Gander Gold Corp. ('Gander' or the 'Company') (CSE: GAND) (OTCQB: GANDF) is pleased to provide a further update on its 956 sq. km Mount Peyton Project in Newfoundland, strategically located between Sokoman Minerals' Moosehead discovery to the west and New Found Gold's series of high-grade gold discoveries to the east highlighted by the Keats, Lotto and Golden Joint Zones.
Gander Gold has carried out more work on the large Mount Peyton Project than any other company in Newfoundland exploration history, completing over 13,000 soil samples, airborne geophysical surveys (MAG-VLF, LiDAR), and structural analysis. Results to date are extremely encouraging, significantly elevating Mount Peyton's prospectivity within Gander's pipeline of eight separate projects. First-ever drilling at Mount Peyton is planned for 2023.
In addition to the new Goldenrod Zone in the northwest portion of the property (refer to April 17, 2023 news release), most recent work has expanded the Golden Horseshoe Zone in the southwest corner of the property while also revealing an emerging target area in the southeast.
Additional Golden Horseshoe Highlights: Gander has taken approximately 4,669 B and C-horizon soil samples within the Golden Horseshoe Zone area (2021 and 2022), showing anomalous to extremely anomalous values across the approximate 150 sq. km target area; Of the 17 Au-in-soil samples reporting >100 ppb Au at the Mount Peyton Project, five occur in the Golden Horseshoe Zone (186.7 - 629.2 ppb Au); The Golden Horseshoe Zone, interpreted to be a fold hinge, defines the western margin of an area of 'major structural discordance'; Associated with Au-in-soil anomalies are NE-SW trending Cu-in-soil anomalies which align with the axial plane of the Golden Horseshoe interpreted fold structure; Based on soil geochemistry results and geophysical survey interpretation, the area's geology may be significantly different from that which is indicated in available coarse public data; The large egg-shaped Mt. Peyton Property is made up of a granite intrusive surrounded by gabbro. It is conceivable given the location of the property relative to recent gold discoveries within the Gander Gold Belt that the granite intrusive is a possible heat engine which provided an impetus for gold to remobilize in deep-rooted favourable structures.
Mr. Ian Fraser, VP-Exploration for Gander Gold, commented: 'We will be focusing our Mount Peyton 2023 exploration at the Goldenrod and Golden Horseshoe Zones. Both areas are structurally significant and also very anomalous in Au-As-Cu soil geochemistry. This project continues to surprise to the upside, so we're excited to be closing in on drill targets.'
Emerging New Zone
A third target zone at Mount Peyton may emerge along the east -central portion of the project area, close to the Dog Bay Line and associated Appleton Fault structures. Here, As-Au-Sb-in-soil anomalies align with potential splays emanating from the Dog Bay Line - Appleton Fault system. Follow-up work will be performed in 2023 to further develop this emerging target zone.
Acknowledgment
Gander Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
About Gander Gold Corporation
Gander Gold is 'All Newfoundland, All the Time'. The Company is one of the island's largest claimholders targeting new high-grade gold discoveries with a current focus on the large Gander North, Mount Peyton, BLT (Botwood-Laurenceton-Thwart Island) and Cape Ray II projects where there has been very promising early exploration success.
Contact:
Tel: 1.604.833.6999
Caution Regarding Forward Looking Statements
Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes 'forward looking information', with respect to a performance expectation for Gander Gold Corp. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Gander carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.
The CSE has neither approved nor disapproved the contents of this news release.
GANDER GOLD CORPORATION 