Two New Reduced Intrusive (RIRGS) Targets, Totalling Four, Identified at Tombstone Belt, Yukon - Gold Orogen, New Spin Co of Lode Gold
Two New Reduced Intrusive (RIRGS) Targets,
Totalling Four, Identified at Tombstone Belt,
Yukon - Gold Orogen, New Spin Co of Lode
Gold
Toronto, Ontario--(Newsfile Corp. - November 13, 2024) -
Lode Gold Resources Inc. (TSXV: LOD)
(OTCQB: SBMIF) ("Lode Gold " or the "Company")
is pleased to announce the results of our
ongoing interpretation of data collected during the summer 2024
QMAG
T
survey.
Importantly, two additional RIRGS targets
"Stingray"
and "
Camp
" have been defined on the Golden
Culvert property as a direct result of incorporating the new geophysical data with existing geochemical
datasets. These new targets complement the RIRGS targets already identified (a total of four highly
prospective RIRGS targets, namely
"Border"
,
"Steelhead"
,
"Stingray"
and
"Camp"
) by Gold
Orogen, subsidiary of Lode Gold, on its nearby WIN property.
Field verification of both the
"Stingray"
and "
Camp
" targets is scheduled for next season whereby
geologists will endeavour to confirm the presence of the targeted hornfels and/or intrusive suites while
collecting geochemical data from soils and rocks in the area. The Golden Culvert property is remarkable
in that it contains a 15 km long soil and stream multi-element Au, As, +/-Bi+/-Sb, +/-Pb, +/- Zn
geochemical anomaly of which only a small 800 m section (called
"Main"
) has seen drill testing. Prior
exploration at Golden Culvert has already successfully demonstrated an extensive gold bearing,
anastomosing quartz vein system hosted in meta-sediments considered to be an orogenic style of gold
mineralization. The newly identified RIRGS targets significantly enhance the overall endowment potential
at Golden Culvert, building upon the already considerable potential identified from the established
orogenic styles of mineralization concentrated at the
"Main"
site
,
which have historically been the
primary focus of exploration within this vast, high potential area.
Highlights include:
Recent
QMAG
T
system geophysical results integrated with geology and historic geochemical
information has identified two new RIRGS prospects on the Golden Culvert property, named
"
Stingray"
and "
Camp
".
The Golden Culvert property contains a remarkable 15 km long series of gold in soil anomaly
trending NW parallel to the regional structural fabric. One 800 m zone has been drilled tested, the
"
Main
" target, (*best result of 2.53 g/t Au over 33.1 m) the remainder is under-explored.
''Stingray``
prospect is centred around a mapped Tombstone-tungsten quartz monzonite intrusion
on the southern boundary. The
QMAG
T
survey data suggests the intrusion is larger than mapped
and most likely continues under a carapace of hornfels. Minimal historical work has been
conducted in the past. There are stream sediments elevated in gold, arsenic and sulphur and a
small soil grid evidenced anomalous arsenic.
"Camp"
prospect is a well-developed zone of soil and rock samples with anomalous gold and
arsenic (up to x g/t Au). The
QMAG
T
survey has revealed this geochemical anomaly arcs to the SE
of a distinct magnetic low. The magnetic anomaly is interpreted to be a previously unmapped
reduced intrusive.
Fieldwork is scheduled to initially map the extent of hornfels and intrusive, with soil and rock sampling to
confirm and enhance the prospectivity of our projects.
The news release dated
October 15, 2024
, focused on the RIRGS potential of the WIN property and
gave details on the Reduced Intrusive Related Gold System model and the regional setting. For more
information regarding RIRGS, please
view the press release
.
In summary, based on the RIRGS model,
the main exploration target is sheeted gold bearing quartz veins hosted in the cupola (roof) of a reduced
intrusion or in the surrounding hornfels (country rock altered by the heat of the intrusion). RIRGS exhibits
metal zonation with Arsenic (+/- Au) in the periphery and Au, Bi, Te in the centre.
When interpreting the
QMAG
T
data, for possible RIRGS, the prime criteria was the presence of a distinct
magnetic low zone (the intrusive), often highlighted by an annular of magnetic highs, (the hornfels),
backed up by geochemical evidence.
Figure 1
shows the reduced-to-the-pole total field magnetic survey
covering the entire Golden Culvert property, with the newly identified "
Stingray"
and "
Camp"
targets
highlighted.
Figure 1 (left)
:
Total magnetic field colour grid, showing the location of the RIRGS targets
Figure 2 (right)
:
Golden Culvert Regional geology
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_001full.jpg
This target is centred on a known, yet unnamed, quartz monzonite intrusion of the Tombstone-Tungsten
Cretaceous intrusive suite, as it appears on the published regional geology maps (see
Figure 2
).
