VANCOUVER, BC, Dec. 9, 2021 /CNW/ - MAS Gold Corp. ("MAS
Gold") (TSXV: MAS) is pleased to announce an updated Mineral
Resource estimate for the North
Lake gold deposit ("North Lake"), located on the La Ronge
Gold Belt of northeastern Saskatchewan.
At a marginal grade cut-off of 0.40 grams per tonne gold ("g/t
Au"), the North Lake gold deposit
is estimated to contain an Inferred Mineral Resource of 18,100,000
tonnes ("t") grading 0.85 g/t Au, hence 494,000 contained ounces of
gold ("oz Au"). David Thomas,
P. Geo., of DKT Geosolutions Inc. is the Qualified Person ("QP", as
defined by National Instrument 43-101) for the North Lake Mineral
Resource update that has an effective date of December 01, 2021.
Category
|
Tonnes
|
Au
(g/t)
|
Au
(oz)
|
Inferred
|
18,100,000
|
0.85
|
494,000
|
The estimate updates the Mineral Resource estimate detailed in
an April 2020 Technical Report that
is available on the Company's website (www.masgoldcorp.com) and on
www.sedar.com. Compared with the 2020 estimate, the 2021
update increased the estimated tonnes by 28.3% and the amount of
insitu gold by 18.5%, despite a modest (7.6%) drop in the average
estimated grade. The 2020 estimate totalled 14,110,000 t at
0.92 g/t Au for 417,000 oz Au, in the Inferred category.
The estimate follows MAS Gold's 2021, winter and summer drilling
programs at North Lake (22 holes,
5,902.5 m), the results of which were
reported in MAS Gold's news releases dated May 10, 2021, May 12,
2021, June 07, 2021 and
November 11, 2021. The
increases are important outcomes of the 2021 drilling programs that
resulted in the west-southwest, downdip extension of the
North Lake mineralization.
This allowed for a larger optimized pit envelope, hence additional
tonnes compared with the 2020 estimate.
Mr. Jim Engdahl CEO & Director of MAS Gold stated "With
this expanded North Lake Mineral Resource estimate we have
continued to grow our La Ronge
asset base. Combining the updated North Lake Mineral Resource
estimate with our updated Greywacke North Mineral Resource
announced by MAS Gold on December 06,
2021, pushes us closer towards our goal of a million insitu
ounces of gold."
Mr. Engdahl further stated "The low-grade North Lake Mineral
Resource, when combined with the high- grade deposit at Greywacke
North, supports our strategic mine development plan that envisions
a centralized plant processing material from North Lake, co-mingled with high-grade
material from MAS Gold's other La Ronge Gold Belt
deposits."
Qualifying Statements
The North Lake Mineral Resources are constrained within an
optimized pit shell with an overall average slope angle of
50°. A long-term gold price of US$1,600/oz was used, along with a metallurgical
recovery of 88%. The gold recovery rate is lower than the 92%
value used for the 2020 estimate; the reduced rate is based on
testwork performed by Blue Coast Research of Parksville, B.C., on behalf of MAS Gold and as
part of the on-going PEA process.
A marginal grade cut-off of 0.43 g/t Au was estimated, based on
a total process and G&A operating cost of US$19.50/t of mined mineralized material.
For purposes of estimation, a marginal grade cut-off of 0.40 g/t Au
was applied.
The contained gold ounces are in situ. No assurance can be
given that the estimated quantities will be produced. All
figures have been rounded to reflect accuracy and to comply with
securities regulatory requirements. Summations within the
tables may not agree due to rounding.
Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by gold price, environmental,
permitting, legal, title, taxation, socio-political, marketing or
other relevant issues.
As part of the estimation process, QP Thomas concluded that the
drillhole spacings and historical QA/QC protocols are sufficient to
support Mineral Resources in the Inferred category. The
quantity and grade of Inferred Mineral Resources are conceptual in
nature and it is uncertain if further exploration will result in
the upgrading of the reported Mineral Resources to either the
Indicated or Measured category.
Method of Estimation
Domains were modelled in 3D to separate mineralized rock from
surrounding waste rock. The domains were modelled based on
quartz veining and gold grade continuity above a 0.1 g/t Au
cut-off. Raw drillhole assays were composited to 5 m lengths broken at domain boundaries.
