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by @newswire on 17 Aug 2020, 07:00
1911 Gold Identifies New High-Grade Gold Targets with up to 858 g/t Gold from Surface Grab Samples and Provides Exploration Update
TORONTO, Aug. 17, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSX-V: AUMB) is pleased to provide initial results from the 2020 field exploration program on the 100% owned Rice Lake Gold Properties in Manitoba, including high-grade gold assays obtained from surface grab sampling of several targets.
(CNW Group/1911 Gold Corporation)
Highlights
858.21 g/t gold from the newly discovered Woodchuck target and 97.58 g/t from the Lemming target, both within the Bidou project area, along kilometre-scale structures previously untested by drilling.
Multiple high-grade gold targets over 1.5 square kilometres on the Tinney project, which was drilled early in 2020 returning several high-grade results, including 26.42 g/t gold over 2.03 metres in drillhole TS-20-003 (see press release dated April 30, 2020).
251.83 g/t gold and 250.22 g/t gold from two targets on the Gold Horse project, within a 3.5 km structural corridor with numerous high-grade showings identified by grab sampling, and previously tested by only localized, close-spaced drilling.
169.85 g/t gold from shear-hosted veins on the Smoky South target at Wallace Lake, in rocks equivalent in age and chemistry to the prolific Balmer assemblage in the world-class Red Lake gold camp.
Fieldwork is ongoing across multiple project areas to follow-up the exceptional grab sampling results with detailed mapping, outcrop stripping, channel sampling and surficial geochemistry, to further advance these targets towards the fully-funded Phase II exploration drilling program.
1911 Gold has a strong balance sheet, with a cash balance of $8.6 million, including funds from the recent financing completed on July 14, 2020. Proceeds from tailings reprocessing at True North will continue to generate cash flow in Q3 and Q4 2020.
Bidou Project
The Bidou project (Figure 1 Link)—an area with minimal previous exploration and drilling—continues to demonstrate stratigraphic and structural similarity to the 3-million-ounce True North deposit. At Bidou, a series of kilometre-scale structures, interpreted from aeromagnetic and LiDAR data, trend east or northeast through a sequence of basalt flows, gabbro sills, sedimentary rocks and felsic porphyry dikes, providing favourable chemical and structural sites for gold deposition (Figure 2 Link). Where exposed in outcrop, these structures are similar in orientation, deformation style and sense of movement to the prolific '16-type' structures (northeast-trending shears) that hosted high-grade ore at True North.
Woodchuck target: A New Prospecting Discovery
Mapping and prospecting west of the Janet target (drilled in Q1 2020) in the Bidou project area has identified high-grade gold along several parallel structures, including the newly discovered 'Woodchuck' showing, which has no record or evidence of previous work. Grab samples have returned several high-grade gold values, including up to 858.2 g/t Au from shear veins, 47.6 g/t Au from breccia veins, and 21.2 g/t Au from extension veins (Table 1). Notably, the showing includes sub-horizontal extension veins, which are also present at True North and indicate extremely high fluid pressures in the mineral system.
"The exciting new Woodchuck showing, discovered by a 1911 Gold mapping crew in the Bidou project area, clearly demonstrates the value of systematic 'boots-on-the-ground' exploration", stated Scott Anderson, VP Exploration at 1911 Gold. "Apparently undetected by historical prospecting as a result of previous flooding by a beaver pond, Woodchuck was discovered on the margin of a drift-covered bedrock lineament, interpreted from aeromagnetic and LiDAR data to represent a prospect-scale shear structure".
Quartz-tourmaline veins at the showing are hosted by felsic porphyry and include steep shear veins and flat (sub-horizontal) extension veins (Figure 3 Link), defining a metres-scale stockwork with local pyrite, chalcopyrite and coarse visible gold. The stockwork transitions into tourmaline-matrix breccia towards the footwall. Hand stripping and detailed mapping has been completed on available outcrops, as well as limited channel sampling of suitably oriented outcrop surfaces (generally yielding anomalous gold values). The next step will involve conducting surficial geochemistry over this area to identify the most prospective portions of this structure for drill targeting.
