GOLDEN PURSUIT RESOURCES LTD. 652 Millbank
GOLDEN PURSUIT RESOURCES LTD. 652 Millbank
Vancouver, B.C. V5Z 4B7
Symbol: GDP (TSX-V)
NEWS RELEASE
GOLDEN PURSUIT ANNOUNCES ACQUISITION OF THE WT (MYRT
LAKE) PROJECT GORDON LAKE, NWT
Vancouver, B.C., Canada, November 10, 2020 – Golden Pursuit Resources Ltd.
(the “Company”) wishes to announce the acquisition of a new mineral tenure near
Gordon Lake NWT historically known as the WT Project. The WT is located
approximately 70 kilometres northeast of Yellowknife, on the Cameron River which
traverses through the east side of Myrt Lake. The staked claims consist of one
Territorial claim covering 200 ha and one Federal mining claim covering 336 ha. This
mineral tenure lies just 12 km south of Gordon Lake and will be added to the
Company’s property portfolio in the south Gordon Lake area. These properties include
the former producing Camlaren Mine, the Gordon Lake project also known as Mahe
(Kidney Pond), the Burnt Island Mine, West Bay Mine and Argonaut project.
The property has a long history of exploration and development. Dome Mines Limited
discovered the WT gold showings west of the AP claims in 1938. The WT gold deposit
was outlined in 1939 and estimated to contain 25,400 tonnes grading 9.8 g/t Au (this is
a historic non 43-101 compliant estimate and should not be relied upon.)
Numerous companies since 1938 have optioned or owned the Myrt (WT) property. In
1974, a geological non-compliant resource was estimated at 58,299 tonnes grading 5.3
g/t. Since then, the property has been explored, diamond drilled and trenched to outline
a total of 7 gold occurrences. The deepest exploration was completed in 1984 with
Ryan Energy Corp completing 10 holes comprising 5,585’, averaging 550’ per hole.
Several high-grade gold intervals were reported.
In 1987, Cameron Mining acquired the claims and completed a rehabilitation of the old
decline producing 2,152 tons of ore which was processed at Giant Mine in Yellowknife
0f 1992. A total of 736 ounces of gold were produced at a calculated head grade of 0.36
oz/ton.
The geology of the area is described as mafic to felsic flows and agglomerates of the
Cameron River volcanic belt with conformably overlying metasediments. The MYRT
Lake (WT) property is primarily underlain by the Yellowknife Supergroup metasediments
of the Burwash Formation comprising predominantly turbiditic sediments, forming a
north-trending east-dipping homocline. A silicate iron formation unit comprising
amphibole, garnet, and minor sulphides occurs at the volcanic/sedimentary contact and
is sheared and crosscut by quartz veins. Gold is most commonly associated with
arsenopyrite, pyrrhotite and pyrite with lesser galena, chalcopyrite and sphalerite,
occurring in elongated quartz boudinaged masses and stockworking.
Golden Pursuit is in the process of compiling a data base on the Gordon Lake
properties and will commission a NI 43-101 report which will include a development
strategy for this project including the other Company owned Gordon Lake assets.
The Company intends to commission a NI 43-101 compliant report to list as a “property
of merit” and to outline a plan for this exciting new project. For further information on this
project, please visit the Company’s website (www.goldpursuit.ca) which will be updated
this week.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr.
Gary Vivian P. Geo., a Qualified Person responsible for the scientific and technical
information contained herein under National Instrument 43-101 standards.
About Golden Pursuit Resources
Golden Pursuit Resources is an exploration and project generator company focused on
its portfolio of 15 mineral properties located in Nevada and the development of its
recently staked Gordon Lake Project, located 85 kms N of Yellowknife NWT. Golden
Pursuit owns 100% of all properties with no royalties. The Company has a carried 40%
interest in a joint venture on its Blackpoint Prospect located 8 kms north of Eureka
Nevada and is awaiting assays from a recently completed drill program.
On Behalf of the Board of Directors,
GOLDEN PURSUIT RESOURCES LTD.
“Brian McClay”
President/CEO
For further information please contact:
Investor Relations
Brian McClay
Tel: +1 (604) 730.6982
Email: [email protected]
https://www.GoldPursuit.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward -looking
statements". Such forward looking statements involve known and unknown risks,
uncertainties and other factors that may cause Golden Pursuit’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 statements. Forward looking statements are statements that are not
historical facts and are generally, but n ot always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar
expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Although Golden Pursuit believes the forward-looking information contained in this news
release is reasonable based on information available on the date hereof, by their nature
forward-looking statements involve assumptions, known and unknown risks, uncertainties
and other factors which may cause our actual results, 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 statements.
Examples of such assumptions, risks and uncertainties include, without limi tation,
assumptions, risks and uncertainties associated with general economic conditions; the
Covid-19 pandemic; adverse industry events; 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 Golden Pursuit
to implement its business strategies; competition; and other assumpti ons, risks and
uncertainties.
The forward-looking information contained in this news release represents the
expectations of the Company as of the date of this news release and, accordingly, is
subject to change after such date. Readers should not place u ndue importance on
forward-looking information and should not rely upon this information as of any other date.
While the Company may elect to, it does not undertake to update this information at any
particular time except as required in accordance with applicable laws.