- 100-200m grid survey, 2,050 samples, identifies three large gold-in-till targets with up to 3.3g/t gold -
VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Solstice Sold Corp. (SGC.V) (“Solstice”, the “Company”, “we” or “our”) is pleased to provide complete results from a 2018 high-resolution till program* (“Hi-Res”) covering part of the extensive 920 km2 Kahuna Gold Project (“Kahuna” or the “Project”), located near Rankin Inlet, Nunavut. The objective of the Hi-Res till program was to test for gold potential in several priority target areas where relatively limited outcrop exists. The survey area lies southwest of the previously described Qaiqtuq target area which contains abundant elevated gold in boulders** and, locally, gold in outcrop (see news release dated November 13, 2018).
The Hi-Res survey (2050 samples) was carried out over the central part of the Westeros Fold over an area of approximately 85 km2 (Figure 1). Sampling was on a nominal grid spacing of 100-200m. Highlights of the results are:
- Identification of three areas of elevated gold-in-till (Figure 1) referred to as SWW (Southwest Westeros), SW (South Westeros) and NW (North Westeros).
- The SSW area covers an area of approximately 1.3 km x 1.6 km and is immediately down-ice (southeast) of the highly magnetic southern limb of the regional Westeros fold (Figure 1). The Westeros limb in this area is interpreted to be cut by east-west trending faults which can be traced westwards towards Meliadine.
- The SW area covers an area approximately 2.2 km x 1.5 km and exhibits pronounced east west trends which are parallel to interpreted faults in the area. Elevated gold-in-till in the SW area also correlates with anomalous grab samples of mineralized boulders and locally mapped iron formation (Figure 1).
- The NW area covers an area of approximately 1.1 km x 1.0 km and is close to highly magnetic trends associated with the northern limb of the Westeros fold. This area is associated with a major splay fault system off the regional Raptor-Westeros fault zone and thus represents an attractive target for follow up.
- A total of 32 till samples contain >98.5th %ile gold values of between 45ppb and 3290ppb gold (Figure 2). These elevated values occur in each of the three target areas described above as well as in other areas. It should be noted that the till samples reported herein are not concentrates and that nominal 1 Kg samples would be expected to contain substantial amounts of extraneous and dilutive material. The >98.5th %ile gold-in till gold contents described herein, which would be considered high even in rocks from this area, and should be viewed in this context.
- It is possible that elevated gold-in till between the NW and SW targets (Figure 2) ‘bridges’ the two areas possibly conforming to the outline of an interpreted fold nose in this area.
“On November 13, we summarized positive results from our detailed boulder and outcrop sampling programs in the Qaiqtuq area which represents an eight-kilometre-long target now set up for drilling. Our focussed exploration strategy has confirmed new targets in prospective parts of the Westeros fold. It is worth bearing in mind that this fold has an impressive 40 km unfolded strike length. Taken together with our recently announced regional sampling programs, we believe that we have demonstrated gold prospectivity over a large part of our extensive property position in what we consider to be the emerging Meliadine gold district,” stated David Adamson, Executive Chairman.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/098ef0f2-309a-4c5d-a497-fd407d7ccc75
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a4ddec0e-5b33-446c-85f6-a79c07f3fbc6
*High Resolution Till Sampling and Assay Protocol
Approximately 1 kg of till is collected from frost boils every 100 metres along grid lines spaced approximately 200 metres apart. The samples are dried and shipped in secure sample bags using unique security coded tags to ALS Canada Ltd in North Vancouver, B.C., an accredited analytical laboratory. At the lab the samples are dried, weighed, pulverized and screened to -600 mesh. Gold and trace element analysis are determined by ICP-MS after Aqua regia digestion using a 50g sample.
Rock samples are collected in plastic bags in the field and are shipped in secure sample bags using unique security coded tags to Activation Laboratories Ltd. in Thunder Bay, Ontario, an accredited mineral analysis laboratory. All samples are analyzed for gold using a standard 50g fire assay technique, samples returning over 3.0 g/t Au are analyzed using 50g fire assay-gravimetric method.
For both till and rock samples, the company routinely inserts standard and blank reference materials as part of Solstice Gold’s quality control/quality assurance program (QAQC). QAQC results from samples presented in this news release did not reveal any issues with the disclosed results.
Summary statistics of the till samples are provided below:
|Number of Samples||Mean||Standard Deviation||Min (ppb)||Max (ppb)||3rd Qtile (ppb)|
**Assay results from grab samples (boulders) are selected samples and are not necessarily representative of the mineralization hosted on the property. Grab sample weights range from 0.75kg to 3kg.
Solstice is a new gold-focussed exploration company engaged in the exploration of its 920 km2 (100%) district scale Kahuna Project and certain other rights covering an adjacent 805 km2, all with no underlying option or earn in payments. Kahuna 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 Ltd. Solstice has 69.5 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold and the Kahuna Project please see our Corporate Presentation available at www.solsticegold.com.
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.
Ian Russell, P.Geo., Vice President Exploration, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical content of this news release.
On Behalf of Solstice Gold Corp.
David Adamson, PhD
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) relating but not limited to the Company’s expectations, intentions, plans and beliefs. FLS can often be identified by forward-looking words such as “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “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. FLS in this news release also include, but are not limited to, the extent and timing of described programs and ground work, such as rock sampling, drilling, till sampling and analysis. FLS in this news release include comparison with certain geological features at an adjacent development property. There can be no guarantee that continued exploration at Kahuna, which is 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, 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. While the Company believes the boulders are sourced locally for the reasons outlined in this news release, there can be no certainty that their source is local, or that it will be located on Solstice claims. 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 similar mineral properties, including Meliadine, in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision. Investors are further cautioned that past performance is no guarantee of future performance.
Solstice has contracted an independent geophysical consultant to oversee and review and advise the Company on all geophysical surveys of the Property.