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ST JAMES GOLD CORP’s OPERATOR SECURES DRILL CONTRACTOR FOR UP TO 13,000 METRES OF DRILLING AT THE FLORIN GOLD PROJECT IN THE YUKON TERRITORY, CANADA

VANCOUVER, BC, July 12, 2021 (GLOBE NEWSWIRE) — St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), the “Company” or “St. James Gold”…

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VANCOUVER, BC, July 12, 2021 (GLOBE NEWSWIRE) — St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), the “Company” or “St. James Gold” is pleased to announce that on July 7, 2021 it’s Operator has secured Superior Diamond Drilling Inc., an established drill contractor based in Mayo, Yukon, to complete up to 13,000 metres of diamond drilling at its district-scale, 89 square-kilometre Florin Gold Project located in the prolific Tombstone gold belt of the Yukon Territory ,Canada.

The majority of drilling at the Florin Gold Project this season will be focused on expansion drilling adjacent to the existing resource which currently contains an inferred mineral resource of 2.47 million oz gold in 170,993,000 tonnes grading .45 g/t gold, with a cut-off grade of .3 g/t gold (Simpson, 2021).

Prior drill programs have encountered gold mineralization from surface to depth with intercepts and grades comparable to similar intrusion-related gold deposits in the region, including Victoria Gold’s Eagle and Olive gold deposits*. The current resource area spans approximately 900 metres on strike along the NW fault which through multiple exploration programs has now been traced to in excess of 5 kilometres. In addition to expansion drilling to test for potential mineralization adjacent to the existing Resource Area the company intends to test other encouraging Geochem targets. In particular the company intends to drill test significant Geochem targets including greater than 500 ppb gold-in-soil anomalies that are approximately one km West of the existing Resource Area and generally overlying a target area covering 1 km x 1 km. Oversight of the Project is being provided by a 6-member Technical Committee which has currently identified a total of 6 high priority targets and 30+ drill holes at an estimated 300+- metres each. The company anticipates commencement of the mobilization and construction of a 28-person camp for the 2021 exploration drill program shortly and the Company will provide further updates regarding the same in the coming weeks.

Highlights from the Florin Gold project:

Hole Number   From (meters)     To (meters)     Interval (meters)     Au gm/t  
DD03-12     4.71       162.15       157.44       0.75  
DD04-14     3.82       217.38       213.56       0.81  
DD04-18     16.01       220.68       204.67       0.85  
DD05-19     0.00       190.20       190.20       0.60  
DD05-20     110.97       308.85       197.88       0.84  
Including     122.47       227.38       104.91       1.07  
Including     157.60       186.23       28.63       1.60  
DD05-21     42.83       106.40       63.76       1.13  
Including     74.15       106.40       32.25       1.60  
DD05-22     4.27       156.36       152.89       0.62  
ICE10028     0       526.57       526.57       0.75  
Including     48.50       149.90       101.40       1.41  
Including     87.50       102.00       14.50       4.23  
Including     446.00       475.05       29.05       1.25  
Including     488.40       508.75       20.35       1.83  
ICE 10029     4.50       455.50       451.00       0.58  
ICE 10030     26.00       294.50       268.50       0.72  

(Simpson, 2021)

Since the intercepts lie within a disseminated deposit with mineralization starting at surface and extending beyond the deepest intercepts, and the mineralized zone is laterally extensive, the intercepts are interpreted to represent 100% true thickness of the mineralization.

  • previous anomalous soil samples, from trace up to 4,256 ppb gold, extend over a broad zone extending well beyond the footprint of the indicated resource, particularly to the northwest and southeast.

“With the Company’s recently closed $5 million financing and a highly experienced and local drill contractor now secured, we are in an excellent position to further delineate the substantial existing gold resource at the Florin Gold Project,” stated George Drazenovic, Chief Executive Officer and director of St. James Gold. Corp. “The exceptional prior drill results, including hole ICE 28, being 526 metres 0f 0.75 g/t Au mineralized from surface and ending in mineralization The broader intercept also includes a near surface higher grade intercept of 101.4 metres at 1.41 g/t. The current resource remaining open both laterally and at depth within a target area that is potentially in excess of 5 square km, supported by both Geochem and geophysics as prospecting tools, demonstrates the potential for hosting additional significant gold mineralization and discoveries.. These intercepts are similar to other similar Tombstone porphyry deposits such as Victoria Gold’s Eagle Gold deposit located 29 km to the East, as well as Kinross’s Fort Knox Deposit located to the West in Fairbanks Alaska*. We are looking forward to the 2021 drilling program as well as continuing exploration efforts at other prospective target areas within the 89 square-kilometre district-scale property.”

