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Funded for Phase One Drilling of Major Regional Faults
Land position in the northern extension of the Red Lake Gold Camp
Regional section of interpreted seismic data1 and major structures that underlie the LP Fault, the Mine Trend and the E1 / E2 structures that come to surface at the northern extensions of the Camp controlled by Solstice.
VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that we have further consolidated our land holdings in the northern extension of the world-class Red Lake Gold Camp through the acquisition of the 23 km2 New Frontier Gold Project (“New Frontier”) (Figure 1). This adds to our existing land holdings anchored by our RLX Gold Project (“RLX”), where we now control 174km2 of prospective greenstone extensions over deep-tapping regional structures (Figure 2).
A Dominant Land Position Key to Exploration Success in Red Lake
In addition to RLX and New Frontier, we control 100% of the northern extension of the Belt in three additional greenstone areas, the Berens, Taillon and Moreau projects (Figure 1). Finally, through our recent royalty and property portfolio acquisition (see new release dated September 15, 2021) we are the underlying owners of all intervening mining claims which are currently under option to project partners covering an additional 82 km2.
Mike Timmins, Solstice’s Chief Executive Officer, stated, “We are very pleased to have assembled a commanding land position in the prolific Red Lake Gold Camp. Our summer work at RLX which included new geochemistry, upgraded property-wide geophysics and field mapping, continue to reveal potential and drill targets along the belt. We plan to provide an update on targeting once final results for these surveys have been received. The Company is funded for phase one drilling at RLX and we look forward to applying our extensive experience and local expertise to advance exploration. Our goal in Red Lake is to make a discovery outside of the traditional mine trend, guided by a new regional structural model and a keen focus on areas of the Camp which are known to host gold at surface but are largely unexplored. This is an exciting time for Solstice shareholders ahead of what will be a very busy 2022 for the Company.”
Major Crustal Structures Projected to Surface on Solstice Ground Add Discovery Potential
In February 2021, the Ontario Geological Survey (“OGS”) highlighted the northern extension of the Camp in its annual ‘recommendations for exploration’ publication1. In that report the OSG drew attention to the interpretation of seismic profile data2,3. Collectively, these references identify two major crustal features, named E1 and E2. According to the OGS, similar structures further to the south occur close to the Red Lake Mine trend and the Dixie Project (LP Fault) of Great Bear Resources, respectively. Both E1 and E2, may represent major deep-tapping crustal features which, elsewhere in Red Lake are associated with major gold deposits. Solstice controls the surface projections of E1 and E2 at its RLX and New Frontier projects, respectively (Figure 2).
David Adamson Ph.D., Solstice’s Chairman, stated, “The identification of both the location and significance of major crustal features by the OGS and others in this northern extension of the belt further emphasise the potential of this area for gold discovery. As several third parties have pointed out1,2,3, similar structures occur close to major gold deposits in Red Lake. We have a dominant land position in this new area and thus provide unique exposure to the exploration of the E1 and E2 structures and what is potentially the new frontier for gold exploration in Red Lake.”
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a64bfe8-3ea5-4e1c-a4ff-740dbc8732cb
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29e27ac7-56ca-4783-8598-6dab03905135
1 Lewis, S.O. 2021. Deep tapping seismic structure in the Red Lake district; in Ontario Geological Survey, Resident Geologist Program, Recommendations for Exploration 2020-2021, p.9-13.
2 Zeng, Fafu and Calvert, Andrew. 2011. Imaging the upper part of the Red Lake greenstone belt, northwestern Ontario, with 3-D traveltime tomography. Canadian Journal of Earth Sciences, v.43. p.849-863. https://doi.o rg/10.1139/e06-027.
3 Calvert, Andrew J. and Cruden, Alexander R. 2004. Seismic evidence for the preservation of the Archean Uchi granite-greenstone belt by crustal-scale extension. Tectonophysics 388 p.135-143
About Solstice Gold Corp.
Solstice is a gold-focused exploration company with three, district-scale projects in established mining regions of Canada. Our 174 km2 Red Lake land position is located on the northern extensions of the prolific Red Lake Gold Camp in Ontario. RLX is approximately 45km from the Red Lake Mine Complex owned by Evolution Mining. The Company is funded for phase one drilling in Red Lake. Our newly formed 225km2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited and is funded for a robust field program in 2022. Our district scale Qaiqtuq Gold Project covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 gold boulder field and is fully permitted with multiple drill-ready targets. Qaiqtuq is located in Nunavut, Canada, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Limited.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
David Adamson was a co-award winner for the discovery of Battle North Gold Corporation's Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the Company’s expectations, intentions, plans and beliefs in connection with the Company’s planned exploration activities, and the expected benefits and returns to the Company following the acquisition. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. There is also no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, failure of the Company to obtain TSX Venture Exchange approval on terms acceptable to the Company or at all, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inability to raise capital or capital on favourable terms required to advance the Company’s projects, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release contains information with respect to adjacent or other mineral properties in respect of which the Company has no interest or rights to explore or mine or acquire. Readers are cautioned that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties, nor is there certainty that Solstice’s projects will contain economic mineralization. This news release mentions other companies that are unrelated to Solstice and this does not imply any agreements, partnerships or rights with respect to any of these companies or their properties other than where explicitly defined. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision.