VANCOUVER, BC / ACCESSWIRE / September 10, 2021 / Sassy Resources Corporation ("Sassy" or the "Company") (CSE:SASY)(FSE:4E7)(OTCQB:SSYRF) is pleased to provide an exploration update on the Company's projects in Northwest B.C.'s Eskay Camp and the Central Newfoundland Gold Belt.
Foremore Gold-Silver Project
- Diamond drilling is ongoing at the Company's Westmore Discovery Zone within the larger 146 sq. km Foremore Project area. This summer's drilling has focused on mineralized quartz veins at lower elevations to the south and east of the Company's 2020 discovery at Westmore, demonstrating the potential significant vertical extent of this system. Surface sampling and detailed geologic mapping are being performed to support both the drill program at Westmore and the ongoing interpretation of the controls on the mineralization within and around the Westmore intrusive;
- While drilling continues at Westmore, crews are ground truthing multiple VTEM™ and magnetic anomalies identified in the preliminary data generated by the recently completed high resolution, deep penetrating 1,687 line-kilometer airborne VTEM™ Survey across the broader Foremore Property. Delivery of final data from this survey, performed earlier in the 2021 field season, is pending.
Central Newfoundland Gold Belt Exploration Update
- Sassy, through subsidiary Gander Gold Corporation, engaged GroundTruth Exploration this past spring to spearhead a large-scale early-stage exploration program across its multiple project areas in the Central Newfoundland Gold Belt (CNGB) where Sassy controls 9,032 claims covering approximately 2,257 sq. km of prospective ground;
- Approximately twelve thousand (12,000) soil and till samples from Gander North, Cape Ray II and Mount Peyton have been collected to date and submitted for assaying. The company is targeting C-horizon soils/till and will follow up initial results with deeper and more tightly spaced probe sampling aimed at testing the soil/bedrock interface where possible. Assay results are pending and will be released as they are received and preliminary interpretation is completed;
- A fixed-wing airborne mag/VLF geophysical survey is in progress across the Company's Newfoundland properties. LiDAR surveys and airborne high resolution orthoimagery capture is also in progress across the properties;
- Sassy plans to re-deploy its prospecting team from the Foremore Project to several of its Gander Gold properties in Newfoundland once the field season at Foremore is complete. Prospecting will be carried out on outcropped areas of interest mapped during the Company's early-stage work;
- Sassy has commissioned a NI-43-101 technical report for the portion of the larger Gander North Project which was optioned from Vulcan Minerals. The report is being drafted by Ronacher McKenzie Geoscience of Sudbury, Ontario. Delivery of the report is pending and will support Gander's planned application to list on a Canadian exchange. The Company has completed the required assessment work and expenditures to use Vulcan Gander North as the "qualifying property" for its planned application to list on a Canadian exchange.
Gander Gold Financing
The Company announces that its subsidiary, Gander Gold Corporation ("Gander"), has closed a non-brokered private placement (the "Private Placement") raising gross proceeds of $272,500 through the issuance of 1,090,000 special warrants (the "Special Warrants") at a price of $0.25 per Special Warrant. The Special Warrants are convertible into common shares of Gander at a date to be determined by the board of directors of Gander, but no later than two weeks after Gander becomes a reporting issuer. The 109 individual investors who participated in the Private Placement were limited to an allotment of 10,000 Special Warrants ($2,500) per participant, for the purpose of achieving the share distribution required for Gander's planned application to list on a Canadian exchange.
No finder's fees were paid in connection with the Private Placement. To date, Gander has raised $5,273,708 through the issuance of convertible Special Warrants.
Mr. Mark Scott, Sassy CEO, commented: "We are very pleased with the exploration progress being made in both B.C. and Newfoundland. At Foremore we continue to follow up on the exciting results generated during our first field season in 2020. In Newfoundland we have launched an aggressive early-stage exploration program which is already starting to generate targets for follow-up exploration, and we're only just scratching the surface of that very large land package.
Sassy's CEO continued, "Corporately, we are putting the elements in place to ensure the Gander Gold listing application process is as smooth and expeditious as possible. Our new website has launched to positive reviews and is a valuable source of information for our current and prospective investors. All of which has been accomplished while maintaining focused control of our share structure. Overall, we are very pleased with the foundation we've built for the creation of real long-term shareholder value after just our first year as a public company."
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Photographs and videos from the Company's projects in Northwest B.C. and Newfoundland will be added to the Sassy website over the coming days and weeks. Visit SassyResources.com and sign up for news alerts to stay informed as exploration continues year-round.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Ian Fraser, P.Geo., Vice President of Exploration for Sassy Resources. Mr. Fraser is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.