Solstice Gold Corp. (TSXV: SGC) (“Solstice”, the
“Company”, “we” or “our”) announces results from a six-hole
reconnaissance-scale diamond drill program on the 45km2 Enterprise
target area, part of our 100% owned, 928km2 landholdings in the
Meliadine area, located only 26km from Rankin Inlet, Nunavut
(Figure 1). The prime objective of the drill program was to test
for gold potential in the land accessible portions of the
Enterprise area, a five km2 rotated block underlain by prospective
rocks developed adjacent, and related, to a regional scale ‘break’
or shear zone. Hole locations and target areas are shown in Figure
1.
Summary
The program intersected variably altered and
sulphide-bearing iron formations in five out of six holes. Elevated
gold is present in three out of six holes. In the South Enterprise
Target area, each of the two holes in this area returned wide
sections of elevated gold. Significant results are tabulated
below:
Table 1
Hole Number |
Target |
From (m) |
To (m) |
Metres (core length) |
Au g/t |
2019-02 |
South Enterprise |
229.00 |
233.95 |
4.95 |
0.26 |
|
|
298.30 |
303.90 |
5.60 |
0.25 |
2019-05 |
South Enterprise |
253.66 |
258.43 |
4.77 |
0.21 |
|
|
264.75 |
269.55 |
4.80 |
0.18 |
|
|
272.23 |
273.17 |
0.94 |
1.14 |
2019-06 |
Grizzly |
109.00 |
110.00 |
1.00 |
0.25 |
Oriented core measurements indicate true
thicknesses of 80-95%. For a complete table with collar locations,
azimuth and dip please see the Solstice corporate presentation at
www.solsticegold.com
A review of all drill holes is provided
below:
South Enterprise Target
Hole 2019-02 Six separate
iron formations were intersected ranging from 4.55m to 26.14m core
length (average = 12.4m). Two sections of elevated gold are present
(Table 1), both hosted in altered (grunerite-bearing) and variably
sulphidic iron formation. A second follow up hole (2019-05) was
completed ~50m west and ~30m below 2019-02.
Hole 2019-05 Six separate
iron formations are present ranging from 4.59m to 19.18m core
length (average = 9.8m) with elevated gold in sulphide rich iron
formation (5-15% pyrrhotite) between 253.66m and 258.55m downhole
and 264.75-274.25m downhole (2 to 15% pyrrhotite).
Westshore Enterprise Lake
Target
Hole 2019-03– This drill hole
intersected a 22m section (core length) of variably sulphidic
garnet and grunerite-bearing iron formation, 1.1km on strike of the
South Enterprise Target. Only weakly anomalous gold (maximum 0.1g/t
Au over 1.0m core length) was returned.
Hole 2019-04 (Westshore Enterprise
Lake) Drilled approximately 1.1km to the northwest of
2019-03, this hole intersected a 5.8m grunerite-bearing section
with generally minor sulphide mineralization. It confirms that
prospective iron formation is likely continuous over ~3km strike
length between this hole and the South Enterprise Area.
Megafold and Grizzly
targets
Hole 2019-01 This hole
intersected multiple (12) iron formation intervals ranging in core
length from 0.97m to 17.45m (average = 7.1m) with locally altered
sections carrying minor pyrite and quartz veining. While gold
values were not significant, the drill hole confirms the presence
of iron formations on strike to those hosting the Aqpiq showing to
the west (Agnico claims) where drilling in 2005 returned up to 9.6
g/t over 3.2 m (Aqpiq showing*) and thus opens up ~5km of strike
length westwards towards our claim boundary with Agnico.
Hole 2019-06 (Grizzly Fault)
Drilled to test major fault splay structure with weak magnetic/em
signature. This hole intersected a 6.1m carbonate-bearing variably
pyritic schist containing local graphite and quartz vein breccia.
The bottom one metre section of the drill hole (109.00 to 110.00m)
returned an elevated 0.25g/t Au. The observed assemblages and
locally elevated gold suggest that the +12km long, previously
undrilled Grizzly Fault zone is a significant target.
