Initial Exploration Completed on the Victoria Property in Newfoundland
October 05 2021 - 8:00AM
Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is
pleased to announce that the initial exploration program on the
Victoria Property located in Central Newfoundland has been
successfully completed. The program consisted of prospecting areas
which surround locations where gold-bearing quartz veins hosted by
altered granitoid-type (felsic) rocks were previously documented
and four heavy mineral concentrate (“HMC”) samples taken at that
time, contained high grades of gold.
Prospecting resulted in more outcrops being
found than expected and a total of 20 rock samples were collected
from four areas on the property. Several outcrops of altered felsic
volcanic rocks, one with quartz veining, were discovered and
sampled in the central portion of the project. Strong shearing was
also evident in places. A sulphide bearing quartz
breccia vein was found in a second area, further to the southeast
and prospecting in a third part of the property revealed
mineralized quartz veins hosted by a felsic intrusive rock.
“We’re excited to have found more outcrop than
expected and the presence of extensive alteration, quartz veining
and stockwork as well as felsic intrusions and sulphides near to
gold bearing tills. We look forward to receiving analytical results
from the samples taken on our Victoria Property,” said Joanne
Freeze, President and CEO of Xali Gold.
All the samples have been submitted to Eastern
Analytical Ltd in Springdale, Newfoundland for 34 element Induced
Coupled Plasma analysis (“ICP”) and Fire Assay for gold. Based on
the preliminary evaluation and pending results from the laboratory,
additional work will be planned for Q2, 2022.
For more information about the Victoria
Property, please see News Release 098 dated August 4, 2021.
Xali Gold’s new Victoria Property is located
just 3 kilometres southwest of Marathon’s Valentine Gold Project
(see Newfoundland Map). Marathon has defined (Measured and
Indicated) reserves of 3.14 million ounces (“Moz”) gold and
Inferred resources of 1.00 Moz
(https://marathon-gold.com/valentine-gold-project/) and mine
construction is expected to commence in early 2022. *There are no
assurances that similar results would be obtained on Xali Gold’s
Victoria Property.
The Company recently entered into an option
agreement to acquire 100% interest in the Victoria Property (see
News Release 097 dated July 14, 2021).
About Xali GoldXali Gold has
launched a comprehensive growth strategy to acquire gold and silver
projects with near surface exploration potential, near-term
production potential and previous mining
histories. Xali Gold plans to advance our growing
bank of gold and silver assets internally and/or with industry
partners.
El Oro remains our flagship asset, as it is a
district scale gold project encompassing a well-known prolific
high-grade gold-silver epithermal vein system in
Mexico. The project covers 20 veins with past
production and more than 57 veins in total, from which
approximately 6.4 million ounces of gold and 74 million ounces of
silver were reported to have been produced from just two of these
veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of
the El Oro and Tlapujahua Districts. 1920, T. Flores*).
Modern understanding of such systems indicates that several of the
El Oro district’s veins hold excellent discovery potential.
Xali Gold is dedicated to being a responsible
Community partner.
Joanne C. Freeze, P.Geo., President, CEO and
Matthew Melnyk, CPG., Director Operations, are Qualified Persons as
defined by National Instrument 43-101 for the projects discussed
above. Ms. Freeze and Mr. Melnyk have reviewed and approved the
contents of this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking Information
This news release may contain forward-looking
information (as such term is defined under Canadian securities
laws) including but not limited to the potential for discovery on
the Victoria, El Dorado, Cocula and El Oro Properties and other
statements that are not historical facts. While such
forward-looking information is expressed by Xali Gold in good faith
and believed by Xali Gold to have a reasonable basis, they address
future events and conditions and are therefore subject to inherent
risks and uncertainties including those set out in Xali Gold’s
MD&A. Factors that cause the actual results to differ
materially from those in forward-looking information include,
without limitation, gold prices, results of exploration and
development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential environmental issues, availability of capital
and financing and general economic, market or business conditions.
Xali Gold expressly disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except in accordance
with applicable securities laws.
On behalf of the Board of Xali Gold
Corp.
“Joanne Freeze” P.Geo.President, CEO and
Director
For further information please contact:Joanne
FreezePresident & CEOTel: + 1 (604)
689-1957info@xaligold.com
NR 102
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