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GOLDREA RESOURCES MOBILIZES WORK CREWS TO CANNONBALL PROPERTY IN THE GOLDEN TRIANGLE, BC
Goldrea Resources Corp. has begun the mobilization of its field crews for the 2021 exploration season in the heart of the Golden Triangle, British Columbia. The results of the 2020 program, combined with a detailed analysis of the company's 2018 airborne magnetic survey by independent consultant SJ Geophysics, show that the known gold and copper mineralization that has been identified within the company's claims by historical and recent programs is associated with two distinct geophysical features referred to as the Cannonball target area and the Adrian target area. The report by SJ Geophysics recommends detailed induced polarization surveys for both target areas.
Detailed geological mapping and sampling within the Cannonball target area during the 2020 field program clearly showed that widespread, gold-bearing, sheeted veining is associated with hydrothermal alteration and a subcircular geophysical feature approximately one kilometre in diameter. Verification sampling showed that the orientation of the sheeted veining parallels the margins of the structure and confirmed historical reports that a shear zone localized along the southern margin of the geophysical feature exhibits unusually high concentrations of gold (see the company's press release dated Oct. 21, 2020, regarding samples from this zone returning up to 405 grams per tonne gold).
The planned 2021 program for the Cannonball target area will consist of 3-D induced polarization surveys and the first systematic drilling of this highly prospective target. Results of the detailed analysis of the airborne magnetic data that cover the Adrian target area have also demonstrated that the known mineralization is associated with distinct geophysical features. As previously reported, this target area consists of a series of northeast-trending, gold- and copper-bearing quartz veins that have been traced for greater than one kilometre and a several-hundred-square-metre area that reportedly exhibits widespread veinlets containing chalcopyrite. No systematic mapping or sampling of these mineralized zones has been completed; however, all of the known mineralization is localized within an arcuate magnetic low (approximately 2.6 km by 1.6 km), which includes subcircular geophysical features similar to the Cannonball target. This magnetic low straddles a northeast-trending contact between a felsic intrusion and andesitic volcanic rock units and is located along the projected extension of an important northeast-trending fault zone that extends for greater than 20 kilometres on the adjoining property controlled by Enduro Metals, referred to as the McGillivray fault.
Detailed geological mapping/sampling, detailed 3-D IP surveys and follow-up drilling are planned.
Jim Elbert, president and chief executive officer of Goldrea, stated: "The detailed SJV report allows anyone to do a deep dive into the work completed to date, with an integration of historical compilation and surrounding structure. This quality information gives Goldrea the best opportunity to reveal the rich potentials we believe are hidden in this most-prolific region of North America. I am particularly excited by some of our primary targets excerpted from the extensive report. Goldrea's management joins shareholders in looking forward to a fruitful 2021 season in Northern B.C."
Carl von Einsiedel, PGeo, a non-independent qualified person within the meaning of National Instrument 43-101, has prepared, reviewed and approved the scientific and technical information in this press release.