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Fortune Bay Intersects 8.00 g/t Gold over 12 Metres in Initial Step-Out Holes at Box, Goldfields Project

Halifax, Nova Scotia–(Newsfile Corp. – September 14, 2021) – Fortune Bay Corp. (TSXV: FOR) (FSE: 5QN) ("Fortune Bay" or the "Company") is pleased to…

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Halifax, Nova Scotia--(Newsfile Corp. - September 14, 2021) - Fortune Bay Corp. (TSXV: FOR) (FSE: 5QN) ("Fortune Bay" or the "Company") is pleased to announce gold assay results for the first three step-out drill holes completed at the Box gold deposit ("Box"), located on the Company's Goldfields Project ("Goldfields" or the "Project") in northern Saskatchewan (Figure 1). The drill holes are part of the ongoing Phase 1 resource expansion program which is expected to include approximately 5,000 metres of drilling.

The three drill holes, completed on an approximate 50 metre spacing, returned significant gold intercepts outside of the extents of the current 2021 Mineral Resource Estimate ("2021 MRE") for Box, with highlights that included:

  • Drill Hole B21-336:
    1.46 g/t Au over 32.0 metres, incl
    3.39 g/t Au over 8.0 metres, incl.
    17.54 g/t Au over 1.0 metre
    8.00 g/t Au over 12.0 metres, incl.
    88.58 g/t Au over 1.0 metre
  • Drill Hole B21-335:
    1.34 g/t Au over 36.0 metres, incl.
    7.19 g/t Au over 1.0 metre, and
    18.02 g/t Au over 1.0 metre
    1.90 g/t Au over 10.0 metres, incl.
    14.07 g/t Au over 1.0 metre
    10.36 g/t Au over 1.0 metre
  • Drill Hole B21-334:
    2.02 g/t Au over 21.0 metres, incl.
    8.00 g/t Au over 4.0 metres, incl.
    29.19 g/t Au over 1.0 metre

The assay results confirm expansion of Box mineralization down-dip of up to 220 metres outside of the extents of the 2021 MRE for Box, and mineralization remains open. The drill holes were oriented at moderate dips (-54 to -56 degrees) to the east to intersect the dominant mineralized vein-sets at high angles, and true thicknesses are estimated to be approximately 80% of the intersected lengths.

Dale Verran, CEO for Fortune Bay, commented, "The gold intercepts received for Box to date, from relatively widely-spaced drilling, represent a substantial expansion of mineralization outside of the current resource estimate, and furthermore demonstrate the presence of high-grades within this expansion. It is clear from these results that the mineralization remains open at depth and that the Goldfields Syncline, between the Box and Athona deposits, warrants further investigation to evaluate the potential for a broader mineralized system. Our reporting of mineralized intercepts which are closer to expected true thickness has been enabled by drilling at a moderate angle toward the east - a first for Box. This approach has also allowed us to further verify our geological model and provides the data necessary for targeting high-grade vein sets. The Phase 1 drilling program is continuing at the Box deposit with an additional three drill holes completed, and a final drill hole in progress. We look forward to reporting additional results in the coming weeks following the receipt of assay data."

Box Phase 1 Drilling Results

A summary of the assay results received from the first three drill holes completed at Box is provided in Table 1. Drill hole locations and down hole assay results are shown in Figures 2 and 3, respectively.

Table 1: Box Resource Expansion Drilling Results for B21-334, B21-335 and B21-336.

