Solstice Gold Corp.
”, “we” or the
”) is pleased to announce that we have
received a travel exemption from the Office of the Chief Public
Health Officer of Nunavut which will allow Solstice staff to enter
Nunavut and for the purposes of carrying out a summer exploration
program (the “Program”) on our 100% owned KGP gold project located
15 km from the Meliadine gold mine owned by Agnico Eagle Mines
Ltd. The Program will focus on advancing our flagship QEA
target area which has demonstrated strong gold numbers to date,
additional targets may also be evaluated, time permitting.
“Solstice recently recruited three new board
members with strong pedigrees in mining and capital markets who all
made substantial investments in the company. Management and board
members now own 34% of the company and are fully aligned with
shareholders in seeking to create significant shareholder value
compared to our current market capitalization of only $8.5MM, while
ensuring we maintain a low corporate burn rate. As a result
of the injection of an additional $1.2MM, the company currently is
well capitalized and expects to have approximately $1.4MM in cash
following the completion of the summer field program outlined in
this press release. We are eager to commence our summer field
program to further expand targets beyond more than 20 existing
drill-ready targets in what we consider an emerging new gold
district,” stated David Adamson, Chairman.
Exploration Program – QEA target
Expansion of the QEA target area (Figure 1),
which is recommended for drilling in our recently filed NI 43-101
technical report “Technical Report on the KGP Project, Kivalliq
Region, Eastern Nunavut Territory, Canada” dated March 17, 2020,
will be the initial focus of exploration in summer 2020. The area
is defined by a 7 km x 5 km gold in boulder field containing
several hundred mineralized boulders including up to
66.6 g/t gold (see Figure 1 for a map showing the
distribution of gold rich boulders). Gold is also present in situ
up to 8.8 g/t. The area is divided into three targets,
Qaiqtuq, Enterprise and
Arrow, each of which has distinct characteristics.
(See Table 1 below for summary statistics of gold samples from
boulder and outcrop grabs from the QEA.)
- Arrow is currently defined by a 3.5 km by 5 km gold in boulder
and/or till field. While most gold (+/- arsenopyrite) boulders are
hosted by iron formation, there is a subordinate population of
gold-bearing metasedimentary boulders. Importantly, there are no
known metasediments up ice to the northwest which suggests that
these boulders must be locally derived.
- Associated with the Arrow boulder field are prominent magnetic
features which are interpreted as iron formation and bounding
metasediments. These are associated with cross-cutting and
sub-parallel conductors (likely sulphides) defined by
electromagnetic data (Figure 1). The entire sequence is cut by
primary and secondary structures.
- The observed boulder field and its association with permissive
rock types, structures and conductors defines a prime target area
for Meliadine-type gold mineralization.
- While numerous drill targets have been identified to date, the
Arrow boulder field is open to the east and west in areas where the
host geology and structure is interpreted to continue. There is
thus potential to expand the already significant strike length of
the target area and identify new drill targets through mapping and
sampling in Summer, 2020.
- At Qaiqtuq, gold-bearing boulders are associated with
prominent, up to 50 metre-wide structures which form prominent
gulleys. These structures have coincident magnetic and conductive
anomalies and locally display a very close spatial association with
- While the structures and associated boulder field are existing
drill targets, a definitive source for the gold-bearing iron
formations at Qaiqtuq has not been located to date. Summer 2020
work will further evaluate this area including covering area
further west of currently sampled areas.
- Enterprise comprises a 4.5 km by 4.5 km area where regional
geological trends have been rotated through 26o by associated major
structures and resulting deformation.
- The area is marked by a depletion of the regional magnetic
signature, interpreted to be associated with observed alteration of
primary magnetite-bearing units.
- The entire sequence is cut by numerous faults, many of which
exhibit associated conductivity (likely suphides).
A photo accompanying this announcement is available at
“The Meliadine and other regional gold deposits
are marked by large boulder trains which led to their original
discovery. As well, they have an EM response as do similar
sulphide-associated gold deposits of this deposit type elsewhere.
Similarly, the components present at QEA suggest the presence of a
large mineralizing system: an extensive gold-bearing boulder field,
mapped structures, iron formations and EM conductors,” stated David
During the course of our exploration program
Solstice staff will adhere to health and safety protocols and
guidelines, in particular those related to COVID-19, as provided by
the Departments of Public Health of both the Federal and
Territorial Governments. Solstice would like to thank the Hamlets
of Chesterfield Inlet and Rankin Inlet in addition to the Kivalliq
Inuit Association for their ongoing support of Solstice.
The company would like to announce that it has
granted 250,000 options to Sandy Barham, M.Sc., P.Geo., Senior
Geologist, in respect of his ongoing contributions to the
Company. The options will vest over an 18-month period.
Table 1: Summary statistics of gold
samples from Boulder and Outcrop grabs from the QEA.
Assay results from grab samples (boulders and outcrop) are
selected samples and are not necessarily representative of the
mineralization hosted on the property. Grab sample weights
range from 0.75 kg to 3 kg.
For additional details on the target areas,
boulders and tills, and sampling methods please see our NI 43-101
Technical Report and news releases available on the Solstice Gold
website at www.solsticegold.com.
Neither the 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.
About Solstice Gold
Solstice is a gold-focussed exploration company
engaged in the exploration of its 866 km2 (100%) district scale KGP
and certain other rights covering an adjacent 683 km2, all with no
underlying option or earn in payments. KGP is located in Nunavut,
Canada only 26 km from Rankin Inlet and only 15 km from the
Meliadine gold deposits owned by Agnico Eagle Mines Ltd. Solstice
has 99.5MM 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 KGP please see our Corporate
Presentation available at www.solsticegold.com.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, 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, Ph.D. Chairman
For further information please visit our website at
www.solsticegold.com or contact:
Marty Tunney, PEng President firstname.lastname@example.org
Forward Looking Statements
This news release contains certain
forward-looking statements (“FLS”) relating to the Company’s plans,
expectations, intentions and beliefs with respect to the
anticipated travel and work program. FLS can be identified by
forward-looking words such as “proposed”, “intends”, “expects”,
“potential”, “estimated”, “anticipated”, “may” and “will” or
similar words suggesting future outcomes or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. Such FLS reflect
management's current beliefs and are based on information currently
available to management. FLS involve risks and uncertainties that
could cause actual results to differ materially from those
contemplated by such statements, and there can be no assurance that
actual results will be consistent with these forward-looking
statements. Factors that could cause such differences include: the
inability of the Company to obtain the requisite approvals for the
proposed travel and work programs, risks related to any discussed
or proposed work programs; use of proceeds as described and other
as yet unknown or unidentified risks. This list is not exhaustive
of the factors that may impact the Company's FLS. These and other
factors should be considered carefully, and readers should not
place undue reliance on the Company's FLS. As a result of the
foregoing and other factors neither the Company nor any other
person assumes responsibility for the accuracy and completeness of
these FLS. The factors underlying current expectations are dynamic
and subject to change.
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