St James’ Operator has a Class 3 Mining Land Use Permit for the Florin Gold Project claim blocks, comprising the 89 square km Florin Gold Project. The Class 3 permit, valid until March 20, 2026, will allow St. James Gold Corp. to complete advanced exploration activities across the Florin Gold Project claim blocks. The Class 3 land use permit will allow St. James Gold Corp’s Operator to aggressively move forward to drill test several priority targets across the district-scale Florin Gold Project gold project in 2021 and beyond.

About the Florin Gold Project

The Florin Gold Project is an 89 square km, contiguous, district-scale land package accessible by the road running through the Clear Creek District, Big Creek District and Sprague Creek District in the Yukon’s Tintina gold belt and within the Tombstone gold belt. The Florin Gold Project is a large consolidated land package strategically positioned 29 Km West of Victoria Gold’s Eagle Gold Mine which recently achieved commercial production in July, 2020. Lying 20 Km to the northwest is Brewery Creek, a past producing mine; and 10 km to the west is Sitka’s recently discovered RC Project mineralizion located at the Clear Creek Area *.

St. James Gold Corp has inherited a wealth of historical and current data from the projects in this district. Recent exploration work and the compilation of historical data have defined several mineralized zones with not only bulk tonnage, intrusion-related gold deposit targets but also potential for higher-grade, vein and breccia-hosted gold targets.

* For more detailed information on the Florin Gold Project please visit the Company’s website.

Deposit model

Exploration on the property has predominantly been focused on advancing the intrusion related gold system (IRGS). The property is part of the Tombstone gold belt, which is the prominent host to IRGS deposits within the Tintina gold province in Yukon and Alaska. Notable deposits from the belt include:*

  • Fort Knox mine in Alaska with current reserves of 282 million tonnes at 0.37 g/t Au (3.4 million ounces, not including 7.5 million ounces of past production, Fairbanks Gold Mining Inc.);
  • Eagle gold mine with 155 million tonnes at a diluted grade of 0.65 g/t Au (3.26 million ounces, Victoria Gold Corp., 2020);
  • The Brewery Creek epizonal deposit with 17.17 million tonnes at a gold grade of 1.45 g/t (726,000 ounces, Barr, 2013);
  • The Florin gold deposit, with 170.99 million tonnes grading 0.45 g/t (2.47 million ounces, St. James Gold Corp., Simpson, R., 2021).

* The presence of gold in these several other locations is not necessarily indicative of the presence of similar mineralization on the Florin gold deposit location.

Dr. Stewart Jackson, P Geo, senior technical advisor geologist, and a Qualified Person within the meaning of National Instrument 43-101 (Standards of Disclosure for Minerals Projects), has reviewed and approved the technical and scientific information presented herein as accurate and has approved this news release.

About St James Gold Corp.

St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the trading symbol “LORD”, in the U.S. Market listed on OTCQB under “LRDJF” and on the Frankfurt Stock Exchange under “BVU3”. St. James Gold is focused on creating shareholder value through the discovery and development of economic mineral deposits by: acquiring prospective exploration projects with well-delineated geological theories; integrating all available geological, geochemical and geophysical datasets; and financing efficient exploration programs. The company currently holds: (i) an option to acquire a 100-per-cent interest in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.‘s Queensway North project; and (ii) an option to acquire a 100-per-cent interest in 28 claims, covering 1,730 acres, in central Newfoundland located adjacent to Marathon Gold’s Valentine Lake property; and (iii) an option to acquire up to an 85-per-cent interest in the Florin gold project with current resource of 2.47M Inferred Ounces (Ron Simpson NI 43-101), covering nearly 22,000 contiguous acres in the historical Tintina gold belt in Yukon. For more corporate information please visit: http://stjamesgold.com/
George Drazenovic, CPA, CGA, MBA, CFA

St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: [email protected]

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to St James Gold’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, 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”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond St James Gold’s control, which could cause actual results 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. St James Gold undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for St James Gold to predict 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.

