Montreal, Quebec--(Newsfile Corp. - June 9, 2021) - Beauce Gold Fields (Champs D'Or en Beauce) (TSXV: ¨BGF¨),("BGF"), is pleased to announce it has commenced a 20 holes 4,000 meter diamond drill program to test a series of high-priority targets on the Company's Beauce Gold property located in Saint-Simon-les-Mines, Quebec.
Patrick Levasseur, President and CEO of Beauce Gold Fields said, "This will be the first significant diamond drill program that this historical placer gold property has ever witnessed." Mr. Levasseur added: "We look forward to building our understanding of the recently discovered mineralized structures and fault line and how this can lead us to a possible lode gold discovery."
Figure 1: Diamond Drill Rig positioned over hole number one To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/6198/87079_DDH%20BGF.JPG St-Gustave Targets
The St-Gustave targets centres around the axis of the Rang St-Gustave road and the Gilbert river. Drilling will test multiple gold bearing bedrock structures discovered by the Company's recent trenching. BGF geologists interpret these structures as NE-SW splays off the main fault line structure which was identified using AMT surveys in 2018 carried out along the Chemin du Rang St-Gustave (the "AMT Fault"). Notably, the AMT Fault is sub-parallel to the placer channel and the splays appear to cross a N-S section the Placer Channel. (see company news releases of May 12, 2021).
Historical Placer Gold Channel Targets
The Beauce Gold property contains a six kilometre long historical placer channel consisting of unconsolidated gold-bearing auriferous units of a lower saprolite and an upper brown diamictite. Western sections of the channel has been the subject of historic placer gold production from 1860 to 1912 via underground drifts and in the East by a major gold dredging operation in the 1960s. Analysis of all historical overburden drill logs drilled into the placer gold channel (see company news releases of January 21, 2021) indicates sections of possible bedrock mineralisation. Diamond drilling will test targets along a two kilometre stretch of channel that aligns with the 1959 Churn Drill holes lines of L15-400 to L23-200 and to the 1980s RC drill holes of G-49 to G-70.
The drill program will be supervised by Jean Bernard, B,Sc. Geo supported by a highly experienced team of drillers working two shifts, 24/7. Marc Richer LaFlche, Ph.D., Geo., of INRS is an independent advisor to the Company for the drill program as well as the ongoing exploration of the Beauce Gold property.
Other corporate news
In accordance with the agreement between BGF and Agora Internet Relations Corp., entered into on August 1, 2020 for the term ending July 31, 2021, BGF board has approved the issuance of 86,923 common shares at a deemed price of $0.13 per share to pay $11,300 for services rendered for the period ending October 31, 2020. The BGF Board has also approved the issuance of 80,714 common shares at a deemed price of $0.14 per share to pay $11,300. for services rendered during the period from November 1, 2020 to January 31, 2021and the issuance of 53,809 shares common shares at a deemed price of $0.21 per share to pay $11,300. for services rendered during the period from February 1, 2021 to April 30, 2021. Each share issued pursuant to the debt settlement will have a mandatory four (4) month and one (1) day holding period from the date of closing. This transaction is subject to the TSX Venture Exchange approval.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec. The Company's flagship property is the St-Simon-les-Mines Gold project site of Canada's first gold rush that pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s It produced some of the largest gold nuggets in Canadian mining history (50oz to 71oz). The intent of Beauce Gold Fields is to trace the placer gold workings back to the bedrock source and uncover economic bedrock gold mineralization.
Comprising 152 contiguous claims and 7 real estate lots, the project area contains a six kilometer long placer channel consisting of unconsolidated gold-bearing auriferous units of a lower saprolite and an upper brown diamictite.
The Company has identified a major Fault Line in bedrock that coincides with geophysical findings of an interpreted fault structure across the property, referred to herein as the AMT Shear. Evidence suggests the erosion of the AMT Fault or related splay fractures as a probable source of the historical placer gold channel, and has conducted bedrock sampling and geophysics outside the expression of the placer gold channel.