Gold’n Futures Adds High Priority Gold Targets Within the Expanded Hercules Property in Beardmore-Geraldton Gold Camp, Ontario
VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) — Gold’n Futures Mineral Corp. (the “Company” or “Gold’n Futures”) is pleased to report that the compilation of historical data on the Hercules Gold Property has identified two additional gold targets for its 2021 exploration program associated with indicative geological, geophysical and geochemical anomalies. Significantly, these new targets were found outside of and to the east of the Elmhirst Lake Intrusive Complex that is the host for the high-grade Hercules gold vein systems.
“This is an important development which establishes a new regional component for gold targets outside the main gold-bearing Elmhirst Lake Intrusive Complex. Our team of geologists has recognized certain unique features in these regional targets that are similar to the Hercules gold systems. However, these targets have seen little if any historical work and we believe the targets represent opportunities to replicate the Golden Mile vein but in new and untested environments,” commented Stephen Wilkinson, the Company’s President and CEO.
Regional Target-1– North Kaby Lake Stock (Figure-1)
The Kaby Lake Stock is a granitic intrusive body that is very similar to and almost a twin of the Elmhirst Lake Intrusive Complex. It occurs and dominates much of the Hercules Property in the northeastern part of the claims` group. The Stock is an important host to mineral deposits including the past producing DikDik Mine which reportedly produced 3,525-tons grading 0.689 ounces per ton (21.5 grams per tonne) gold and the Foisey vein system which has returned assays up to 0.62 ounces per ton (19.4 grams per tonne) gold.
This Regional Target – 1 is based in part on the location of a gold-bearing glacial till sample collected by the Ontario Geological Survey in 1987. The survey was conducted across the Beardmore-Geraldton gold camp. The program was highly successful and identified a strong correlation between visible grains of gold found in glacial till samples with known gold mines and deposits in the camp. For example, the past producing Quebec Sturgeon River Gold Mine, located about 12-kilometres southwest of the Hercules gold systems, returned three basal till samples with 15, 22 and 74 gold grains. Similarly, the Dik Dik Mine, located about 10-kilometres east of the Hercules gold systems, had two till samples that showed 3 and 4 gold grains.
Gold’n Futures’ Regional Target-1 is contained within the Company’s newly staked claims located, about 5-kilometres northeast of the Hercules gold systems (see our news release dated, May 10, 2021). Regional Target-1 is centered on a government sample that contained 4 visible gold grains. Geologically, the target area occurs at the northern nose of the Kaby Lake Stock at the contact with felsic metavolcanic units of the Beardmore-Geraldton greenstone belt and near the intersection of two regional structures now each occupied by diabase dikes. These are geological features with which the primary gold systems at Hercules such as the Yellow Brick Road, Penelton, and Amede are associated. The association of the geological features with the finding of visible grains of gold in the glacial overburden is indicative of the potential for a yet-to-be discovered gold vein system for which our field crews will be exploring.
Regional Target-2 – Ballina Lake Gold Zone (Figure-2)
The Ballina Lake Gold Zone is located about 11-kilometres northeast of the Hercules gold systems and consists of two showings associated with the eastern contact of the Kaby Lake Stock with mafic metavolcanic units. The gold showing at Ballina Lake had exploration performed on it in the past and during 2010 the work included limited outcrop stripping, pitting, sampling and diamond drilling.
Grab samples of 17.94 grams/tonne (g/t) gold and 20.03 g/t gold were reported from sheared metavolcanics at the south shore of Ballina Lake. In this location, pit samples ranged from 1.01 g/t to 5.60 g/t gold over 0.3-metres to 1.22-metres and of the three holes drilled across the trenched area, the most notable intersection was from hole KB 10-13 which returned 2.65 g/t over 0.7-metres.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8cd88075-2c3c-42aa-b809-6a644a7ceb3a
Approximately 500-metres to the southwest of Ballina Lake is another gold occurrence which is within the Kaby Lake Stock. This showing received limited trenching from which a chip sample yielded 1.01 g/t gold over 2-metres. One hole, KB 10-16, drilled across the projected trend of the trenches and collared in a complex magnetic feature very similar to the Hercules gold occurrences that extends for over 2,000-metres. Five intercepts ranging from 1.20 g/t to 3.31g/t gold over sub-meter to meter drill core lengths were reported from this hole.
The Ballina Lake gold zones represent excellent candidates for further exploration. Gold’n Futures intends to have its geological team conduct mapping and sampling programs to prospect for drill sites for the upcoming drill programs.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4403074-e623-4768-9d1e-e7265e28d5fb
Historical resource estimates cited in this news release are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. Although the historical resource estimates were National Instrument 43-101 compliant at the time they were compiled, they are not ‘Current Resource Estimates’. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101 mineral resource estimate. Establishing a current mineral resource estimate for the Hercules Gold Property will require further evaluation, which the Company and its consultants intend to complete in due course.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company advancing its flagship Hercules Gold Project. The Hercules Gold Project is a well-known high-grade gold project, located 120 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District in the heart of the Beardmore – Geraldton gold mining camp. The Hercules Gold Project lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres. It comprises 475 contiguous claim cells (10,052 ha) of which 95% of the property is effectively unexplored. To date, the work completed on the Hercules Gold Project forms an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and, historical drilling totalling in the order of 537 holes – all of which is being remodeled for planning of the 2021 exploration program. The historical resource estimate (see Cautionary Note) for the Hercules Gold Project was completed in 2010 and comprised an uncapped Indicated Resource of 231,800 tonnes containing 111,450 ounces of gold and an uncapped Inferred Resource of 761,300 tonnes containing 101,050 ounces of gold.
Gold’n Futures’ other advanced gold asset is the Brady Gold Property that consists of an advanced project within a 950 ha claim group in the highly prospective Gander Zone of the central region of Newfoundland. The Brady’s Reid Gold Zone is an intrusion-hosted deposit that is only partially drill-tested and remains open on strike and at depth. The historical resource estimated for Reid Gold Zone in 2011 produced an Inferred Resource of 9,750,000 tonnes hosting 173,000 ounces of gold (see the Cautionary Note).
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The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
Cautionary Note: The Company refers to the historical resource estimates associated with the Hercules Gold Project, the Brady Gold Property and the Handcamp Property (the “Historical Estimates”). The Historical Estimates are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. Establishing a current mineral resource estimate on the Hercules Gold Project , the Brady Gold Property and the Handcamp Property will require further evaluation, which the Company and its consultants intend to complete in due course.