Clarity Files Technical Report and Updates Technical Disclosure
Vancouver, B.C. (CSE: CLAR, OTC: CLGCF, FSE:27G)
CLARITY FILES TECHNICAL REPORT AND UPDATES TECHNICAL DISCLOSURE
Vancouver, BC – February 9, 2021, Clarity Gold Corp. (“ Clarity” or the “ Company”) (CSE: CLAR, OTC:
CLGCF, FSE: 27G) announce s that as a result of a review by the British Columbia Securities Commission
(the “BCSC”) the Company wishes to clarify and amend its disclosure with respect to the Company’s
November 30, 2020 news release (the “News Release”) on its Destiny Gold Project (the “Project”) , 75
kms north of Val d’Or, Quebec. Additionally, the Company is currently planning a drill program on the
Destiny Project which is being designed to verify historic drilling , and will work towards filing a new
National Instrument 43-101 (“NI 43-101”) resource estimate.
In the News Release the Company disclosed an historic al estimate from a 2011 NI 43- 101 technical
report. The disclosure did not contain all of the information required under Section 2.4 of NI 43-101
describing the historical estimate. In order to clarify this disclosure, the Company has filed the technical
report “NI 43-101 Technical Report on the Destiny Property, Despinassy Township, Quebec, Canada ” for
the Project on SEDAR on February 9 , 2021 (the “Clarity Report”) which describes the estimate from the
2011 report as an historical estimate.
The DAC Historical Estimate:
Class Tonnes Au (gpt) Au (ounces)
Indicated 10,800,000 1.05 360,000
Inferred 8,300,000 0.92 247,000
Notes:
- The historical estimate at DAC is considered historical as defined in NI 43-101. See the following table with important
disclosures regarding historical estimates.
- The historical estimate for DAC is contained in the technical report entitled “NI 43-101 Technical Report and Resource
Estimate of the DAC Deposit, Destiny Property, Quebec ” effective March 1, 2011, completed by Todd McCracken of
Wardrop Engineering Inc for Alto Ventures Ltd (now Big Ridge Gold Corp) and filed on SEDAR.
- Values were rounded to reflect the summary nature of the estimate.
In accordance with Section 2.4 of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)
and despite section 2.2 an issuer may disclose an historical estimate, using the original terminology, if the disclosure
identifies the following:
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Source and date of the historical
estimate, including any existing
technical report
Information relating to this historical estimate is summarized from a technical report
authored by Todd McCracken, P.Geo. of Wardrop Engineering Inc entitled “NI 43 -101
Technical Report and Resource Estimate of the DAC Deposit, Destiny Property, Quebec”
effective March 1, 2011 filed on SEDAR for Alto Ventures Ltd (now Big Ridge Gold Corp).
Relevance and reliability of the
historical estimate
The 2011 Report was compiled in accordance with Canadian Institute of Mining (2005)
standards and best practices for Mineral Resources, adhering to NI 43 -101. Alto
Ventures established a QAQC program that was reviewed by the independent QP who
accepted the data as suitable for mineral resource estimation at that time.
Key assumptions, parameters,
and methods used to prepare
the historical estimate
Capped gold grade was interpolated using ID W method into a block model constrained
by mineralized domains. Parameters used include a cut-off grade of 0.5 g/t Au, Au price
of US$973/Oz, US$ to CAD$ conversion of 1.02, Au recovery 94% , 4:1 Strip ratio ,
Operating cost of $14.30/t at 10,000 tpd, density of 2.76
Resource categories used In accordance with NI 43 -101 as defined in 2011, the DAC historic al estimate used the
terms inferred and indicated mineral resource having the same meaning s ascribed to
those terms by the CIM Definition Standards on Mineral Resources and Mineral
Reserves.
More recent estimates or data
available to the issuer
There are no more recent estimates available to the issuer. There are only 17 drill holes
totalling approximately 4,485 m completed that are not included in the 2011 historical
estimate, with only one hole being within the historical estimate area.
Work needed to be done to
upgrade or verify the historical
estimate as current mineral
resources or mineral reserves
An independent Qualified Person has not done sufficient work to review the historical
data and historical estimate to determine what further work would be required to write
an updated current Technical Report in accordance with NI 43-101. It is envisaged that
this will involve an update/refinement to the geologic model and grade interpolation
methods.
Clarity Gold Corp. states with equal prominence that it is not treating the historical estimate as current mineral resource s or
reserves. At this time, a qualified person has not done sufficient work on behalf of Clarity to classify the historical estimate
as current mineral resources or reserves.
Clarity is not treating the historical estimate as current mineral resources or reserves. At this time, a
qualified person has not done sufficient work on behalf of Clarity to classify this historic al estimate as
current mineral resources or reserves. Investors should not rely on the historic al estimate as a current
mineral resource estimate until it has been verified and supported in a technical report in accordance
with NI 43-101.
About the Destiny Project
The 5,013 ha Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 180
million ounces of gold have been produced historically and lies along a major structural break which is
largely underexplored. The project has excellent infrastructure, with road access approximately 75 km
NNE of the city of Val d’Or and has considerable work done to date including over 50,000 m of diamond
drilling.
For a more detailed account, the reader is encouraged to refer to the Company’s website.
Qualified Person
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Mr. Rory Kutluoglu P. Geo., a member of the advisory board and a consultant of the Company, is the
Qualified Person (“QP”) under NI 43 -101 for the technical information in this news release and has
verified the data disclosed for the Destiny Project and approves the technical contents contained in this
news release.
About Clarity
Clarity Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration
and development of gold projects in Canada. The Company has entered into an option agreement to
purchase 100% of the Destiny Project, Clarity’s flagship asset, a gold -focused project in the mineral rich
Abitibi region in Quebec. The Company is based in Vancouver, British Columbia, and is listed on the CSE
under the symbol “CLAR”. To learn more about Clarity Gold Corp. and its projects please visit
www.claritygoldcorp.com.
ON BEHALF OF THE BOARD
“James Rogers”
Chief Executive Officer
Tel: 1 (833) 387-7436
Email: [email protected]
Website: www.claritygoldcorp.com
FORWARD-LOOKING STATEMENTS
This news release contains forward- looking statements. All statements, other than statements of
historical fact that address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future are forward- looking statements. Forward-looking statements
in this news release include statements regarding: acquiring the Destiny Project; future work exploration
to be done in connection with the Destiny Project by the Company ; and other matters regarding the
Company and the acquisition of the Destiny Project . The forward -looking statements reflect
management’s current expectations based on information currently available and are subject to a
number of risks and uncertainties that may cause outcomes to differ material ly from those discussed in
the forward-looking statements including: the inability of the Company to maintain the Option in good
standing; adverse market conditions; and other factors beyond the control of the parties. Although the
Company believes that th e assumptions inherent in the forward- looking statements are reasonable,
forward-looking statements are not guarantees of future performance and, accordingly, undue reliance
should not be put on such statements due to their inherent uncertainty. Factors that could cause actual
results or events to differ materially from current expectations include general market conditions and
other factors beyond the control of the Company. The Company expressly disclaims any intention or
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obligation to update or revise any forward -looking statements whether as a result of new information,
future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor
disapproved of the contents of this press release.