Damara Gold Continues to Intersect High Grade Gold in First Six 2021 Drill Holes at Placer Mountain, Including 1.40 Metres of 34.12 g/t Au and 87.74 g/t Ag
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
NEWS RELEASE
Damara Gold Continues to Intersect High Grade Gold in First Six 2021 Drill Holes
at Placer Mountain, Including 1.40 Metres of 34.12 g/t Au and 87.74 g/t Ag
March 8, 2022 TSX-V: DMR
DAMARA GOLD CORP. (TSX-V:DMR) (“Damara” or the “Company”) is pleased to report that
it’s 2021 drill program has successfully extended gold mineralization at the Main Vein, which
continues to remain open to the west, with drill hole MV-21-06 intersecting 1.40 meters of
34.12 g/t Au and 87.74 g/t Ag on its Placer Mountain Project south of Princeton, BC (“Placer
Mountain” or the “Property”). This news release reports the first 6 of 18 drill holes
completed during the 2021 program. The 2021 drill program successfully extended high grade
intercepts from the 2020 maiden drill program, including 1.0 m of 48.60 g/t Au and 30.80 g/t
Ag (See April 5, 2021 News Release) and highlights the potential for a large scale orogenic
gold system at Placer Mountain. The intersection of high -grade gold in MV -21-06 indicates
significant expansion potential even further to the west, as the gold system now extends into
areas previously untouched, due to thick overburden cover. Following this second phase drill
program, the pr esence of a strong orogenic gold system is becoming apparent at Placer
Mountain.
Assays also remain pending for the remainder of the Main Zone as well as 8 maiden holes
drilled at the new Kodiak Zone , which was discovered during a 2021 soil sampling and
trenching program earlier this year . The drilling at Kodiak intersected strong veining and
sulfide mineralization, with broad alteration halos , similar to that encountered in the Fall
program (See news release December 2, 2021).
Main Vein Expanded; Remains Open Along Strike and at Depth
All holes within the Main Zone have intersected the Main Vein, with the exception of MV -21-
04, which was terminated short of the vein due to drilling difficulties associated with the recent
flooding events in Princeton and MV-21-05 which was collared just south of the vein, which is
covered by thick overburden at surface. The Main Vein has now been traced in drill core for a
total strike length of 385 meters (Figure 1). The Company has noted strong similarities to the
drilling at Gold Mountain Mining Corp ’s. Elk Deposit 1, which recently began commercial
production on a similar style orogenic gold system, just 76 km to the north of Placer Mountain.
The Elk Deposit, which is defined by approximately 50,000 meters of drilling in 973 drill holes,
is centered along the contact of Nicola Group rocks with the Jurassic Osprey Lake Batholith ,
in a geological setting that is very similar to that at Placer Mountain.
1This news release contains information about adjacent properties on which Damara has no right to explore or mine. Readers are cautioned
that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
Table 1 - Select Intercepts from Main Vein
Hole From (m) To (m) Length (m)* Au (g/t) Ag (g/t)
MV-21-01 36.25 38.00 1.75 3.67 34.10
And 62.50 63.00 0.50 3.12 11.40
And 92.00 92.50 0.50 1.82 9.00
And 162.00 162.50 0.50 1.93 9.40
MV-21-02 48.50 49.40 0.90 19.80 83.00
And 58.90 63.00 4.10 1.93 15.90
MV-21-03 6.15 9.00 2.85 0.40 2.22
MV-21-04 16.50 2.05 4.00 0.49 11.36
MV-21-05 12.00 14.50 2.50 0.27 36.42
MV-21-06 62.80 64.25 1.45 34.12 87.74
*The intervals reported in these tables represent drill intercepts and insufficient data are available at this time to state the true
thickness of the mineralized intervals. All gold values are uncut.
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
Awaiting Kodiak Zone Assays
The Company is currently awaiting assays from the second half of the 2021 drill program at
the new Kodiak Zone, which intersected strong veining and sulfide mineralization, with broad
alteration halos, similar to that encountered in the Company’s Fall trenching program, as well
as assays from the remaining 4 Main Zone drill holes. The Company’s soil sampling program
at Kodiak revealed a 1.5 kilometer long gold in soil anomaly which remains largely untested
and open to the east under post -mineral volcanic cover (See December 2, 2021 News
Release). Eight short holes were drilled at the Kodiak Zone in 2021, testing just a small portion
of the anomaly which was easily accessible for winter drilling.
Additional Staking to the North
The Company has also staked an additional 1,200 h ectares of mineral claims in further
prospective ground to the north of Placer Mountain. The Company plans to utilize this new
ground to continue its soil sampling and prospecting campaigns along the important intrusive–
volcanic contact.
Larry Nagy, CEO, commented “ We are very pleased with our continued success at Placer
Mountain, which highlights the scale of a potentially large orogenic gold system at the project.
The 2021 drill results have successfully extended the strike length of the Main Vein, including
high grade gold intersected in hole 6, where previous was not able to reach bedrock. We are
encouraged to see strong gold mineralization, which remains open to the west as we continue
to extend the strike length of the Main Vein. Given the scale of the system we have uncovered
with only 2,400m of drilling to date, we expect 2022 to continue delivering exciting results.”
Qualified Person
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person
as defined by National Instrument 43-101 who has reviewed and approved the technical data
in this report.
About Damara
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors
seasoned in the mineral exploration industry with extensive and successful international
experience with a focus on identifying and acquiring prospective and under -explored gold
properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
“Larry Nagy”
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
335 – 1632 Dickson Avenue • Kelowna, BC V1Y 7T2
Phone: (250) 717-1840 • www.damaragoldcorp.com
Damara Gold Corp.
Larry Nagy
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-717-1840)
Disclaimer for Forward-Looking Information
This news release contains statements that constitute "forward-looking Information", as such term is
used in applicable Canadian securities laws . Such forward -looking information involves known and
unknown risks, uncertainties and other factors that may cause the Company’s actual results,
performance or achievements, or developments in the industry to differ materially from the anticipated
results, performance or achievements expressed or implied by such forward -looking information.
Forward-looking information includes statements that are not historical facts and are generally, but not
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"projects," "potential" and similar expressions, or that events or conditions "will," "would," "may,"
"could" or "should" occur.
Although the Company believes the forward -looking information contained in this news release is
reasonable based on information available on the date hereof, by its nature forward-looking information
involves assumptions and known and unknown risks, uncertainties and other factors which may cause
our actual results, level of activity, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or implied by such forward -
looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions; the Covid -19 pandemic; adverse
industry events; the receipt of required regulatory approvals and the timing of such approvals; that the
Company maintains good relationships with the communities in which it operates or proposes to operate,
future legislative and regulatory developments in the mining sector; the Company ’s ability to access
sufficient capital from internal and external sources, and/or inability to access sufficient capital on
favorable terms; mining industry and markets in Canada and generally; the ability of the Company to
implement its business strategies; competition; the risk that any of the assumptions prove not to be
valid or reliable, which could result in delays, or cessation in planned work, risks associated with the
interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results
will not be consistent with the Company’s expectations, as well as other assumptions risks and
uncertainties applicable to mineral exploration and development activities and to the Company, including
as set forth in the Company’s pub lic disclosure documents filed on the SEDAR website at
www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS
THE EXPECTATIONS OF DAMARA AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFO RMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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