Hole ID
From (m)To (m)Length (m)Au (g/t)Collar LocationAzimuth / Dip
B21-334
246.0257.011.00.65




N6592924 E640175





084° / -56°
incl.246.0249.03.01.81

273.0312.039.01.38
incl.287.0292.05.06.38
incl.291.0292.01.015.04

346.0348.02.03.38

363.0365.02.01.81

373.0394.021.02.02
incl.375.0379.04.08.00
incl.375.0376.01.029.19
B21-335
297.0303.06.00.50




N6592909 E640209





085° / -54°

312.0348.036.01.34
incl.319.0320.01.07.19
and327.0328.01.018.02

357.0376.019.00.71
incl.373.0376.03.01.32

486.0496.010.01.90
incl.486.0487.01.014.07

545.0546.01.010.36
B21-336
371.0403.032.01.46




N6592874 E640185





080° / -55°
incl.395.0403.08.03.39
incl.395.0396.01.017.54

438.0453.015.00.68
incl.445.0449.04.01.12

463.0471.08.00.60

509.0521.012.08.00
incl.514.0515.01.088.58

528.0537.09.00.63
incl.530.0533.03.01.08

 Notes:

  1. Results shown are assays from 1 metre samples composited into longer intervals using a minimum lower cut-off of 0.5 g/t Au, and maximum 5 metres of consecutive waste defined as < 0.3 g/t Au.
  2. Lengths shown represent core length. True thickness of the mineralized intercepts is expected to be approximately 80% of the core length based on the dominant mineralized quartz vein orientations at Box, however this may vary on an individual sample basis.
  3. Sample locations are provided in NAD83 UTM Zone 12N. Hole azimuths are true north.

Drill Hole Descriptions:

  • Drill hole B21-334 targeted a gap in the drilling coverage within target Zone A (see News Release dated February 26, 2021), initially intersecting the Box Mine Granite ("BMG", the mineralized unit), within the extent of the 2021 MRE and extending down-dip outside of the 2021 MRE. The purpose of this hole was to provide infill coverage, test for down-dip mineralization continuity and provide confirmation on mineralized vein set orientations at depth for ongoing drill hole planning.
  • Drill hole B21-335 provided an approximate 50 metre step-out down-dip from B21-334. All the mineralized intercepts from B21-335 are outside of the extents of the 2021 MRE. The hole was terminated at 572 metres in BMG locally characterized by a low intensity of veining.
  • Drill hole B21-336 provided an additional 50 metre step-out down-dip from B21-335, entirely outside of the extents of the 2021 MRE. This hole shallowed with depth from a -55° dip at collar to -33° dip at the end of hole. The hole was terminated at 647 metres in mineralized BMG.

Significant Expansion:

  • Results for the three drill holes reported herein represent a significant expansion of mineralization, including up to 220 metres down-dip of the 2021 MRE for Box, and 100 metres down-dip of mineralization intersected previously across the strike of the deposit.
  • The results confirm the presence of high grades down-dip and indicate that mineralization remains open with depth.

Potential for a Larger Mineralized System:

  • At its final depth, drill hole B21-336 is approximately 450 metres west of the historical gold intercept of 4.02 g/t over 3.0 metres (493.5 to 496.5 metres) in lithology logged as "Mine Granite" in drill hole LB-88-3.
  • Drill hole LB-88-3 is located within the Goldfields Syncline between the Box and Athona deposits (see Figure 4) and suggests potential for a larger mineralized system.

Mineralization Characteristics:

  • Mineralization characteristics from the three drill holes are consistent with established mineralization characteristics for the BMG.
  • Gold is typically associated with strongly hematized BMG with a high intensity of pyrite-bearing quartz veins, with minor chalcopyrite and sphalerite associations. Where associated with gold, pyrite typically occurs as fine-grained disseminations in quartz veins as a minor overall component of the host lithology (<3 % based on visual estimates).
  • Individual veins are dominantly thin (<10 centimetres in true thickness) but can reach thicknesses of up to 30 centimetres, and typically occur as swarms ("vein-sets") which have pervasively flooded the BMG on a localized basis. The veins have a preferred structural orientation, dominantly striking approximately north-south and dipping steeply (±75°) to the west, which is consistent with known mineralized vein set orientations from surface measurements. Higher grades appear to be correlated with increased quartz vein density and size.

