VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (SGC.V) (“Solstice”, the “Company”, “we” or “our”) is pleased to announce that we have received standalone permits necessary for the exploration work to be undertaken at our 100% owned 920 km2 Kahuna Gold Project (“Kahuna” or the “Project”), located near Rankin Inlet, Nunavut.
The permits allow the Company to complete up to 20,000 metres of drilling in 75-100 holes, geophysics, rock and soil sampling throughout the Project. The three key permitting bodies include Crown-Indigenous Relations and Northern Affairs Canada (“CIRNAC”), the Nunavut Water Board (“NWB”) and the Kivalliq Inuit Association (“KIA”). The permits range in length from 2-5 years and are either extendable or renewable.
President Marty Tunney stated, “We would like to thank the communities of Chesterfield Inlet and Rankin Inlet for their support along with CIRNAC, the NWB and the KIA for their attentiveness to the process and the very quick turnaround time on the permits.”
The Company has completed an interim update focussed on a 45 km2 target area (“QEMS“) where significant gold in boulders and, locally in outcrop, was discovered late in the 2018 field season (see news release dated November 13, 2018). The updated interpretation is summarized in our corporate presentation, available at www.solsticegold.com, and includes extensive re-processing of magnetic and electromagnetic data which show a clear relationship with prospective iron formation target units in the 45 km2 target area including Qaiqtuq. The utility of both magnetics and electromagnetics in exploration for iron formation-hosted gold deposits at Meliadine (Agnico Eagle Mines Ltd.), Amaruk (Agnico Eagle Mines Ltd.) and Back River (Sabina Gold and Silver Corp.), among other examples, is well documented. The high resolution magnetic and electromagnetic data (30 m spacing) cover a large part of the Project area and are an extremely valuable exploration tool and data which would cost many millions of dollars to replace. A more extensive technical overview of the QEMS target areas is also available on the Solstice website.
“We believe there is exceptional and clear potential for further gold discovery on the project and that diamond drilling in 2019 is warranted. However, decades of experience in gold exploration inform us that we should maximize our understanding of the targets through lower cost high quality techniques and avoid prospecting with a drill which is very high cost. At the Qaiqtuq showing, weather closed down the camp only seven days after discovery of an extensive gold-bearing boulder field, so there is clearly more relatively low-cost work required in this area to locate and expand the source area of the boulders. As co-owners, we also recognize the importance of maintaining a capital structure that allows shareholders to benefit from a potential discovery. We have no significant governmental dollar commitments on the project forcing our hand. We will proceed with a program of mapping and sampling the QEMS target areas, then incorporate results from this field work and the re-processed geophysics into a follow-up drill program on multiple targets,” stated David Adamson, Executive Chairman.
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
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
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”, “likely”, “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, till sampling, drilling, geophysics, 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 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.