TSXV: VEIN | FSE: N071
TORONTO, Sept. 4, 2018 /CNW/ - Enforcer Gold Corp ("Enforcer" or the "Company") (TSX-V: VEIN) (FSE: N071) is pleased to inform its shareholders that the Board of Directors has agreed to accelerate its earn-in schedule on the Roger gold-copper project, for which it recently announced an updated mineral resource estimate. The project is advantageously located 5 km north of the historic mining center Chibougamau, Quebec, has all-season road access and is crossed by a power line that serviced the past-producing Troilus Mine. Enforcer is earning a 50% interest in the project from project operator, SOQUEM.
President and CEO Steve Roebuck, comments:
"Based on the favourable results of the updated resource estimate, Enforcer has decided to accelerate the earn-in phase of its option agreement by financing a Phase 2 diamond drilling program set to commence in September 2018. Planning is in progress and details of the upcoming program will be announced shortly.
The new resource estimate is a significant milestone for the Company and comes after investing in a 3,068 m drill program. We are very pleased of how far the project has advanced in the 8-month period since entering the option agreement. The Company is fully funded to cover the Phase 2 program which in turn will meet its year 2 spending obligation of $750,000.
I'd like to add that our working relationship with SOQUEM has been excellent; they bring a wealth of knowledge and experience to the table and are a very efficient operators. We look forward to the next steps in Roger's development."
Pit-Constrained Mineral Resource Estimate on the Mop-II Gold-Copper Deposit – July 4, 2018
| Category |
AuEq Cut-off (g/t) |
Tonnes |
AuEq (g/t) |
Contained AuEq (oz) |
Au (g/t) |
Contained Au (oz) |
| Indicated |
0.45 |
11,143,000 |
1.05 |
377,000 |
0.92 |
331,000 |
| Inferred |
0.45 |
8,676,000 |
1.31 |
365,000 |
1.07 |
298,000 |
Note: Details of the 2018 mineral resource estimate are provided in the Company's press release dated August 28, 2018. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
On January 11, 2018, Enforcer announced that it had signed an agreement with SOQUEM to acquire a 50% interest in the Roger project by spending $2 million on work programs and issuing 1 million shares over a three-year period. Enforcer completed its first year $500,000 financial commitment by financing the Phase 1, 3,068 m diamond drilling program, which was designed to validate certain historic drilling and determine if mineralization continued at depth. Results of the program exceeded expectations, intersecting very consistent mineralization throughout each hole and in most cases with grades and widths exceeding the historical results (June 20, 2018 press release).
Following recent discussions with project operator SOQUEM, it was decided to accelerate the commencement of the Phase 2 exploration program starting in September 2018. The Company is fully funded to meet its Year 2 obligations of $750,000.
About SOQUEM
SOQUEM Inc., a subsidiary of Ressources Québec, is a leading player in mineral exploration with its mission to explore, discover and develop mining properties in Quebec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other mineral commodities in Quebec.
About Enforcer Gold Corp
Enforcer Gold Corp is a Canadian-based mineral exploration company and is earning a 50% interest in the royalty-free Roger project from SOQUEM. Roger hosts the Mop-II gold-copper deposit located 5 km from the historic mining center of Chibougamau, Quebec. To date, 58,000 m of diamond drilling have been completed at Roger property and underground exploration undertaken in 1988 included 1,177 m of development and over 1,000 m of chip sampling. Enforcer also holds a 100% interest in the Waswanipi gold project located 125 km west of Chibougamau. Both projects are situated within the prolific Abitibi greenstone belt, which has produced over 180 M oz. of gold and over 450 M tonnes of copper-zinc ore since the early 1900s.
Enforcer's VP Exploration, Antoine Fournier, PGeo, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release.
Neither the 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 news release.
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration of its Roger project, the exploration potential and analogous deposit potential of the Roger project and the timing of the Company's exploration programs. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Enforcer Gold does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Enforcer Gold
please visit www.enforcergold.com or contact: Steve Roebuck, President & CEO T: (647) 496-7984, C: (905) 741-5458, E: [email protected]
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