We seek Safe Harbor.


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Copper Fox Identifies Additional Porphyry Targets at Eaglehead

Calgary, Alberta–(Newsfile Corp. – January 20, 2022) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its…

Calgary, Alberta–(Newsfile Corp. – January 20, 2022) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on the geophysical modelling on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers (‘km’) east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (15,956 ha) of the late Jurassic age, Eaglehead stock located at the southern margin of the Quesnel terrane. The Quesnel terrane hosts several porphyry copper deposits including Lorraine, Mt. Milligan, and Mount Polly to the south.

In preparation for a 2022 field season, compilation and re-interpretation of current and historical exploration data resulted in completion of a Magnetization Vector Inversion (MVI) analyses of the airborne magnetic and radiometric data collected in 2014. Magnetization Vector Inversion is an exploration technique used to locate magnetite bearing, high temperature hydrothermal centres indicative of potassic (K-spar-magnetite-secondary biotite) altered zones associated with porphyry systems.

Highlights

  • The MVI analyses identified five areas, interpreted to represent late-stage intrusive plugs with associated potassic (magnetite) alteration.
  • Four of the interpreted late-stage intrusive plugs exhibit a strong spatial correlation to the Thibert Fault system.
  • The four interpreted intrusives located along the Thibert Fault exhibit a strong positive correlation to known areas of copper mineralization and copper-molybdenum (‘Cu-Mo’) in soil geochemical anomalies.
  • The compilation indicates the main portion of the porphyry could be to the north and at depth below the near surface mineralized zones.

Elmer B. Stewart, President and CEO of Copper Fox, stated, “The MVI study has identified a 10km long linear trend with four late-stage intrusive plugs exhibiting the magnetic characteristics of a porphyry copper system. These late-stage intrusives are located at depth below the surface zones of mineralization distributed along or in proximity to the Thibert Fault and show a very strong correlation with all known areas of copper mineralization and Cu-Mo in soil geochemical anomalies. The MVI study also identified two previously unknown targets and identified priority areas in which to focus future exploration.

Geological Model

The historical drilling intersected six, open ended zones of near surface, intrusion hosted polymetallic porphyry style mineralization. Modelling (3D) of the mineralization in the Bornite and East zones and the three distinct, overlapping episodes of copper mineralization suggests that the drilling intersected the very upper level of an evolving porphyry system.

The MVI study, and trace element ratios (fertility indices) indicate late-stage, intrusive/hydrothermal activity at depth, the upper levels of which are represented by the near surface zones of porphyry mineralization. The spatial association of the copper mineralization and interpreted buried intrusives suggests the Thibert Fault exerted significant control on the emplacement of the late stage intrusives and porphyry mineralization. The model provides an explanation for the MVI study results, area/zones of mineralization and distribution of Cu-Mo in soil anomalies in relation to the intrusive plugs and structures. The data suggest that the main portion of the porphyry system could be to the north and at depth below the surface mineralization, see Figure 1.

Figure 1. MVI signature at 600 m depth with soil geochemistry, mineralization, and structures. Scale is 1:50,000.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2177/110800_2bc7f95a34a899e8_001full.jpg

MVI Study

The MVI analysis was completed using Geosoft’s VOXI Magnetic Vector Inversion software. Multiple inversions were carried out to find a model that fit the observed data within the allocated noise threshold while not adding unnecessary features to the model. The final model was generated by applying the VOXI IRI focussing method to recover a sharper model. Horizontal slices ranging from 200 to 600 meters below surface were generated during the modelling, the 600-depth slice was used for the current interpretation. Highlights of the study are listed below:

  1. Five positive magnetic signatures were identified.
  2. The magnetic signatures are interpreted to represent potassic (magnetite) alteration associated with late-stage intrusive plugs within the Eaglehead intrusive.
  3. The plugs are located at depth below the Bornite-East zone, West-Camp zone, between the East zone and the Far East zone, on the west side of the Thibert Fault and to the north of the mineralized area.
  4. Four of the five intrusive plugs exhibit a strong spatial association with the Thibert Fault system.
  5. The shape of the magnetic signature on the west side of the Thibert Fault suggests that the Thibert Fault offset the mineralization in the Bornite and East zones potentially up to 1km to the east. The MVI anomaly on the west side of the Thibert Fault has not been tested by drilling.
  6. A large, NNW trending arcuate shaped area of positive magnetization extends north of the Camp-Pass zones crosscutting the regional trend of the Eaglehead intrusive. The cause of this feature is unknown and will be fact checked during the 2022 field program.

