VANCOUVER, BC, Dec. 7, 2021 /CNW/ - Aris Gold
Corporation (Aris Gold or
the Company) (TSX: ARIS) (OTCQX: ALLXF) announces the encouraging
results of its initial 10,000 metre (m) drill program at its Juby
gold project in the Abitibi greenstone belt of Ontario.
The 2021 drill program, comprising 26 diamond drillholes
totalling 10,709 m, achieved its
objective, which was to test the extension between the Golden Lake and Big Dome deposits and confirm
the known high-grade mineralized zones, based on the
recommendations made in the Juby Technical Report dated
October 2020, with an effective date
of July 14, 2020. The drilling took
place between July and September
2021, and was designed and managed by GeoVector Management
Inc. (GeoVector), who have been involved with the Juby project
since 2002.
Drill Locations and Results
Of the 26 drillholes, 24 holes were drilled 1,040 m to the northwest of the Golden Lake deposit, along a 1.6 kilometre
(km) strike distance between the Golden
Lake and Big Dome deposits. Results from drilling returned
multiple high- grade intersections near surface and at depth, which
extended the strike of the known potentially economic
mineralization at Golden Lake by
200 m.
Drillholes along strike, 170 m
further to the northwest and stepped out across strike to the
southwest, returned mostly multiple narrow, moderate-grade
intersections.
The final holes to the northwest targeted an area approximately
350 m below the Big Dome pit shell,
and returned high-grade intersections with variable widths.
Two additional holes, spaced 70 m
apart, were drilled in the centre of the Golden Lake pit shell used to constrain the
Juby Main Zone and Golden Lake Zone
mineral resources effective July 14,
2020. Those two holes intersected multiple wide, high-grade
mineralized zones, confirming the grades and widths of nearby
existing holes in the area.
Drill Assay Highlights (true thickness metres)
- GL21-45 – 25.1 m at
0.99 g/t Au and 20.7 m
at 1.42 g/t Au
- GL21-46 – 5.7 m at 5.74
g/t Au, including 0.82 m
at 26.60 g/t Au
- GL21-47 – 54.5 m at
1.18 g/t Au and 9.7 m
at 4.75 g/t Au, including 0.97
m at 11.09 g/t Au and 0.52 m at
26.70 g/t Au
- GL21-48 – 44.6 m at
0.90 g/t Au and 11.9 m
at 2.48 g/t Au, including 0.87
m at 7.38 g/t Au
- GL21-52 – 10.9 m at
2.30 g/t Au, including 0.54
m at 10.30 g/t Au
- GL21-61 – 24.1 m at
1.03 g/t Au
- GL21-66 – 1.7 m at
14.28 g/t Au
- GL21-67 – 12.6 m at
3.04 g/t Au, including 0.87
m at 8.02 g/t Au
- GL21-69 – 4.4 m at
16.36 g/t Au, including 0.49
m at 138.00 g/t Au, and 21.6 m at 1.32 g/t Au
Aris Gold Vice President
Exploration, Pamela De Mark stated:
"These results confirm the widths and grades of gold mineralization
of previous drilling in the Golden
Lake pit shell, extend the strike of the Golden Lake deposit by 200 m, and demonstrate the continuity of wide,
high-grade mineralization at depth beneath the Golden Lake and Big Dome pit shells. Given the
encouraging drill results, we are now evaluating the parameters of
a second phase drill program at the Juby Project".
Juby Drill Plan and Cross Section Views of Selected
Drillholes
A plan of the 2021 drilling relative to existing drillholes and
the 2020 optimized pit is shown in the figure below.
A plan of the 2021 drilling relative to existing drillholes and
the 2020 optimized pit, with sample grades greater than 0.50 g/t Au
coloured according to the provided legend, is shown in the figure
below. Lines indicating the locations of the following two cross
sections are also indicated on the plan.Cross sections showing
holes 48 and holes 69 and 52 are shown in the figures below.
Cross sections showing holes 48 and holes 69 and 52 are shown in
the figures below.
A complete summary of the mineralized intersections from the
2021 drill program can be found on the Company's website at
www.arisgold.com.
About the Juby Project
The Juby project is an advanced exploration stage project
located 15 km west of the town of Gowganda in Ontario,
Canada, 150 km by road south-southeast of Timmins and 115 km by road southwest of
Kirkland Lake. Site access and
infrastructure is excellent with a major highway, local roads, and
logging roads providing easy access to site, a power transmission
line passing through the property, and abundant water.
