TORONTO, July 19,
2022 /CNW/ - 1911 Gold Corporation
("1911 Gold" or the "Company") (TSXV: AUMB)
(OTCQX: AUMBF) is pleased to report assay results from the
Company's maiden exploration drilling program at the Wallace
Project on the 100%-owned Rice Lake Property in southeast
Manitoba.
Highlights:
- First pass drilling intersected several mineralized
structures at Wallace, notably 2.9
g/t gold over 4.3 meters (including 10.1 g/t gold over 1.0 metres)
at the Crown-10 target and 1.8 g/t gold over 2.1 meters (including
6.7 g/t gold over 0.6 meters, with visible gold) at the Hi-Grade
target
- Nine drillholes, totalling 2,528 metres, tested five targets
associated with high-grade gold showings and gold anomalies in
surficial sediments, including the previously reported 50.3 g/t
gold from a rock grab sample taken at the Crown-10
prospect
The Company's first pass drilling program at
Wallace (Figure 1) was
designed to test high-grade quartz veins within five different
structures in the core of a regional scale fold, in rocks
equivalent to the prolific Balmer assemblage in the Red Lake camp in adjacent Ontario.
The exploration model at Wallace is based on the Red Lake gold deposit in Ontario, which is hosted by age-equivalent
rocks in a comparable geological and structural setting, located
100 kilometres east of the Rice Lake Property. Encouraging gold
values obtained from all but one of the 2022 drillholes are
associated with moderate to strong alteration
(silica-biotite/sericite-pyrite) in well-developed shear structures
cutting strongly-deformed sedimentary rocks intruded by
granodiorite, quartz-feldspar porphyry, gabbro, and ultramafic or
lamprophyric dikes.
2022 Exploration
Drilling
The Crown-10 Target consists of a north-south shear structure up
to 5 metres in width that is exposed for approximately 200 metres
along strike. The structure cuts gabbro and granodiorite, and is
intruded by ultramafic or lamprophyric dikes, indicating it is a
deep-seated structure and a potentially significant fluid conduit.
Channel samples returned assays up 26.4 g/t gold over 0.6 metres
and 5.2 g/t gold over 2.0 metres, including 8.5 g/t gold over 1.2
metres. Three drillholes, totaling 861 metres and spaced roughly 60
metres apart, tested the structure beneath surface gold showings to
a vertical depth of approximately 150 metres. The northern-most
drillhole, CR-22-003, returned the most significant intercept: 2.9
g/t gold over 4.3 metres, including 10.1 g/t gold over 1.0
metres.
The Hi-Grade Target is a poorly-exposed structure traced for
over 600 metres along strike in widely-spaced bedrock exposures
that consistently returned gold values, including high-grade values
up to 265.1 g/t gold from grab samples of shear-hosted quartz
veins, and channel sample assays up to 5.6 g/t gold over 1.9
metres, including 9.0 g/t gold over 1.1 metres. Samples of black
spruce bark collected in overburden-covered areas between gold
showings yielded on-trend gold anomalies, suggesting continuity of
the zone.
Two drillholes, totalling 562 meters, were completed to test the
main surface showing and the unexposed potential extension
indicated by the black spruce bark gold anomaly in an adjacent
overburden-covered area, with the latter target yielding the most
significant results. Drillhole HG-22-002 intersected two
shear-hosted quartz veins, from 156.4 to 159.2 metres and from
178.0 to 182.6 metres downhole, with the upper vein returning 1.8
g/t gold over 2.1 metres, including 6.7 g/t gold over 0.6 metres
from an interval containing numerous specks of visible gold. The
presence of stacked quartz veins with localized high-grade gold
indicates the significant exploration potential of this previously
untested structure.
(1)
Numbering reflects order in which
drillholes were planned, rather than sequence of
drilling
|
(2)
Represents drillcore length; true widths
are presently unknown
|
(3)
Weighted-average composites; NSV, no
significant values
|
Four drillholes, totalling 1,105 metres, tested an array of
subparallel structures in the western portion of the project area.
Although poorly exposed, the structures contain localized
high-grade gold and are intruded by ultramafic or lamprophyric
dikes, indicating they are relatively deep-seated structures and
thus potentially significant fluid conduits. The Willi Target
returned the most significant intercept, yielding 0.8 g/t gold over
6.4 metres, associated with laminated quartz veins and disseminated
pyrite in strongly sheared granodiorite, in the immediate
hangingwall of a sheared interval containing several ultramafic
dikes.
2022 Field Exploration
Program
Field exploration is ongoing at Wallace to expand detailed mapping, further
delineate the prospective structures identified to date, and also
evaluate the potential for parallel structures and sites of
large-scale dilation suitable to host significant vein systems.
With the success in delineating gold-bearing structures through
overburden-covered areas at the Hi-Grade target, surficial
geochemistry grids are being expanded into similarly prospective
ground.
The first-pass drilling in 2022 identified several targets that
merit follow-up drilling, currently in planning for Q3-Q4 2022, and
the Company anticipates that ongoing field exploration will
identify compelling new targets in this highly prospective
area.
QA-QC Protocols
Sample handling, preparation and analysis are monitored through
the implementation of formal chain-of-custody procedures and
quality assurance-quality control (QA-QC) programs designed to
follow industry best practices. Drillcore is logged and sampled in
a secure facility located in Bissett,
Manitoba. Drillcore samples for gold assay are cut in half
using a diamond saw and are submitted to Activation Laboratories
Ltd. (Actlabs) in Ancaster,
Ontario, for preparation by crushing to 80% passing 2
millimetres, riffle splitting to obtain 250-gram aliquots, and
pulverizing to 95% passing 106 microns. Pulps are analyzed by a
30-gram fire assay and AAS finish. For assays above 5 g/t Au, a cut
of the original pulp is re-assayed with a gravimetric finish.
Samples with visible gold are analyzed by metallic screen assay. In
addition to Actlabs' in-house QA-QC protocols, 1911 Gold inserts
certified standards, non-certified blanks and field duplicates into
the sample stream at regular intervals, such that QA-QC accounts
for 10% of the total samples submitted. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
About 1911 Gold
Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling more than 58,000 hectares
within and adjacent to the Rice Lake greenstone belt in
Manitoba, and also owns the True
North mine and mill complex at Bissett,
Manitoba, where it reprocesses 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 the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and 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, and all local
stakeholders, in order to build mutually beneficial working
relationships.
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