Qualified Person

Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

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.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: the results of an MVI study; a large, arcuate magnetic signature; interpreted deeply buried intrusives; strong spatial correlation of the interpreted intrusives to the Thibert Fault system; the main portion of the porphyry is to the north and at depth; and fertility indices.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the speed of field studies and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the results of an MVI study may not be accurate; the arcuate magnetic signature may not represent deeply buried intrusives; the strong spatial correlation of the interpreted intrusives to the Thibert Fault system areas of copper mineralization and soil geochemical anomalies may not be representative of an actual geological setting; comments on the location and depth of the main portion of the porphyry may not be accurate; the fertility indices may not be related to a magmatic system; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

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Leocor Gold Completes Phase 1 Soil Campaign at Hodges Hill Project, North Central Newfoundland, Canada

Vancouver, British Columbia – TheNewswire – January 20, 2022 – Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF)…

Vancouver, British Columbia – TheNewswire – January 20, 2022Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF) (FRA:LGO) is pleased to announce the completion of a soil sampling campaign, consisting of 4583 soils, on the Hodges Hill Property, consisting of nine mineral licenses totaling 1562 claims and covering 39,050 hectares (390 square km) in the southwest corner of the Western Exploit District, north central Newfoundland, Canada.

 

This campaign forms part of a comprehensive phase one exploration program on the grassroots-stage property. The claims are host to distinct magnetic high units (Gabbros) in settings indicative of known regional gold occurrences. These rocks are associated with continental volcanism. Gabbros have long been recognized as being directly associated with gold mineralization in the Baie Verte area in occurrences such as Anaconda Mines Pine Cove deposit and more recently, the 2014 discovery by Anaconda of the Stog’er Tight and Argyle showings. The project covers major regional NE and NNW structures outlined by the regional NFLD airborne magnetic surveys. Anomalous government till sampling programs have identified gold and arsenic anomalies associated with these regional structures. The overall distribution of soils from this 2021 Leocor campaign is illustrated in Figure 1.

 

Leocor is working with GroundTruth exploration on the program which we expect to define a significant mineralized footprint.  The GroundTruth method breaks down the exploration process into phases, typically defined as follows:

 

Phase 1)

  • Soils 100 m line separation and 25 m sampling separation 

  • Aeromagnetic and VLF survey 

  • Lidar Survey 

  • Ground Magnetic survey 

Phase 2)

  • GT Probe Drilling (around areas of interest constituting potential targets) 

  • Induced Polarization across potential drill targets 

Phase 3)

  • GT Rab Drilling (typically 60m holes in fences across shallow targets) 

Phase 4)

  • Diamond or Reverse Circulation drilling (once structure and orientation of target are well defined) 

 

It has recently come to light that the Central Newfoundland Gold Belt is prospective for high-grade gold associated with strong northeast trending regional structures. High-grade gold at New Found Gold’s Keats showing and Labrador Gold’s Big Vein target were originally discovered with regional and targeted lake, till and soil geochemical programs. Both of these showings are associated with linear 1st vertical derivative Magnetic anomalies.  Much of the gold in Newfoundland appears to have been deposited in a fairly tight window of time between 437 and 375 Ma.

 

Very similar geophysical anomalies are present on the Leocor claims and are associated with regional till anomalies identified by historical exploration (Noranda and others) and Newfoundland Government geochemical surveys.

 


Click Image To View Full Size

 

Figure 1: Completed soil sampling for the Hodges Hill project

 

The phase 1 program was designed to follow up additional 1st derivative magnetic high linear anomalies that are associated with regional till anomalies on the claims. Detailed C-horizon soil geochemical grids will target prospective magnetic high anomalies. Samples will be collected below the oxidized B-horizon wherever possible as this layer has been identified as being a mask to underlying anomalous till sediments which are more reflective of source material

 

Any soil anomalies identified will be followed up with prospecting, additional geochemical, geophysical, and geological programs, and drilling in future exploration programs.