UTM coordinates for the Currie's Landing project are NAD83, Z14N; all others are NAD83, Z15N
Note: the reader is cautioned that grab samples are selective by nature and subject to sampling bias, and therefore should not be considered representative of the gold grade of the corresponding vein.
Tinney Project
The geology of the Tinney project area is analogous to the 60-million-ounce Kalgoorlie Gold Field of the Archean Yilgarn craton in Western Australia, with a thick sequence of iron-rich basalt flows, gabbro sills and siliceous sedimentary units, cut by felsic porphyry intrusions, and occupying the hinge of the regional-scale fold (Beresford Lake anticline), which is partially dismembered by faults and shears (Figure 2). The Gunnar porphyry cuts favourable stratigraphy for 2.5 kilometres along strike and represents a highly prospective setting for vein emplacement, analogous to the 10-million-ounce Sigma–Lamaque deposit in the Val-d'Or camp of the Abitibi greenstone belt in Quebec, Canada.
Fieldwork at Tinney is focused on kilometre-scale structures in the core and southern limb of the Beresford Lake anticline, along the trend and to the west of the Gunnar porphyry, thus expanding the mapping, prospecting and surficial geochemistry coverage to the south and west of the area worked in 2019. Grab sampling of shear veins in historical prospect pits indicates localized high-grade gold in multiple structures (Figure 2), including 32.98 g/t Au from the Black Bear vein, 16.35 g/t Au from the Marten vein, 95.93 g/t Au from the Madeline vein, and 21.22 g/t Au from the Victor vein (Table 1). Outcrop stripping, mapping and surficial geochemistry continue in these areas to define priority drill targets within these structural trends.
Other Project areas
The Company continues to receive strongly encouraging results from ongoing fieldwork on projects elsewhere within the Rice Lake exploration properties. At both the Gold Horse and Poundmaker projects (Figure 1), geological mapping within granodiorite-tonalite plutons has defined networks of intersecting brittle-ductile shears with local high-grade gold hosted by shear veins (e.g., Osprey, Iron Horse East, Iron Horse West and Eleanor; Table 1). The geometry, style and sense of movement of these shears is identical to structures in the True North mine, suggesting they formed in a similar stress field over the same time periods. Ongoing work is focused on 3D modeling of the shear networks and surficial geochemistry to define drill targets within kilometre-scale structural corridors in both project areas.
At Wallace Lake (Figure 1), geological mapping and verification sampling of historical showings shows that high-grade gold occurrences are largely concentrated in the hinge and southern limb of a regional-scale fold (syncline) defined by a sequence of quartzite, iron formation, komatiite and iron-rich basalt that is equivalent in age to the prolific Balmer assemblage in the adjacent Red Lake gold camp. Reconnaissance mapping and prospecting has identified two areas for follow-up surficial geochemistry, to begin advancing this project towards drill targeting.
The Currie's Landing project (Figure 1) is a true greenfield exploration play in the Rice Lake belt, having seen negligible exploration for gold, in part due to limited outcrop in key areas. Reconnaissance mapping and prospecting in 2020 has identified anomalous gold in several locations separated by large swaths of no bedrock exposure, suggesting significant, historically overlooked potential. Fieldwork is ongoing, extending into the poorly-accessible southern portion of the project area, adjacent to the crustal-scale fault that defines the south margin of the Rice Lake belt.
At the Wanipigow East project (Figure 1), ground magnetic and VLF-EM surveys are in progress to constrain drillhole placement on a newly-identified IP chargeability anomaly associated with tightly folded iron formation within the crustal-scale Wanipigow Fault.
2020 Field Exploration Program
The 2020 field exploration program commenced in May with the objective to advance targets identified in 2019 and identify compelling new drill targets for the Company's fully-funded Phase II exploration drilling program, planned for Q4 2020 and Q1 2021. Field crews were mobilized to the True North site in stages, in compliance with Public Health Orders and with strict adherence to comprehensive policies and procedures implemented by the Company to mitigate the spread of COVID-19. The Company reports that there are no issues related to COVID-19 at the True North site.
