Solstice Gold Corp. (TSXV: SGC) (“
Solstice”, “we”,
“our” or the “
Company”) is pleased to announce
that we have commenced exploration programs at our Atikokan Gold
Project (the “Property”) in the Hammond Gold Camp in NW Ontario.
The 322 km2 Property is located approximately 120km west of Thunder
Bay and 26km east of the Hammond Reef Gold Project owned by Agnico
Eagle Mines Limited (“Agnico”)1. Solstice believes that regional
exploration work in recent years by both prospectors and Agnico
have demonstrated good potential for new gold discoveries
associated with extensive NE and NNE trending faults hosted by the
Marmion batholith. Despite its excellent location close to
infrastructure, surprisingly little exploration has been carried
out over most of this terrain. The objective of the 2022 program
will be to carry out high resolution geophysical surveys followed
by intensive field mapping and prospecting to define targets for
follow up. Priority areas of focus are outlined in Figure 1 and
include:
- Known areas of
up to 10% sulphide mineralization north of Mercutio Lake which were
prospected in 2021. Early spring lakeshore prospecting is planned
for this area as low lake levels expose outcrop and lake ice
provides excellent access.
- A >20km long
fault structure at the contact of the batholith and a magnetic
composite dyke where numerous outcroppings with quartz veining were
identified, in one area up to 1000m2 of near massive quartz,
accompanied by widespread iron carbonate alteration and
disseminated pyrite. This area will be slated for detailed
follow-up.
- Numerous
unexplained gold and silver lake sediment anomalies in many cases
aligned along interpreted structures.
- Other major
faults identified from current topographic and magnetic data which
will be augmented by ongoing airborne geophysical surveys
commissioned by the Company.
Mike Timmins, Solstice CEO stated, “We have
kicked off this year’s field activities over one of the largest
land positions in the Hammond Gold Camp and are fortunate to be
working with several technical partners with extensive local
expertise. Conducting large-scale grass-roots exploration across
kilometers of prospective structure is exciting for our
shareholders and a great opportunity to make a new regional
discovery in the camp. We believe that our fully funded field
program at Atikokan and phase one drilling in Red Lake, are
complementary and position us well for success in 2022”.
David Adamson, Solstice Chairman stated, “Our
Atikokan Gold Project represents a rare opportunity in the prolific
Superior Province of Ontario. It is markedly underexplored compared
to other terrains in the shield that host existing, large gold
deposits. Recent discoveries in the Atikokan area, including our
own work, point to the potential for additional mineralization
along numerous major structures which are only now emerging as
potential hosts for gold mineralization. For these reasons, we
moved quickly to establish a commanding land position in the area.
The combination of experienced ‘boots on the ground’ mapping and
prospecting skills with modern exploration techniques is designed
to fast-track exploration towards drill targeting”.
Airborne Magnetic Survey
A 5,907-line km, 50 metre-spaced high resolution
magnetic survey is currently underway and is expected to be
completed by early April. Existing public domain lower resolution
data and recent filed assessment work by Agnico on its Melema
option claims (Figure 1), contiguous to the west, demonstrate that
magnetics can be used to successfully identify regional fault
structures. As well, magnetic surveys can define possible
compositional changes in the underlying Marmion batholith. These
may represent favourable chemical sites for gold and sulphide
mineralization. Further, magnetic destruction zones, known to be an
important exploration criterion within the batholith, will be far
better resolved.
LiDAR and Orthophoto
Surveys
Existing 30 metre-spaced, publicly available
elevation data demonstrate that topography define a large number of
potential fault structures in the area (Figure 1). Light detecting
and ranging (“LiDAR”) surveys over the entire property will provide
high resolution topographic data at one metre resolution. This will
be supplemented by 15cm/pixel orthophotography.
The use of LiDAR in mineral exploration in
similar terrains is well documented and, together with magnetic and
orthophoto products, is expected to provide very high-resolution
base products to assist in outlining fault targets and areas of
high potential for mineralization. These products will continue to
generate mapping and prospecting targets going forward.
Mapping, Prospecting and New
Staking
The objective of this work will be to map and
prospect several initial areas which may be modified or
supplemented by ongoing geophysical surveys. Work will commence in
May and will be carried out by Bjorkman Prospecting Inc., led by
Katarina Bjorkman Ph.D. and supplemented by Solstice. Ms. Bjorkman
and her team have extensive experience mapping and prospecting in
the region.
Based on the initial data from the airborne
magnetic survey, we have staked an additional 62 hectares of ground
to protect certain target areas.