The property is located in the Shining Tree area of the southern
Abitibi greenstone belt, within 70 km of IAMGOLD's Côté Gold
project and Alamos Gold's Young-Davidson mine. The leases extend for
11 km east-west and 9.5 km north-south, covering an area of
5,288 hectares, following the Tyrrell Shear Zone, which hosts all
of the known deposits at the project, including the Juby Main Zone
(JMZ), Golden Lake Zone (GLZ), Big
Dome Zone (BDZ), and Hydro-Creek LaCarte Zone (HCLZ). The JMZ and
GLZ deposits are hosted within moderate to steeply dipping,
strongly altered and mineralized Porcupine sedimentary rocks, and
the BDZ and HCLZ deposits are hosted in moderate to steeply dipping
sheared and folded mafic to ultramafic volcanic rocks, sedimentary
rocks, and porphyritic dykes of the Kidd-Munro assemblage.
The project currently has 405 drillholes for a total of 116,570
metres in the drilling database. The mineral resources for the Juby
Project, effective July 14, 2020, are
given in the table below.
Juby Project Mineral Resources (effective July 14, 2020)
Area
|
Category
|
Tonnes
(Mt)
|
Grade (g/t
Au)
|
Contained gold
(oz)
|
Juby Main Zone and
Golden
Lake Zone
|
Indicated
|
20.2
|
1.12
|
728,000
|
Inferred
|
41.5
|
0.99
|
1,319,000
|
Hydro Creek-LaCarte
Zone
and Big Dome Zone
|
Indicated
|
1.1
|
1.31
|
45,000
|
Inferred
|
5.6
|
0.93
|
169,000
|
Total
|
Indicated
|
21.3
|
1.13
|
773,000
|
Inferred
|
47.1
|
0.98
|
1,488,000
|
Notes:
|
(1)
|
Mineral resources are
not mineral reserves and have no demonstrated economic
viability.
|
(2)
|
The mineral resource
estimate was prepared by Allan Armitage, Ph.D., P.Geo. of SGS
Geological Services, and Joe Campbell, B.Sc., P.Geo., Alan Sexton,
M.Sc., P.Geo., and Duncan Studd, M.Sc. P.Geo. of GeoVector
Management Inc, who are Qualified Persons as defined by National
Instrument 43-101. Mr. Armitage, Campbell, Sexton, and Studd have
reviewed and verified the drilling, sampling, assaying, and QAQC
protocols and results, and are of the opinion that the sample
recovery, preparation, analyses, and security protocols used for
the mineral resource estimate are reliable for that
purpose.
|
(3)
|
Totals may not add up
due to rounding.
|
(4)
|
Mineral resources are
reported above an optimized pit shell with a cut-off grade of 0.4
g/t gold, based on a metal price of USD$1,450 per ounce of gold,
and a metallurgical recovery of 90%.
|
(5)
|
There are no known
legal, political, environmental, or other risks that could
materially affect the potential development of the mineral
resources.
|
Qualified Persons and Technical Information
Mineral resources are as defined by the Canadian Institute of
Mining, Metallurgy, and Petroleum's 2014 Definition Standards for
Mineral Resources & Mineral Reserves. Mineral resources are not
mineral reserves and have no demonstrated economic viability. There
are no mineral reserves estimated at the property at this time.
There are no known legal, political, environmental, or other risks
that could materially affect the potential development of the
mineral resources.
The mineral resource and geological information included in this
news release is based on information included in the technical
report entitled "Technical Report on the Updated Mineral Resource
Estimate for the Juby Gold Project" dated October 5, 2020 with an effective date of
July 14, 2020, and is available on
the Company's website at www.arisgold.com and under the Company's
SEDAR profile at www.sedar.com. The technical report was prepared
by Allan Armitage, Ph.D., P.Geo. of
SGS Geological Services, and Joe
Campbell, B.Sc., P.Geo., Alan
Sexton, M.Sc., P.Geo., and Duncan
Studd, M.Sc. P.Geo. of GeoVector Management Inc, each of
whom are independent of the Company within the meaning of NI 43-101
and are Qualified Persons as defined by National Instrument 43-101.
Messrs. Armitage, Campbell, Sexton, and Studd have reviewed and
verified the drilling, sampling, assaying, and QAQC protocols and
results, and are of the opinion that the sample recovery,
preparation, analyses, and security protocols used for the mineral
resource estimate are reliable for that purpose.