The successful Phase I exploration drilling program, completed in March 2020, tested structural targets in the Bidou and Tinney project areas, yielding high-grade gold intercepts in first pass drilling on several targets (see news releases dated January 30, 2020, April 30, 2020 and May 20, 2020 for previous drilling results from this program). The Phase II program is planned to include 10,000 metres of drilling to follow up results from Phase I in the Tinney and Bidou project areas, and 8,000 metres to test new targets in other project areas.
Priority project areas for the 2020 field exploration program—Bidou and Tinney—have advanced significantly in the past 12 months and continue to yield exciting new results, as demonstrated by the Woodchuck discovery. Field exploration will continue over the next several months in all project areas, with emphasis on infilling and expanding the surficial geochemistry coverage to prioritize drill targets.
QA/QC Protocols
Sample handling, preparation and analysis are monitored through the implementation of formal chain-of-custody procedures and quality assurance/quality control programs designed to follow industry best practices. Grab samples from surface exploration are assayed at the True North laboratory using industry-standard Pb-collection fire assay on 30 g aliquots with a gravimetric finish. For internal check purposes, coarse rejects from select grab samples are submitted to Activation Laboratories Ltd. in Ancaster, Ontario, for crushing to 80% passing 2.0 mm, riffle splitting to obtain 250 g aliquots, and pulverizing to 95% passing 106 microns. Pulps are analyzed by a 30 g fire assay with a gravimetric finish. Select samples with visible or high-grade gold are also analyzed by metallic screen assay at Activation Laboratories Ltd., with the weighted average of gold for the entire sample reported, based on fire assays of the screen oversize and undersize fractions. Certified standards and non-certified blanks are inserted into the sample stream at regular intervals, such that QA/QC accounted for about 10% of the total samples. Results are routinely evaluated for accuracy, precision and contamination.
Qualified Person Statement
Technical information in this news release has been reviewed and approved by Dr. Scott Anderson, Ph.D., P.Geo., the Company's Vice President, Exploration, and Qualified Person as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling 53,804 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 its True North facility. The Company also owns 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 in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Ron Clayton
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
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@newswire 1911 Gold Identifies New High-Grade Gold Targets with up to 858 g/t Gold from Surface Grab Samples and Provides Exploration Update @newswire/1911-gold-identifies-new-high-grade-gold-targets-with $AUMB
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ThSeeker
4 years ago
1911 Gold Provides Company Update
TORONTO, July 23, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) today provides an update with respect to the Company's planned Annual General and Special Meeting ("AGM") and the proposed directors, as well as an update regarding the True North operations.
1911 Gold Corporation Logo (CNW Group/1911 Gold Corporation)
The AGM will be held on August 26, 2020, at the offices of Bennett Jones LLP, 2500 Park Place, 666 Burrard Street, Vancouver, British Columbia, V6C 2X8 at 8:00 a.m. (Pacific time). The information circular and other relevant materials are available at: www.1911gold.com/investors/agm-materials.
The Company will be nominating five directors for election to the board at the AGM. Two directors, Paul Huet and Blair Schultz, have decided not to stand for re-election to the 1911 Gold Board of Directors (the "Board"). Both Mr. Huet and Mr. Schultz have experienced increasing demands on their time outside of their roles with 1911 Gold and this has required them to step down from their director positions after the AGM. The Company wishes to express its gratitude to each of them in providing valuable guidance and direction as 1911 Gold was formed and further advanced after the 2018 spinout from Klondex Mines Ltd. We wish them continued success in their future endeavours.
