Northstar Enlarges Kirkland Lake District Land Package
Northstar Enlarges Kirkland Lake District
Land Package
Vancouver, British Columbia--(Newsfile Corp. - November 2, 2020) -
Northstar Gold Corp.
(CSE:
NSG) ("
Northstar
" or the "
Company
")
reports the Company has acquired by way of purchase
agreement the Rosegrove Property, situated 16 km south of the town of Kirkland Lake and Kirkland
Lake Gold's Macassa SMC gold mine, and 1.5 kilometres northwest of Northstar's flagship Miller Gold
Property, where the Company recently completed a 5,023 metre, 28 hole diamond drill program
targeting near-surface high-grade and bulk-tonnage gold-telluride mineralization.
The purchase price is
$10,000 (Cdn.) and the issuance of 50,000 common shares of Northstar.
About the Rosegrove Property
The Rosegrove Property consists of 19 contiguous mining claims containing 52 cells, represents an
area of about 1,200 ha and is situated immediately north of the historic Boston Creek Gold Camp.
The
acquisition of the Rosegrove Property more than doubles Northstar's Boston Creek area land package,
which now totals 2,300 ha - see Figure 1 below.
Figure 1.
Northstar Gold Corp. Kirkland Lake Properties
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6839/67254_4a936a4ac4a9292a_002full.jpg
Property Geology
The Rosegrove claims overlay the same northwest-orientated mafic and intermediate volcanic rock
package that hosts significant gold-telluride mineralization at the Miller Gold Property, including a belt of
tuffaceous and volcanic fragmental rocks and evidence of syenite and porphyry intrusives. The Property
has several shear zones, faults and splays which may be related to the highly prospective First Order
Catharine Fault Structure and the Pacaud and Boston Faults.
Previous Exploration
The Rosegrove claims are overlain by clay, sand and glacial deposits that has hampered previous
exploration efforts in the area. Previous work on an adjacent property in 1981 by Marshall Boston Iron
Mines Limited reported drill intersections as high as 0.60 oz/ton over 2.62 feet. This mineralized zone is
apparently open to the south and may extend onto the Rosegrove Property.
Exploration Potential
The Rosegrove Property is situated over a geological and structural setting known to host significant
gold-telluride mineralization and as such, represents a quality exploration property acquisition.
Modern
day remote sensing and geophysical survey techniques represent a proven means to detect blind gold
deposits masked by glacial cover in similar settings.
Northstar plans to conduct a drone magnetometer
and LIDAR survey over the Rosegrove Property in early 2021.
The technical content in this news release was read and approved by Brian P. Fowler, P.Geo, President
and CEO of Northstar, who is the Qualified Person as defined by NI 43-101.
MI 61-101 Disclosure
The transaction contemplated by the purchase agreement constitutes "related party transaction" for the
purposes of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
("
MI 61-101
") of the Canadian securities regulators.
Specifically, the Rosegrove Property
is owned by an associate of an insider of Northstar and the transaction is therefore considered a
"related party transaction" under MI 61-101 (the "Related Party Transactions").
MI 61-101 imposes certain requirements on "related party transactions" for the protection of minority
shareholders. Northstar has relied on exemptions from the formal valuation and minority shareholder
approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of
related party participation in the transaction as neither the fair market value (as determined under MI 61-
101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as
it involved the related parties, exceeded 25% of Northstar's market capitalization (as determined under
MI 61-101).
Further details will be included in a material change report to be filed by the Northstar.
About Northstar Gold Corp.
Prior to going public on the CSE on January 2, 2020 by way of a $3 million Initial Public Offering,
Northstar operated for the past 11 years as a private company focused primarily on gold exploration in
the prolific Kirkland Lake District in northeastern Ontario (>24.5 million ounces gold produced from 7
mines since 1915). Northstar has an accomplished Board, Special Advisor and Management Group
comprised of professionals highly experienced in exploration, mining, finance and investment banking on
a global basis.
The Company's flagship property is the 100% owned Miller Gold Property, situated 18 km southeast of
Kirkland Lake and Kirkland Lake Gold's Macassa SMC gold mine. Northstar has just completed a 5,023
metre, 28-hole drill program and integrated 3D IP, gravity and magnetic survey on the Miller Gold
Property, making a number of new gold discoveries.
This includes the near-surface Allied Syenite Gold
Zone, returning intercepts that include 19.4 g/t Au over 4.4m within 1.4 g/t Au over 118.5m and 4.7 g/t Au
over 8m within a 107.3m interval averaging 1.2 g/t Au.
Northstar is positioning to resume drilling at the
Miller Gold Property in late November, 2020 with a 4,000 metre, 15 hole Phase II drill program.
Northstar also has two additional 100%-owned exploration projects in Northern Ontario. The 5,090
hectare Bryce Property is an intrusive-gold / PME VMS project and the Temagami-Milestone Cu-Ni-Co
Property is located in Strathcona Township. Northstar intends to advance both projects through joint
venture partnerships or otherwise.
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
(604) 617-8191
For further information, please contact:
Derek Wood
Conduit IR
(403) 200-3569
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward looking statements which involve known and unknown
risks, delays, and uncertainties not under the control of Northstar Goldcorp. which may cause actual
results, performance or achievements of Northstar Gold Corp to be materially different from the
results, performance or expectation implied by these forward looking statements. By their nature,
forward looking statements involve risk and uncertainties because they relate to events and depend
on factors that will or may occur in the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing, currency exchange rates, and, but not
limited to, general economic factors.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/67254