Solstice Acquires New 187 km2 Lithium and Rare Element Exploration Project Staking rush ensues after recommendation by the Ontario Geological Survey
Solstice Acquires New 187 km2 Lithium and Rare Element Exploration Project
Staking rush ensues after recommendation by the Ontario Geological Survey
VANCOUVER, British Columbia, February 22, 2023 - Solstice Gold Corp. (TSXV: SGC) (“ Solstice”, “we”, “our” or the
“Company”) is pleased to announce that it has established a 187 km2 strategic land position for the purpose of lithium
and rare element pegmatite exploration located in the Stewart Lake area, part of the geological terrain known as the
eastern English River Subprovince (“ERS”) in NW Ontario. The project is located approximately 70 km NNW of the town of
Nakina and the CN railroad (Figure 1) and has been acquired through staking of 175.2km2, 767 claims and a third-party
option to acquire 100% of a further 11.46km2 (56 claims).
Key Features of the Stewart Lake Project (‘SLP”)
• In the southern part of the SLP, a known iron formation and sediments were the target of diamond drill exploration
for iron in the late 1950’s and early 1960’s carried out by several operators. Filed government assessment reports
indicate that of 31 diamond drill holes reported on the SLP (average length 132.2m), 28 of these (90%) document
multiple pegmatite occurrences (Figure 2).
• Figure 2 shows the number (17) and a maximum observed core length (max = 28.35 metres) of logged pegmatites
in each of the historic drill holes located within the SLP claims . Pegmatites are both numerous and present over
considerable core lengths (true thickness unknown). The logs indicate that the pegmatites were not assayed for
lithium or other rare elements.
• On January 26, 2023, the rare-element pegmatite potential of the ERS was highlighted by the Ontario Geological
Survey (“OGS”) in its “Recommendations for Exploration 2022-23”1 which includes the following statement:
“The ERS is geologically similar to the Quetico Subprovince (Breaks 1991) and, as such, has the potential to host
rare-element pegmatites within its interior. The lack of exploration activity completed in the area, as well as
minimal detailed mapping, limits our understanding of the mineral potential of the ERS.”
The OGS report also notes the presence of pegmatites immediately to the East of the SLP:
“Numerous pegmatites, several of which are described in drill logs as bearing muscovite and/or garnet along
with other mineralogical indicators of rare-element fertility.”
Mike Timmins, Solstice CEO stated, “There is compelling evidence of widespread pegmatites with prospective mineralogy
on our claims. These widespread pegmatites are only known because, in the southern part of the current SLP claim block,
iron formation and adjacent sediments were the subject of historical diamond drilling for iron. There are no obvious
reasons why pegmatites should be restricted and confined to only the iron formation and thus we believe the potential
for additional pegmatite discoveries is significant. For this reason, and because pegmatite swarms typically form ‘fields’
covering large areas, we decided to establish a commanding and strategic land position to cover a large area of potential
host rocks”.
Solstice acquired its land position as part of an extensive review of potential rare element targets in NW Ontario and,
subsequent to our staking and following the release of the OGS recommendations, there has been considerable new
staking activity in the area around the SLP further confirming the regions attractiveness.
Figure 1. Location of the SLP project claims. Geological units from Ontario Geological Survey 2011. 1:250 000 scale bedrock geology
of Ontario; Ontario Geological Survey, Miscellaneous Release—Data 126–Revision 1. Mineral occurrences from MNDM MDI mineral
occurrence data
Figure 2. Pegmatite count, mineralogy, and maximum observed core lengths per drill hole (source: filed MNDM assessment data).
Selected geological units from: Ontario Geological Survey 2011. 1:250 000 scale bedrock geology of Ontario; Ontario Geological
Survey, Miscellaneous Release—Data 126–Revision 1
Additional Project Details
• Figure 3 shows that the SLP lies 8km west of an area of mostly patented (privately held) mining claims which
include a known Beryl-bearing pegmatite occurrence (source: government mineral deposit (MDI) files). A second
uranium-bearing pegmatite occurs only 1.5 km east of our eastern claim b oundary. As noted by the OGS in its
recent recommendations, this area records the presence of numerous pegmatites of which several contain
tourmaline and/or fluorite and/or unidentified blue -green minerals which are prospective for rare -element
pegmatites.
• Geological mapping over SLP claims has only been carried out at a reconnaissance scale of 1 to 2 miles which
leaves considerable scope for mapping and the application of modern exploration techniques. The property is
traversed by a forestry road and inspection of online satellite imagery suggest considerable outcrop exists in the
areas of the known pegmatites. The OGS flew a detailed magnetic survey in 2010 which helps delineate major
rock packages and regional structures and could be used to accurately ground -locate the historical pegmatites
reported in diamond drill holes.
Figure 3. Solstice regional land position, and pegmatite occurrences Stewart-Melchett Lakes areas. Minerals occurrences from Ontario
MDI government database.
Solstice plans to mobilize ground teams in early summer to carry out exploration field programs designed to ground-locate
and sample pegmatites for additional follow-up.