Drilling Orientation and Structure
Current drilling at Box is oriented towards the east, with dips as shallow as practically achievable (approximately -55°) to intersect mineralized vein sets at the highest angle possible and maximise the internal coverage of the BMG for each drill hole. Drilling is being carried out with oriented core for the first time at the Box deposit. Structural measurements from oriented core are expected to enable correlation of mineralized vein sets between drill holes and will allow for planning of future step-out drilling and targeting of higher grade vein sets.

Phase 1 Drilling Operational Update
The ongoing Phase 1 drilling program at Goldfields is focused on expanding the mineral resources at the Box and Athona deposits through step-out drilling. In June the Company announced the successful expansion of the Athona deposit (see News Release dated June 15, 2021) from 1,170 metres of drilling in six holes. An additional ~4,000 metres is planned for Box in seven holes, with a total of 3,466 metres completed in six holes, and a final hole in progress. Drilling is expected to be completed in mid-late September. Assays for the first three holes at Box are reported herein, with assays for the remainder of the holes pending.

Regional Exploration Update
Work is ongoing to generate regional exploration targets on the 10,300 hectare Goldfields property. During June our technical team completed field reconnaissance of historical gold prospects and occurrences which included data verification and geological mapping. Historical gold grades were verified through rock grab samples collected from historical trenches, highlighted by 4.92 g/t Au at Triangle, 3.89 g/t Au at Frontier Lake and 2.18 g/t Au from the Gauthier Shaft. Field data, as well as all available historical assessment data relating to these occurrences, have been incorporated into the Company's regional geological models and will be integrated with a re-interpretation of the Titan Induced Polarization ("IP") survey that was undertaken over the Goldfields Syncline in 2010.

Goldfields Technical Disclosure
All drilling is being carried out with NQ diameter. Core trays are transported directly from the drill rig to the Company's logging facility in Uranium City. Sample intervals are selected for assay based on observations of lithology type, presence of quartz veins and sulphides. These intervals are marked up for continuous sampling with one metre sample increments (adjusted where necessary to not cross lithological boundaries). Core is sawn in half along the core axis for sampling, with the remaining half preserved and stored in the core box. Samples are bagged and placed in plastic pails sealed with security tags for export by air freight to Saskatoon (CA).

All sample processing is being carried out by TSL Laboratories Inc. (TSL) in Saskatoon using their screened metallics sample process method, which includes; (1) crushing of the entire sample; (2) pulverizing of the entire sample with 95 % passing 150 mesh; (3) screening the entire sample at 150 mesh; (4) assay the entire +150 mesh fraction; (5) duplicate assay of two 30 g splits of the -150 mesh fraction; and (6) calculation of the weighted average gold content (in g/t) for the entire sample. All assay is carried out by fire assay with a gravimetric finish. Rock grab samples collected during field reconnaissance were assayed using the same sample preparation and analytical procedures as used for core samples.

Certified reference blank and standard material is being used by the Company for independent QAQC of assay results (in addition to internal TSL quality assurance protocols). QAQC samples are inserted into assay sample sequences and results are reviewed to assess for any potential laboratory contamination and to verify assay accuracy and precision. A selected suite of samples will also be sent to another laboratory for additional "umpire" assay testing to further verify the results.

Details regarding the current 2021 Mineral Resource Estimate ("2021 MRE") are provided within the National Instrument 43-101 ("NI 43-101") Technical Report titled "Technical Report: Resource Estimate for the Goldfields Project" with an effective date of May 4, 2021. The Technical Report was authored by Mr. Cliff Revering, P. Eng., and Dr. Ron Uken, PhD, P. Geo. of SRK Consulting (Canada) Inc. ("SRK"), both of whom are Independent Qualified Persons in accordance with the requirements of NI 43-101. The Technical Report supports the 2021 MRE for Goldfields, which includes the Box and Athona gold deposits, and is available on SEDAR and the Company's website.

