Solstice Gold Corporation (TSXV:SGC)
(“Solstice”, the “Company”, “we” or “our”) is pleased to
announce that we have acquired through staking an additional 9,461
Ha (484 claim units) comprising three new projects; Taillon, Moreau
and Berens (the New Projects), approximately 30 km north of our RLX
project (Figure 1). Our Red Lake land holdings are now three times
the size we had prior to the new staking. Key features of the new
acquisitions are summarized below:
-
Two of the new projects (Taillon, and Berens) have been mapped as
greenstone and extensions of the Red Lake greenstone belt by the
Ontario Government Survey (“OGS”).1,2 Our third project (Moreau)
was staked to cover nearby extensive EM anomalies which occur over
an approximately 5km strike length. According to the OGS1, the
Taillon area are “correlative with the Balmer assemblage rocks in
Red Lake”. Most of the major gold deposits in Red Lake are located
within Balmer assemblage rocks.
-
Along with our RLX project, acquired in February, 2021 (see our
February 4, 2021 news release for details), Solstice now controls
three of the four known greenstone slivers which
extend northwards from the main Red Lake belt.
-
Collectively, our four projects cover most of the known EM
conductors in the area3 (see Figure 1).
-
All of our projects, including RLX, are associated with interpreted
major structures (see Figure 1). In January, 2021, the OGS4 pointed
to the potential significance of fault structures in the area which
they suggested may represent a possible third major structure in
the Red Lake belt, the other two being interpreted by the OGS to
generally correlate with the location of two major gold deposits in
the Red Lake camp.
-
There is no record of previous exploration in the new project areas
despite them being extensions of the Red Lake greenstone belt.
-
Collectively, we now control 15,175 Ha (759 claim units) in this
emerging exploration play.
“The January 2021 OGS exploration report4
triggered major staking in the area of the interpreted greenstone
extensions over a 50km strike length. At the same time, we targeted
the greenstone closest to the main Red Lake belt based on our
interpretation of public domain data and our historical familiarity
with the Sidace gold deposit area (Evolution Mining/ Pacton (39%).
We believe RLX represents a similar setting. We targeted Taillon,
Moreau and Berens using the same rationale. They comprise
extensions of the Red Lake belt, contain extensive EM anomalies and
are associated with major structures evident. Significantly, given
the well-known gold endowment of the Red lake belt and the
intensely competitive nature of staking in the belt, there is no
record of previous exploration in the three new project areas
despite their obvious lineage,” stated Chairman David
Adamson.
During his successful 16 years of exploration in
the Red Lake camp, David Adamson was a co-award winner for the
discovery of Battle North Gold Corporation's Bateman Gold deposit5
and was instrumental in the acquisition of many of the Red Lake
district properties now part of the Battle North portfolio.
Solstice is currently formulating exploration
plans for the RLX and New Projects which we will announce in due
course.
Additional details regarding the RLX Project are
available in the Company’s news releases dated February 4, 2021,
March 16, 2021 and in the updated presentation on the Company’s
website at www.solsticegold.com.
About Solstice
Solstice is a gold-focussed exploration company
engaged in the exploration of our high-quality exploration assets
in top tier jurisdictions. Our 55 km2 Red Lake Extension project
along with the combined 96 km2 Taillon, Moreau and Berens projects
are located on the north end of the prolific Red Lake Gold
District. Our district scale KGP project covers 886 km2 with
certain other rights covering an adjacent 683 km2, all with no
underlying option or earn in payments. KGP has seen over $12MM
dollars spent on significant field work, identified a 10 km2 gold
boulder field and now prepared with multiple drill ready targets.
KGP 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 99.8 million shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold, the Red Lake Extension Project and the
KGP Project, please see our Corporate Presentation available at
www.solsticegold.com.
Figure 1: Location Map for newly acquired
properties. Compilation map is by the OGS1,2, airborne EM anomalies
are from 2008 surveys by the OGS3. Interpreted major structures
(blue lines) are by Solstice based on interpretation of magnetic
and EM datasets. Lake conductors in Berens Lake omitted from
figure: https://www.globenewswire.com/NewsRoom/AttachmentNg/33a8338e-e488-4a19-b2f2-8e1f796bf86d
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.
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.
1 Buse, S. and Préfontaine, S. 2007. Precambrian
geology of the McInnes Lake greenstone belt, the
supracrustal remnants study area and the Frame
Lake pluton, Berens River Subprovince, Ontario;
Ontario Geological Survey, Open File Report
6210, 128p.
2 OGS: Stone D. 1998. Precambrian geology,
Trout Lake area; Ontario Geological Survey, Map P.3383. scale 1:250
000
3 Ontario Geological Survey 2008. Ontario
airborne geophysical surveys, magnetic and electromagnetic data,
grid and profile data (ASCII and Geosoft formats) and vector data,
Whitefeather forest area, GEOTEM 1000 survey, Ontario Geological
Survey, Geophysical Data Set 1058a.
4 https://www.mndm.gov.on.ca/sites/default/files/recommendations_for_exploration_2020-2021.pdfMNDM
Interpretation from: Lewis, S.O. 2021. Deep tapping seismic
structure in the Red Lake district; in Ontario Geological Survey,
Resident Geologist Program, Recommendations for Exploration
2020-2021, p.9-13.(Refers to an Original Seismic Interpretation
from:Zeng, Fafu and Calvert, Andrew. 2011. Imaging the upper part
of the Red Lake greenstone belt, northwestern Ontario, with 3-D
traveltime tomography. Canadian Journal of Earth Sciences, v.43.
p.849-863. https://doi.o rg/10.1139/e06-027.)
5 Battle North Gold Bateman Gold Project,
current Feasibility Study includes resources of M&I 985,400 oz
Au @ 6.04gpt and Inf 272,200 oz Au @ 6.5gpt
This news release contains references to other
projects, their structures and mineralization, there is no
certainty that Solstice’s projects will contain similar structures
or mineralization.
On Behalf of Solstice Gold
Corp.
David Adamson, PhDChairman
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 “approximate
or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”,
“expects”, “potential”, “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 adjacent and
regional projects. There can be no guarantee that continued
exploration at Solstice exploration projects, which are 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, the future
impacts of the COVID 19 pandemic and government response to such
pandemic, the ability of the Company to continue exploration at its
project in lieu of the pandemic and the risk of future lack of
access to the project as a result thereof, 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. 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 other mineral properties in respect of which
the Company has no interest or rights to explore or mine or
acquire. Readers are cautioned that mineral deposits on adjacent or
similar properties are not indicative of mineral deposits on the
Company’s properties, nor is there certainty that Solstice’s
projects will contain economic mineralization. This news release
mentions other companies that are unrelated to Solstice and this
does not imply any agreements, partnerships or rights with respect
to any of these companies or their properties other than where
explicitly defined. 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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