VANCOUVER, British Columbia, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) reports on the Company’s second round of results for its inaugural diamond drill program (the “Drill Program”) on the Hercules Gold Project in the Beardmore-Geraldton gold camp of northwestern Ontario (the “Hercules Project”). All six holes of the second round of results from the Drill Program intersected significant gold values ranging up to 36.7 grams per tonne Gold (“g/t Au”) in hole HR22-07.
Highlights of Drill Program to Date
- All ten drill holes sampled during the Drill Program intersected the Golden Mile zone (“GMZ”).
- Of the 128 core samples assayed, 40 graded better than 100 ppb gold of which 17 samples returned analyses of 1,000 ppb gold or greater.
- Highest grade gold intersections include:
- drill hole HR22-06 with 3.52 metres (“m”) of 5.91 grams per tonne gold (“g/t” Au) that includes 0.80 m of 13.30 g/t Au;
- drill hole HR22-07 with 7.62 g/t Au over a width of 2.50 m, that includes 0.7 m of 36.70 g/t Au.
- In addition, a broad zone of lower grade returned 7.55 m averaging 1.12 g/t Au in hole HR22-10.
- The second round of drill results confirms the GMZ mineralization occurs in composite zones of one or more quartz veins with attendant sulphide-mineralization spatially associated with magnetic mafic rocks over core intervals of up to 11.0 m.
“The drilling was restarted following the Christmas break and was paused again with the completion of hole, HR22-10. We are highly encouraged finding the Golden Mile gold zone amazingly robust and in previously untested areas. All ten inaugural holes intercepted the mineralization and predictably at the depth forecast by our geological team. We are confident that the next modelling of the Hercules Project gold zones will return noticeable improvements to the historical resources of the property.”
Commented, Stephen Wilkinson, President and CEO
The six drill holes, HR22-05 to -10, have a total core length of 682 m and were drilled in January 2022. On January 24, 128 samples, including quality control and blank samples were shipped to the ActLabs facility in Geraldton, Ontario. A further round of re-assaying has been arranged on 26 selected split core that showed grades of 1.00 g/t Au or greater. The re-assaying is to check for grade variability due to potential nuggety nature of the Golden Mile mineralization.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd97de7a-61f0-42c6-ab78-74a8981098df
Including the drilling done prior to the December 2021 break, Gold’n Futures’ Drill Program has consisted of ten drill holes amounting to approximately 1,227 m of core for which 236 samples have been assayed.
Next Steps
The Company intends to continue to delineate the gold mineralization of the Hercules Project with its Drill Program. The Drill Program is intended to finish with four additional holes for a total of 14 holes drilled. Assays will be reported as soon as available. In March, 2022 a detail ground magnetic geophysical survey will be conducted to supplement the Company’s recent airborne magnetics survey and to give improved definition to the relationship of the mafic magnetic dykes, high-grade gold zones and smaller scale structures. A preliminary report on the airborne geophysical survey conducted by GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is expected to be received within the next month. The Company will be designing its next stages for the exploration of the Hercules Project based upon targets defined by the geophysical surveys integrated with the drill results and compilation of the extensive historical data.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9932b5c0-43eb-4627-97aa-dbbe93ab1a60
Private Placement of Units
Gold’n Futures is pleased to announce that it has arranged non-brokered, private placement private placement of units (“Units”) and flow-through units (“FT Units”) of the Company at a price of C$0.055 per Unit and of C$0.065 per FT Unit for aggregate gross proceeds of up to $1,000,000. Each Unit will consist of one common share of the Company and one share purchase warrant (“Warrant”). Each FT Unit will consist of one common flow through share of the Company and one Warrant. Each Warrant shall have a term of 24 months commencing on the closing date and shall entitle the holder to purchase one common share at a price of $0.10 during the term. Any shares issued through the purchase of Units or FT Units or issued through the exercise of Warrants will be subject to a four-month hold period.
The Company intends to use the net proceeds from the private placement for exploration of the Hercules Project in northern Ontario and for general corporate purposes.
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 Project. The Hercules Project is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District. The Hercules 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 Hercules Project 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 Hercules Project, 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 107,000 m of drill core. With surface grab samples grading up 10,374 g/t gold and channel samples up to 32.96 g/t gold 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
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.
