Solstice Gold Announces Results of Six Hole Reconnaissance Drill Program from Its Meliadine Area Gold Project, Nunavut
VANCOUVER, British Columbia, Oct. 01, 2019 (GLOBE NEWSWIRE) — Solstice Gold Corp. (TSXV: SGC) (“Solstice”, the “Company”, “we” or “our”) announces results from a six-hole reconnaissance-scale diamond drill program on the 45km2 Enterprise target area, part of our 100% owned, 928km2 landholdings in the Meliadine area, located only 26km from Rankin Inlet, Nunavut (Figure 1). The prime objective of the drill program was to test for gold potential in the land accessible portions of the Enterprise area, a five km2 rotated block underlain by prospective rocks developed adjacent, and related, to a regional scale ‘break’ or shear zone. Hole locations and target areas are shown in Figure 1.
SummaryThe program intersected variably altered and sulphide-bearing iron formations in five out of six holes. Elevated gold is present in three out of six holes. In the South Enterprise Target area, each of the two holes in this area returned wide sections of elevated gold. Significant results are tabulated below:Table 1Oriented core measurements indicate true thicknesses of 80-95%. For a complete table with collar locations, azimuth and dip please see the Solstice corporate presentation at www.solsticegold.com
A review of all drill holes is provided below:South Enterprise TargetHole 2019-02 Six separate iron formations were intersected ranging from 4.55m to 26.14m core length (average = 12.4m). Two sections of elevated gold are present (Table 1), both hosted in altered (grunerite-bearing) and variably sulphidic iron formation. A second follow up hole (2019-05) was completed ~50m west and ~30m below 2019-02.Hole 2019-05 Six separate iron formations are present ranging from 4.59m to 19.18m core length (average = 9.8m) with elevated gold in sulphide rich iron formation (5-15% pyrrhotite) between 253.66m and 258.55m downhole and 264.75-274.25m downhole (2 to 15% pyrrhotite).Westshore Enterprise Lake TargetHole 2019-03– This drill hole intersected a 22m section (core length) of variably sulphidic garnet and grunerite-bearing iron formation, 1.1km on strike of the South Enterprise Target. Only weakly anomalous gold (maximum 0.1g/t Au over 1.0m core length) was returned.Hole 2019-04 (Westshore Enterprise Lake) Drilled approximately 1.1km to the northwest of 2019-03, this hole intersected a 5.8m grunerite-bearing section with generally minor sulphide mineralization. It confirms that prospective iron formation is likely continuous over ~3km strike length between this hole and the South Enterprise Area.Megafold and Grizzly targetsHole 2019-01 This hole intersected multiple (12) iron formation intervals ranging in core length from 0.97m to 17.45m (average = 7.1m) with locally altered sections carrying minor pyrite and quartz veining. While gold values were not significant, the drill hole confirms the presence of iron formations on strike to those hosting the Aqpiq showing to the west (Agnico claims) where drilling in 2005 returned up to 9.6 g/t over 3.2 m (Aqpiq showing*) and thus opens up ~5km of strike length westwards towards our claim boundary with Agnico.Hole 2019-06 (Grizzly Fault) Drilled to test major fault splay structure with weak magnetic/em signature. This hole intersected a 6.1m carbonate-bearing variably pyritic schist containing local graphite and quartz vein breccia. The bottom one metre section of the drill hole (109.00 to 110.00m) returned an elevated 0.25g/t Au. The observed assemblages and locally elevated gold suggest that the +12km long, previously undrilled Grizzly Fault zone is a significant target.“With this reconnaissance drill program, its important to note that we have tested only the edge of the 5km2 Enterprise target where it was accessible by land-based drilling. Nevertheless, we have demonstrated from mapping and now drilling that the ingredients for gold mineralization are in place; namely numerous, thick altered and sulphide-bearing iron formations with locally strongly elevated gold over appreciable widths. More systematic drilling of the Enterprise Target area to locate potentially higher-grade mineralization is warranted, particularly in lake-covered areas. There are numerous other drill-ready targets in the area, specifically those to the southwest of the Enterprise Target where we have previously described extensive gold-in-boulder fields,” stated David Adamson, Executive Chairman.Figure 1 accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/828af83d-c02c-4015-96c3-c7fb4fa7f4d4All drill core samples were collected in a secure location, and shipped to Activation Laboratories Ltd. in Thunder Bay, Ontario. A series of internal quality assurance programs were followed, which included security tags on all shipments and the insertion of certified reference material and blank material in regular intervals. Samples were processed at the lab for gold analysis by a 50 gram fire assay with finish by atomic absorption.*This news release contains information with respect to the Agnico Eagle’s Aqpiq target along with other gold targets owned by Agnico Eagle Mines, 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 and there is no certainty of the same or similar deposits on the Company’s properties.About SolsticeSolstice is a new gold-focussed exploration company engaged in the exploration of its 928 km2 (100%) district scale Kahuna Project and certain other rights covering an adjacent 805 km2, all with no underlying option or earn in payments. Kahuna 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 69.5 million 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 Kahuna Project please see our Corporate Presentation available at www.solsticegold.com.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.Ian Russell, P.Geo., Vice President Exploration, 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, PhD
Executive ChairmanFor further information please visit our website at www.solsticegold.com or contact:Marty Tunney, PEng
email@example.comForward Looking StatementsThis 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 “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “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 an adjacent development property. There can be no guarantee that continued exploration at Kahuna, which is 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, 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. While the Company believes the boulders are sourced locally for the reasons outlined in this news release, there can be no certainty that their source is local, or that it will be located on Solstice claims. 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 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 decision.