 

Chief financial officer appointment

 

Zula Kropivnitski has resigned as the company’s chief financial officer for personal reasons, effectively immediately.

 

The company has appointed Heidi Gutte as chief financial officer of the company. Ms. Gutte specializes in providing corporate finance, financial reporting, consulting, taxation and other accounting services to both small businesses as well as public companies in various industries. She also assists in many aspects of clients’ administration, corporate compliance and other activities.

 

Ms. Gutte earned her bachelor’s degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany. She holds the professional designation of chartered professional accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and Canada. Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous publicly traded and private corporations in several industries.

 

National Instrument 43-101 Disclosure


Dr. Paul David Robinson, P.Geo, is a qualified person as defined by National Instrument 43-101. Dr. Robinson supervised the preparation of the technical information in this news release.

 

About Leocor Gold Inc.

 

Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada.  Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District.  Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor.  The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration

Contact Information

Leocor Gold Inc.

Alex Klenman, Chief Executive Officer

Email: [email protected]

Telephone: (604) 970-4330

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

 

Cautionary Statements Regarding Forward-Looking Information

 

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

 

Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor’s ability to exercise the Options; the state of the financial markets for Leocor’s securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor’s initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor’s issuer page on SEDAR at www.sedar.com.

 

The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

Copyright (c) 2022 TheNewswire – All rights reserved.

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FireFox Gold Moves Drill to Next Promising Target: Sarvi Project, Finland

SODANKYLÄ, FINLAND / ACCESSWIRE / January 20, 2022 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to announce that…

SODANKYLÄ, FINLAND / ACCESSWIRE / January 20, 2022 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) (“FireFox” or the “Company”) is pleased to announce that the winter drilling program is progressing as planned with approximately 3,800 metres drilled to date on three separate projects. The Company is now set to begin its first drilling at the Sarvi Project, which adjoins Rupert Resources‘ Area 1 property. The first phase of diamond drilling at Sarvi is slated to start before the end of January and will include up to 500m in the northwestern portion of the project, where trenching and base-of-till (BOT) sampling have identified several gold and multielement anomalies. There is an ongoing BOT sampling program at Sarvi and results are not yet available for the southern and eastern portions of the property (see Figure 1: https://bit.ly/357FBo0). The Company expects to bring the drill rig back to Sarvi during the second quarter for an estimated 2,000 metres of additional drilling.

Carl Löfberg, President and CEO of FireFox, commented, “Our winter drill program is going very well so far. In fact, for the first time in FireFox’s history we have a core rig operating at the same time as two base-of-till drilling rigs. We have already drilled three of our four permitted projects and are now advancing towards the first drilling on our Sarvi Project. Our integrated interpretation of geophysics, mapping, BOT sampling, and new trenching data has dramatically improved our understanding of the geology and targets at Sarvi. Our team believes that the southern portion of the Sarvi Project occupies a similar geologic setting to Rupert’s Area 1 Project, so this is a very exciting time in the company’s short history.”

The Sarvi Project is part of the Company’s large land package covering part of the Kittilä Suite of volcanic rocks in the Central Lapland Greenstone Belt. The project is centred on the Sarvi exploration permit, and also includes the Sarvi-2 tenement to the north and Keulakko to the west. The Company was recently granted exploration permits for the latter two properties, expanding its ability to conduct mechanized exploration and drilling across all three properties, a total of 21 km2.

Sarvi Work Program and Results to Date

FireFox conducted an airborne magnetic survey covering the Sarvi area in 2020. The processing and interpretation of these data identified several possible NW-SE trending structures that intersect E-W and NE-SE trending major structures that appear to be earlier. These structures define some major lithologic contacts and also crosscut the dominantly mafic volcanic terrane. The later crosscutting structures may be part of the so called D3 event, or third stage of deformation, which has been linked to major gold mineralizing events in Lapland. Comparable structural settings have been reported at Rupert Resources‘ Area 1 target to the south, where several significant gold occurrences have been discovered recently (See Figure 1 on Rupert Resources‘ news release dated January 18th, 2022).

