VANCOUVER, British Columbia, Sept. 04, 2018 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice” or the “Company”) is pleased to provide interim results from its summer, 2018 work program at its 100% owned 841 km2 Kahuna Gold Project (“Kahuna” or the “Project”), located near Rankin Inlet, Nunavut. The objectives of the 2018 program are to identify targets for potential drill follow up and also to prospect under-explored parts of the large Project area. Highlights to date from detailed geological sampling, mapping, prospecting and detailed high resolution till surveys in the southwestern part of the project (“Westeros”) are as follows:
- Results support the interpreted setting of Westeros between two major breaks and possible influence of associated, extensively-developed regional structures on gold mineralization.
- Significant gold-in-boulder field in Westeros fold hinge expanded to 30 km2 area.
- Discrete fold hinge targets identified of up to 3 km strike length. Samples include up to 34 g/t gold including 17 g/t gold in new sampling.
- At least eight priority target source areas identified from detailed till sampling over central Westeros fold.
Geological setting of Westeros
The Westeros area (Figure 1) comprises a large fold (40 km unfolded strike length) defined by sedimentary units +/- gabbro folded around a largely tonalitic core. The fold is developed between two large regional shear zones or breaks, the Westeros Break and its associated splays in the North and the Pyke fault in the South, splays off which host the significant Meliadine gold deposits, owned by Agnico Eagle Mines Ltd.* The area between the major breaks is referred to informally by Solstice as the Pyke domain which is identified by the presence of similar rock types, structures and geophysical signatures. A prominent set of east-west axial planar structures locally with associated folding are developed throughout the Pyke domain. These are offset by NW-SE structures. The intersection of structures and associated folds are interpreted by Solstice as prime exploration targets, particularly where they intersect iron formation and other potential permissive host rocks.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ccf3d869-9ea8-4e4f-ae50-a7c80a2ed625
Figure 1: Regional Geophysics Westeros area. Base maps are second vertical derivative magnetics derived from Solstice data on Kahuna claims, assessment file and GSC open files 6606 to 6616 on adjacent properties. Gold data from Solstice on Kahuna claims and from assessment file #084959 on adjacent properties. Showings from Nunavut Minerals (Numin) database.
Interim results
- Rock sampling
To date results have been received for 250 rock samples from the Westeros area collected up to mid July, 2018. Sampling to date has focussed on successfully expanding a gold-in-boulder train developed at the nose (hinge zone) of the Westeros fold (Figure 2). New results include 52 samples above the 80th percentile value of 0.26 g/t gold including a maximum value of 17.7g/t gold (Figure 2)**. The hinge zone now comprises a 30 km2 area of significant gold in boulders (>2g/t gold) interpreted to have multiple potential sources including a central target area of up to 3 km strike length (Figure 2). East-west structures +/- intersections with permissive rock types and associated folding are thought to be potential source areas. The boulder fields are open for further sampling.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a7113dfa-7430-410c-b0b3-c3b5cb8986c7
Figure 2: Westeros Hinge Target: 2018 Rock Sample Results
- High resolution till sampling
The central portion of the Westeros fold covers both the northern and southern limbs of the Westeros fold and the central (hinge) zone which is interpreted to be a second or fault repeated fold nose. Extensive areas of >80th percentile till anomalies are present in this area (see news releases dated June 19, 2018 for more details). High-resolution tills (samples spaced at nominal 100m centers along 200m spaced lines) were carried out across this area with the goal of identifying discrete anomalies for sampling and possible drill follow up.