The technical information contained in this news release has been reviewed and approved by Mr. Dale Verran, MSc, P.Geo, Pr.Sci.Nat., Fortune Bay's Chief Executive Officer, who is also a Qualified Person in accordance with the requirements of NI 43-101.

About Goldfields
The 100% owned Goldfields Project ("Goldfields" or the "Project") is the Company's most advanced asset located in northern Saskatchewan, approximately 13 kilometres from Uranium City. The Project is host to the open-pittable Box and Athona gold deposits which contain combined Indicated Mineral Resources of 975,000 oz of gold (22.6 million tonnes at an average grade of 1.34 g/t) and Inferred Mineral Resources of 176,000 oz of gold (6.0 million tonnes at an average grade of 0.92 g/t). Goldfields is endowed with established infrastructure including existing roads, a powerline to site, and nearby facilities and an airport at Uranium City. The Project has a history of gold production (64,000 oz Au produced between 1939 to 1942), numerous exploration drilling campaigns and various historical mining studies (including a 2007 Feasibility Study for the Box deposit and a 2011 Pre-Feasibility for the Box and Athona deposits that were prepared in accordance with NI 43-101). The Box open-pit mine and mill development is permitted having received Ministerial approval under the Environmental Assessment Act in May 2008. The 10,300 hectare Goldfields property presents numerous exploration opportunities, including the potential to expand the Box and Athona deposits and discover additional resources at several other gold prospects and occurrences.

About Fortune Bay
Fortune Bay Corp. (TSXV:FOR) (FSE: 5QN) is a gold-focused exploration and development company with 100% ownership in two advanced gold exploration projects in Canada, Saskatchewan (Goldfields Project) and Mexico, Chiapas (Ixhuatán Project), both with exploration and development potential. The Company has a goal of building a mid-tier gold exploration and development Company through the advancement of its existing projects and the strategic acquisition of new projects to create a pipeline of growth opportunities. The Company's corporate strategy is driven by a Board and Management team with a proven track record of discovery, project development and value creation. Further information on Fortune Bay and its assets can be found on the Company's website at
www.fortunebaycorp.com or by contacting us as info@fortunebaycorp.com or by telephone at 902-334-1919.

On behalf of Fortune Bay Corp.

"Dale Verran"
Chief Executive Officer
902-334-1919

Cautionary Statement Regarding Forward-Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fortune Bay Corp. ("Fortune Bay" or the "Company") cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, COVID-19 restrictions, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay, acceptable to it or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 



Figure 1: Goldfields Project infrastructure and location map

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Figure 2: Box Phase 1 drill hole locations (B21-334, B21-335 and B21-336)

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Figure 3: Box Phase 1 down hole assay results (B21-334, B21-335 and B21-336)

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Figure 4: Simplified model of the Goldfields Syncline

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Today’s News

Falcon’s Phase 2 at Spitfire – Sunny Boy Has Commenced

VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / FALCON GOLD CORP. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce…

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VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / FALCON GOLD CORP. (TSXV:FG)(FRA:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce an exploration crew have been sent to the high-grade Spitfire-Sunny Boy Project (the "Property") near Merritt, B.C. The Company's first phase announced September 2020 was successful in identifying gold mineralization over a 300m strike length. The Company's second phase is a more aggressive follow up utilizing pack-sack drilling along the Master Vein and parallel mineralized horizons. Highlights of the September 2020 sampling program was a 2.2m channel sample that averaged 59.8 g/t Au which included a 1m channel sample that assayed 122 g/t Au on the Master Vein. Additional highlights are tabled below.

Table of selected assay results from the Spitfire & Sunny Boy Claims 2020 sampling program.

