VANCOUVER, BC, Oct. 3, 2024 /CNW/ - 1911 Gold Corporation ("1911 Gold" or the "Company") (TSXV: AUMB) (OTCBB: AUMBF) (FRA: 2KY) is pleased to announce the mobilization of a drill rig for the 2024 surface drill program, commencing mid-October, 2024, at the Company's 100%-owned Rice Lake Gold property in Manitoba, Canada.
Highlights:
Shaun Heinrichs, President & CEO, stated, "Our new team is very excited to be drilling several key targets at our True North Mine asset. The three target areas each show significant potential to host high grade gold mineralization and can be easily upgraded to mineral resources due to their close proximity to existing infrastructure and underground mine workings. With the forthcoming mineral resource estimate update we will also be looking to generate additional resource extension and expansion targets. The exploration team has also identified additional new resource drill targets at depth which, combined with the pending resource expansion targets and current shallow drill targets, highlight the significant potential to increase the gold resource base at the True North Gold Mine."
The 6,000m diamond drill program at the True North Gold Mine area has been designed to test the potential of high-grade vein hosted gold mineralization defined by:
San Antonio West target
The San Antonio West target occurs as a potential extension or subparallel gold mineralized vein system to the historical San Antonio Zone at the True North Gold Mine. The San Antonio zone historically produced 1,309,351 ounces Au at a grade of 9.33 g/t Au. It represents a priority target hosted within the prolific San Antonio mafic unit and the intersection with the Cartwright South shear zone. The drill targeted area is located in proximity to the True North underground mine workings and is well defined by historical gold mineralized drill intercepts along strike to the west (Figure 3 and 4) including the following:
San Antonio Southeast target
The San Antonio Southeast target is a potential extension of the known gold mineralization within the San Antonio Mine vein system. It is located on the intersection of the highly mineralized San Antonio Mafic unit and the interpreted L10 and L10 South shear zones. This geological intersection hosts the historical gold mineralization at the San Antonio zone within the True North Gold Mine and historically produced 1,309,351 ounces Au at a grade of 9.33 g/t Au.
The San Antonio Southeast target occurs in close proximity to underground mine workings and has been historically drilled with significant gold intercepts, including the following (Figure 5 and 6):
Cohiba East target
The Cohiba East target occurs as two modelled subparallel veins (North Vein and South Vein located to the East of the previously mined Cohiba zone. The targeted veins are located within the highly mineralized volcanic breccia package and the intersection with the WSW (Cohiba-L13) shear zone. The target has been historically drilled intersecting high-grade gold intercepts and occurs as the extensions of known vein hosted gold mineralization (Figure 7 and 8):
The current planned drill program testing targets within the True North Gold Mine complex is a results based program and represents the start of a larger drill program. The program will be expanded to also target extensions of the new updated resource due to be completed in October, 2024, new gold mineralized targets at depth within the True North Mine area as well as new targets initially targeting new resources within exploration targets outside of the True North Mine area and within the Company's prolific 63,000 hectares ("ha") land package covering the Rice Lake greenstone belt, including the Ogama-Rockland gold resource area.
Quality Assurance/Quality Controls (QA/QC)
Core samples are collected by sawing the drill core along the axis in half, with one-half sample labelled, placed in plastic sample bags and sealed and the other half retained for future reference. A batch of 20 samples are placed into durable rice bags and shipped to a certified commercial laboratory. A strict QA/QC program will be applied to all samples, which includes insertion of certified gold mineralized standards and blank samples at intervals of one every 20 samples, additional blanks will be inserted after samples hosting visible gold. The gold analyses will be completed by fire-assay with an atomic absorption finish on 50 grams of prepared material. Samples returning values greater or equal to 5.00 g/t Au will be reanalysed by fire assay with a gravimetric finish. Total gold analyses (Screen Metallic Sieve) will be carried out on highly mineralized samples or the presence of visible gold.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 ha within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.
1911 Gold's True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements, including the assumptions listed below. Although the Company believes that these assumptions are reasonable, this list is not exhaustive of factors that may affect any of the forward-looking statements.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements with respect to the terms of the Offering, the use of proceeds of the Offering, the timing and ability of the Company to close the Offering, the timing and ability of the Company to receive necessary regulatory approvals, the tax treatment of the securities issued under the Offering, the timing for the Qualifying Expenditures to be renounced in favour of the subscribers, and the plans, operations and prospects of the Company, are forward-looking statements. Although 1911 Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
All forward-looking statements contained in this news release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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.
SOURCE 1911 Gold Corporation
For further information, please contact: Shaun Heinrichs, Chief Executive Officer, (604) 674-1293, [email protected], www.1911gold.com
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