VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce the mobilization of crews to carry out a 15 line km Alpha IPTM (“Alpha IP”) survey at our Strathy Gold Project in the Temagami Greenstone Belt, Northeastern Ontario, located in the southeastern part of the prolific Abitibi Subprovince.
Solstice has engaged Simcoe Geosciences of Stouffville Ontario to complete the Alpha IP survey. Simcoe pioneered the next-generation wireless, high-definition, time-domain Alpha IP technique which provides denser data points than conventional IP and can be carried out without requiring line cutting. Solstice will receive results in October. These will be incorporated with existing data as part of planning for an initial phase of diamond drilling.
David Adamson, Solstice Chairman stated, “our Strathy Gold Project, located in the prolific Abitibi Subprovince, is in a classic Archean orogenic gold setting but has been off limits to modern exploration for much of its history. There is a marked cluster of gold deposits and also base metal mineralization on and adjacent to our Project which responds well to IP where surveyed. However, what we regard as the most prospective target area, which extends down dip and west of known gold mineralization of the Leckie Gold Deposit, has not been explored using IP or any other modern ground based geophysical survey method (Figure 1). The IP survey will test the down-dip extension of the Leckie Gold Deposit as well as a coherent, likely linked system of structures that strike to the NW of the Leckie Gold Deposit for several kilometres (Figure 1). These targets are more fully described in a narrated presentation, available here.”
Objectives of the Alpha IP Survey:
- The 15 line km survey will cover the down-dip extension, on Solstice claims, of the historic Leckie Gold Deposit. The survey will extend a further 1.2 Km westwards to cover an area that has not been explored using modern methods despite potential evidence of a larger gold system being present (Figure 1). A nominal line spacing of 200m plus cross-lines is expected to lead to the generation of 2D and 3D IP models over the prime target area which will be used, in conjunction with existing data, to define drill targets.
- The IP survey will extend approximately 2km east-west and will cover two areas of known gold showings with historical drill intercepts1 including:
- Down dip of the Leckie Gold Deposit (Site 1, Figure 1) where published intercepts of 5.00 g/t Au over 17.28m and 7.66 g/t Au over 7.25m (core lengths) occur at vertical depths of approximately 50-100 metres below surface on Solstice claims, and;
- Goward Lake (Site 2, Figure 1) (6.68 g/t Au / 4.50m (core length)), where published IP data correlates with known drill intercepts, located on, or immediately adjacent to Solstice claims.
- Permissive EM and geological features occur between the Leckie Gold Deposit and Goward Lake Target (see Figure 1). The Alpha IP Survey will help to accurately define the structures and possible mineralization in this area.
Figure 1: Compilation and Target Map, Strathy Gold Project
Recently acquired Alpha IP Data on Strathy Identifies New Targets
Solstice recently acquired data for a test Alpha IP line located approximately 1.1km west of the Leckie Gold Deposit (Figure 1). The northern end of the line confirms the location of historical IP anomalies with associated with copper and gold mineralization as described in published diamond drill records (Figure 2). Importantly, four new IP targets are identified at the southern part of the line (Figure 2). These include three discrete, near surface targets and a possibly related, larger target at moderate depth, beginning at approximately 130 metres below surface (Figure 2). Possible extensions of these new IP anomalies will be further evaluated and modelled following completion of the new IP survey.
Figure 2: 2D model of the recently acquired Alpha IP line in the Goward Lake area.
Winter Drill Program, 2024-25
In addition to delineating prospective mineralized zones, the Alpha IP data will serve to more accurately define drill targets for Solstice’s upcoming winter drill program. Having accurate IP data on hand, combined with existing knowledge of structures and geological trends gives us the potential to generate and drill-test quality new drill targets as part of our 2024-25 winter drill program.
References:
1. Drilling data and information presented here (the “Historical Exploration Information”) is historical in nature. The reader is cautioned that the Historical Exploration Information is based on prior data and reports previously prepared by third parties without the involvement of Solstice. Solstice has not undertaken any independent investigation, nor has it independently analyzed the results of the Historical Exploration Information in order to verify the results. The reader is cautioned not to treat Historical Exploration Information, or any part of it, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent quality assurance/quality control protocols are known for these historic samples and drill holes and therefore the Historical Exploration Information may be unreliable. Solstice considers these historical drill results relevant as the Company will use this data as a guide to plan future exploration and drilling programs. Solstice considers the data to be reliable for these purposes, however, the Company's future exploration work will include verification of the data through drilling.
About Solstice Gold Corp.
Solstice is an exploration company with quality, district-scale gold projects in established mining regions of Canada. Our 41 km2 Strathy Gold Project hosts high grade gold mineralization over a wide area straddling two NE-SW-trending structures. It is located in the Abitibi Subprovince of the Superior Craton and has never been systematically explored in its history. Our Qaiqtuq Gold Project which covers 662 km2, hosts a 10 km2 high grade gold boulder field, is fully 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. Our district-scale Atikokan Gold Project is approximately 26 km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited. 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. An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October 2021. Well 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 Solstice Gold, our exploration projects and details on our portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
Solstice’s Chairman, 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.
Pablo McDonald, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
info@solsticegold.com
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the need for more prospecting and analysis, that the geological and structural setting at the Strathy Gold Project is highly prospective for gold mineralization, the timing of receipt of survey results in October 2024, defining drill targets, the focus of follow-up efforts on promising geochemical and mineralogical anomalies, further evaluation and modelling following completion of the new IP survey and the extension of in-depth systematic prospecting and sampling program this year. 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, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. In respect of the FLS, the Company has made certain assumptions that management believes are reasonable at this time. The assumptions include that the Company will have sufficient financial resources for sampling and prospecting this year, that gold discoveries will be to the level anticipated 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, limited capital or access to additional capital for prospecting, delays in obtaining or failures to obtain required TSXV, governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals 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. Shareholders 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 future 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.
Historical Sampling and Drilling Data and Information
The sampling and drilling data and information presented in this news release (the “Historical Exploration Information”) is historical in nature. The reader is cautioned that the Historical Exploration Information is based on prior data and reports previously prepared by third parties without the involvement of Solstice. Solstice has not undertaken any independent investigation, nor has it independently analyzed the results of the Historical Exploration Information in order to verify the results. The reader is cautioned not to treat Historical Exploration Information, or any part of it, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent quality assurance/quality control protocols are known for these historic samples and drill holes and therefore the Historical Exploration Information may be unreliable. Solstice considers these historical drill results relevant as the Company will use this data as a guide to plan future exploration and drilling programs. Solstice considers the data to be reliable for these purposes, however, the Company's future exploration work will include verification of the data through drilling.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/748e6259-8f44-413f-a85c-94899c2a7f78
https://www.globenewswire.com/NewsRoom/AttachmentNg/86c0af5a-461f-49cc-ab5e-0fbcf0220db8
