Lode Gold Commissions Cutting Edge QMAG(T) Geophysical Survey on Its Golden Culvert and Win RIRGS And Orogenic Gold Projects, Yukon
Lode Gold Commissions Cutting Edge
QMAG(T) Geophysical Survey on Its Golden
Culvert and Win RIRGS And Orogenic Gold
Projects, Yukon
Toronto, Ontario--(Newsfile Corp. - June 6, 2024) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: SBMIF)
("Lode Gold " or the "Company")
is pleased to announce it has commissioned a
QMAG
T
geophysical survey (1,151-line kilometres) on its Golden Culvert and Win projects in the Yukon.
The QMAG
T
system is to be flown out of Seabridge Gold’s 3-Aces camp southwest of Lode Gold’s
properties. This is a collaborative alliance with other Yukon explorers such as Snowline Gold, Seabridge
Gold and Aben Minerals, whereby Lode Gold and the associated companies will save on
mobilization/demobilization and resultant cost-effective means of data generation.
Magnetic surveys form the backbone of most exploration programs; they in effect measure the amount of
iron in rocks and produce a geology map forming the foundation for further exploration. From this
information our field teams can swiftly zero in towards discovery. This full vector system highlights, and is
particularly suited to mapping structure, and subtle contrast between rock types, both important factors
for controlling mineralization.
The QMAG
T
system is an enhanced helicopter-borne magnetic survey system that measures the
magnetic field utilizing a SQUID (superconducting quantum interference device) sensor that measures
the complete gradient tensor (second order) of the earth's magnetic field (otherwise known as full tensor
magnetic gradiometry - FTMG). The QMAG
T
data is particularly useful for 3-D magnetic modelling and
this work may be commissioned over areas of interest once the results have been reviewed.
This FTMG measurement provides directional information about the magnetic field, which is not
available from total field sensors, which have been the industry standard for many years. The SQUID
sensors are developed by Supracon AG of Jena, Germany. Operating within a liquid helium bath, the
sensors measure the magnetic field with an order-of-magnitude greater sensitivity. The sensor system is
the result of over 20 years of development and testing, flying many successful exploration campaigns.
Mr. Buddy Doyle commented, "Having used this system in the past, I was impressed by the data it
produced. One main advantage is it is a vector system, measuring the field in the x, y and z directions.
This contrasts with the total field, measured by the industry-standard Cesium magnetometer surveys,
where there is no vector information. The other advantage is that the SQUID device has increased
sensitivity, able to highlight more subtle contrasts compared to usual surveys. This system is particularly
good at lighting up structure, and this will be very helpful in further understanding the orogenic gold
mineralization we have recognized on the Golden Culvert and WIN properties. The system will also map
the hornfels around the intrusions hosting the RIRGS mineralization that our recent work has confirmed
on the WIN Property."
Final data is expected before the end of June and will be used to guide our field crews when they are
deployed in early July.
ABOUT LODE GOLD
Lode Gold is a Canadian exploration and development company with grassroots and advanced
exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win Projects, Yukon, covering 99.5 km
2
across a 27-km strike length, are situated
in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold
Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin
Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn Basin.
Its McIntyre Brook Project, New Brunswick, covering 111 km
2
and a 17-km strike length in the emerging
Triple Fault Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over
50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway
Project.
The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold
Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of
Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD
$217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. A
sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV(5%) of USD
$370MM and a 31% IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 Moz at
1.90 g/t Au within 19.0 MT Indicated, and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred.
The MRE
evaluates only 1.4 km of the 4 km strike length of the Fremont property that features five gold-mineralized
zones. Significantly, three step-out holes at depth hit mineralized structure, typical of orogenic deposits
that often occur at depth. Fremont is located on private land in Mariposa, the original gold rush county
and is 1.5 hours from Fresno, California. The property has year-round road access and is close to
airports and rail. Please refer to the Fremont Gold project PEA dated March 31, 2023 under NI 43-101
guidelines. The technical report has been reviewed and approved by independent "Qualified Persons"
Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning,
P.E. of KCA.
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved
by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a
"qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
For more information, please visit the Company's website at
www.lode-gold.com
or contact:
Gary Nassif
Senior Vice President, Director
+1 (416) 915-4157
Kevin Shum
Investor Relations
+1 (647) 725-3888 ext. 702
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
WARNING:
The Company relies upon litigation protection for "forward-looking" statements. The
information in this release may contain forward-looking information under applicable securities laws.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause actual results to differ materially from those implied by the forward-looking information.
Factors that may cause actual results to vary materially include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain
regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits,
changes in general economic conditions or conditions in the financial markets and the inability to raise
additional financing. Readers are cautioned not to place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise or update this forward-looking
information after the date of this release or to revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/211940