TORONTO, June 20,
2024 /CNW/ - 1911
Gold Corporation ("1911 Gold" or the
"Company") (TSXV: AUMB) (OTC: AUMBF) is pleased to provide an
update on the strategic plans for the advancement of the True North
Mine, including 43-101 mineral resource estimate update, located
within the prolific Rice Lake property in southeastern Manitoba, Canada.
Project Update
- Resource Model Quality: Completed a detailed review of
the current Mineral Resource geological model and confirmed the
integrity of the geological interpretation.
- Drill Hole Data Review: Completed a review of the True
North drill hole data, identifying areas where information is
required but confirming its integrity and accuracy.
- Mineral Resource Estimate: Completed validation of the
current Mineral Resource Estimate with results being able to
re-produce the tonnes, grades and contained ounces.
- Near Mine Geology and Structural Controls: Confirmed the
presence of major regional structures hosted by mafic lithological
units, the primary control for gold mineralization at True North,
critical for target generation in the future.
- Manitoba Mineral Development Fund ("MMDF") Grant: The
Company was approved for $180,986 in
funding under Manitoba's resource
development program administered by the MMDF.
Forward Plans
- Resource Model Update and Database Review: Complete the
updating of all geological wireframes as well as review and
validate the project database by the end of June to support the
updated Mineral Resource Estimate.
- Mineral Resource Estimate Update: Lions Gate Geological
Consulting engaged to complete the Mineral Resource Update planned
for completion by early August
2024.
- True North Mineral Resource Extensions: Identify
significant target areas for potential extension of the mineral
resource inventory for follow up exploration.
- New True North Drill Targets: Generate additional
targets for gold mineralization adjacent to the True North Mine
area within favourable geological settings.
- Regional Drill Target Review: Following completion of
the updated Mineral Resource Estimate, the Company will also focus
on defining priority, drill-ready targets within the Company's
63,036-hectare Rice Lake Greenstone Belt.
- Resource Growth: Focus on exploration for significant
resource growth through the remainder of 2024.
- Economic Analysis: Commence work on a preliminary mine
plan and re-start analysis upon completion of the new Mineral
Resource Estimate.
Mr. Shaun Heinrichs, President
and CEO of 1911 Gold, commented, "Our team's diligent efforts in
assessing and updating the geological model have significantly
advanced our understanding of the True North mine. Using this
updated, robust geological interpretation we are actively working
on prioritizing targets that have resource expansion potential
within the existing mine footprint for follow up after completing
the Mineral Resource Estimate. We are also grateful for the ongoing
support we have received from the Manitoba government and look forward to
achieving further milestones in building a core resource project
for the province."
Mineral Resource Estimate Update
The current NI 43-101 underground Mineral Resource Estimate for
the True North Mine ("Technical Report for the True North Mine,
Bissett, Manitoba, Canada" by
Practical Mining LLC, dated May 8,
2018) contains 2.01 million tonnes ("Mt") @ 7.41 grams
per tonne ("g/t") Gold ("Au") for 433,000 ounces ('oz") of
contained Au in the indicated and inferred categories, and 3.59Mt @
5.79 g/t Au containing 605,000 oz of contained Au in the inferred
category, at a cut-off grade of 0.10 oz per ton and using a gold
price of US$1,400/oz.
Using updated geological wireframes and validated drill
database, 1911 Gold plans to update the resource by early
August 2024 using an updated gold
price and suitable cut-off grade, utilizing updated mining
methods.
Database Review
The Mineral Resource update will utilize a validated drill hole
database comprised of 7,960 drill holes containing 1,529,232 metres
("m") of drilling and 30,217 underground channel samples containing
79,147 m of sampling for a total of
483,668 assay results covering 307,456
m of sampling. Work is ongoing to identify significant
extensions outside of the current resource for future exploration
planning and follow up. The following historical drill holes from
2017, the last drilling campaign completed on the existing
resource, are examples of high grade gold mineralization
identified:
- Drill hole 635-17-007, intersected 2.30m @ 20.90 g/t Au
- Drill hole 635-17-020, intersected 1.80m @ 50.40 g/t Au
- Drill hole 635-17-016, intersected 4.80m @ 29.50 g/t Au
- Drill hole 635-17-022, intersected 1.10m @ 179.90 g/t Au
- Drill hole 635-17-024, intersected 1.80m @ 38.30 g/t Au
- Drill hole 635-17-024, intersected 12.40m @ 13.10 g/t Au
- Drill hole 635-17-017, intersected 7.10m @ 12.30 g/t Au
The full True North Mine area drill hole database is comprised
of 12,408 drill holes comprised of 1,654,537
m of drilling with 522,485 individual assays and will form
the basis of generating additional new drill targets within the
mine area outside of the current resource.
The regional exploration drill database contains an additional
250 drill holes for 247,168 m of
drilling and 39,524 assays. This total includes 134 drill holes
from the Ogama-Rockland deposit which hosts a NI 43-101 mineral
resource of 1.28 Mt @ 8.17 g/t Au for 337,000 oz of contained gold
in the inferred category. The deposit is located approximately 30
kilometres by road to the east of the True North Mine. 1911 Gold
will review this resource and the potential of the Rice Lake
Greenstone belt as part of the new plans.
Forward Plans
1911 Gold is continuing to work towards the goal of restarting
the high-grade True North gold mine, with current plans for this to
occur in late 2026. This time frame could be accelerated should the
market conditions and exploration results merit a faster ramp up.
The Company expects to commence work on a preliminary mine plan
upon receipt of the mineral resource update, providing further
details on the restart plans, timeline, key milestones, and
expected costs for a successful return to operations.
Manitoba Mineral Development Fund Grant
1911 Gold has received $180,986
from the Manitoba Mineral Development Fund in support of the
Company's resource project. This funding further demonstrates the
province's continued commitment to the True North Resource Project
as a cornerstone development in Manitoba.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 63,036 hectares
within and adjacent to the Archean Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba, where it is reprocessing historic tailings on a
seasonal basis. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Tully and Denton-Keefer projects near
Timmins, Ontario, and intends to
focus on both organic growth opportunities and accretive
acquisition opportunities in North
America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative, and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
Qualified Person Statement
The scientific and technical information in this news release
has been reviewed and approved by Mr. Michele Della Libera, Vice President Exploration
of 1911 Gold Corporation. Mr. Della
Libera is a Professional Geoscientist (P.Geo.) and
Practising Member of the Engineers and Geoscientists of
British Columbia, the Association
of Professional Geoscientists of Ontario and a "Qualified Person" as defined
under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation 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.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements about exploration plans and the
timing and results thereof, are forward-looking statements.
Although 1911 Gold has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking 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 forward-looking statements.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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.
SOURCE 1911 Gold Corporation