VANCOUVER, British Columbia, May 27, 2021 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) are pleased to announce that we have completed a preliminary interpretation and commenced field programs (the “Program”) at our 55 km2 RLX project (the “Project”), located in the prolific Red Lake Mining Camp approximately 25 km North-East of Red Lake, Ontario.
The interpretation utilizes the Company’s recently completed 50 m-spaced magnetic survey combined with previous mapping, electromagnetic and magnetic surveys completed by the Ontario Geologic Survey (OGS)* and limited drilling completed by Placer Dome in 1980. A preliminary compilation map is presented in Figure 1. Ground programs in May-June 2021 will include mapping, prospecting and soil and biogeochemical surveys of initial target areas.
Summary of Project compilation
Solstice acquired RLX because it is an under-explored extension of the main Red Lake greenstone belt in a similar geological setting to the nearby Sidace Gold Deposit (Evolution Mining Ltd. and Pacton Gold Ltd.). Like Sidace, RLX is characterized by greenstone sequences associated with extensive electromagnetic conductors. In addition, RLX lies at the confluence of several major structures (Figure 1) supported by OGS and other data sources. Recently, Ministry of Northern Development and Mines (“MNDM”) geologists drew attention to the potential presence of a prominent geological structure as the third major structure in the district**. Other similar structures are located close to major gold deposits according to the MNDM. The location of a major crustal structure in the vicinity of RLX is further supported by seismic studies in 20043 and the documented presence of deep-sourced intrusives (Sanukitoids) on the property.
Based on a 2008 OGS 200 metre-spaced airborne EM* survey, we currently recognize four extensive EM trends/target areas A-D (Figure 1). Major NNW-trending faults are part of the Nungessor Deformation Zone (NDZ). Other NNE-trending faults are present. These appear to be rooted in the NDZ. One of these structures (target area D) is observed to extend through the NDZ. The fault(s) in this area may extend to the Sidace gold deposit area and at RLX are associated with NE-trending EM anomalies and possible rotation of stratigraphy. In 1980, Placer Dome drilled 12 short drill holes (1352m) on the property representing very wide-spaced tests. According to logs and filed location data in assessment files, four of these drill holes either did not test their intended target or were drilled in the wrong direction. All holes appear to be under-sampled with only 10% of the material being assayed despite descriptions of extensive sulphide mineralization in the drill logs. Despite this, two drill holes intercepted gold (0.68g/t in three sampled sections totalling 10 feet). A further two drill holes were sampled but assays were not reported in filed assessment logs. Drill logs note the presence of felsic volcanics over 1.5km strike length (open) and three drill holes report well mineralized skarns. Collectively, these observations lend support to an environment similar to Sidace where the aforementioned features are also observed.
Figure 1: RLX Project https://www.globenewswire.com/NewsRoom/AttachmentNg/74176d65-90c3-4d5e-b65b-0a044e8ca747
2021 Ground Based Exploration Program
Mapping and prospecting designed to further evaluate the initial target areas and to upgrade project geology is headed up by Solstice lead geologist, Sandy Barham. Sandy has over 30 years of experience running field programs and his work has successfully led to the discovery and development of multi-million ounce gold deposits.
We shall also be carrying out soil and biogeochemical sampling surveys over four initial target areas. Because we expect relatively deep overburden in the area of EM conductors, these surveys are designed to test for a geochemical response in humus (Ah soil horizon) and/or certain tree/shrub species. The design and interpretation of this work will be conducted under the supervision of a leading expert in the field of Biogeochemistry, Dr. Colin Dunn.
“We identified the potential of RLX using our previous experience in the Sidace area along with a review of all available scientific data. As OGS and other data show, RLX occupies the extension of the prolific Red Lake greenstone belt in an area where several major crustal scale structures coalesce. This represents a prime setting for gold mineralization. Despite the property having seen only cursory exploration to date, we do know gold is present along with extensive sulphides and alteration which we believe may be analogous to the geological setting of the Sidace gold deposit. It is interesting to note that, like RLX, Sidace was also explored by Placer Dome (1979) who reported some gold in drilling. However, it would be 20 or so years later before the Sidace deposit was discovered. This Program will provide the data required for the next level of targeting as we continue to advance towards our goal of a drill program on RLX in late 2021 to early 2022,” stated David Adamson, Chairman.
During his successful 16 years of exploration in the Red Lake camp, David Adamson was a co-award winner for the discovery of the Bateman Gold deposit which was recently acquired by Evolution Mining for C$343 million4. In addition, David was instrumental in the acquisition of many of the Red Lake district properties in the Battle North portfolio that was also acquired by Evolution Mining.
During the course of our exploration program Solstice staff will adhere to health and safety protocols and guidelines, in particular those related to COVID-19, as provided by the Departments of Public Health of both the Federal and Provincial Governments.
Additional details regarding the RLX Project are available in the Company’s news releases dated February 2, 10, 11 and March 16, 2021 and in the updated presentation on the Company’s website at www.solsticegold.com.
This news release contains references to other projects, their structures and mineralization; there is no certainty that Solstice’s projects will contain similar structures or mineralization.
*Ontario Geological Survey 2008. Ontario airborne geophysical surveys, magnetic and electromagnetic data, grid and profile data (ASCII and Geosoft formats) and vector data, Whitefeather forest area, GEOTEM 1000 survey, Ontario Geological Survey, Geophysical Data Set 1058a.
OGS: Stone D. 1998. Precambrian geology, Trout Lake area; Ontario Geological Survey, Map P.3383. scale 1:250 000
MNDM Interpretation from: 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.
Original Seismic Interpretation from:
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
4. Evolution Mining NR May 20, 2021. https://evolutionmining.com.au/wp-content/uploads/2021/05/2213595-Completion-of-Battle-North-Acquisition.pdf
About Solstice Gold
Solstice is a gold-focussed exploration company engaged in the exploration of our high-quality exploration assets in top tier jurisdictions. Our 55 km2 Red Lake Extension project along with the combined 96 km2 Taillon, Moreau and Berens projects are located on the north end of the prolific Red Lake Gold District. Our district scale KGP project covers 886 km2 with certain other rights covering an adjacent 683 km2, all with no underlying option or earn in payments. KGP has seen over $12MM dollars spent on significant field work, identified a 10 km2 gold boulder field and now prepared with multiple drill-ready targets. KGP 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 Ltd. Solstice has 99.8 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, the Red Lake Extension Project and the KGP Project, please see our Corporate Presentation available at www.solsticegold.com.
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.
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 content of this news release.
On Behalf of Solstice Gold Corp.
David Adamson, Ph.D.
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
Phone: (604) 622-5040
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) relating but not limited to the Company’s expectations, intentions, plans and beliefs. 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. FLS in this news release also include, but are not limited to, the extent and timing of described programs and ground-work, such as rock sampling, drilling, geophysics, mapping, till sampling and analysis. Geological interpretations are FLS and are subject to change based on additional data and/or further analysis. FLS in this news release include comparison with certain geological features at adjacent and regional projects. There can be no guarantee that continued exploration at Solstice exploration projects, 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, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its project in lieu of the pandemic and the risk of future lack of access to the project as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, 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.