'Our drill discoveries provide strong proof-of-concept for the gold potential of this part of the
STRIKEPOINT ACQUISITION
The Company has entered into an agreement with StrikePoint, whereby the Company will acquire 4,713 mineral claims from StrikePoint in exchange for (i) the payment of
The StrikePoint properties cover various geological targets prospective for gold. Most notably, the 'Golden Oly' project covers a series of mid-Cretaceous aged felsic intrusions prospective for RIRGS mineralization. Limited historical work by previous operators encountered sheeted quartz vein arrays and surface grab samples of up to 19.2 g/t Au. These results have not yet been directly verified by the Company. Accompanying the mineral properties themselves is a historical exploration database including surface sampling (soil and rock) and extensive aerial magnetic data, providing the groundwork for planned initial exploration programs on these projects by
The Consideration Shares issued in connection with the Acquisition are subject to a statutory hold period of four months and one day from the closing of the Acquisition, in accordance with applicable Canadian securities laws, and a contractual hold period of six months from the closing of the Acquisition.
There are no pressing claim maintenance costs for this property package. As carried over from a previous agreement, the mineral claims are subject to a 2% NSR and up to three milestone cash payments of
The Acquisition remains subject to acceptance by the Canadian Securities Exchange (the 'CSE') and various closing conditions which are standard for such transactions.
STAKING
In addition to the Acquisition, the Company has significantly expanded its Rogue, Einarson, Ursa, Rainbow and Cynthia projects through staking (Figure 1). Newly acquired areas were identified by the
EXPLORATION UPDATE
Ongoing drilling at
Drilling is ongoing at Valley, with 9,919 m drilled on the target so far this season for 10,718 m total drilled on the target to date. Assays for more than 22 holes drilled at Valley in 2022 remain pending, including assays for the bottom 31% of V-22-007. In total, this represents roughly 8,991 m of drilling (and counting), or 91% of the current season's results from the
At Gracie, trace instances of fine visible gold have been observed in bismuthinite bearing quartz veins in 4 of 5 holes. A total of 2,152 m has been drilled at Gracie, though drilling has yet to encounter the buried intrusion responsible for mineralization. Assays are pending for all holes at Gracie.
ABOUT ROGUE
The geological setting and style of mineralization at Rogue's
Valley is an early-stage exploration project without a mineral resource estimate, and the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
ABOUT
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by
Contact:
T: +1 778 650 5485
E: info@snowlinegold.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements regarding the completion of the Acquisition, including CSE acceptance, payment of the Cash Consideration and the issuance of the Consideration Shares, newly staked targets being considered by the Company to be prospective for RIRGS and/or gold, the potential to participate in multiple future discoveries, newly acquired areas having elevated potential to host gold deposits, the Rogue project having district-scale prospectivity, the creation of a new gold district and the Company's future plans and intentions. Wherever possible, words such as 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'predict' or 'potential' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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