
|
-65
|
|
CM-22-008
|
335630
|
5641417
|
333
|
356.0
|
015
|
-65
|
|
CM-22-009
|
336480
|
5641111
|
332
|
507.5
|
012
|
-70
|
|
CM-22-010
|
336730
|
5641027
|
327
|
398.0
|
010
|
-50
|
|
CM-22-011
|
336238
|
5641335
|
336
|
203.2
|
015
|
-59
|
|
CM-22-012
|
336212
|
5641271
|
337
|
290.0
|
015
|
-57
|
|
CM-22-013
|
336027
|
5641301
|
334
|
230.0
|
017
|
-60
|
|
CM-22-014
|
336140
|
5641247
|
334
|
307.0
|
015
|
-60
|
Palomar
|
PL-22-001
|
333158
|
5650737
|
326
|
200.0
|
032
|
-46
|
|
PL-22-002
|
333272
|
5650671
|
320
|
200.0
|
030
|
-45
|
|
PL-22-003
|
333217
|
5650701
|
320
|
203.0
|
030
|
-45
|
Update on True North Mineral
Resource Review
In late 2023 the Company commenced a detailed review of the
current National Instrument ("NI") 43-101 resource ("Technical
Report for the True North Mine. Bissett,
Manitoba, Canada" by Practical Mining LLC, dated
May 08, 2018) for the True North
underground mine. This work is designed to validate and update the
2018 Mineral Resource Estimate ("MRE"), based on new estimation
parameters, including an updated gold price (the 2018 resource was
estimated using a US$1,400 per oz
gold price), and to identify additional areas of gold
mineralization outlined in historical drilling accessible from
existing infrastructure for possible upgrade to resources.
The Company has completed compiling and validating all relevant
data, including reviewing wireframes, assay composites, block
models, and estimation parameters. This process identified several
unclassified areas with resource expansion potential. These areas,
along with other known mineralized zones, will be the focus of
additional resource potential studies. Subsequently, efforts will
shift to updating the MRE and targeting extensions of the resource
and new areas for potential inclusion in future updates. The
updated and confirmed new MRE will serve as the basis for an
economic review of possible development scenarios.
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 crustal-scale structure (an ancient plate-margin) that
accounts for the exceptional gold endowment of this district. The
Company's consolidated land position, now totaling over 63,000
hectares after 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 nearly 2 million ounces of gold.
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 63,000 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. 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 property near Snow Lake,
Manitoba, and the Denton-Keefer property near Timmins, Ontario, and intends to focus on
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