TORONTO, July 15, 2021 /CNW/ - Bald Eagle Gold Corp. ("Bald Eagle" or the "Company") (TSXV: BIG) (OTCQB: BADEF) is pleased to announce receipt of the final assays for the 2021 drill program and the initiation of a summer exploration program on the Hot Springs Joint Venture in Nevada (the "Property"), which is a 50%-50% joint venture between the Company and Osgood Mountain Gold LLC (the "Joint Venture"). The final assays from hole HS-2020-04 intercepted 148.2 meters of 0.34 grams per tonne gold starting at 181 meters down hole, and from hole HS-2020-5 intercepted several smaller zones of anomalous gold from 147 meters to 312 meters down hole (see below Table). These results together with Bald Eagle's previously reported results (see Bald Eagle's press release dated May 19, 2021) demonstrate the presence of significant gold mineralization at the Property.
The field campaign outlined a broad zone of anomalous gold with initial drilling along strike. The current drilling identified a broad zone of mixed oxide and sulphide mineralization associated with a chargeability feature from IP geophysics. Drillhole HS-2020-04, which was rotated 15 degrees from HS-2020-01, intercepted the mineralized zone approximately 50 meters north of borehole HS-2020-01.
Drilling intercepted mineralization from 150 to 350 meters below surface, with true vertical depth of approximately 350 meters to the base of mineralized zone (actual downhole depths of 180 meters to 390 meters and 180 meters to 330 meters). The chargeability feature associated with this mineralized zone trends North-South for more than 400 meters, has a footprint width of 440 meters, and is approximately 150 to 200 meters thick. Further drilling is needed to define the lateral extent and to investigate feeder structures. This zone is open along strike to the North and South.
Summary of Drill Results:
Mr. Sidney Himmel, President, CEO and Director, commented: "Intercepting gold in each of the holes of the initial program has confirmed gold potential at Hot Springs. The next steps will be further ground geology to further define the surface footprint and improve geologic modeling of the gold system. This work will help focus subsequent drilling for the best chances of significant discovery."
The summer 2021 exploration program that has been approved and funded by the Joint Venture includes:
- A dedicated program of geologic and alteration mapping over the current Dutch Flats Prospect area with outward extension covering much of the Property.
- Rock sample database generation to improve surface geological detail including aerial extent.
- Additional geochemical soil sampling to verify and expand data substantially beyond the Dutch flats prospect area. The area to be sampled is 3,000 meters by 3,000 meters.
- Expansion of the initial IP geophysical survey in order to identify and extend anomalous zones. The expansion work includes an additional 8 lines, each 3.8 kilometers long with coverage of 2.4 kilometers in a North-South direction, including the original three lines of IP.
- Further geophysics using Hybrid Source Audio Magnetotellurics surveying to identify geologic structures.
This summer exploration program is expected to extend into the fall with data becoming available by the early fall. Additional RC and Core Drilling, based upon current drilling and IP results, are in the permitting process and anticipated to begin in the fourth quarter.
The drilling program is being operated by Osgood Mountains Gold under the Joint Venture Agreement between Bald Eagle Gold Corp. and Osgood Mountains Gold.
Map Indicating Drill Hole Locations and Planned Geophysics and Additional Field Work
The Dutch Flats area includes Sections 16, 17, 20 and 21 of Township 38N40E. Additional work is being carried out to the North, East, and South-West of the drilling completed in 2020-2021 Program. Additional lines of IP and HSAMT are delineated in blue. Additional fieldwork is occurring in the regions within the red circle outlines.
The analytical chemistry programs were completed by American Assay Labs ("AAL") of Sparks, Nevada, and ALS Global Geochemistry Analytical Laboratory ("ALS") in Reno, Nevada. The program totaled 1,857.8 meters of core drilling. All results are being incorporated into the Project´s three-dimensional Leapfrog model.
The technical information in this news release has been reviewed and approved for disclosure by Michael Feinstein, PhD, CPG, and the "qualified person" for Bald Eagle within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
All samples are collected and maintained in accordance with established QA/QC protocols. Analytical services reported in this press release were carried out by ALS Minerals, an ISO/IEC 17025:2005 & ISO-9001:2008 accredited laboratory. American Assay Labs is completing the preparation and further assaying for the last four holes. American Assay Labs is an ISO-17025 accredited laboratory.
The Hot Springs Property
The Hot Springs Property is a 50%-50% joint venture between the Company and Osgood Mountains Gold LLC. The Property consists of approximately 11,894 acres comprised of private mineral rights and unpatented federal lode mining federal claims. This location in north-central Nevada is located at the junction of the prolific Getchell Gold Trend and the northwestern Nevada Epithermal Province. Land position is situated approximately 25 miles West of the Twin Creeks, Getchell and Pinson Mines and 30 miles East of the former producing Sleeper Mine.
On March 5, 2021, the Company filed an NI 43-101 compliant technical report on the Property, entitled "NI 43-101 Technical Report, Hot Springs Gold Project, Humboldt County, Nevada" with an effective date of November 3, 2020. A set of historical data exists for 8,175 meters of drilling across 91 drill holes. The historic drill programs outlined a near surface zone of gold mineralization in an area with dimensions of approximately 1,200 meters by 400 meters.
About Bald Eagle Gold Corp.
Bald Eagle Gold Corp. is a junior mining company focused on the exploration and development of advanced exploration assets in known gold districts in the Americas. The Company's objective is to acquire advanced exploration projects for exploration and development. The Company intends to, through evaluating historical data and utilizing modern exploration techniques and geological concepts enhance resources. The management team and board of directors of the Company have an established track record of creating significant returns for investors and have demonstrated access to capital to advance the development of assets.
CAUTIONARY NOTES
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, the future operating or financial performance of Bald Eagle, the estimates of potential quantity, grade, and metal and mineral content at the Property, Bald Eagle's assessment of the reliability of the current exploration results, Bald Eagles' assessment of the reliability and relevance of the historical drill results; the ability of the joint venture to operate the exploration and development programs for the Property, and the anticipated timing of the next phase of exploration work.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Bald Eagle, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Bald Eagle has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Bald Eagle does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Bald Eagle Gold Corp.
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