Capping of high grades was considered necessary and was completed
for each domain, prior to compositing.
Block grades for gold were estimated from the composited assays
using ordinary kriging interpolation into 5
m blocks coded by domain. A dry bulk density of 2.64
g/cm3 was used for all material.
Blocks were classified in accordance with CIM Definition
Standards 2014. QP Thomas classified blocks to the Inferred
category if they fell within 60 m of
a composite.
Technical Report and Qualified Persons
A Technical Report will be issued within 45 days of the
December 06, 2021 news release about
the Greywacke North Mineral Resource update. It will cover
both the North Lake and Greywacke
North Mineral Resource updates. The principal author and QP
will be Stephen Godden, C.Eng.
FIMMM, an Independent Mining Consultant; both David Thomas, P. Geo., and David Tupper, P. Geo., Vice President,
Exploration of MAS Gold, will be co-authors (each being a
QP). All three QPs are responsible for the preparation of
this news release; they have read and approved its technical
aspects.
North Lake Gold Project
The North Lake Gold project, located in the La Ronge Gold Belt
in northeastern Saskatchewan, is
100% owned by MAS Gold. Gold mineralization is associated
with quartz veining and minor sulphides (mainly pyrite) hosted
primarily in felsites. The veins occur in several
north-northeast trending, northwest dipping, branching and elongate
structural zones that have been traced for approximately
600 m along strike and which have
widths that vary between 5 m and
40 m. The deposit remains open
both at depth and along strike.
Further to QP Thomas' recommendations, an approximately
5,000 m, 2021/22 winter drilling
program on the North Lake deposit
has been planned to both further increase the Mineral Resource base
and to elevate a portion of the Mineral Resources to the Indicated
category. This will be achieved by means of infill and
step-out drilling, as well as by twinning historical drill
holes.
About MAS Gold Corp.
MAS Gold Corp. is a Canadian mineral exploration company focused
on exploration projects in the prospective La Ronge Gold Belt of
Saskatchewan. In the belt, MAS
Gold Corp. operates four properties totaling 33,843 hectares
(83,628 acres), including the Greywacke Lake, Preview North,
Elizabeth Lake and Henry Lake
Properties that extend along a total of roughly 60 kilometres of
the geologically prospective La
Ronge, Kisseynew and Glennie Domains that make up the La
Ronge Gold Belt.
MAS Gold's holdings include the Greywacke North, North Lake and Point gold deposits and the
historically defined Elizabeth Lake
copper-gold volcanic-hosted massive sulphide deposit.
The Greywacke deposit, which hosts multiple known stratabound,
high-grade gold-bearing zones, has an updated, combined open-pit
and underground Indicated Mineral Resource of 645,000 t averaging
4.90 g/t Au for 101,000 insitu ounces of gold (600,000 t at 4.89
g/t Au, and 45,000t at 5.03 g/t Au, respectively), plus a combined
open-pit and underground Inferred Mineral Resource of 410,000 t
averaging 4.12 g/t Au for 55,000 insitu ounces of gold (35,000 t at
1.97 g/t Au, and 375,000 t at 4.33 g/t Au, respectively). The
Indicated and Inferred Mineral Resources were estimated using
open-pit and underground cut-off grades of 0.65 g/t Au and 1.75 g/t
Au, respectively. The Technical Report about the updated
Mineral Resource estimate will be filed in January, 2022.
MAS Gold Corp.
Jim Engdahl
Director & CEO
Suite 420 - 789 West Pender Street
Vancouver, British Columbia,
Canada, V6C 1H2
t: 604-685-8592
www.masgoldcorp.com
Caution Regarding Forward Looking Information and
Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. MAS Gold cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond their respective control. Such factors include,
among other things: risks and uncertainties relating to MAS Gold's
limited operating history, the need to comply with environmental
and governmental regulations, results of exploration programs on
their projects and those risks and uncertainties identified in each
of their annual and interim financial statements and management
discussion and analysis. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information. Except as required under applicable
securities legislation, MAS Gold undertakes no obligation to
publicly update or revise forward-looking information.
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 news release.
SOURCE MAS Gold Corp