The 2023 work program includes engineering activities focused on the delivery of a Preliminary Economic Assessment ('PEA') as well as generative exploration and drilling activities to test new targets within the Eagle Mountain Prospecting License ('PL') and expansion and infill drilling to facilitate engineering studies.
Overall, the PEA and related engineering activities are progressing well with the announcement of results anticipated in the fourth quarter of 2023. With an improved balance sheet on completion of a
The PEA will be based on the
Engineering Activity
The Company's engineering activities and PEA parameters consider a fit-for-purpose low-capex intensity phased development plan for the
The Company has engaged
Exploration Activity
Generative Exploration Highlights: Per plan in H1 2023, the Company expanded its generative exploration program focusing on adding to the pipeline of exploration targets within the PL and district properties outside the PL for which the Company has exploration agreements.
In collaboration with independent geological consultants, the Company completed a multi-month review of all geological data with site visits to enhance exploration models for prospects. New concepts will be tested through the balance of 2023 with generative techniques and core drilling.
Soca Prospect and South Ann Prospect Drilling Highlights: Notwithstanding a reduction in drill metres prior to
Results for thirteen (13) core holes totaling 1,652.5 metres for the Soca and South Ann prospects located approximately 1.5 and 1.1 kilometres, respectively, south of the 2022 MRE outline for the Eagle Mountain deposit along the Salbora-Powis north-south trend. Included are the results for five unreported core holes from 2022, which have benefitted from the recent geological review of the area.
Most significant drill intercepts results for this release are: EMD23-282 within the Soca prospect intersected 10.5 metres (9.1 metres estimated true width ('ETW')) grading 4.41 grams per tonne ('gpt') gold from 3.0 metres depth in saprolite, including an interval of 4.5 metres grading 9.80 gpt gold.
EMD22- 175 within the South Ann prospect intersected 12.0 metres (9.2 metres ETW) grading 1.39 grams per tonne gold from 51 metres down hole in quartz porphyry intrusion with quartz veining.
Soca mineralization is associated with quartz saturation alteration with quartz veining. Drilling targeted an interpreted contact zone around quartz porphyry intrusions, which at Soca and the other deposits along the Salbora-Powis trend exhibit localized higher gold grades.
Drilling has intersected mineralization along an aggregate strike length of approximately 275 metres, down to 170 metres depth, with high-grade gold intervals as well as broader areas of lower grade mineralization. Recent drilling has extended the prospect by 100 metres to the east with the identification of two additional mineralized zones represented by four drill holes EMD23-281 to EMD23-284.
Drilling at South Ann targeted an interpreted contact between a quartz-feldspar porphyry intrusion and granodiorite. Four drill holes (EME22-175 to EME22-177 and EME22-183) intersected gold mineralization, which has an aggregate strike length of 175 metres with several mineralized intervals.
Drill hole sample preparation and geochemical analyses were completed by
About
Soutex is a consulting firm specializing in mineral processing and metallurgical processes. Founded in 2000 and with offices in
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Tel: +1 (604) 694-1760
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Email: info@goldsourcemines.com
CAUTIONARY STATEMENT AND FORWARD-LOOKING DISCLAIMER
This news release contains 'forward-looking statements' within the meaning of Canadian securities legislation. Such forward-looking statements concern Goldsource's strategic plans; timing and expectations for the Company's exploration and drilling programs at Eagle Mountain; mine development plans, preparation and timing of the PEA and information regarding high grade areas projected from sampling results and drilling results. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; reliability of the 2022 MRE; availability of mining equipment; availability of skilled labour; timing and amount of capital expenditures; performance of available laboratory and other related services; availability of funds and future operating costs. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; delays in release of an updated mineral resource; availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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