Lode Gold Confirms Geology Consistent to Adjacent Puma/Kinross in New Brunswick: Gold Mineralized Rhyolites
Lode Gold Confirms Geology Consistent to
Adjacent Puma/Kinross in New Brunswick:
Gold Mineralized Rhyolites
Toronto, Ontario--(Newsfile Corp. - January 20, 2025) -
Lode Gold Resources (TSXV: LOD)
(OTCQB: LODFF) ("Lode Gold" or the "Company")
is pleased to announce it has completed phase
one of exploration in New Brunswick. The preliminary exploration results on its New Brunswick
properties are held in its subsidiary Gold Orogen (new Spin Co). Lode Gold confirms gold endowment in
mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding Puma/Kinross JV
property. Due to positive gold soil anomalies, Lode Gold expanded its land package to 445 km
2
. Further
analysis in drill targeting is in progress.
Lode Gold subsidiary, Gold Orogen (Spin Co), holds key assets in Yukon and New Brunswick. In New
Brunswick, Acadian Gold, its 50/50 JV company with Fancamp Exploration has two assets: McIntyre
Brook and Riley Brook.
Exploration Highlights
A Heliborne HeliTEM² Survey, by Xcalibur, was flown covering 419 km² of the joint venture land
package, utilizing a 150 m line spacing totalling 3,247 line kilometers. The survey collected
Magnetic, Radiometric and Electro Magnetic (EM) data.
Geophysics, prospecting and trenching at McIntyre Brook confirmed the presence of a gold
bearing rhyolite horizon
(refer to Figure 4 and Table 1),
with preliminary trench results that include
5.3 m of 1.19 g/t Au. This is similar to the geology (rhyolite hosted mineralization) of Puma
Exploration's Williams Brook Project under option to Kinross Gold Corp, adjacent to our property.
Radiometric and conductive geophysics has revealed geophysical anomalies at both McIntyre
Brook and Riley Brook
(refer to Figures 1, 2 and 3).
Drill testing is scheduled to commence after all results from 2024 have been received and the
complete 2024 exploration dataset has been analyzed.
Prospective areas may require additional
ground follow-up, before drilling.
Orientation soil geochemical surveys were conducted over three grids covering approximately
10% of the Riley Brook property. They revealed the presence of large soil Au-W-As-Sb
geochemical anomalies positioned in the southern part of the property (
refer to Figure 2
).
Based on these results, the joint venture staked an additional 26 km² (new total JV area of 445
km
2
) at the southwestern edge of the Riley Brook property to cover the potential continuation of the
soil geochemical anomaly and coincident conductivity anomaly.
McIntyre Brook
The trenching at the McIntyre Brook prospect has significantly increased the known surface expression
of a mineralized rhyolite horizon initially revealed by Lode Gold's 2019 drill results (20 m @1.2 g/t and 16
m @ 0.84 g/t in two holes). The new work demonstrates a minimum strike extension of the mineralization
of at least a 200-metre with the horizon measured up to 9-metre thick. The trench results report up to 5.3
m @ 1.19 g/t Au
(see Figure 4)
. Multi-element assays for pathfinder elements are awaited. This
mineralization appears similar to mineralized lithological unit on the neighbouring Williams Brook Project
(Puma Exploration).
The trenching also allowed for a better definition of the strike and dip of the gold bearing rhyolites at the
McIntyre Brook prospect. Follow-up exploration drilling along the northeast and southwest mineralization
trends can be better defined with this information.
These results are considered very encouraging, and work is planned at McIntyre Brook prospect to
extend the strike and identify potential parallel structures and inflections.
The EM airborne data has revealed a distinctive anomaly in the east of the property. Soil samples were
taken from this area, assay results are expected later this month.
Riley Brook
Recon soil sampling (only covering 10% of the property) has revealed multiple gold anomalies of similar
tenor evidenced at deposits on the Appalachian Gold Belt, such as at Puma Exploration's Williams
Brook Property (>20ppb Au in soils). These gold anomalies have coincident Antimony, with +/- Arsenic
and Tungsten pathfinder elements. This association of elements are often linked to intrusive-related gold
deposits, further work is required to confirm
(see Figure 3).
The anomalies in the southern part of Riley
Brook are also coincident with a prominent EM conductor. Based on these results, Gold Orogen
staked
more ground expanding the Riley Brook property (now totalling 445 km
2)
to the south to encapsulate the
full extent of the anomaly.
Future work will consider ground geophysics to cover the gold geochemistry and EM anomaly. Further
soil sampling and trenching is planned for spring 2025.
