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Ground-truthing and sampling 5 geophysical conductors along each northern and southern BIF trends, summarizing rock types, mineralization and structures.
Locating previous trenches and possible drill holes where the higher grade intersections occurred to prospect, delineate and potentially extend the zones, plan for potential future mechanized power stripping of the rock outcrops and scout for potential drilling platforms.
Several wide reconnaissance N-S traverses to identify gold-bearing structures within and cross- cutting the iron formation and sediments that hosts gold mineralization in the region.
Ground – truthing OGS mapped and company interpreted lineaments / structures from the airborne magnetic results to compare location accuracy and potential mineralization.
Shipping samples to the lab for analyses of GOLD and a multi-element suite of elements.
Following the completion of the phase 1 exploration program in May and
Summary of Exploration at
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Figure 1. Registered MDI mineral occurrences and other areas of historical exploration
(source OGS – MLAS).
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Figure 2. OGS registered historical drill hole location ( source: OGS,
Previous historic drilling results have had significant intersections of gold mineralization encountered in several drill holes. These results confirm the presence of high-grade gold mineralization within the iron formation, and sheared quartz vein sediments. Other drill holes intersected similar rock types and many of these holes had limited or no sampling in the "key sheared contact zones". Furthermore, many areas where the previous operators did sample the mineralization, the longer widths of samples may have "diluted" the mineralized zones.
In the late fall of 2020, initial prospecting efforts by the Company were to ground truth various mineral occurrences, trenches and geological units to confirm the property merit. Results have yielded promising anomalous Gold (0.05 – 0.41 ppm Au) within sheared mafic volcanics,metasediments and banded iron formations (BIF) all with +/- quartz veins and stringers near and within some of the old trenches in the northern to central parts of the Project.
In
In 2021, minor field work was completed by the Company and no field work was conducted in 2022 due to various factors including the Covid-19 pandemic and manpower.
Historical Highlights
From the historical work on the
The Lattimer Gold Occurrence – Best intersection of253.79 g/t Au over 0.49mwas recorded in sample number 1816 (AFRI 42E11NW0070) from the drill hole 3 log and it is associated with pyrite, pyrrhotite in quartz – carbonate stringers, near Diorites and BIF units.
Harricana Gold Mines recorded12.03 g/t Au over 1.82min a pyrrhotite-rich chlorite schist from a 1951 drilling program.Kevil Mining Trenches 1961,Highlightsincluded 4.51 g/t Au over 1.09mwhich included7.31 g/t Au over 0.51m and 0.466 g/t Au over 1.26m
Dumont Showing TrenchesHighlights included1.29 g/t Au over 1.22mand0.88 g/t Au over 0.36m
For additional information, please see the technical report entitled "NI 43-101 Independent Technical Report on the
Historically, numerous previous gold mines in the area also produced high grade gold (see Table 1 below).
Table 1. Historic gold production of the Beardmore-Geraldton Greenstone Belt, source OGS Open File Report 5538.
The Company cautions that it has not verified the information in the table above, and the information is not necessarily indicative of the mineralization on the
Debt Settlement
Leopard Lake also announces thatit has entered into a shares for debt settlement agreement with a company controlled by a director of the Company (the "Creditor"), whereby the Company agreed to issue to the Creditor an aggregate of 562,500 common shares in the capital of the Company (each, a "Settlement Share"), at a deemed price of
The Creditor is owned and controlled by an insider of the Company, and accordingly, the issuance of theSettlement Sharesin connection with the Debt Settlement is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the subjectmatter of, nor the fair market value of the Settlement Shares to be issued pursuant to the Debt Settlement exceed 25% of the Company's market capitalization.
All securities to be issued pursuant to the Debt Settlement will be subject to a four month and one day statutory hold period from the date of issuance.
None of the foregoing securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in
Qualified Person
About
Leopard Lake is engaged in the business of mineral exploration and the acquisition of mineral property assets in
On Behalf of
ChiefExecutive Officer and President
For further information, please contact:
Chief Executive Officer and President
9285 203B Street
V1M 2L9
Telephone: (604) 290-6152
Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest Management's Discussion and Analysis and filed with certain securities commissions in
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
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