Solstice Gold Corporation (TSXV:SGC)
(“Solstice”, the “Company”, “we” or “our”) is pleased to
announce that it has commenced a high resolution, property wide,
1102 line-km heliborne magnetic survey (“Mag” or the “Survey”) on
the Company’s newly acquired Red Lake Extension project (“RLX” or
the “Project”). The Survey’s 50 m spacing will provide high
definition magnetic and structural information to aid further
exploration on the project. This will supplement the existing
government (2008) magnetic and electromagnetic survey* which was
flown at 200 m spacing and identified 139 anomalies on the 33 km2
Project.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7b1c5e82-6441-4740-8590-20815f796854
“Existing government surveys show a first order
structure and numerous other structural features associated with
extensive conductors. Given that gold deposits in the region are
associated with specific structures, the ability to obtain high
definition, cost-effective magnetic data will be an important step
in allowing us to refine and potentially locate additional
structures and targets. Results of the survey will be used to
support an aggressive exploration program beginning in Spring,
2021.” stated Chairman David Adamson.
Solstice just recently entered into an option
agreement to acquire a 100% interest in the Red Lake Extension
project consisting of 10 claims (164 units, ~3300 ha) located in
the northern part of the Red Lake Gold District (Fig 1). Solstice
acquired the Project based on our interpretation that the RLX
covers approximately 14 km of strike length of a prominent
geological structure which corresponds to the surface expression of
a deep structure recently identified, using historical seismic
surveys, by Ministry of Northern Development and Mines (MNDM)
geologists, as the third major structure in the district**.
According to the MNDM, the other two major structures correlate
with the important gold deposits of the Red Lake Gold Camp, the Red
Lake Gold Complex (Evolution Mining) and LP fault of the Dixie
project (Great Bear Resources).
Additional details regarding the RLX Project are
available in the Company’s news release dated February 4, 2021 and
in the updated presentation on the Company’s website at
www.solsticegold.com.
About Solstice
Solstice is a gold-focussed exploration company
engaged in the exploration of our high-quality exploration assets
in top tier jurisdictions. Our 33 km2 Red Lake Extension project is
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 99.5 million shares outstanding.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold, the Red Lake Extension Project and the
KGP 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.
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.
*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.
**https://www.mndm.gov.on.ca/sites/default/files/recommendations_for_exploration_2020-2021.pdf
OGS: Stone D. 1998. Precambrian geology, Trout
Lake area; Ontario Geological Survey, Map P.3383. scale 1:250
000
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.
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.
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, PhDChairman
For further information please visit our website
at www.solsticegold.com or contact:
Marty Tunney,
PEngPresidentinfo@solsticegold.com
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.
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