The Company will be nominating David Christensen to the Board, to be approved by the shareholders at the AGM. Mr. Christensen will be an invaluable addition to the Company's Board, bringing over 30 years of financial and investment experience in the mining industry. Mr. Christensen's most recent experience includes President and CEO of ASA Gold and Precious Metals Ltd., a closed-end precious metals and mining fund trading on the New York Stock Exchange ("ASA"). Prior to joining ASA, Mr. Christensen was the Vice President, Corporate Development at Gabriel Resources Ltd., a junior gold company, from 2004 to 2007, where he worked on the feasibility study and financing plans for the Rosia Montana project. Mr. Christensen has served on a number of Boards, including the Denver Gold Group from 2010 to 2016, Hecla Mining Company from 2002 to 2011, and a limited liability subsidiary of Agnico-Eagle Mines Ltd. from 2006 to 2010.
True North Operations
Since commencing tailings reprocessing operations on May 21, 2020, the Company has processed 64,678 tonnes containing approximately 2,276 gold ounces. The operations have continued to experience heavier than normal levels of rain fall, which has led to additional downtime at the operations, with average daily tonnes processed around 1,115 tonnes per day compared with the planned 1,200 tonnes per day. However the average grade of tailings re-processed has been higher than planned, and the Company expects to produce between 4,500 ounces and 5,000 ounces during the 2020 operating season. This will be dependent on weather conditions, particularly in the fall season, as the tailings operation is susceptible to both higher rainfall and freezing conditions.
Exploration program
The 2020 field exploration program commenced in early May with only minor disruptions due to the ongoing COVID-19 pandemic. Field crews have since made significant progress on all project areas, including Bidou, Tinney, Gold Horse, Poundmaker, Currie's Landing, Wanipigow East and Wallace Lake. Work completed to date includes geological mapping, prospecting, outcrop stripping, channel sampling and surficial geochemistry, helping identify new drill targets for the Phase II exploration drilling program, currently planned for Q4 2020 and Q1 2021. This program will also include follow up drilling based on the successful Phase 1 drilling completed in March 2020. The Company is currently awaiting fire assay results for mineralized samples from a number of project areas and, following QA/QC checks, anticipates releasing preliminary exploration results in the coming weeks.
ThSeeker
4 years ago
1911 Gold Corporation Announces Closing of $5.2 Million "Bought Deal" Private Placement of Flow-Through Shares
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, July 14, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) is pleased to announce that it has closed its previously announced "bought deal" private placement of 8,200,000 common shares in the capital of the Company that will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (collectively, the "Flow-Through Shares") for aggregate gross proceeds of $5,208,000 (the "Offering"). The Flow-Through Shares were issued in two tranches with tranche one consisting of 4,275,000 Flow-Through Shares (the "Premium FT Shares") issued to purchasers resident in Manitoba at a price of $0.75 per Premium FT Share for aggregate gross proceeds of $3,206,250 and tranche two consisting of 3,925,000 Flow-Through Shares (the "National FT Shares") issued to purchasers resident outside of Manitoba at a price of $0.51 per National FT Share for aggregate gross proceeds of $2,001,750.
1911 Gold Corporation Logo (CNW Group/1911 Gold Corporation)
Canaccord Genuity Corp., BMO Capital Markets and Stifel GMP acted as underwriters (collectively, the "Underwriters") in connection with the Offering pursuant to the terms of an underwriting agreement dated July 14, 2020. In consideration for their services in connection with the Offering, the Company paid the Underwriters a cash commission equal to 4.7% of the aggregate gross proceeds from the sale of Flow-Through Shares, and a reduced cash commission equal to 2.0% of the aggregate gross proceeds from the sale of Flow-Through Shares to certain purchasers on the "President's List". As additional consideration for their services in connection with the Offering, the Company issued the Underwriters non-transferable broker warrants of the Company ("Broker Warrants") equal to 4.0% of the aggregate number of Flow-Through Shares issued, and a reduced number of Broker Warrants equal to 2.0% of the aggregate number of Flow-Through Shares issued to certain purchasers on the "President's List". Each Broker Warrant is exercisable to acquire one common share in the capital of the Company at an exercise price of $0.60 per share until January 14, 2022.