All holes drilled during 2021 were NQ diameter diamond holes
completed by RJLL Drilling of Rouyn-Noranda, Quebec. GeoVector provided
geological and geotechnical logging services, and sample
preparation and analyses were completed by ALS Global of
Sudbury, Ontario. Drill core
samples were cut in half with a diamond saw and one half of the
core was placed in a sample bag with a sample tag. GeoVector
inserted certified standard and blank samples every tenth sample
for quality assurance / quality control (QAQC) purposes. No issues
were noted in the QAQC results. The sample bags were zip tied shut
and placed with other sample bags in larger bags and zip tied shut.
The large bags were placed on a pallet and trucked to Manitoulin
Transport of New Liskeard,
Ontario, and from there to ALS Global of Sudbury, Ontario. At the laboratory the sample
was crushed to 70% passing 2 mm and a 250 gram subsample was taken
using a riffle splitter. The subsample was pulverized to 85%
passing 75 microns. A 30 gram pulverized sub-sample was assayed for
gold by fire assay with atomic absorption spectroscopy. Any sample
with an assay greater than 10 g/t Au was re-assayed by fire assay
with gravimetric finish on a 30 gram sample.
Pamela De Mark, P.Geo., Vice
President Exploration of Aris Gold
is a Qualified Person as defined by National Instrument 43-101, and
has reviewed and verified the drilling, sampling, assaying, and
QAQC protocols and results, and is of the opinion that the
drilling, sampling, sample recovery, preparation, analyses, and
security protocols for the drilling program are reliable. Ms. De
Mark has reviewed and approved the technical information contained
in this news release.
About Aris Gold
Aris Gold is a Canadian mining
company listed on the TSX under the symbol ARIS and on the OTCQX
under the symbol ALLXF. The Company is led by an executive team
with a demonstrated track record of creating value through building
globally relevant gold mining companies. Aris Gold operates the Marmato mine in
Colombia, where a modernization
and expansion program is under way, and the Juby project, an
advanced exploration stage gold project in the Abitibi greenstone
belt of Ontario, Canada.
Aris Gold plans to pursue
acquisition and other growth opportunities to unlock value creation
from scale and diversification.
Additional information on Aris
Gold can be found at www.arisgold.com and www.sedar.com.
Forward-looking Information
This news release contains "forward-looking information" or
forward-looking statements" within the meaning of Canadian
securities legislation. All statements included herein, other than
statements of historical fact, including without
limitation statements relating to opportunities for
further growth of the Juby deposit, further updates to the mineral
resource estimate, the extension of the strike of the known
potentially economic mineralization at Golden Lake, and potential grades and widths
of nearby existing holes in the area are forward-looking.
Generally, the forward-looking information and forward looking
statements can be identified by the use of forward looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", "will continue"
or "believes", or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". Statements
concerning mineral resource estimates may also be deemed to
constitute forward looking information to the extent that they
involve estimates of the mineralization that will be encountered.
The material factors or assumptions used to develop forward looking
information or statements are disclosed throughout this news
release.
Forward looking information and forward looking statements,
while based on management's best estimates and assumptions, are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Aris Gold to be
materially different from those expressed or implied by such
forward-looking information or forward looking statements,
including but not limited to: risks related to international
operations, risks related to general economic conditions,
uncertainties relating to operations during the COVID-19 pandemic,
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; fluctuations in
prices of metals including gold; the ability to convert mineral
resources to mineral reserves; fluctuations in foreign currency
exchange rates, increases in market prices of mining consumables,
risks associated with holding derivative instruments (such as
credit risks, market liquidity risk and mark-to-market risk),
possible variations in mineral reserves, grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated;
changes in national and local government legislation, taxation,
controls, regulations, regulations and political or economic
developments in Canada or
Colombia, accidents in operations,
labour disputes, title disputes, claims and limitations on
insurance coverage and other risks of the mining industry; delays
in obtaining governmental approvals including obtaining required
environmental and other licenses and permits, or in the completion
of development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which the Company operates, as well as those factors discussed
in the section entitled "Risk Factors" in Aris Gold's most recent AIF available on SEDAR
at www.sedar.com.
Although Aris Gold has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information and forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information or
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information or statements. The Company has and continues to
disclose in its Management's Discussion and Analysis and other
publicly filed documents, changes to material factors or
assumptions underlying the forward-looking information and
forward-looking statements and to the validity of the information,
in the period the changes occur. The forward-looking statements and
forward-looking information are made as of the date hereof and
Aris Gold disclaims any obligation
to update any such factors or to publicly announce the result of
any revisions to any of the forward-looking statements or
forward-looking information contained herein to reflect future
results. Accordingly, readers should not place undue reliance on
forward-looking statements and information.
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SOURCE Aris Gold Corporation