Stone Gold Inc. (
TSX-V / STG)
("
Stone Gold" or the "
Company")
is pleased to announce that the results from its fall 2020 surface
rock and soil geochemical sampling program are available for the
Glenrock Gold Property (“Property”) located 100 km north of Sault
Ste. Marie, Ontario. The exploration program was undertaken in
follow-up to the results of the surface sampling program reported
in the Sept 10, 2020 News Release.
http://stonegold.ca/cr-capital-corp-announces-summer-glenrock-property-exploration-results
During the program, 28 surface rock geochem
samples were obtained from outcrop and 30 soil geochem samples were
collected over a GPS located grid covering the Glenrock West and
Glenrock Northwest occurrences with the larger Glenrock Property
area.
2020 Fall
Program ResultsThe results of the fall 2020
program further advance and ready gold drill targets for the winter
of 2020 in the vicinity of the Glenrock Main, West and Northwest
occurrences. Best results include 4.59 g/t Au in a grab sample
adjacent to an overgrown historic trench along the main east west
trend between the Glenrock West and Main gold occurrences. Chip
sampling of gossanous friable rocks across the shear zone within
the trench returned a grade of 1.32 g/t Au over 5 metres.
Follow-up field investigation of the high grade
Glenrock Northwest occurrences, which had previously reported 13.4
g/t Au from a grab sample in 2018, included the collection of five
0.5 sq. m composite grab samples in the immediate area which
averaged 5.82 g/t Au with the highest grade sample reporting 11.8
g/t Au. Other sampling included following the Glenrock West
occurrence westward where a grab sample of the favorable highly
silicified finely pyritic sheared rocks was obtained from an
overgrown pit reporting 1.99 g/t Au before trending into an
adjacent swamp. In summary, the analytical results range from
<0.01 to 11.8 g/t Au averaging 1.74 g/t Au. The analytical
highlights from this program are presented in the below table.
Glenrock Gold Property Location |
Sample #s |
Sample Type / Size |
2020 Assays
(g/t Au) |
Glenrock between West and Main occurrence |
1058206 |
1.0 m chip sample |
3.51 |
Glenrock between West and Main occurrence |
1058207 |
1.0 m chip sample |
0.72 |
Glenrock between West and Main occurrence |
1058208 |
1.0 m chip sample |
0.51 |
Glenrock between West and Main occurrence |
1058209 |
1.0 m chip sample |
0.53 |
Glenrock between West and Main occurrence |
1058210 |
1.0 m chip sample |
1.35 |
Glenrock between West and Main occurrence |
1058211 |
grab |
2.12 |
Glenrock between West and Main occurrence |
1058214 |
grab |
4.59 |
Glenrock Northwest occurrence |
1058215 |
0.5 sq. m composite grab |
0.63 |
Glenrock Northwest occurrence |
1058216 |
0.5 sq. m composite grab |
11.80 |
Glenrock Northwest occurrence |
1058217 |
0.5 sq. m composite grab |
3.34 |
Glenrock Northwest occurrence |
1058218 |
0.5 sq. m composite grab |
5.51 |
Glenrock Northwest occurrence |
1058219 |
0.5 sq. m composite grab |
7.86 |
Western end of Glenrock West occurrence |
1058223 |
grab |
1.99 |
Glenrock West occurrence |
1058225 |
0.5 m chip sample |
2.46 |
The results of the extended soil survey reported
elevated gold values averaging 43 ppb Au both to the west and east
southeast of the Glenrock West occurrence area coincident with the
presence of anomalous gold values from the rock samples. Additional
elevated gold values in soil were reported in samples east and west
along strike from the Glenrock Northwest occurrence. The soil
results also suggest the presence of a possible third parallel
westward line of elevated gold values extending from the Glenrock
North occurrence trending between the Glenrock Northwest and
Glenrock West occurrences.
Summary of
ExplorationThe results of the rock and soil
sampling completed in the Glenrock area by the Company since 2018
compiled with historic diamond drilling and trenching results are
shown in the below figure. The results indicate the continuity of
over 400 metres strike length of gold mineralization trending from
the Glenrock Main to west of the Glenrock West occurrences. This
zone and the others are open for expansion to the west into a
swamp, and to the east where the Glenrock Main occurrence trends
into an esker.