Figure
3
shows the RTP total magnetic field image over this intrusion and it clearly suggests it is larger than
mapped (dotted line in
Figure 3
), possibly diving under a roof of hornfel sediments, represented by
magnetic high zones. The stream draining this area exhibits elevated Gold, Arsenic Bismuth and
Sulphur; additionally, a small soil grid has a coherent arsenic anomaly. The source of the gold anomaly in
the stream has not been identified and the potential area of the large zone of hornfels interpreted from
the magnetics requires mapping, soil and rock sampling.
Figure 3.
The
"Stingray"
target.
Left image: Total magnetic field in colour, the dotted white line shows
the interpreted edge of the monzonite intrusion base and hornfels carapace on the magnetics. Right
image: Gives the geochemistry, elevated gold and sulphur in the streams and elevated arsenic in the
soils (black dots are soil sample sites).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_002full.jpg
The "Camp" Target
The
"Camp"
target is a distinct magnetic low interpreted from a previously unknown reduced intrusive
(See
Figure 4
). It occurs in a river valley in an area of low topography, and it may not be an outcrop. On
the SE side of this magnetic low is an arc of anomalous soil and rock geochemistry that made up the
previously recognized
"Camp"
prospect.
The
"Camp"
prospect has returned rock grab samples of up to 48.1 g/t Au from a quartz vein with some
sulphides hosted within phyllites. The rock grab samples are nested in a coincident gold, arsenic, and
lead soil anomaly.
The elevated geochemistry is a distal expression of a possible RIRGS represented by the magnetic
anomaly. Field crews will be directed to the area to search for hornfels and/or intrusives to confirm any
RIRGS affinity.
Figure 4:
The
"Camp"
RIRGS target (left) shows a white dotted line around the 120 nt mag low
interpreted as a possible reduced intrusion. The total magnetic field is presented in colour on the left.
The right image shows the geochemical results over the same area. Bubbles are sized to gold results.
The orange represents the soil sample numbers, and the yellow represents the rock samples - the
larger the circle, the higher the grade. The highest gold result from rock samples is 48.1 g/t. Grey
digital elevation background, the interpreted intrusion is in a flat valley and may not outcrop or be
suitable for soil samples.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_003full.jpg
Future Plans
The 2025 field season plans are detailed after comprehensive analysis, consisting of geochemical
information, geological mapping and extensive
QMAG
T
data. The
"Stingray"
and
"Camp"
targets
presented here are amenable to rapid reconnaissance to confirm the presence of intrusives and
hornfels. Confirmation of this will present new RIRGS prospects that were previously unexplored on the
Golden Culvert property.
Filing on SEDAR+:
Lode Gold has filed on SEDAR+ an amended NI 43-101 technical report (the "Report") on its Golden
Culvert and WIN properties in the Yukon Tombstone Gold Belt. The report was initially filed on July 15,
2024. A typographic error was noticed in the original, stating that the best drill interval on the Golden
Culvert property was 12.53 g/t Au over 33.1 m from 111.5 m in hole GC18-03, whereas the actual result
was 2.53 g/t Au over 33.1 m from 111.5 m in hole GC18-03. The amended report corrects this error.
Both the original and amended reports were authored by Marty Huber, P. Geo. and Mark Fekete, P.
Geo.
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.
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.
Gold deposits and occurrences within the Belt include Fort Knox, Pogo,
Brewery Creek and Dublin Gulch, and Snowline Gold. A NI 43-101 technical report entitled "Technical
Report on the WIN-Golden Culvert Property for Lode Gold" with an effective date of May 15, 2024,
summarizing the work to date on these properties is available on the Company's profile on SEDAR+
(www.sedarplus.ca
)
and on the Company's website (
www.lode-gold.com
).
In New Brunswick, Lode Gold has created one of the largest land packages with a 42km strike
within 420km
2
. Its McIntyre Brook Project, New Brunswick, covering 111 km
2
and a 17-km
strike length in the emerging Appalachian/Iapetus Gold Belt
, is surrounded by Puma Exploration's
Williams Brook Project (5.55 g/t Au over 50m)
1
and is hosted by orogenic rocks of similar age and
structure as New Found Gold's Queensway Project.
The Fancamp's Riley Brook is a 309 km
2
package covering a 25 km strike of Wapske formation with its numerous felsic units.
Previous
exploration efforts have focused on just VMS-style mineralization hosted in the felsic intrusions, and
mostly focused on the base metals - the Company is the first to focus on and assay for gold. A NI 43-101
technical report entitled "Technical Report on the WIN-Golden Culvert Property for Lode Gold",
summarizing the work to date on these properties is available on the Company's profile on SEDAR+
(www.sedarplus.ca)
and on the Company's website (
www.lode-gold.com
).
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.
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.
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
+1-416-915-4257
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/229848