Northstar Receives OJEP Critical Minerals Grant for Rosegrove Property
Vancouver, British Columbia--(Newsfile Corp. - December 18, 2023) - Northstar Gold Corp. (CSE: NSG) (OTC Pink: NSGCF) ("Northstar" or the "Company") announces recent notification received from the Ontario Ministry of Mines on the Company's eligibility to receive a critical minerals exploration grant of up to $80,532.50 from the Ontario Junior Exploration Program (OJEP). Grant proceeds cover up to 50% of Northstar's eligible, 2023-2024 critical minerals exploration expenditures at the Company's 100%-owned, 1,151 hectare, Rosegrove Property, situated 11 km south of the town of Kirkland Lake, Ontario.
The Rosegrove Property is highly prospective for shear and alkaline intrusion-related copper-gold mineralization. Northstar is currently awaiting eligible exploration results from recently completed LiDAR and MMI (Mobile Metal Ion) soil surveys and bedrock prospecting at Rosegrove. The Company will report results of this work early next year.
"The success of Ontario's mining sector starts with the important work that junior mining companies do during early exploration," said George Pirie, Minister of Mines. "Through the OJEP program, our government is investing to create meaningful opportunities for junior companies, like Northstar Gold Corp., to find the mines of the future. Incentivizing early exploration will help our province remain globally competitive, find new deposits of critical minerals, and create new economic development and job opportunities for northern and Indigenous communities."
Brian Fowler, CEO of Northstar Gold Corp. expressed the Company's gratitude, stating, "Northstar is highly appreciative of this Rosegrove Property OJEP exploration grant from the Ontario Mines Ministry. Forward thinking critical mineral exploration initiatives such as OJEP supplements qualified junior exploration companies access to the venture capital required to identify and advance early-stage critical minerals exploration projects in Canada."
About Northstar Gold Corp.
Northstar's primary exploration focus is the advancement of the Company's flagship, 100%-owned Miller Copper-Gold Property, situated 18 km southeast of Kirkland Lake and Agnico Eagle Mine's Macassa SMC gold mine.
The Historic High-Grade Cam Copper Mine Critical Minerals Exploration Opportunity
On November 23rd, 2023 Northstar announced results from a 720 metre diamond drill program completed on the historic high-grade Cam Copper Mine, located on Northstar's 100%-owned Miller Property. The Company reported all 4 drill holes intersected lenses of Cu-rich volcanogenic massive sulphides, including massive and stringer chalcopyrite in drill hole CC03-23 grading 14.8% Cu over 2.45m from 116.55m to 119m in Zone 2 (See Northstar News Release dated November 23, 2023). These results suggest Zone 2 is thickening in a southeast and down-plunge direction. Zones 1, 3 and 4 also remain open along strike and at depth.
Cam Copper is a road accessible shaft mine and small-scale, past producer of high-grade 'direct shipping' copper ore centred on the historic Boston Creek Copper Trend.1,2
Cam Copper Mine is centred on a newly recognized high-grade "Besshi-type" volcanogenic massive sulphide (VMS) copper system situated at the northwest end of a 0.9 km long southeast trending belt of VMS horizons. Besshi-type VMS deposits are an important global source of base metals, simplistically characterized as vented, broad sheet-like layers of magnetite, iron-copper-lead-zinc-arsenic sulphides, cobalt, sulphosalts, silver and possibly gold deposited on an ancient sea floor, hosted in volcano-sedimentary rock packages.
Northstar recently announced a critical minerals flow-through financing (Click Here) to provide for down-hole and surface EM geophysical surveys at Cam Copper in early 2024, with intentions to further define the down-plunge and southeast extensions of Zone 1-4 copper-bearing massive sulphide horizons. Geophysical anomalies will be subsequently drill tested by a Phase II Cam Copper diamond drill program in late February / early March, 2024.
(1) Ontario Ministry of Energy, Northern Development and Mines Mineral Deposit Inventory Record MDI31M13NW000154: Tretheway-Ossian- 1981, Ch.H. Cameron-1981.
(2) Ontario Ministry of Energy, Northern Development and Mines and Mines Assessment File #KL-0259, Tretheway-Ossian (Cam Copper Mine). 1961
The Allied Gold Zone Exploration Target
The Miller Property also hosts Northstar's advanced Allied Gold Zone, near-surface bulk-tonnage gold exploration target, situated 2.4 km northeast of Cam Copper Mine. Since going public by IPO in late 2020, Northstar has spent over $5.0 million in exploration at Miller, resulting in the discovery of a series of broad, near-surface, shallow dipping sheeted quartz-gold-telluride vein structures in the Allied Syenite (Allied Gold Zone) and Planet Syenites and numerous 70 - 750 gold gram/metre drill hole intercepts. Drilling to date at the AGZ has returned near-surface gold intercepts that include 6.6 g/t Au over 117.0 metres, 4.0 g/t Au over 50.6 metres, 1.4 g/t Au over 118.5 metres, and 1.2 g/t Au over 107.3 metres. Step out AGZ drilling in 2021 intersected peripheral steeply dipping copper-gold bearing structures (CG1 and CG2 Zones) returning intercepts that include 9.41 g/t Au, 1.03% Cu over 3.0m. The AGZ shares numerous compelling similarities to Agnico Eagle's nearby Upper Beaver Deposit, currently in the pre-development stage.
In April, 2022, as a precursor to a Mineral Resource Estimate and for reporting purposes, the Company commissioned Ronacher Mackenzie Geoscience and SRK Consulting (Canada) to conduct an Exploration Target Study of the Miller Property Allied Gold Zone and No. 1 Vein. An upper range exceeding 500,000 ounces of gold averaging 2.04 g/t Au has been referenced in this study. Results were reported July 26, 2022, (Click here to view Northstar News Release dated July 26, 2022) verifying the significance, size and gold grade potential of the Allied gold mineralizing system. Results provide the Company and investors a fact-based conceptual tonnage and gold grade range for the Allied Syenite Gold Zone, and basis for continued expansion drilling and mineral resource development.
Northstar continues to seek a senior partner to conduct Allied Gold Zone lateral and depth expansion diamond drilling on the Miller Gold Property.
Northstar's 3 additional 100%-owned exploration projects in northern Ontario, include the 1,151 ha, Critical Minerals Rosegrove Property situated 0.5 km from the Miller Gold Property, the 4,650 ha Bryce Gold Property (includes the recently optioned Britcanna Lease), an intrusive-gold / PME VMS project located along the projected east extension of the Ridout Break, and the recently expanded Temagami-Milestone Cu-Ni-Co Critical Minerals Property located in Strathcona Township. Northstar is advancing all 3 properties to enhance monetization opportunities.
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
(604) 617-8191
bfowler@northstargoldcorp.com
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Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Views expressed in the news release are the views of the OJEP funding recipient and do not necessarily reflect those of the Province of Ontario.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Northstar Goldcorp. which may cause actual results, performance or achievements of Northstar Gold Corp to be materially different from the results, performance or expectation implied by these forward-looking statements. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
Forward-looking statements in this news release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191342
