Lode Gold Launches Exploration Program at One of the Largest Land Packages in New Brunswick
Lode Gold Launches Exploration Program at
One of the Largest Land Packages in New
Brunswick
Toronto, Ontario--(Newsfile Corp. - October 18, 2024) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: SBMIF) ("Lode Gold" or the "Company")
is pleased to announce that a Heliborne
HeliTEM² Survey over the Riley Brook and McIntyre Brook properties, in northern New Brunswick, has
been initiated as part of the recently announced Acadian Gold Joint Venture with Fancamp Exploration
Ltd. (
refer to Figure 1).
The properties encompass a combined 419 km
2
land package of mineral
claims, constituting gold mineralized zones that extend over several kilometres, on trend with Puma
Exploration's Williams Brook property.
The recent combination of mineral assets between Fancamp and Lode Gold Resources Inc. into a
dominant land holding of high-quality, underexplored ground in New Brunswick, was a major
development which now aims to be further validated by this high-resolution heliborne electro-magnetic
and radiometric survey.
This joint initiative with Fancamp occurs in a highly prospective geologic domain for gold and
polymetallic discovery, within the Appalachian Gold Corridor that hosts other Au-focused projects such
as New Found Gold's Queensway Project and Calibre's Valentine Lake Project.
Highlights
Direct Detection Abilities:
The HeliTEM² survey effectively identifies electrically conductive
sulphide-rich veins and sulphide-rich alteration halos in the area.
Target Vectorization
: By integrating magnetic and radiometric data, this survey enables the team
to accurately map the structures and distinctive alteration halos linked to gold mineralization, such
as sericite and K-feldspar.
Large and Detailed Survey Area:
The survey will cover both properties for a total of 419 km² and
consists of 3,163 line-kilometres of data which will be acquired over both properties in a grid
pattern with 150-metre spacing between each flight lines.
Accelerated Drilling Timeline:
By generating fast-tracked targets, this survey significantly
reduces exploration timelines, enabling the joint venture to advance towards a drilling phase more
efficiently.
The helicopter-borne geophysical survey consists of magnetic, electromagnetic and radiometric
measurements using the Xcalibur Smart Mapping HeliTEM² system, which has a low noise receiver with
a square transmitter waveform to provide rapid current turn-off to enhance sensitivity to near surface
features. The survey will guide the Company field efforts in the coming months.
Figure 1: Compilation map of Riley Brook and McIntyre Brook properties and associated results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/227037_1460945a4438ca8a_004full.jpg
Fancamp, as Acadian Gold's operator, has identified several areas of interest based on its internal
compilation of geochemical, geophysical and geological data from previous operators. To further
investigate these areas, the HeliTEM² survey will provide high-resolution data that accurately directs the
Company toward mineralized zones. The high-resolution magnetic survey will be used to improve
geological identification of primary and secondary geological structures, which may control different
mineralization styles on the properties, and to identify radiometric anomalies, often associated with
alteration patterns and felsic rocks, potentially associated with Rocky Mill fault systems.
New Brunswick, Acadian Gold Joint Venture
: A joint initiative between Fancamp Exploration Ltd.
and Lode Gold Resources Inc. for the advancement and exploration of one of the most considerable land
packages in New Brunswick, within a highly prospective region for gold and polymetallic discovery,
would position both firms as key players of an emerging, district-scale, Au-Cu exploration play
(refer to
press release dated August 27, 2024).
Leveraging Fancamp's recently acquired 309 km
2
package of
mineral claims, the Riley Brook property, combined with Lode Gold's 111 km
2
McIntyre Brook holdings
(refer to Figure 1),
the Acadian Gold joint venture will be able to advance exploration initiatives across a
dominant land package in an underexplored sector in proximity to other gold-focused firms such as
Puma Exploration.
QUALIFIED PERSON STATEMENT
The technical information contained in this press release was reviewed and approved by François
Auclair, P.Geo, M.Sc. Vice President Exploration of Fancamp Exploration Ltd., designated as a
Qualified Person under National Instrument 43-101. M Auclair, the Fancamp's qualified person and an
officer of Fancamp Exploration Ltd. has reviewed and approved the technical disclosure contained in
this news release.
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.
