Rapier Gold Inc. Announces Appointment of Technical Advisors, Release of Ontario Geological Survey Report and Update on Drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 5, 2016) -
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Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to announce the appointment of Mr. David Rhys and Mr. Mike Petrina as technical advisors to the Company, the publication of the Ontario Geological Survey Report and an update on drilling at Pen Gold Project.
Technical Advisors
Mr. David Rhys is a consulting geologist with 25 years' experience in the mining industry applying geological studies with a structural focus to exploration, development and mining. Mr. Rhys has extensive experience in gold deposits, having worked globally on numerous gold districts of various types for a variety of clients including both major and junior companies. His focus is on advanced projects and active mining operations, aiding in the interpretation of mine site ore controls and applications of mine geology to local and district scale exploration activities. Mr. Rhys is an advisor to several mining companies and has extensive experience in the Timmins Camp.
Mr. Mike Petrina brings over 30 years of extensive experience in operations, engineering, mine development, financial modeling and acquisition analysis, and is a past technical advisor and engineering consultant for numerous public mining companies. He is a Professional Engineer and holds an MBA. He currently works for Moose Mountain Technical Consultants as a Principal Engineer and prior to that, he was Chief Operating Officer of Probe Mines, where he was responsible for reviewing and finalizing the Preliminary Economic Assessment ("PEA") of the Borden Gold Project. Prior to joining Probe Mines, Mr. Petrina held senior operational executive positions with various international mining companies.
Ontario Geological Survey (OGS) Summary
On December 18, 2015, the Province of Ontario's Ministry of Northern Development and, Mines (MNDM) published the Ontario Geological Survey's Summary of Field Work and Other Activities 2015 ("OGS Summary"), which includes a follow- up report to a 2014 report, describing observations made on Rapier's Pen Gold Project. Both reports are on the Company's website.
In 2014, the OGS initiated a study on the coarse clastic sedimentary rocks in the Penhorwood Township which occur on the Pen Gold Project. The conclusion of that study yielded a tentative interpretation of the rocks "as being of synorogenic origin, that is, deposited in an active tectonic environment following the onset of regional deformation" (Bleeker et al, 2015). This was significant in that this may be the "Timiskaming assemblage" commonly observed in the Porcupine mining camp. Due to a certain amount of uncertainty in that interpretation, it was deemed worthwhile to conduct a second study in the summer of 2015. The conclusion of this second study indicates that "the Penhorwood Township polymict conglomerates and pebbly sandstones are of synorogenic origin and represent an occurrence of Timiskaming assemblage rocks well to the west of Timmins" (Bleeker et al, 2015).
These observations complete the list of features associated with the more significant gold deposits in the Ontario portion of the Destor-Porcupine Fault Zone and emphasizes the high geological prospectivity of the Pen Gold Project. The presence of gold-bearing zones is already well known on the Project, with numerous geochemical anomalies, along with good results at the Talc Mine Area. With the recent overburden stripping and sampling on the Fox Outcrop at the Talc Mine Area, there is even more indication of the presence of a major gold system on the property.
Update on work at Pen Gold Project
- The Company's contractor, NPLH Drilling, is mobilizing a drill rig to commence drilling on the Fox Outcrop, within the Talc Mine Area, later this week. The Fox Outcrop is a previously known occurrence of an intensely carbonatized ultramafic rock typically associated with gold deposits in the Porcupine Gold Camp ("Carb Rock") which is cross-cut extensively by numerous quartz vein sets. Work to date at the Fox Outcrop was outlined in the Company's News Release dated November 09, 2015.
- The Company is planning a number of short diamond drill holes, approximately 1,500 m in total, to test for strike and dip continuity of the hypothesized sub-vertical vein/vein set.
- The Company mapped the Fox Outcrop and took 51 grab samples, with the four most significant being: sample 1027188 with 20.7 g/t, sample 1027199 with 5.95 g/t and the previously announced, sample 1027160 with 13.6 g/t and sample 1027166 with 7.13 g/t. Refer Appendix A, B, C.
Pen Gold Project Summary
- The Company's activities are exclusively focused on exploring the Pen Gold Project, comprising approximately 16,400 hectares (approximately 160 sq km) located on Highway 101, 75 km south west of Timmins, Ontario. Appendix D. The project is approximately 45 km southwest of Lake Shore Gold's Timmins West Mine and the newly discovered 144 Exploration Area.
- Lake Shore Gold are conducting an extensive exploration program on 144 Exploration Area, which is outlined in a very comprehensive section of the company's website (www.lsgold.com/Mines-Projects-Properties/Review-of-Properties/Timmins-West-complex/144-Gap-Zone-Discovery/default.aspx).
- Pen Gold Project is located approximately 85 km northeast of Goldcorp's Borden Gold Project. Goldcorp acquired this project in the takeover of Probe Mines, on March 13 2015, for $526 million. Goldcorp are actively advancing the Borden Gold Project as a source of ore for the 11,000 tpd Dome Mill, located 160 km away in Timmins. Appendix D shows the locations of the 144 and Borden projects in relation to Pen Gold Project.
- Pen Gold Project appears to be on the western extension of the Porcupine-Destor Fault Zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada. The Timmins Camp has produced approximately 72.5 million ounces to date.
References
Bleeker, W., Kamo, S.L., Atkinson, B.T. and Stalker, M. 2015. Constraining the age of synorogenic conglomerate and sandstone in Penhorwood Township, northern Swayze greenstone belt; in Summary of Field Work and Other Activities 2015, Ontario Geological Survey, Open File Report 6313, p.40-1 to 40-10.
Gary Wong, P. Eng., Vice-President Exploration of the Company, and a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
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 does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly 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 as required by law.
To view Appendix A through Appendix D, please visit the following link: http://media3.marketwire.com/docs/rpr0105appendices.pdf.