"The first phase of exploration at the Acadian Gold joint venture has been successful at confirming
gold bearing rhyolitic mineralization at McIntyre Brook through the trenching and channel sampling; and
at Riley Brook with
coincident, geophysical and multi-element geochemical anomalies,"
comments
François Auclair, Vice President Exploration of Fancamp and Acadian Gold (subsidiary of Gold
Orogen).
"The results at both properties are highly encouraging considering the limited historical work
recorded in the area, especially noting that our current soil sampling has covered less than 10% of the
Riley Brook property. We see a lot of potential for growth given the prolific region which hosts other
gold-focused development projects."
Figure 1: Total field magnetic image over Puma Exploration's Williams Brook property (optioned to
Kinross). Red colors represent volcanics. Inset shows new total magnetic field data demonstrating
these rock types trend into the McIntyre Brook property.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/237787_a4fae1b9d4eed94d_004full.jpg
Figure 2: Total magnetic field images over McIntyre Brook and Riley Brook.
To view an enhanced version of this graphic, please visit:
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Figure 3: Riley Brook coincident EM and soil geochemical anomaly.
To view an enhanced version of this graphic, please visit:
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Figure 4: McIntyre Brook Prospect Trenching Results.
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Trench ID
From
(m)
To
(m)
Length
(m)
Au
(gpt)
Metal Factor
(gpt*m)
T10
8.8
14.1
5.3
1.19
6.30
T9
3
9.8
6.8
0.89
6.04
T1
24.9
28.9
4
0.21
0.86
T2
3.7
6.7
3
0.50
1.51
T5
No significant assay results
T6
No significant assay results
Table 1: Preliminary Trenching Results at McIntyre Brook.
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective
and safe mining jurisdictions in Canada and the United States.
In Canada, its Golden Culvert and WIN Projects in 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. A total of four RIRGS targets have been confirmed on the property. A NI 43-101
technical report has been completed in May 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV
Co; consisting of an area that spans 445 km
2
and a 44 km strike. McIntyre Brook covers 111 km
2
and a
17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar
age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km
2
package
covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report
has been completed in August 2024.
In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project
with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in
the 1940's.
Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike
typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits have been
exploited. The Company is the first owner to investigate an underground high grade mine potential at
Fremont.
The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4
km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of
gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold
rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to
airports and rail.
Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment
("PEA"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and
an 11-year LOM, averaging 118,000 oz per year. At $1,750 /oz gold, NPV (5%) is $217M. 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 of Fremont property.
Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.
All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (
www.sedarplus.ca
)
and the Company's website (
www.lode-gold.com
).
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 NI-43-101.
ON BEHALF OF THE COMPANY
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
+1-604-977-4653
Kevin Shum
Investor Relations
+1 (647) 725-3888 ext. 702
Cautionary Note Related to this News Release and Figures
This news release contains information about adjacent properties on which the Company 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.
Cautionary Statement Regarding Forward-Looking Information
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.
This news release includes "forward-looking statements" and "forward-looking information" within the
meaning of Canadian securities legislation. All statements included in this news release, other than
statements of historical fact, are forward-looking statements including, without limitation, statements
with respect to the use of proceeds, advancement and completion of resource calculation, feasibility
studies, and exploration plans and targets. Forward-looking statements include predictions,
projections and forecasts and are often, but not always, identified by the use of words such as
"anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and
other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while
considered reasonable by management based on the business and markets in which the Company
operates, are inherently subject to significant operational, economic, and competitive uncertainties,
risks and contingencies. These include assumptions regarding, among other things: the status of
community relations and the security situation on site; general business and economic conditions; the
availability of additional exploration and mineral project financing; the supply and demand for,
inventories of, and the level and volatility of the prices of metals; relationships with strategic partners;
the timing and receipt of governmental permits and approvals; the timing and receipt of community
and landowner approvals; changes in regulations; political factors; the accuracy of the Company's
interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the
availability of equipment, skilled labour and services needed for the exploration and development of
mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual
results, and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's expectations include a
deterioration of security on site or actions by the local community that inhibits access and/or the ability
to productively work on site, actual exploration results, interpretation of metallurgical characteristics of
the mineralization, changes in project parameters as plans continue to be refined, future metal prices,
availability of capital and financing on acceptable terms, general economic, market or business
conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals,
unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or
another infectious illness, and other exploration or other risks detailed herein and from time to time in
the filings made by the Company with securities regulators, including those described under the
heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does
not undertake to update or revise any forward-looking statements, except in accordance with
applicable law.
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