Beauce Gold Fields Gravimetric Survey Indicates that a Major Fault Line Extends Over 4.5 Km and is in Alignment With the Old ...
April 29 2019 - 2:22PM
Beauce Gold Fields (Champs D’Or en Beauce) (BGF) (TSX
Venture: ¨BGF¨) is pleased to announce that results
of a large scale gravimetric survey in St-Simon-les-Mines, located
in the Beauce region of southern Quebec, indicate that the major
fault line previous identified (press release HPQ May 11, 2017
release,) extends over 4.5 km and is in alignment with old placer
gold mines.
Patrick Levasseur, President and CEO of Beauce
Gold Fields, said, "The fact that geophysics results are in
alignment with the past producing gold mines is another important
discovery that narrows our search to find the hardrock source of
the Saint-Simon-les-Mines gold placers. "
MAJOR FAULT LINE PREVIOUS IDENTIFIED NOW
EXTENDS OVER 4.5 KM UNDER BGF PROPERTIES
The Company has recently received a report
titled “RAPPORT DES LEVÉS GRAVIMÉTRIQUE ET DE TOMOGRAPHIE
GÉOÉLECTRIQUE DE 2018” authored by Professor Marc Richer-LaFlèche
from the INRS (Institute National de la Recherche et des Sciences),
The report presents the main results of a gravity survey in the
St-Simon-les-Mines region and a geo-electrical tomography survey
carried out in the Gilbert River and Giroux Creek gold sector.
Geophysical work was carried out at the end of 2017 and in May 2018
on the Beauce Gold Placer property. In May 2018, a gravity survey
of 599 stations was conducted along roads and trails throughout
St-Simon-les-Mines. The purpose of the survey was to evaluate the
deep geology of this sector by verifying certain hypotheses
proposed on the basis of the results of the AMT surveys carried out
in 2017-2018 (press release HPQ May 11, 2017 release,). More
specifically, the present study aimed to verify the probable
presence of a large fault located below the Beauce Placer gold
placer zone and along the Gilbert River between St-Gustave road and
the town of St-Simon-les-Mines. The work is a continuation of the
geophysics that has been carried out by HPQ Silicon in the sector
since 2017. The primary objective of the geophysical survey is to
identify potentially mineralized zones that could possibly be the
hard rock source of the gold contained in the placers of
St-Simon-les-Mines.
MAJOR FAULT LINE PREVIOUS
IDENTIFIED IS IN ALIGNMENT WITH OLD PLACER GOLD
MINES
The 19th and 20th century placer gold mines
align with the northern edge of the gravity pit highlighted by the
Bouguer anomaly vertical integration map. Similarly, these
mines line up on the northern edge of a magnetic trough. The fault,
suggested from the St-Gustave audiomagnetotelluric (AMT) survey,
appears to be the same along the northern limit gravity pit and
magnetic trough. This relationship between a local gravimetric and
magnetic trough and a geolectric discontinuity (AMT survey) is
consistent with the presence of a fault in this area. This fault
could explain the presence of gold in this part of the Gilbert
River watershed. Moreover, in the context of the transfer of
hydrothermal gold fluids into the crustal rocks of the region, it
is likely that the higher permeability of volcaniclastic rocks has
favored the emplacement of gold mineralization mainly located on
the north side of the suspected fault. This could explain the
predominance of auriferous veins in the volcaniclastic units of the
Beauceville Formation and the rarity of these veins in the less
permeable (shale-rich) rocks of the St-Victor Formation.
PLACER TO HARD ROCK AREA OF INTEREST
BETTER UNDERSTOOD, FUTURE WORK PLANNED
Based on the results of the
audiomagnetotelluric, gravimetric and magnetometric studies carried
out in the St-Simon-les-Mines sector, it seems highly probable that
a fault, passing along the Gilbert River, may explain the
emplacement of gold. The Company intends to continue
exploration work in order to validate the hypothesis that the
source of the placer gold could be the fault line.
Robert Gagnon, P. Geo., a qualified person as
defined by NI 43-101, has reviewed and approved the technical
information presented in this release.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company
focused on placer to hard rock exploration in the Beauce region of
Southern Quebec. The Company’s flagship property is the
St-Simon-les-Mines Gold project, a unique, historically significant
gold property located in the municipality of Saint-Simon-les-Mines.
Comprising of a block of 152 claims as well as 7 real estate lots,
the project area hosts a six kilometre long unconsolidated
gold-bearing sedimentary unit (a lower saprolite and an upper brown
diamictite). Textural observations (angularity) of gold nuggets
suggest a relatively proximal source and therefore a short
transport distance. The gold in saprolite indicates a close
proximity to a bedrock source of gold, providing possible further
exploration discoveries. The property was host to Canada’s
first gold rush before the 1890s Klondike gold rush. It hosts
numerous historical gold mines that were active from 1860s to the
1960s (see HPQ SEDAR-filed July 4 2018 43-101 report).
Beauce Gold Fields website
www.beaucegold.com
BGF Presentation:
http://beaucegold.com/wp-content/uploads/2019/04/BGF-Presentation-20191.pdf
Disclaimers:
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation and assumptions, and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding mineral exploration. Such statements reflect
the current views of the Company with respect to future events and
are subject to certain risks and uncertainties and other risks
detailed from time-to-time in the Company's on-going filings with
the securities regulatory authorities, which filings can be found
at www.sedar.com. Actual results, events, and performance may
differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements either as a result of new information,
future events or otherwise, except as required by applicable
securities laws.
Neither the 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.
For further information
contact
Patrick Levasseur, President and CEO Tel: (514)
262-9239 Bernard J. Tourillon, Chairman and COO Tel (514) 907-1011
www.beaucegold.com
A map accompanying this announcement is
available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/43f3b460-9c4f-4435-bd26-fbe3d649fb74
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