VANCOUVER, British Columbia, Oct. 18, 2021 (GLOBE NEWSWIRE) -- GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) is pleased to report it has launched its inaugural work programs on the Hercules Gold Project (“Hercules”). Hercules is located in the Beardmore - Geraldton gold camp of north-central Ontario. Its gold resources are well-known for high gold grades and long strike lengths. From the twelve gold systems, the best known gold zone is the Golden Mile Vein that has a strike length approaching 3,000m and contains an historical uncapped indicated resource of 191,800 tonnes grading 16.80 grams per tonne gold (g/t Au) (the “Golden Mile”). The Golden Mile resource is open along strike and down dip.
Please Note: The historical resource is based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical resource as a current NI 43-101-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. Establishing a current mineral resource estimate on the Hercules will require further evaluation, which the Company and its consultants intend to complete in due course.
“Gold’n Futures closed its oversubscribed $2.75 million brokered private placement in early September after a summer of tough marketing through difficult times for the Canadian junior mining market. Upon the closing, the Company wasted no time executing on the field programs and placed its initial personnel on the property comprising two senior geologists and well-experienced prospector. The team completed some important tasks such as the GPS drill collar survey and an assessment and cataloguing of the massive core storage yard. Each of these tasks have provided essential information contributing to some of the Company’s objectives including the completion of a current National Instrument 43-101 report”.
Commented, Stephen Wilkinson, President and CEO
On September 16th, Gold’n Futures reported engaging GoldSpot Discoveries Corp. (“GoldSpot”) to develop a new exploration model and to define new high priority targets through artificial intelligence programs. GoldSpot will begin its contracted work with an airborne geophysical survey utilizing its Multi-Parameter Airborne Survey System (“M-PASS”) with Triaxial Magnetic Gradiometer and VLF Platform. The surveys will cover the entire 109 square kilometres of the Hercules property, flying approximately 1,200 line-kilometres with 100-metre line spacing. During the first meeting between Gold’n Futures management and GoldSpot project managers, it was decided to upgrade the airborne geophysical surveys to include (weather permitting) a LiDAR Sensor and Photogrammetry Camera System, and radiometrics. GoldSpot managers will be visiting the Hercules property in about 3 weeks to meet Gold’n Futures site personnel.
During the second week of October, specially equipped drones were used to map in detail the veins exposures of the Golden Mile, and the lesser-known zones of Hercules, including: the Yellow Brick Road; and, Lucky Strike. The precise locations of the vein channel sample sites and the drill collars are the first data points for the Company’s new geological model of the Hercules. In combination with GoldSpot’s new property-wide geophysical surveys, Gold’n Futures will achieve an improved and greater understanding of the gold-bearing zones through which we can expand the known resource areas while also looking at the potential of new gold mineralized zones.
A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c85b6c90-92d1-481b-a7cf-aed91f90cd45
Next Steps
Over the past months, the Company has been assessing the historical data and found occurrences where drill core sampling has been incomplete. In addition, over the years of previous programs, the drill logs have inconsistently identified rock types while not sampling all perspective zones. Our geologists are relogging and sampling several of the old drill holes to correctly identify and sample mineralized intervals and to prepare for the pending new drill campaign.
The Gold’n Futures drill permit was submitted to the Ontario Ministry of Northern Development and Mines Natural Resources and Forestry, Mineral Development Branch in early August. Once the permit is received, the Company intends to begin its drill program that is budgeted for initially 1,500m and up to ten drill holes. The objective of the first round of drilling will be to infill and extend the resource areas based upon findings of the Company’s reassessment of the historical data.
Coincidently with the drill program, it is anticipated that GoldSpot will be delivering its findings of the airborne geophysical surveys. In addition, GoldSpot will be using its artificial intelligence algorithms to reinterpret the Hercules property’s structural geology, resource geology, and geophysical surveys to put together the highest priority targets for exploration and drilling and, over the coming months, present its recommendations to Gold’n Futures.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Canada and is 40 km west of the Hardrock-Greenstone gold mine development. The property lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres and consists of 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and, a drill hole database that includes historical drilling totalling in the order of 537 holes with more than 107,000m of drill core. With surface grab samples grading up to Grab samples up 10,374 g/t and channel samples up to 32.96 g/t across 11.6 m, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
Stephen Wilkinson,
President and CEO,
Email: contact@goldnfutures.com
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