Our Golden Culvert and WIN Projects in the Yukon, covering 99.5 km
2
, are situated in the southern
portion of the Tombstone Gold Belt. This 1,500 km long belt is dominated by RIRGS and sediment
hosted gold deposits, including Fort Knox, Brewery Creek, Keno Hill (Silver), Dublin Gulch, Hecla and
Snowline's Gold's recent world class, Valley discovery. The company has intersected gold mineralization
on the Golden Culvert property, with a best result of 33.1 m @ 12.53 g/t from one of our drill holes and
has identified a gold bearing sheeted vein system (RIRGS) on the WIN property.
In New Brunswick, within the emerging Appalachian/ Iapetus gold belt, Lode Gold has formed a strategic
Joint Venture with Fancamp called Acadian Gold together we form one of the largest land packages in
New Brunswick with 420 km
2
of exploration rights between McIntyre Brook and Riley Brook projects.
Jointly focused on the Wapske Formation a geological unit identified to have the best gold potential in
particular where there are structures bounding felsic units. With 36km strike of the Wapske formation
under control Acadian is a key and leading member of this play.
Our 111 km
2
, McIntyre Brook Project, is surrounded by Puma Exploration's Williams Brook Project
(where their Lynx project has reported 5.55 g/t Au over 50m)
1
The first 2 drill holes completed by Lode
Gold intersected (one hole intersected 5.73 g/t gold over 2.0 m within a broader low-grade interval
averaging 1.20 g/t gold over 20 m), further drilling is warranted. Fancamp's 309 km2 Riley Brook project
covers 25 km strike of Wapske formation containing numerous mapped felsic units. Previous exploration
efforts were directed at VMS-style mineralization focused on the base metals often not assaying for gold
- Acadian is the first to focus on gold.
NI 43-101 reports on our New Brunswick and Yukon projects are available on SEDAR+ and on our
website.
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 Preliminary Economic Assessment ("PEA")
with an after-tax NPV (5%) of USD $217M, a 21% IRR, 11-year LOM, averaging 118,000 Oz 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 $370M 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 which features
five gold-mineralized zones. Significantly, three step-out holes at depth hit the mineralized structure,
typical of orogenic deposits that often occur at depth.
Fremont is located on 3,351 acres of 100%
owned 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.
A planned V-TEM
airborne geophysical survey to be flown over both properties.
Please refer to the Fremont Gold project NI 43-101 PEA technical report dated March 31, 2023, which is
available on the Company's profile on SEDAR+ (
www.sedarplus.ca
) and on the Company's website
(
www.lode-gold.com
). The PEA 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.
ON BEHALF OF THE COMPANY
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
+1-416-320-4388
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.
All statements, trend analysis and other information contained in this press release about anticipated
future events or results constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might"
occur or be achieved and other similar expressions. All statements, other than statements of historical
fact, included herein, including, without limitation, statements regarding the anticipated use of proceeds
from the Special Warrant financing, additional proceeds from the exercise of the warrants underlying the
Special Warrants, and the receipt of final acceptance from the TSX Venture Exchange with respect to
the transactions, are forward-looking statements. Although Lode Gold believes that the expectations
reflected in such forward-looking statements and/or information are reasonable, undue reliance should
not be placed on forward-looking statements since Lode Gold can give no assurance that such
expectations will prove to be correct. These statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties and other factors identified in Lode
Gold's periodic filings with Canadian securities regulators, and assumptions made with regard to: the
ability of Lode Gold to obtain final acceptance from the TSX Venture Exchange with respect to the
transactions; that the Company will be able to use the proceeds of the Special Warrant financing as
anticipated; and the ability of the Company to continue with its stated business objectives and its ability
to obtain required approvals and raise additional capital to proceed. Forward-looking statements are
subject to business and economic risks and uncertainties and other factors that could cause actual
results of operations to differ materially from those contained in the forward-looking statements.
Important factors that could cause actual results to differ materially from expectations include risks
associated with the business of Lode Gold and Fancamp; risks related to the Company's ability to
obtain final acceptance from the TSX Venture Exchange with respect to the transactions; the risk that the
use of proceeds from the Special Warrant financing may differ from management's expectations; and
other risk factors as detailed from time to time and additional risks identified in the Companies' filings
with Canadian securities regulators on SEDAR+ in Canada (available at
www.sedarplus.ca
). Forward-
looking statements are based on estimates and opinions of management at the date the statements are
made. The Company does not undertake any obligation to update forward-looking statements except as
required by applicable securities laws. Investors should not place undue reliance on forward-looking
statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/227037