Results support, locally extend and define at least eight potential source areas defined by clusters of >80th percentile gold in till (Figure 3). Several of the till clusters appear to define broad east-west trends and may be associated with east-west structures locally cutting fold limbs containing iron-rich units. Several target areas are associated with elevated gold in rocks (Figure 3). Targets are present in all parts of the fold in this area, i.e., the southern, northern limbs and fold nose. Ongoing sampling and prospecting will evaluate and attempt to expand the identified target areas.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/47c782d2-a67c-4d42-ba8f-80c8f429c490
Figure 3: Westeros Central Target: 2018 High Resolution Till Results
“We set ourselves the goal this year of taking a large, diffuse gold target area, better understanding its setting and controls and defining targets for drill testing. Our project team is using state of the art technology, quality field mapping and sampling allied with good, old fashioned prospecting to excellent effect. Bear in mind the Westeros area alone represents a 40 km long, 100% owned piece of prime exploration real estate in what we consider to be an emerging gold district.” stated David Adamson, Executive Chairman
Solstice Appoints new Vice President of Exploration:
Solstice is pleased to announce that it has appointed Ian Russell P.Geo. as its new Vice President of Exploration***. Ian is a previous co-award winner of the Colin Spence Award for Excellence in Global Mineral Exploration and has over 25 years of experience developing and executing successful gold-focussed exploration programs including Red Lake, Kirkland Lake and the Fennos-Candian shield. Ian has been actively involved in the Kahuna project planning and execution as a senior consultant from the beginning of 2018. Ian is replacing Bob Singh P.Geo. who will remain with Solstice in a senior advisor capacity. In conjunction with the appointment, the Company has granted Mr. Russell 1,100,000 options vesting over 2 years.
Solstice Executive Chairman David Adamson stated “We are pleased to add Ian Russell to our team. He is very familiar with all aspects of Kahuna project planning and implementation and has a demonstrated successful track record in all stages of gold exploration. Bob Singh, who played an important role in identifying the Kahuna project gold potential will continue to provide valuable input to our technical team ensuring we continue with our focus on technical excellence.”
High Resolution Till Sampling and Assay Protocol
Approximately 1 kg of till is collected from frost boils every 100 metres along grid lines spaced approximately 200 m apart. The samples are dried and shipped in secure sample bags using unique security coded tags to ALS Canada Ltd in North Vancouver B.C. and accredited analytical laboratory. At the lab the samples are dried, weighed, pulverized and screened to -600 mesh. Gold and trace element analysis are determined by ICP-MS after Aqua regia digestion using a 50g sample.
Rock samples are collected in plastic bags in the field and are shipped in secure sample bags using unique security coded tags to Activation Laboratories Ltd. In Ancaster Ontario, an accredited mineral analysis laboratory. All samples are analyzed for gold using standard fire assays techniques, samples returning over 3.0 g/t Au are analyzed using fire assay-gravimetric methods.
For both till and rock samples, the company routinely inserts standard, blank and duplicate reference materials as part of Solstice Gold’s quality control/quality assurance program (QAQC). QAQC results from samples presented in this news release did not reveal any issues with the disclosed results.
*This news release contains information with respect to the Meliadine gold deposits owned by Agnico Eagle Mines, in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties and there is no certainty of the same or similar deposits on the Company’s properties.
**These are selected samples and are not necessarily representative of the mineralization hosted on the property.
***The appointment of Ian Russell remains subject to regulatory approvals.
About Solstice
Solstice is a new gold-focussed exploration company engaged in the exploration of its 841 km2 (100%) district scale Kahuna Project and certain other rights covering an adjacent 823 km2, all with no underlying option or earn in payments. Kahuna is located in Nunavut, Canada only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico-Eagle Mines Ltd. Solstice has 69.5 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold and the Kahuna Project please see our Corporate Presentation available at www.solsticegold.com.
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.
R. (Bob) Singh, P.Geo., is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical content of this news release.
On Behalf of Solstice Gold Corp.
David Adamson, PhD
Executive Chairman
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
President
info@solsticegold.com
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) relating but not limited to the Company’s expectations, intentions, plans and beliefs. FLS can often be identified by forward-looking words such as “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “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. FLS in this news release also include, but are not limited to, the extent and timing of described programs and ground work, such as rock, till sampling and analysis. FLS in this news release include comparison with certain geological features at an adjacent development property. There can be no guarantee that continued exploration at Kahuna, which is at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, delays in obtaining or failures to obtain required 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 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 Gold 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.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision. Investors are further cautioned that past performance is no guarantee of future performance
Solstice has contracted an independent geophysical consultant to oversee and review and advise the Company on all geophysical surveys of the Property.