The Property is road accessible via Trans Canada
Highway 11 located ~5km to the south. Local infrastructure includes
logging roads, rail, gas and hydro power and an experienced mineral
exploration workforce and mining supply, all located within hours
of the property.
Figure 1. The Atikokan Gold
Project showing 85th percentile gold and silver lake sediment
assays2,3, key major and minor interpreted fault targets, selected
third party gold assays from assessment reporting and Agnico’s
Melema Option property. Background is greyscale DEM topographic
base.https://www.globenewswire.com/NewsRoom/AttachmentNg/8b3e70b5-1e62-4268-801d-f1828c294364
1 Reference to
https://www.agnicoeagle.com/English/operations/reserves-and-resources/default.aspx
2 MRD043 Lake Sediment and Water Geochemical Data from the
Atikokan-Lumby Lake Area, Northwestern Ontario, Dyer, R.D.,
1999
3 MRD063 Au and PGE Data, Atikokan Area Lake Sediment Survey -
Operation Treasure Hunt, Ontario Geological Survey, 2000
About Solstice Gold Corp.
Solstice is a gold-focused exploration company
with quality, district-scale projects in established mining regions
of Canada. Our total 180 km2 Red Lake land position is located on
the northern extensions of the prolific Red Lake Gold Camp in
Ontario. The Red Lake Extension (RLX) Project is approximately 45km
from the Red Lake Mine Complex owned by Evolution Mining. The
Company is funded for phase one drilling at RLX. Our newly formed
322km2 Atikokan Gold Project is approximately 23km from the Hammond
Reef Gold Project owned by Agnico Eagle Mines Limited and is fully
funded for a robust field program in 2022. Our district scale
Qaiqtuq Gold Project which covers 886 km2 with certain other rights
covering an adjacent 683 km2, hosts a 10 km2 gold boulder field and
is fully permitted with multiple drill-ready targets. Qaiqtuq is
located in Nunavut, Canada, only 26 km from Rankin Inlet and
approximately 7 km from the Meliadine gold deposits owned by Agnico
Eagle Mines Limited.
Solstice is committed to responsible exploration
and development in the communities in which we work. For more
details on Solstice Gold, our exploration projects and details on
our recently acquired portfolio of projects please see our
Corporate Presentation available at www.solsticegold.com.
David Adamson was a co-award winner for the
discovery of Battle North Gold Corporation's Bateman Gold deposit
and was instrumental in the acquisition of many of the district
properties in the Battle North portfolio during his successful 16
years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist,
is the Qualified Person as defined by NI 43-101 standards
responsible for reviewing and approving the technical disclosures
of this news release.
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.
On Behalf of Solstice Gold
Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp.,
please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
info@solsticegold.com
Forward-Looking Statements and
Additional Cautionary Language
This news release contains certain
forward-looking statements (“FLS”) including, but not limited to
the Company’s plans to start testing targets in 2022 including
fully funding a drill program and carrying out field work in Red
Lake. FLS can often be identified by forward-looking words such as
“approximate or (~)”, “emerging”, “goal”, “plan”, “intent”,
“estimate”, “expects”, “potential”, “scheduled”, “may” and “will”
or similar words suggesting future outcomes or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements
about future events or performance. There is also no guarantee that
continued exploration at Solstice exploration projects, all of
which are at an early stage of exploration, will lead to the
discovery of an economic gold deposit. Factors that could cause
actual results to differ materially from any FLS include, but are
not limited to, the future impacts of the COVID 19 pandemic and
government response to such pandemic, the ability of the Company to
continue exploration at its projects during the pandemic and the
risk of future lack of access to the projects as a result thereof,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, inability to locate
source rocks, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects, regulatory
approvals and other factors. FLS are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from expected results.
Potential shareholders and prospective investors
should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those suggested by the
FLS. Shareholders are cautioned not to place undue reliance on FLS.
By their nature FLS involve numerous assumptions, inherent risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
various future events will not occur. Solstice undertakes no
obligation to update publicly or otherwise revise any FLS whether
as a result of new information, future events or other such factors
which affect this information, except as required by law.
This news release contains information with
respect to adjacent or other mineral properties in respect of which
the Company has no interest or rights to explore or mine or
acquire. Readers are cautioned that mineral deposits on adjacent or
similar properties are not indicative of mineral deposits on the
Company’s properties, nor is there certainty that Solstice’s
projects will contain economic mineralization. This news release
mentions other companies that are unrelated to Solstice, and this
does not imply any agreements, partnerships, or rights with respect
to any of these companies or their properties other than where
explicitly defined. Past performance is no guarantee of future
performance, and all investors are urged to consult their
investment professionals before making an investment
decision.
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