GOR.CN · 2024-02-29 12:00:00

Goldrea Resources Corp. (CSE: GOR, Frankfurt: GOJ, OTC-US: GORAF) is pleased to announce that recent technical studies show that the Company’s Cannonball Project covers the projected extension new porphyry copper-gold district reported by Seabridge Gold on December 14, 2023.

Corporate Updates

February 29, 2024: GOLDREA RESOURCES PROVIDES IMPORTANT TECHNICAL UPDATE ON THE CANNONBALL PROJECT IN THE GOLDEN TRIANGLE

The Seabridge press release states that the 2023 drill program at the Snip North Prospect discovered a new porphyry mineral system on the north side of the Iskut River approximately five kilometers north of the former Snip Mine and ten kilometers south of the Cannonball Project. Notably, Seabridge reported that regional geophysical surveys and surface geology identified a district scale, northeast trending structural feature that connects their Quartz Rise, Bronson Slope and Snip North porphyry targets. Seabridge states that the new trend has characteristics similar to the cluster of porphyry systems defined at their KSM Project, approximately fifty kilometers to the southeast.

In 2015, BC government geologists (‘BCGS’) Jeff Kyba and Joanne Nelson recognized that all of the important Golden Triangle gold and copper deposits occur within two kilometers of the contact between Jurassic and Triassic aged rocks, typically in proximity to Early Jurassic-aged felsic intrusions, referred to as the ‘Texas Creek Suite’. To support ongoing exploration work, Kyba and Nelson called this stratigraphic contact the ‘Red Line’ and used the existing 1990’s BCGS maps to define this marker throughout the Golden Triangle. Recent work done by Andy Rendell of SDGS-HIVE has determined age-dating of the Cannonball Project area to be of the same Jurassic-Triassic time period, as Kyba’s ‘Red Line’.

The Cannonball Project, comprising 5000 hectares, straddles a northeast trending structural corridor called the Newmont Lake graben and covers multiple historic and recently discovered gold and porphyry copper-gold prospects. The recent studies provide confirmation that the underlying rock units are actually the same as the rocks that host the world class copper and gold deposits throughout the Golden Triangle.

The studies funded by Goldrea during 2022 and 2023 prove that felsic intrusive rocks are the same age as the Early Jurassic-aged Texas Creek Suite (associated with mineralization at the KSM project) and Jurassic and Triassic aged sedimentary and volcanic rocks occur within the Newmont Lake graben. Goldrea’s compilation of airborne magnetic surveys covering the Newmont Lake graben, and Seabridge Gold’s Snip North, Bronson Slope and Quartz Rise prospects (see link below) identified a previously unrecognized, east-southeast trending structural corridor that appears to offset the northeast trending corridor reported by Seabridge approximately three to five kilometers to the northwest. Based on the available age dating and airborne magnetic survey data, the Newmont Lake graben appears to be an offset extension of the new porphyry copper-gold district reported by Seabridge. The following link lists the sources: h􀆩ps://goldrea.com/wp-content/uploads/2024/02/jan-19-tech-memo.pdf)

Jim Elbert, CEO, says: “Seabridge’s discovery of a new porphyry system near the old Snip Mine combined with recognition that the Cannonball project straddles a structural corridor similar to the KSM trend are of major interest for the Company and its shareholders. The copper and gold prospects we have identified at Cannonball are highly prospective and have never been systematically drill tested. Since 2020 Goldrea has made significant progress and we will continue to build on our positive confirmation of our property in the heart of the Golden Triangle.”

Google Earth Image Showing the New Discovery and Porphyry Corridor

(Looking North)

Goldrea’s exploration work since 2020 has confirmed there are multiple porphyry copper-gold and high grade gold prospects that warrant drill testing (refer to Goldrea’s press release dated May 9, 2023 https://goldrea.com/progress-update-for-goldreas-cannonball-project-in-bcs-golden-triangle/ )

Seabridge is currently planning an extensive follow up drilling program at Snip North in 2024. Enduro Metals, who controls the claims mostly surrounding the Cannonball project, has also announced a 2024 drill program. Goldrea plans to raise sufficient financing for the 2024 field season.

Carl von Einsiedel (P. Geo.), is a non-independent Qualified Person within the meaning of National Instrument 43-101 Standards, and has prepared, reviewed and approved the scientific and technical information in this press release.

← Back to feed