79North Inc. (CSE: JQ) (“
79North” or the
“
Company”) is pleased to announce completion of
the LiDAR survey and acceleration of the exploration program that
commenced in August on the Nassau gold project in the Republic of
Suriname.
The Nassau gold project is a 20,000-hectare
under explored property located 20 kilometres south of Newmont
Corporation’s Merian gold mine and 60 kilometres east of Iamgold
Corporation’s Rosebel gold mine. The Nassau gold project has
similar geological stratigraphy and structures as both the Rosebel
and Merian gold mines and 79North has identified three areas of
potential gold mineralization, which will be the subject of further
exploration, plus an area of high grade gold-bearing surface rock
samples, that surround a central plateau where gold has been mined
from alluvium for at least a century.
A property-wide LiDAR survey has been completed
at the Nassau gold project. The LiDAR survey will provide
topographic and bedrock structural data using a laser transmitter
and receiver that can penetrate through the forest canopy. This
will be the most accurate such data ever collected at Nassau and
will provide 79North, for the first time, an accurate map of where
artisanal gold mining has been completed and is ongoing, plus it
will show the location of structural lineaments that may control
the concentration of gold in the bedrock of the project. 79North is
of the view that the data from the LiDAR survey will also reveal
additional bedrock targets within the highly prospective geological
terrane.
Four targets will be explored during the current exploration
program (Exhibit 1):
- Pici, where a large field of
residual quartz vein boulders containing anomalous gold has been
identified;
- Carbonara, where new placer mining
is coincident with a magnetic and topographic anomaly that could
indicate silica alteration and gold mineralization;
- Marinara, where previous auger
drilling encountered anomalous gold in saprolite;
- Witlage Creek, where gold-bearing
rock samples have been documented.
The ground exploration team, that commenced work
in August, has established a grid at the Pici Target and line
cutting at the Carbonara Target is underway. Hand auger sampling,
geologic mapping, and prospecting will commence immediately at the
Pici grid. September is the first month of the major dry season in
Suriname and good working conditions will persist until the
beginning of the next major rainy season in April 2021.
A 1,500 metre auger drilling program is planned
on the Marinara target during this field season, with additional
drilling expected on Pici, Carbonara, and Witlage Creek as targets
are further refined and prioritized by the current geochemical
survey results. Diamond drilling is expected to quickly follow up
on targets generated by this preliminary exploration.
“In spite of delays because of the Covid
pandemic that have affected the entire mining industry, our
geophysical contractor has been able to complete the LiDAR survey,
we have been able to establish the first of three grids at Nassau,
and I was able to obtain special permission to enter Suriname on
October 9 to directly supervise the work described herein when I
finish a quarantine period that ends October 17. The next step is
to commence hand auger geochemical sampling, geological mapping and
prospecting and to use the LiDAR survey to evaluate our existing
targets and define additional targets with all of these activities
leading us towards our first diamond drilling program as soon as
possible,” stated Jon North, Ph.D., P.Geo., Chief Executive
Officer.
79North is well positioned with approximately
$3.5 million in working capital to undertake the current planned
exploration programs.
About 79North Inc.79North, is
led by a team with extensive mineral exploration expertise and a
track record of discoveries and exits in South America and
globally. 79North currently holds an indirect interest in mineral
concessions in northern Suriname and aims to become the premier
junior exploration company in this under explored district of the
prolific Guiana Shield. 79North’s growing portfolio of high-quality
targets which have not undergone modern exploration or drilling
have a long history of artisanal mining and are strategically
located near modern gold mines operated by major mining companies.
79North is a mineral exploration company focused on the
acquisition, exploration, and development of properties for the
mining of gold and other minerals. 79North has 85,878,941 common
shares issued and outstanding and 141,123,931) common shares on a
fully diluted basis.
Summary for non-technical
readersThe Nassau gold project in Suriname covers an area
of approximately 200 square kilometers (20,000 hectares, or 50,000
acres). Exploring such a large area requires that “targets” are
developed by combining layers of geological, geochemical, and
geophysical information to reduce the search area from such a large
area, which is much larger than a typical gold deposit, to specific
targets that are the size of a gold deposit, which is a few hundred
hectares or a few hundred acres. The LiDAR survey will greatly
advance the understanding of existing targets, and their
relationship to each other, and help define additional targets.
Exploration grids, such as the one at the recently completed Pici
target allow the collection of geological, geophysical, and
geochemical information to be accurately registered to the surveyed
lines.
Statement of the Qualified
PersonThe scientific and technical information contained
in this news release has been reviewed and approved by Jon North,
P.Geo., who is 79North’s Chairman, President, and CEO and a
Qualified Person within the meaning of National Instrument
43-101.
Please refer to the technical report of 79North
entitled “NI-43-101 TECHNICAL REPORT – NASSAU GOLD EXPLORATION
PROJECT, SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA” dated
effective May 14, 2020 for further details. The technical
report is available in 79North’s SEDAR profile at
www.SEDAR.com.
Further InformationFor further
information please visit www.79North.ca or contact:
Jon North, President and Chief Executive
Officer |
Telephone: |
|
(416)
786-6348 |
Email: |
|
jon@79north.ca |
|
|
info@79north.ca |
Note about Covid-19 in
SurinameAs in many countries, Suriname is currently
experiencing land border and airspace closures as well as other
restrictions on movement and activity because of the Covid-19
pandemic. However, local workers including gold exploration workers
and gold mining workers, are permitted to travel and work within
Suriname. The Company is following the direction of the Government
of Suriname and will modify and adjust its activity to comply with
all requirements of the Government of Suriname as the situation
develops and changes. The Covid-19 policy of the Company is
published on the Company website at
https://79north.ca/wp-content/uploads/2020/07/79North-policy-on-Covid-19.pdf.
Cautionary Note Regarding
Forward-Looking InformationThis news release contains
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”) within the meaning of
the applicable Canadian securities legislation, including
information with respect to the exploration program at the Nassau
gold project. All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often but not always using phrases
such as “expects”, or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans”, “budget”,
“scheduled”, “forecasts”, “estimates”, “believes” or “intends” or
variations of such words and phrases or stating that certain
actions, events or results “may” or “could”, “would”, “might” or
“will” be taken to occur or be achieved) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political, and
social uncertainties, including related to Covid-19; and the delay
or failure to receive board, shareholder, or regulatory approvals.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on the forward-looking
statements and information contained in this news release. Except
as required by law, 79North assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by law.
Exhibit 1Location of exploration
targets of the Nassau gold project, Suriname, is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/b8fb2fe2-666b-49fb-8553-eacb9dc3dcd8
79North (CSE:JQ)
Historical Stock Chart
From Sep 2024 to Oct 2024
79North (CSE:JQ)
Historical Stock Chart
From Oct 2023 to Oct 2024