Station ID

Sample #

Sample Type

Width

Assay

Assay

Location

   

(m)

(g/t Au)

(oz/t Au)

 
CH20-01-01

467712

Channel

1.0

122.00

3.56

Master Vein
CH20-01-02

467713

Channel

1.2

7.99

0.23

Quartz stringers
CH20-02-01

467714

Channel

1.0

11.40

0.33

Master Vein
Cliff Vein

467716

Grab

n/a

22.80

0.67

Cliff Vein

The Sunny Boy Project consists of parallel low sulphidation epithermal gold bearing veins. A new potential vein structure, the Cliff Vein, was discovered down slope from the Master Vein, approximately 25 meters lower in elevation. A grab sample of the Cliff vein assayed up to 22.8 g/t Au. To date 5 parallel vein systems have been recorded on the Property. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Karim Rayani, Chief Executive Officer commented, "We are thrilled to finally send exploration crews to follow up on our original findings from last year. We believe the nature of the veining conforms to a low sulfidation epithermal deposit type model that could host world class gold grades. Our initial phase confirmed the potential of bonanza type gold mineralization. The second phase is a more aggressive follow up testing the vein systems along strike, near surface using shallow drilling. Multiple veins were identified in 2020 and we aim to verify and confirm their high-grade nature along exposed strike lengths."

The Spitfire and Sunny Boy Project

The first recorded discoveries were made on the Spitfire & Sonny Boy claims in 1908, which is currently located in the north-east portion of the property claim block. Most of the early exploration focused on quartz veins that hosted gold, copper and silver. High grade gold values have been reported up to 127 g/t Au and 309 to 514 g/t silver ("Ag") in quartz vein material from underground workings by Quilchena Mining and Development Company Ltd. The high-grade veins have been trenched, pitted, blasted, and drilled but have never been commercially mined. The main showing, Master Vein and hosts high-grade gold mineralization up to 50.53 oz/t as sampled by Ken Sanders, P. Eng in 1974. To the south-west of the Sunny Boy Zone in an area referred to as the "AL" showing soil geochemistry, geophysics (magnetometer/VLF), trenching, sampling and diamond drilling have been performed on the mineralized veins. The best drill result was reportedly 3.77 g/t Au, 0.24 % copper, and 32.9 g/t Ag over 13.4 meters.

The Spitfire & Sunny Boy discovery has been referred to as an epithermal gold deposit by past operators. The gold zones are hosted within the Quesnellia terrane, characterized by submarine volcanic and volcaniclastic rocks of the Nicola group to the south and the Takla group in the north. The gold mineralization and geological setting of the project bear strong similarities to other developed projects in the region such as the epithermal gold deposits, Prospect Valley and Shovelnose, currently being explored by Westhaven Ventures Inc. (Figure 1).

Figure 1. Regional location of the Spitfire-Sunny Boy Project.

Qualified Person

The technical content of this news release has been reviewed and approved by Mike Kilbourne, P.Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Spitfire-Sunny Boy Property, particularly regarding historical exploration, neighbouring companies, and government geological work.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off of the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 7 additional projects. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Sokoman-Benton's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani 
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: info@falcongold.ca

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

SOURCE: Falcon Gold Corp.



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Today’s News

Golden Dawn Mobilizing Diamond Drill to Lexington Property

Historic Mining Camp Greenwood, BCVANCOUVER, BC / ACCESSWIRE / September 22, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRA:3G8C)(OTC PINK:GDMRD), ("Golden…

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Historic Mining Camp Greenwood, BC

VANCOUVER, BC / ACCESSWIRE / September 22, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRA:3G8C)(OTC PINK:GDMRD), ("Golden Dawn" or the "Company"), announces that it is starting to mobilize crews and equipment for drilling the Lexington Property at the Greenwood Precious Metals project in southeastern BC.

Photo of drilling equipment being mobilized.

Golden Dawn is mobilizing crews and equipment to initiate diamond drilling at the Lexington property. Drilling is expected to commence within a few days. The first holes will be located close to the Lexington Mine permit area where there is potential to extend the mineralized zones northwest of the mine. Later drilling will be located southeast of the mine where historic drill intercepts indicate significant copper-gold mineralization along the No. 7 fault zone within which the Lexington deposit occurs.

Map of the Greenwood Precious Metal Project showing the Lexington property (bottom center).

