C2C Gold Corp. Announces Acquisition of Jumpers Brook Gold Property
VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) — C2C Gold Corp. (CSE: CTOC) (the “Company” or “C2C”) is pleased to announce the acquisition of the Jumpers Brook gold project strategically located adjacent to, and on trend, with Sokoman Minerals Corp.’s Moosehead gold project in the Central Newfoundland Gold Belt. This acquisition is in keeping with C2C Gold’s strategy to evaluate and aggressively advance targets to the drill stage while expanding the currently large, prospective land position.
The Jumpers Brook property is host to three documented mineral showings including the Sugar Mountain gold-arsenic occurrence with up to 3.3 g/t gold in historical rock samples. Sokoman Minerals Corp. is drilling the adjacent gold project (Moosehead) which has intersected several high-grade gold zones, including 11.90 m @ 44.96 g/t gold.1
Jumpers Brook Acquisition Highlights:
- 100% interest in two mineral licenses (22 claims) including the following highlights:
- Sugar Mountain gold-arsenic showing consisting of coarse arsenopyrite in quartz veins with reported historical values of up to 3.3 g/t gold;
- Jumpers Brook #1 mineral occurrence consisting of pyrite and arsenopyrite veinlets in sandstone;
- Jumpers Brook #2 pyrite-antimony mineral occurrence returning up to 16.6 ppm antimony and 1.1% arsenic in historical rock samples.
C2C is designing a Phase One exploration program for the Jumpers Brook property. Acquisition of the Jumpers Brook mineral licenses increases the Company’s total mineral license holdings in the Central Newfoundland Gold Belt to 4,639 claims (1,160 sq km).
For more information and to view C2C project maps including the newly acquired project visit: https://bit.ly/2RQ4jDf
“We are pleased to add the Jumpers Brook project including the Sugar Mountain gold-arsenic occurrence to our property portfolio in Central Newfoundland,” said Lori Walton, Chief Executive Officer. “Jumpers Brook is on the same structural trend as Marathon’s Valentine gold deposit and Sokoman’s Moosehead project. Situated immediately to the northeast of and along strike with Moosehead, Jumpers Brook is a compelling gold target.”
The Jumpers Brook property is covered by two mineral licenses containing 22 claims over 550 hectares (5.5 km sq). The Trans Canada Highway and secondary roads provide excellent access to the property, which is located four km east of the town of Bishop’s Falls.
The Sugar Mountain gold-arsenic occurrence was discovered by a prospector in 2000 and hosts mineralization in a 2 m wide quartz vein containing abundant coarse arsenopyrite. The vein cuts altered and brecciated mafic rocks of the Silurian Botwood Group.
The Jumpers Brook #1 showing is documented as veinlets of pyrite and arsenopyrite in hornfelsed sandstone.
The Jumpers Brook #2 pyrite-antimony showing is at the thrust contact between Badger and Botwood Group rock units. Mineralization consisting of arsenopyrite with minor pyrite is exposed for 50 m in deformed and brecciated sandstone.
The historical exploration data and analytical results reported in this news release were compiled from publicly available assessment reports and other data filed with the Department of Energy, Industry, and Technology, Government of Newfoundland and Labrador. Neither C2C Gold Corp. or a qualified person has verified the historical sampling, analytical, and test data contained in this news release. The historical rock grab sampling results are selected samples and are not necessarily indicative of the mineralization on the properties. Management cautions that past results or discoveries on properties in proximity to Jumpers Brook may not necessarily be indicative of mineralization on the property.
Terms of the Agreement
The Company has entered into an Agreement with the vendor for 100% ownership of the Jumper Brook mineral licenses in exchange for $65,000 cash and the issuance of 600,000 common shares upon signing. The vendor retains a 2% net smelter return royalty of which C2C can purchase 1% at any time for $1,000,000. The purchase agreement is subject to exchange approval.
Stock Option Grant
On May 27th, 2021, the Company has granted 580,000 stock options to directors, officers and consultants of the Company. The stock options are exercisable for a term of three years at an exercise price of $0.42 per common share. Vesting will occur over a period of eighteen months, with an initial 25% of the stock options vesting immediately upon grant, followed by an additional 25% of the stock options every six months thereafter until fully vested.
C2C Gold – Newfoundland Properties
C2C Gold’s project areas cover more than 1,160 km² along and between the Red Indian Line (RIL) and the Valentine Lake shear zone in the Central Gold Belt of Newfoundland. The Company’s prospective holdings extend for more than 100 km along the Central Gold Belt; a northeast trending structural zone extending across Newfoundland. Regionally extensive fault zones are deep crustal sutures which localize deformation and fluid flow and host orogenic-style gold bearing quartz veins and stockwork zones.
Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville gold deposits in Australia. Regionally, till and lake sediment sampling programs by the Newfoundland and Labrador Geological Survey defined northeast trending clusters of gold-in-till anomalies south of the RIL.
C2C Gold is focusing on testing the correlation between anomalous gold-in-till samples and underlying structural features shown on historical geophysical surveys. A comprehensive program of deeper soil sampling over the most promising areas will target potential buried gold mineralization. There are numerous gold-in-till anomalies throughout the C2C property holdings.
Newfoundland Projects – Regional Overview
Newfoundland has long been known to have a large number of gold occurrences with relatively little modern exploration. Historical production from the Hope Brook, Nugget Pond, and Point Rousse projects have been typical of the island’s mines with relatively modest production from high grade deposits. More recently important significant drill intersections such as those announced by New Found Gold Corp. and those contributing to the growing resource at Marathon Gold Corp’s Valentine Deposit have raised the status of the area to that of a premier gold exploration jurisdiction. These continued positive results have led to a dramatic increase in exploration activity giving rise to a modern-day gold rush.
Technical information in this news release has been approved by Lori Walton, P.Geo., CEO and Director and a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
C2C Gold Corp.
C2C is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,160 km² with road access and proximity to communities and power lines. C2C also holds a portfolio of projects within the prolific White Gold and Klondike districts in Canada’s Yukon.
- Sokoman Minerals Corp. News Release July 24, 2018
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.