“With this reconnaissance drill program, its
important to note that we have tested only the edge of the 5km2
Enterprise target where it was accessible by land-based drilling.
Nevertheless, we have demonstrated from mapping and now drilling
that the ingredients for gold mineralization are in place; namely
numerous, thick altered and sulphide-bearing iron formations with
locally strongly elevated gold over appreciable widths. More
systematic drilling of the Enterprise Target area to locate
potentially higher-grade mineralization is warranted, particularly
in lake-covered areas. There are numerous other drill-ready targets
in the area, specifically those to the southwest of the Enterprise
Target where we have previously described extensive gold-in-boulder
fields,” stated David Adamson, Executive Chairman.
Figure 1 accompanying this
announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/828af83d-c02c-4015-96c3-c7fb4fa7f4d4
All drill core samples were collected in
a secure location, and shipped to Activation Laboratories Ltd. in
Thunder Bay, Ontario. A series of internal quality assurance
programs were followed, which included security tags on all
shipments and the insertion of certified reference material and
blank material in regular intervals. Samples were processed
at the lab for gold analysis by a 50 gram fire assay with finish by
atomic absorption.
*This news release contains information with
respect to the Agnico Eagle’s Aqpiq target along with other gold
targets owned by Agnico Eagle Mines, in respect of which the
Company has no interest or rights to explore or mine. Readers are
cautioned that the Company has no interest in or right to acquire
any interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral
deposits on the Company’s properties and there is no certainty of
the same or similar deposits on the Company’s properties.
About Solstice
Solstice is a new gold-focussed exploration
company engaged in the exploration of its 928 km2 (100%) district
scale Kahuna Project and certain other rights covering an adjacent
805 km2, all with no underlying option or earn in payments.
Kahuna is located in Nunavut, Canada only 26 km from Rankin Inlet
and approximately 7 km from the Meliadine gold deposits owned by
Agnico Eagle Mines Ltd. Solstice has 69.5 million shares
outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold and the Kahuna Project please see our
Corporate Presentation available at www.solsticegold.com.
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.
Ian Russell, P.Geo., Vice President Exploration,
is the Qualified Person as defined by NI 43-101 standards
responsible for reviewing and approving the technical content of
this news release.
On Behalf of Solstice Gold
Corp.
David Adamson, PhDExecutive Chairman
For further information please visit our website
at www.solsticegold.com or contact:
Marty Tunney,
PEngPresidentinfo@solsticegold.com
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating but not limited to the
Company’s expectations, intentions, plans and beliefs. FLS can
often be identified by forward-looking words such as “emerging”,
“goal”, “plan”, “intent”, “estimate”, “expects”, “scheduled”, “may”
and “will” or similar words suggesting future outcomes or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. FLS in this news
release also include, but are not limited to, the extent and timing
of described programs and ground work, such as rock sampling,
drilling, geophysics, mapping, till sampling and analysis.
Geological interpretations are FLS and are subject to change based
on additional data and/or further analysis. FLS in this news
release include comparison with certain geological features at an
adjacent development property. There can be no guarantee that
continued exploration at Kahuna, which is at an early stage of
exploration, will lead to the discovery of an economic gold
deposit. Factors that could cause actual results to differ
materially from any FLS include, but are not limited to, delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals, inability to locate
source rocks, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, regulatory
approvals and other factors. While the Company believes the
boulders are sourced locally for the reasons outlined in this news
release, there can be no certainty that their source is local, or
that it will be located on Solstice claims. FLS are subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from expected results.
Potential shareholders and prospective investors
should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the
FLS. Shareholders are cautioned not to place undue reliance on FLS.
By their nature FLS involve numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
various future events will not occur. Solstice undertakes no
obligation to update publicly or otherwise revise any FLS whether
as a result of new information, future events or other such factors
which affect this information, except as required by law.
This news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or mine.
Readers are cautioned that the Company has no interest in or right
to acquire any interest in any such properties, and that mineral
deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s properties. Past performance is
no guarantee of future performance and all investors are urged to
consult their investment professionals before making an investment
decision.
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