The compilation map shows the documented
widespread elevated to ore grade surface and drilling gold results
in the Glenrock Gold property area supporting the presence of a
major gold mineralizing system open in all directions that needs to
be properly tested and defined.
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/73ee5c3e-c46a-4792-9899-02d323676be9
Additional Staking and Exploration
PermitBased upon the results of the 2020 exploration of
the Property, the Company has staked an additional 46 unpatented
cell claims to its Glenrock Gold Property (“Property”). As a
result, the Property now is enlarged to approximately 2,560
hectares contiguous to the northwest with the larger Coppercorp
Property also held 100% by Stone Gold. The staking was completed on
the east and south boundaries of the Property to cover extensions
of the favourable Archean geology that hosts multiple Au
occurrences being investigated in the Glenrock area. The following
map shows the updated boundaries of the Glenrock and Coppercorp
properties.
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/87487008-9371-449c-82fa-44984ce81a17
The Company also wishes to announce that it has
received an Exploration Permit from the Ministry of Energy,
Northern Development and Mines to complete diamond drilling on its
Glenrock Gold Property. A consultation process is ongoing with the
Batchewana First Nation with the purpose of negotiating a drilling
permit to conduct subsurface exploration on their traditional
territory.
Stone Gold President and CEO John Timmons states
“We are pleased with the continued success at the Glenrock Project.
Due to the grade of the gold samples from the overall 2020 program,
the Company has staked additional contiguous claims to amass a
2,560-hectare land package in this under-explored district.”
QA/QCThe collected rock samples
for the site visit pertaining to this program were delivered
directly by the Qualified Person to the AGAT Laboratories facility
in Mississauga, Ontario. The Qualified Person submitted a blind Au
standard plus a coarse quartz blank into each submitted batch. The
submitted samples were prepared by crush to 90% passing 2mm, split
to 250 gm and pulverize to 85% passing 75um (Method Code 200-002).
The samples were analyzed for gold at the AGAT Laboratories
facility at Mississauga by Au by fire assay, ICP-OES Finish, 50g
with a range 0.001 – 10 ppm (Method Code 202-552, gravimetric assay
for over-limit >10 ppm Au samples), and for multielement metals
analysis by 4-Acid Digestion and ICP-OAS method finish with
re-assay for over-limit >10 gm for Au. The AGAT Mining
Geochemistry Laboratory is accredited to ISO 17025 by the Standards
Council of Canada (SCC).
The information in this press release has been
reviewed and approved by Trevor Boyd, P. Geo., and a Qualified
Person for the technical information under NI 43-101 standards.
For further information, please contact:Mr. John
TimmonsPresident & CEOStone Gold Inc.Cellular (416) 931
2243Email: jtimmons@stonegold.caWeb: www.stonegold.ca
Stone Gold Inc. is engaged in the acquisition,
exploration and evaluation of properties for the mining of precious
and base metals.
Caution Regarding Forward-Looking
InformationThis news release contains forward-looking
information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of Stone Gold.
Forward-looking statements include estimates and statements that
describe Stone Gold's future plans, objectives or goals, including
words to the effect that Stone Gold or its management expects a
stated condition or result to occur. Forward-looking statements may
be identified by such terms as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan".
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements
are based on information currently available to Stone Gold, Stone
Gold provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes, but is not limited to, Stone Gold's objectives, goals or
future plans, statements, details of the exploration results,
potential mineralization, Stone Gold's portfolio, treasury,
management team and enhanced capital markets profile, the timing of
the Transaction, the estimation of mineral resources, exploration
and mine development plans, timing of the commencement of
operations and estimates of market conditions.
Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to, failure or inability to complete the
Transaction on the terms as announced or at all, regulatory
approval processes, failure to identify mineral resources, delays
in obtaining or failures to obtain required governmental,
regulatory, environmental or other project approvals, political
risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in Stone Gold's
public documents filed on SEDAR. Although Stone Gold believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Stone Gold disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this news
release.
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