The gross proceeds from the sale of the Flow-Through Shares will be used by the Company to incur eligible "Canadian exploration expenses" (as defined in the Income Tax Act (Canada)) that will qualify as "flow-through mining expenditures" (as defined in the Income Tax Act (Canada) and, in respect of the Premium FT Shares, subsection 11.7(1) of The Income Tax Act (Manitoba)) (the "Qualifying Expenditures") related to the Company's projects in Manitoba and, in respect of proceeds from the sale of the National FT Shares, Ontario. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2020.
The Offering was made by way of private placement in Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws. The securities issued under the Offering are subject to a hold period under applicable Canadian securities laws which will expire on November 15, 2020. The Offering is subject to final acceptance of the TSX Venture Exchange.
Blair Schultz, a director of the Company, Michael Hoffman, a director of the Company, and Shaun Heinrichs, an officer of the Company, subscribed for 100,000 National FT Shares, 50,000 National FT Shares and 30,000 National FT Shares, respectively, under the Offering on the same terms as arm's length investors. The participation of each of Messrs. Schultz, Hoffman and Heinrichs in the Offering constitutes a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101, as no securities of the Company are listed or quoted on the specified markets and neither the fair market value of the securities issued to Messrs. Schultz, Hoffman and Heinrichs nor the fair market value of the consideration for the securities issued to Messrs. Schultz, Hoffman and Heinrichs exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
ThSeeker
5 years ago
1911 Gold Continues to Intersect High-Grade Gold in First Pass Drilling of Two Additional Targets on its Rice Lake Properties in Manitoba
TORONTO, May 20, 2020 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSX-V: AUMB) is pleased to report the remaining results from the Phase I exploration drilling program at its 100% owned Rice Lake gold properties in Manitoba.
1911 Gold Corporation (CNW Group/1911 Gold Corporation)
Highlights:
Drillhole TS-20-006 returned 2.25 g/t Au over 3.7 metres, including 13.92 g/t Au over 0.5 metres; this drillhole was collared on the Tinney Shear target 50 metres southeast of previously-reported drillhole TS-20-003, which returned 26.42 g/t Au over 2.03 metres, including 50.85 g/t Au over 1.03 metres;
Four drillholes completed on the previously untested Edna-Otter target returned multiple zones of gold mineralization, highlighted by a visible gold-bearing stockwork-breccia vein system hosted by felsic porphyry, which returned 4.29 g/t Au over 3.95 metres in drillhole EO-20-002, including 6.2 g/t Au over 2.55 metres and 28.29 g/t Au over 0.5 metres;
Drillhole EO-20-001, located 100 metres along strike to the northwest of EO-20-002, yielded two significant intercepts of 0.64 g/t Au over 5.6 metres and 1.3 g/t Au over 4.1 metres, the latter including 5.14 g/t Au over 0.6 metres, both hosted by quartz vein stockworks in felsic porphyry;
Drilling at the previously untested Janet target also yielded multiple intercepts of gold mineralization over a 300 metres strike length of the target structure, highlighted by 0.96 g/t Au over 6.85 metres in drillhole JT-20-001, and 2.44 g/t Au over 5.3 metres in drillhole JT-20-003.
In Q1 2020, the Company completed an additional 2,961 metres of drilling in 9 drillholes (Table 1), to test new targets in the Tinney and Bidou project areas, and to continue testing the Tinney Shear target within the Tinney project area.
This release marks the completion of the 2019–2020 Phase I exploration drilling program, during which 28 drillholes, totaling 8,086 metres, were completed to test seven structural targets in the Bidou and Tinney project areas (see news releases dated January 30, 2020 and April 30, 2020 for previous drilling results from this program).
Dr. Scott Anderson, Vice President, Exploration, commented, "We are extremely pleased with the results of the 2019–2020 Phase I exploration drilling program, which was completed on time and under budget, with no environmental issues or safety incidents in the midst of the emerging COVID-19 pandemic. This is a testament to the diligence, hard work and dedication of our exploration team and our contractor partners. Of the 28 drillholes completed, only a single drillhole failed to yield significant gold values – noteworthy given that only one of seven targets had any record of historical drilling. We look forward to aggressively advancing these targets, identifying compelling new targets, and continuing to build long-term value for our shareholders".
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