Option Agreement to Acquire Third Party Stewart Lake Claims
The Company announces that it has entered into an option agreement dated February 21, 2023 (the “Option Agreement”),
with Fabio Micacchi (“FM”) and 743584 Ontario Inc. (the “Optionor”) to purchase an option (the “Option”) to acquire the
Optionors 100% interest in certain mining claims forming part of the SLP (the “Claims”).
In consideration for the grant of the Option, within two business days of the effective date of the Option Agreement,
Solstice must pay $15,000 in cash to the Optionor and issue 750,000 common shares to FM. To exercise the Option, the
Company must conduct exploration expenditures on the Claims and make payments according to the following : (i) a
minimum of $25,000 in exploration spending by the first anniversary of the Option Agreement; (ii) a minimum of $50,000
in exploration spending by the second anniversary of the Option Agreement; and (iii) a minimum of $75,000 in exploration
spending by the third anniversary of the Option Agreement. Upon exercise of the Option, the Company must make a final
payment of $75,000 in cash to the Optionor and will grant FM a 1% net smelter returns royalty on the Claims.
No finder’s fees are payable in connection with the Option Agreement. The Option Agreement remains subject to the
approval of the TSXV.
1 Kurucz, S.V. 2023. Rare-element pegmatite potential in the eastern English River Subprovince; in Ontario Geological Survey, Resident
Geologist Program, Recommendations for Exploration 2022–2023, p.24-27.
The information summarized in this news release is derived from publicly available reports and original diamon d dill logs
due, in particular, to the historical nature of the work, Solstice is un able to independently verify the work but has not
reason to doubt its veracity. Historical drill holes had core diameters less than 1” (2.54cm) and would provided a sub -
optimal sample of pegmatites which, by definition are coarse-grained.
About Solstice Gold Corp.
Solstice is an exploration company with quality, district -scale gold projects in established mining regions of Canada. Our
194 km2 Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red
Lake Camp in Ontario and approximately 45 km from the Red Lake Mine Complex owned by Evolution Mining. Our newly
formed 322 km 2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico
Eagle Mines Limited. The Qaiqtuq Gold Project which covers 886 km 2 with certain other rights covering an adjacent 683
km2, hosts a 10 km 2 high grade gold boulder field, is ful ly permitted and hosts multiple drill -ready targets. Qaiqtuq is
located in Nunavut, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine Gold Mine owned by Agnico
Eagle Mines Limited. An extensive gold and battery metal royalty and property portfolio of over 70 assets was purchased
in October 2021. Over $2 million in value and three new royalties have been generated since the acquisition.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details
on our core properties or the recently acquired royalty and property portfolio, please see visit our website at
www.solsticegold.com.
David Adamson was a co -award winner for the discovery of Battle North Gold Corporation's Bateman Gold deposit and
was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16
years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43 -101 standards responsible for
reviewing and approving the technical disclosures of this news release.
Neither 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.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward -looking statements (“FLS”) including, but not limited to the initial issuance of
Shares and payment of cash under the Option Agreement, the Company’s view of mineral prospectivity on the Claims, the
potential for additional pegmatite discoveries, the mobilization of ground teams in early summer to carry out exploration
field work, the exercise of the Option, any exploration spending under the Option Agreement, making of the final payment
of cash under the Option Agreement, the Company granting a 1% net smelter returns royalty on the Claims upon exercise
of the Option and the approval of the Option Agreement by the TSXV. FLS can often be identified by forward-looking words
such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may”
and “will” or similar words suggesting future outcomes or other expectations, beli efs, plans, objectives, assumptions,
intentions or statements about future events or performance. There is also no guarantee that continued exploration at
Solstice exploration projects, all of which are at an early stage of exploration, will lead to the di scovery of an economic
gold deposit.
In respect of the FLS, the Company has made certain assumptions that management believes are reasonable at this time.
The assumptions include conditions, including the existence of prospective mineralogy on the Claims, that the Company
will have sufficient capital to execute its exploration activities under the Option Agreement and generally and that the
Company will obtain the approval of the TSXV for the Option Agreement . However, there can be no assurance that such
assumptions and statements will prove to be accurate and actual results could differ materially from those anticipated in
such statements. Factors that could cause actual results to differ materially from any FLS include, but are not limited to,
unforeseen delays related to exploration, the Com pany’s failure to make additional pegmatite discoveries , the future
impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to raise capital,
delays in obtaining or failures to obtain required TSXV, governmental, environmental or other project approvals, inability
to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development
of projects, regulatory approvals, changes in national and local government, legislation, taxation, controls, regulations and
political or economic developments, risks and hazards associated with the business of mineral exploration, the speculative
nature of mineral exploration and development, title to properties and other factors. FLS are subject to risks, uncertainties
and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and
unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested
by the FLS. Shareholder s are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous
assumptions, inherent risks and uncertainties, both general and specific that contribute to the possibility that the
predictions, forecasts, projections and various fu ture events will not occur. Solstice undertakes no obligation to update
publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which
affect this information, except as required by law.