Gold’n Futures Executes Option to Acquire Claims Contiguous With Its Brady Gold Property’s Reid Gold Zone in Newfoundland
VANCOUVER, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) — GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the “Company” or “Gold’n Futures”) is pleased to report it has entered into a definitive option agreement to acquire 34 mineral claims (the “Option”), covering 850 hectares (“ha”) (the “Claims”). The Claims all but surround the Company’s current Brady Gold Property and its Reid Gold Zone.
Highlights of the Option:
- The consideration to be paid pursuant to the Option is entirely common share consideration with no cash payment;
- Upon full exercise of the Option, the Company will be transferred 100% title to the Claims, subject to a 2% royalty;
- The Option expands the Brady Gold Property by approximately 9-fold to 950 ha;
- The Claims protect about 4½ km of favorable gold-related regional structure, and;
- The Claims contain gold in soil anomalies and geophysical setting for gold mineralization.
Stephen Wilkinson, President and CEO commented, “Gold’n Futures sees this Option as highly strategic and potentially very important to the ultimate advancement of our Brady gold project into production. We can confidently explore for the expansion of the Reid Gold Zone both along strike and to depth. Equally important, the Brady Gold Property gives our Company a significant beachhead in the vigorous and exciting exploration environment of Newfoundland.”
Terms of the Option
To exercise the Option, Gold’n Futures will issue, over the next three years, an aggregate of 3 million shares to the vendor. Upon completion of the share issuance, the vendor will hold a 2% Net Smelter Returns royalty. The assessment work required for 2021 to maintain the claims is $8,500 or $250/claim.
The Brady Gold Project
The Project is located 50 kilometres south of the town of Grand Falls – Windsor in central Newfoundland and is approximately 80 kilometres southwest of the New Found Gold Corp. – Queensway gold project. The Reid Gold Zone is the main area of exploration and mineralization.
The Reid Gold Zone is classified as an intrusion-hosted style of gold mineralization. Several episodes of diamond drilling totaling 30 diamond drill holes and 6,350 metres of core have defined the zone over a strike length of 300 metres, a width of 250 metres and to a vertical depth of 225 metres and the zone is reportedly open along strike and to depth.
The last reported diamond drilling on the Reid Gold Zone was in 2011 when Golden Dory Resources Corp. completed an additional 2,638.54 metres of core in eight holes (BO-11-23 to 30) and extended BO-09-16 by an additional 147.08 metres as the hole had been terminated in mineralization in 2009. The program was reportedly successful and encountered some of the best grades drilled to date including BO-11-25 which intersected 25.45 metres grading 1.48 g/t Au including 7.80 metres grading 3.62 g/t Au.
Gold’n Futures is planning to initiate field work exploration on the Brady Gold Project in the beginning of summer this year. Work has already commenced on compiling the historical geological, geophysical and geochemical studies with the view of targeting certain unexplained gold and arsenic, and geophysical anomalies that occur outside of the Reid Gold Zone. As soon as practical, the Company will commission a new high-definition airborne geophysical survey over the entire project claims to supplement the old government regional survey. Fieldwork will begin once the compilation and airborne survey(s) are completed to explore for altered and/or mineralized rocks in float or bedrock.
Coincident with the above, Gold’n Futures will be laying out plans for diamond drilling to infill and expand upon the historical resources of the Reid Zone, and to test any new occurrences discovered by its field programs. Drilling should be initiated upon receipt of the required permits and may be able to occur in or about September 2021.
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 located in the Hercules-Elmhurst property. The Hercules is a well-known high-grade gold Project, located 120 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District in the heart of the Beardmore – Geraldton gold mining camp. The property 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). To date, the work completed on the Hercules 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.
Gold’n Futures’ other 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.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com.
On behalf of the Board of Directors
For further information
President and CEO
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.
A document accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b2da178a-5a51-4fd4-bc33-e8cf3a4b10ac