GERALDTON – MINING – Gold’n Futures Mineral Corp. (the “Company” or “Gold’n Futures”) is pleased to report that the compilation of historical data on the Hercules Gold Property has identified two additional gold targets for its 2021 exploration program associated with indicative geological, geophysical and geochemical anomalies. Significantly, these new targets were found outside of and to the east of the Elmhirst Lake Intrusive Complex that is the host for the high-grade Hercules gold vein systems.
“This is an important development which establishes a new regional component for gold targets outside the main gold-bearing Elmhirst Lake Intrusive Complex. Our team of geologists has recognized certain unique features in these regional targets that are similar to the Hercules gold systems. However, these targets have seen little if any historical work and we believe the targets represent opportunities to replicate the Golden Mile vein but in new and untested environments,” commented Stephen Wilkinson, the Company’s President and CEO.
Regional Target-1– North Kaby Lake Stock (Figure-1)
The Kaby Lake Stock is a granitic intrusive body that is very similar to and almost a twin of the Elmhirst Lake Intrusive Complex. It occurs and dominates much of the Hercules Property in the northeastern part of the claims` group. The Stock is an important host to mineral deposits including the past producing DikDik Mine which reportedly produced 3,525-tons grading 0.689 ounces per ton (21.5 grams per tonne) gold and the Foisey vein system which has returned assays up to 0.62 ounces per ton (19.4 grams per tonne) gold.
This Regional Target – 1 is based in part on the location of a gold-bearing glacial till sample collected by the Ontario Geological Survey in 1987. The survey was conducted across the Beardmore-Geraldton gold camp. The program was highly successful and identified a strong correlation between visible grains of gold found in glacial till samples with known gold mines and deposits in the camp. For example, the past producing Quebec Sturgeon River Gold Mine, located about 12-kilometres southwest of the Hercules gold systems, returned three basal till samples with 15, 22 and 74 gold grains. Similarly, the Dik Dik Mine, located about 10-kilometres east of the Hercules gold systems, had two till samples that showed 3 and 4 gold grains.
Gold’n Futures’ Regional Target-1 is contained within the Company’s newly staked claims located, about 5-kilometres northeast of the Hercules gold systems (see our news release dated, May 10, 2021). Regional Target-1 is centered on a government sample that contained 4 visible gold grains. Geologically, the target area occurs at the northern nose of the Kaby Lake Stock at the contact with felsic metavolcanic units of the Beardmore-Geraldton greenstone belt and near the intersection of two regional structures now each occupied by diabase dikes. These are geological features with which the primary gold systems at Hercules such as the Yellow Brick Road, Penelton, and Amede are associated. The association of the geological features with the finding of visible grains of gold in the glacial overburden is indicative of the potential for a yet-to-be discovered gold vein system for which our field crews will be exploring.
Regional Target-2 – Ballina Lake Gold Zone (Figure-2)
The Ballina Lake Gold Zone is located about 11-kilometres northeast of the Hercules gold systems and consists of two showings associated with the eastern contact of the Kaby Lake Stock with mafic metavolcanic units. The gold showing at Ballina Lake had exploration performed on it in the past and during 2010 the work included limited outcrop stripping, pitting, sampling and diamond drilling.
Grab samples of 17.94 grams/tonne (g/t) gold and 20.03 g/t gold were reported from sheared metavolcanics at the south shore of Ballina Lake. In this location, pit samples ranged from 1.01 g/t to 5.60 g/t gold over 0.3-metres to 1.22-metres and of the three holes drilled across the trenched area, the most notable intersection was from hole KB 10-13 which returned 2.65 g/t over 0.7-metres.
Approximately 500-metres to the southwest of Ballina Lake is another gold occurrence which is within the Kaby Lake Stock. This showing received limited trenching from which a chip sample yielded 1.01 g/t gold over 2-metres. One hole, KB 10-16, drilled across the projected trend of the trenches and collared in a complex magnetic feature very similar to the Hercules gold occurrences that extends for over 2,000-metres. Five intercepts ranging from 1.20 g/t to 3.31g/t gold over sub-meter to meter drill core lengths were reported from this hole.
The Ballina Lake gold zones represent excellent candidates for further exploration. Gold’n Futures intends to have its geological team conduct mapping and sampling programs to prospect for drill sites for the upcoming drill programs.
Cautionary Note:
Historical resource estimates cited in this news release are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. Although the historical resource estimates were National Instrument 43-101 compliant at the time they were compiled, they are not ‘Current Resource Estimates’. 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 estimate as a current NI 43-101 mineral resource estimate. Establishing a current mineral resource estimate for the Hercules Gold Property will require further evaluation, which the Company and its consultants intend to complete in due course.
