Commented
In
Property Highlights
- Direct road access and large continuous land package
o in close proximity (~70 km) to Greenstone Gold Mines Hardrock Deposit (4.2 Moz) - Host syn-volcanic
Elmhirst Lake Intrusion Complex (2736 Ma)
o 13 km by 7 km with felsic metavolcanic equivalents
o complex system of predominantly granodiorite-(trondhjemite-tonalite) intrusions (GTT) with a central magnetic core of diorite/quartz diorite
o extrusive co-magmatic felsic pyroclastics form arcuate apron aboutElmhirst Lake Intrusion Complex (ELIC) - Hosts > 30 gold-bearing quartz vein/stockwork zones in shears within the ELIC
Golden Mile
- the jewel of the multiple vein systems
- has strike length in excess of 1.6km
- characterized by laminated, sheeted vein system
- averages 20.2 g/t Au / 4.0 meters true thickness over a 400m length
- coarse visible gold (electrum) and local gold-bearing base metal mineralization
- exceptional surface gold grades
o surface channels up 32.96 g/t Au / 11.55 meters; averaging 20.2 g/t Au over an average length of 4.0 meters. - Open, high grade potential down-plunge of the Golden Mile vein system
o at shallow (50m) depths and in deeper (450m) parts of the vein system
o 5 partially outlined gold shoots over a 2.2 kilometer strike length - Gold-bearing structures coincide with
o strong regional magnetic high and low features for over 3.6 kilometers - Similar in geological environment to
oRenabie Mine (1.1 Moz) in the Missinaibi Lake Batholith (2721 Ma)
oBourlamaque Intrusive Complex (2700 Ma), which hosted approximately 4.1Moz Au
o IAMGOLD’s CoteLake Deposit (10Moz) in theChester Intrusive Complex (2740 Ma) - Upside potential for brownfield development
o open structural corridor for 3.6 kilometers
o multiple gold shoots
o a strong resource factor
o excellent gold recoveries
It should be noted that results/resources on adjacent or similar properties are not necessarily indicative of what may be expected from the current program.
Opportunity and Next Steps
In the coming months, the Company intends to update the Mineral Resource Report to include the 90 drill holes not accounted for in the 2010 WGM resource model. Structural and geological modelling of the gold zones will also be done as those models were never performed to determine constraints of zones and target generation. The Company will further re-sample core, as past sampling intervals were not consistently extended to the shoulders of the sample, impacting on zone width. Finally, the Company will evaluate the Lucky Strike zone which is 250 meters southwest and subparallel to the Golden Mile zone; since the Lucky Strike zone was not evaluated subsequent to the completion of the Mineral Resource Report. Additionally, the Mineral Resource Report model employed a 10gram cut-off and a 60-gram high grade sample cap with gold at
Terms of Option Agreement
Pursuant to the Option Agreement, Argonaut has granted the Company the option to acquire, on or before
Subject to the Company having exercised the First Option, Argonaut will grant the Company the option (the “Second Option”) to increase its interest by acquiring a further 40% earned interest in the Property, bringing its total earned interest from 50% to 90% by paying to Argonaut an additional amount of (a)
The Company will also pay a finder’s fee to qualified parties in connection with the acquisition of the Property.
Option Issuance
The Company announces that it has issued 250,000 stock options to a consultant of the Company. The stock options are valid for the period of five years from grant with an exercise price of
Shares for Debt Settlement
The Company also announces that it has reached an agreement with a service provider to settle an outstanding payment in the amount of
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr.
About Gold’n
On behalf of the Board of Directors
For further information
Phone: 604-687-2038
www.goldnfuturesmineralcorp.com
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
Source: Gold’n
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