FireFox cautions that proximity to a discovery or mineral resource, does not ensure that mineralization will occur on FireFox’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.

In early 2021, Firefox followed up with a more detailed ground magnetic survey to better delineate these structural targets. In addition, exploration trenching and an ongoing BOT sampling program have identified anomalies that are often coincident with key structural features and may be related to the D3 event.

During reconnaissance geologic mapping and rock sampling, the Firefox team identified an area in the northwest of the Sarvi permit with thin overburden and anomalous results from rock chip and till sampling. A total of eight trenches spanning 475m were excavated, mapped, and sampled on this target. The trenching campaign exposed a volcano-sedimentary unit including significant thicknesses of graphite schist. FireFox geologists collected 169 channel/chip samples and 73 grab samples from the trenches. Most anomalous gold samples were hosted within graphitic schist, with the highest interval averaging 0.23 g/t gold over 18m (including 10m averaging 0.31 g/t gold). The anomalous gold was correlated with elevated arsenic, silver, copper, molybdenum, and other elements. The team recorded detailed information on the geology, alteration, veining, and structures from the trenches that will guide future drill targeting on these gold anomalies.

Firefox has also completed roughly one third of the planned stage 1 BOT sampling program at Sarvi. To date, the Company has collected approximately 1,200 BOT samples, of which 769 analytical results have been received, mostly in the northwest portion of the project. The program will continue across the property and with infill BOT sampling on closer spacing around the emerging targets in the northwest. So far, the BOT results have returned potentially significant anomalies in gold, silver, arsenic, antimony, copper, molybdenum, bismuth, tellurium, and other elements. The team continues to receive results from the lab on a regular basis, so analysis and interpretation remains preliminary. However, the anomalous results occur in clusters, often associated with interpreted structures and geologic contacts from the geophysics.

Winter Drill Program Update

As announced on November 11, 2021, FireFox completed the first pass of the phase 5 drilling program at its 100%-held Mustajärvi Gold Project, including 1,694 metres in four holes. Since then, an additional two holes have been completed, totaling 624 metres.

In November and December, FireFox drilled 1,113 metres in 5 drill holes at the Utsamo Prospect, northern Jeesiö Project. The Utsamo drilling was based primarily on the gold and multielement BOT anomalies reported in the October 26, 2021 news release. FireFox plans to continue BOT sampling at Utsamo to delineate additional drill targets associated with the complex structural setting there.

Less than 10 kilometres to the southwest of Utsamo, FireFox also completed two additional scout drill holes totaling 400m at the Saittavaara Prospect, also within the large Jeesiö Project. This target was drilled for the first time earlier in 2021 and yielded gold mineralization of more than 0.9 g/t in two of three holes, as reported on August 3rd.

Assays and interpretation are pending for all drill holes.

Methodology & Quality Assurance

BOT sampling targets the basal till and bedrock interface using a percussion drill mounted on a tracked vehicle. FireFox geologists supervised sampling procedures and maintained chain of custody according to best industry practice and with due attention to quality assurance and quality control. The BOT program includes collection of field duplicates and insertion of certified reference materials and blank samples into the laboratory submittals. FireFox team members transported the rock samples to an ALS sample prep lab in Sodankylä and BOT samples to the ALS sample prep lab in Outokumpu.

The lab dried (60° C) and screened the till samples to -180 µm and analyzed them by the AuME-TL43 method, utilizing an aqua regia digestion with an ICP-MS finish. Bedrock samples, including grab samples, channel samples and chip samples were dried and crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to a facility in Ireland for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61). ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

No QA/QC issues were identified from a review of the analytical data discussed herein.

Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, review and approve the technical information in this news release.

About FireFox Gold Corp.

FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio of prospective ground.

Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.

For more information, please refer to the Company’s website and profile on the SEDAR website at www.sedar.com.

On behalf of the Board of Directors,

“Carl Löfberg”
Chief Executive Officer

CONTACT:

FireFox Gold Corp.
Email: [email protected]
Telephone: +1-778-938-1994

Forward Looking Statements

The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from the COVID 19 virus, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.

Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary.

The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: FireFox Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/684724/FireFox-Gold-Moves-Drill-to-Next-Promising-Target-Sarvi-Project-Finland

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