Red Lake Gold samples up to 32 ppb Au at Clarence
2020-09-11 15:13 ET - News Release
Mr. Ryan Kalt reports
RED LAKE GOLD INC. SUBSIDIARY ANNOUNCES THE DISCOVERY OF MULTIPLE GOLD-IN-SOIL ANOMALIES AT THE CLARENCE STREAM NORTH GOLD PROJECT
Red Lake Gold Inc.'s wholly owned subsidiary, Alma Gold Inc., has discovered multiple gold-in-soil anomalies at the Clarence Stream North gold project following an inaugural phase 1 exploration program.
"We are excited to have discovered three distinct gold-in-soil anomalies based on the first phase of exploration at the project by our subsidiary, Alma Gold Inc. These gold-in-soil anomalies share a baseline threshold similarity to certain anomalies identified by Galway Metals at its immediately adjacent Clarence Stream gold project, with Galway Metals having identified 10 ppb as the level for being very anomalous. Soil sampling has been demonstrated as being an effective exploration technique for defining gold targets in this region and our discovery of these gold-in-soil anomalies adjacent to the Clarence Stream gold project is highly promising. We reiterate the view expressed by our neighbour that the Clarence Stream area is emerging as an important new gold district in North America. Our work to spin out Alma Gold and its Clarence Stream North gold project to our shareholders is well under way and we look forward to advancing the Clarence Stream North gold project in that context," stated Ryan Kalt, chief executive officer of Red Lake Gold.
Clarence Stream North gold project -- overview
The Clarence Stream North gold project is located immediately adjacent to the Clarence Stream gold project being advanced by Galway Metals Inc. and in part covers mineral rights over areas previously held by Galway Metals.
The Clarence Stream North gold project is situated near a major accretionary tectonostratigraphic boundary that separates the Gander zone to the northwest from the Precambrian amalgamated terranes of the Avalon zone to the southeast.
Clarence Stream North gold project -- phase 1 program results
A total of 426 B-horizon soil samples were collected during the phase 1 soil sampling program and were submitted for gold and multielement geochemical analysis at Actlabs in Ancaster, Ont.
The soil survey program included a detailed quality assurance/quality control (QA/QC) program comprising the insertion of blanks and certified reference materials (standards) on a staggered one in 40 basis and duplicate pulp split and field sample duplicate analyses on separate one in frequencies.
B-horizon soil samples were mainly collected at 50-metre stations along 100-metre spaced survey lines with some stations spaced between 200 to 250 metres to maximize the soil survey grid coverage.
The soil geochemistry survey was successful in outlining three main gold anomalies and several outliers on claim 9556, with the centre anomaly being the most prominent at this point in time.
Clarence Stream North B-horizon soil samples returned gold values ranging from less than five parts per billion (ppb) to a high of 32 ppb with a detection limit of five ppb. A total of 36 soil samples returned gold results above 10 ppb. Generally, gold assay results of 10 ppb are considered very anomalous in the Clarence Stream area.
The centre gold anomaly appears to coincide with a weak magnetic high in the area and follow-up exploration is needed to determine whether this gold-in-soil anomaly is associated with a deep intrusive body at subsurface or a potential fault structure.
As a result of the discoveries described above, Alma Gold has commenced reviewing options for follow-up exploration programs at the Clarence Stream North gold project.
The corporation would like to extend its appreciation to the geological team at Mercator Geological Services Ltd. for their expertise in guiding and performing the inaugural exploration program.
Important notice
As previously disclosed, Red Lake Gold intends to further advance the Clarence Stream North project within the context of Alma Gold, which is in the process of being spun out to shareholders. In connection with that spinout process, Red Lake Gold set a beneficial ownership determination date of Sept. 4, 2020.
In order to be eligible to receive any shares of Alma Gold that may be issued in conjunction with the proposed spinout, investors must have been a shareholder of Red Lake Gold as at the record date.
Further procedural and technical documentation related to both the Alma Gold spinout and the Clarence Stream North gold project are expected to be publicly filed on SEDAR in the ordinary course of business.
Qualified person
The scientific and technical information disclosed in this news release has been prepared and approved by Paul Teniere, master of science, professional geoscientist, senior geologist at Mercator Geological Services. Mr. Teniere is a qualified person as defined by National Instrument 43-101.
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