Map showing the No. 7 fault trend of mines and historic intercepts around the Lexington mine.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

Per: "Christopher R. Anderson"
Christopher R. Anderson CEO

For further information, please contact:

Golden Dawn Minerals Inc. - Corporate Communications:
Tel: 604-221-8936
Email: Office@goldendawnminerals.com

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Dawn Minerals Inc.



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Today’s News

St. James Gold Corp. (TSXV: LORD) Update on 2021 Drilling Campaign at the Florin Project, Yukon Territory, Canada

Drilling focused on expanding the 2.47Moz gold inferred mineral resource at the Florin ProjectSeven out of 18 planned 2021 campaign coring holes drilled…

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  • Drilling focused on expanding the 2.47Moz gold inferred mineral resource at the Florin Project
  • Seven out of 18 planned 2021 campaign coring holes drilled so far
  • Logging shows potential mineralization comparable to logs from previous campaigns
  • Field team locates two historic high-grade adit workings on the property

Vancouver, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that the 2021 campaign has been directed towards drilling further mineralization in order to increase the overall 2.47Moz gold inferred resource (2.47-million-ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off) at the Florin Project in the Yukon.

The program has focused on areas adjacent to the existing inferred resource in areas where anomalous gold results have been returned from soil sampling in previous seasons.

In spite of only having a week in which to mobilize, late in the field season, the team at Florin have managed to drill 1,275m in seven holes so far, with platforms prepared for another 11 holes in the immediate area of the inferred resource.

Assay results are not expected for several weeks. The summary logs from all these holes describe intervals of fine-grained sulphides hosted in intrusive and meta-sedimentary rocks, typical of the known, mineralized lithologies in the project. Any holes that remain undrilled this season will be prioritized when the field season re-opens in Q2, next year.

In parallel, a prospecting drive has started to map sites of historic artisanal mining identified next to dumps that have yielded gold-bearing grab samples. These areas are under investigation to better understand the mechanisms that concentrate higher grades of mineralization in and around the Florin intrusive.

In the meantime, satellite imagery has been ordered to guide prospecting, mapping and sampling in order to better understand the distribution of mineralization in and around the Florin intrusion.

CEO George Drazenovic, commented: “We are pleased with the start-up progress on the Q3 2021 core drilling campaign at the Florin Project which is targeting areas adjacent to known gold mineralization with the intention of adding ounces to the existing inferred Resource figure of 2.47Moz Au. The prospecting campaign being undertaken in tandem aims to identify new areas of mineralization which will be the target of future drill campaigns along with the West and Treadwell Zones. In the background, we welcome the ongoing support of Resource Geologist Trevor Rabb at Equity Exploration Consultants Ltd. who is consolidating the existing database, ready to include upcoming assay results from this season’s drill campaign”.

The technical information included in this news release has been prepared, supervised, and approved by Dr. Stewart A Jackson, a Qualified Person under National Instrument 43-101, and technical advisor to the Company.

For more corporate information please visit: http://stjamesgold.com/

For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: info@stjamesgold.com

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws (collectively, “forward-looking statements”). Forward looking statements in this news release relate to, among other things: completion of the Offering; the timing and size of the Offering; the timing and receipt of approval from the TSXV for the Offering; the expected use of the net proceeds of the Offering and all other statements that are not historical facts, particularly statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance of the Company. Often, but not always, forward-looking statements can be identified through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release are made based on reasonable estimates and assumptions made by management of the Company at the relevant time in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate and reasonable in the circumstances. Forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update any such forward-looking statements as a result of new information or if management’s beliefs, estimates, assumptions or opinions change, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control, which could cause actual results, performance, achievements, and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in the Company’s Annual Information Form dated July 26, 2021 (the “AIF”) filed under the Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in its AIF on SEDAR are not exhaustive and other factors could materially affect its results.

New factors emerge from time to time, and it is not possible for the Company to consider all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

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.

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