Solstice Gold Triples Its Red Lake Position with Three New Projects
VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) — 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 report4triggered 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.
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.
MNDM 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, PhD
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
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.