Battle North Gold's McFinley Zone Exploration Program Intersects High-Grade Mineralization
TORONTO, Aug. 11, 2020 - Battle North Gold Corp. (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") reports chip sampling results and assay results from the confirmatory drilling program at the McFinley Zone located nearby the Bateman Gold Project (the "Project") infrastructure. Table 1: McFinley Zone Assay Result Highlights (as of August 10, 2020):
| Drill hole number: | Intercept: | Notes: |
| 122L-20-09 | 191.00 grams per tonne of gold ("g/t Au") over 0.20 metres ("m") | Banded iron formation |
| 84L-20-05 | 134.00 g/t Au over 0.27 m | Banded iron formation |
| 84L-20-02 | 84.90 g/t Au over 0.27 m and 6.31 g/t Au over 1.20 m (including 14.40 g/t Au over 0.30 m) | Banded iron formation; See Picture 1 |
| 84L-20-07 | 20.50 g/t Au over 0.31 m | Banded iron formation; See Picture 2 |
| 122L-20-04 | 11.00 g/t Au over 0.63 m | Banded iron formation |
| 84L-20-01 | 7.36 g/t Au over 1.61 m (including 15.50 g/t Au over 0.40 m) | Banded iron formation |
| The drilling program at McFinley Zone (84 m and 122 m Levels) is focused on confirming historical drilling1 and potentially defining mineral resource estimates (more details in the 'Qualified Persons and QA/QC' section below), produced the above highlights (see Tables 2 and 3 below for a full summary of results and drill hole coordinates, respectively.) |
CEO Comment
Battle North President and Chief Executive Officer George Ogilvie, P.Eng., stated, "The initial results from confirmatory drilling at the McFinley Zone provides us with more confidence of the potential to source future incremental mill feed from the McFinley and the Pen Zones (targets that form part of the String of Pearls2) to augment the Bateman Gold Project's anticipated production profile. The results from drilling and chip sampling of mine workings at the McFinley Zone appear to confirm the historically identified areas of mineralization within the banded-iron formation ("BIF") and basaltic units. The high-grade intercepts encountered in the drilling, signal the upside potential of the McFinley Zone. Work is ongoing, such as metallurgical testing, to further understand the McFinley Zone mineralization and how mining and milling techniques may be applied. In 2017, we performed exploratory drilling in an area at depth from the 685 m Level and roughly 550 m down-dip from the McFinley Zone known mineralized envelope3. We intersected gold mineralization within both the basaltic and BIF units, which demonstrate the potential down-dip extension of the McFinley Zone and warrants follow-up drilling. We are confident that the data collected will support an NI 43-101 mineral resource estimate at the McFinley Zone, which is due in the fourth quarter of 2020."
McFinley Zone
The McFinley Zone is located approximately 420 m west of the Bateman Gold Project's F2 Gold Zone, the main deposit of the Project. The McFinley Zone benefits from historical drilling and a partially completed 15,000-ton bulk sample program (with head grade estimates of approximately 0.25 ounces per ton)1 undertaken in the 1980s from three developed underground levels: 46 m, 84 m, and 122 m Levels. These levels are connected to the Project shaft and with a direct connection to the F2 Gold Zone on the 122 m Level. Gold mineralization at the McFinley Zone is primarily hosted in gold-bearing quartz veins and sulphides in BIF and basaltic unit settings. The McFinley Zone is comprised of three distinct sub-areas of mineralization (the B, C, and D Zones) that appear to be displaced by a local fault (the "shaft fault"). The C Zone is hosted along an ultramafic and basalt contact while the B and D Zones are hosted within an intermixed BIF/basaltic unit. The McFinley Zone has a historical mineral resource estimate1 (which is not NI 43-101 compliant) of 303,000 tonnes grading 6.86 g/t Au to a depth of 122 m and mineralization remains open along strike and down plunge/dip.
The current McFinley Zone exploration program consists of confirmatory chip sampling, diamond drill assays, structural mapping and metallurgical testing. The Company has completed approximately 1,200 m of a planned 1,500 m drilling program at McFinley Zone at the 46 m, 84 m, and 122 m Levels. Please see Tables 2 and 3 at the end of this news release for a full summary of the assay results and information on the drilling coordinates, respectively, as of August 10, 2020. See Diagrams 1 and 2 for the conceptual plan views of the McFinley Zone confirmatory drilling and back sampling program and the historical (pre-2020)1 and current (2020) assay results, respectively. See Diagram 3 for a conceptual plan view of the 2020 chip sampling program. For the recent (2020) and historical (pre-2020) chip sample results, please see Tables 4 and 5, respectively, available on the Battle North Gold website at www.battlenorthgold.com in the Projects > Bateman Gold Project section under "McFinley Zone Chip Sample Data". Some of the highlight results from the 2020 chip sampling program include:
- 46 m Level
-
- 0.35 m @ 20.6 g/t Au (BIF)
- 0.40 m @ 43.2 g/t Au (basaltic unit)
- 0.36 m @ 49.6 g/t Au (quartz vein)
- 122 m Level
-
- 0.50 m @ 32.4 g/t Au (basaltic unit)
- 0.50 m @ 30.6 g/t Au (BIF)
- 0.40 m @ 245.0 g/t Au (BIF)
Overall, the recent chip sampling and the ongoing confirmatory drilling program have supported the historical McFinley drill hole intercepts1 and further advances Battle North's understanding of the geological structures within mineralization of the zone. The confirmatory drilling program has also yielded some high-grade intersections; See Table 1 for assay result highlights and Pictures 1 and 2 of photographs of assayed core sections from holes 84L-20-02 and 84L-20-02, respectively. Data from the McFinley Zone exploration program is expected to support an NI 43-101 mineral resource estimate for McFinley, which is anticipated in the fourth quarter of 2020. The Company believes that the McFinley Zone could potentially provide incremental mill feed to the Bateman Gold Project.
An initial review has identified a series of cross cutting structures that appear to enrich the sulphide and resulting gold mineralization. In addition, this apparent enrichment seems to correlate between pyrite and pyrrhotite mineralization and silica-biotite-chlorite alteration. Battle North has also incorporated Synchrotron Mineral Cluster Analysis technology in the analysis of samples from the McFinley Zone. This analysis was undertaken by researchers at Western University in Ontario through the Company's independent consultant, the Nordmin Group of Companies. The analysis classifies a suite of mineral samples into different groups such that similar mineral traits are placed in the same group. This additional data advances our understanding of the minerals associated with gold enrichment and improves Battle North's ability to target prospective zones at the McFinley Zone.
In 2017, Battle North drilled three exploration holes3 between the 244 m and 685 m Levels to test the potential depth extension of the McFinley Zone. That 2017 drill program intersected gold-bearing quartz veins and sulphides through four mineralized intercepts, similar to the lithological sequence of the historic McFinley Zone in the upper part of the mine, which could demonstrate the potential of gold mineralization down plunge/dip extension of the zone at depth.
Qualified Persons and Quality Assurance and Quality Control (QA/QC)
The content of this news release has been read, verified and approved by Michael Willett, P.Eng., Director of Projects for Battle North, and Isaac Oduro, P.Geo., Manager of Technical Services for Battle North, each of whom is a Qualified Person as defined by NI 43-101.
Underground drilling was conducted by Boart Longyear Drilling of Haileybury, Ontario and was supervised by the Battle North Gold exploration team. All assays reported are uncut unless otherwise stated. Samples reported herein were assayed by SGS Mineral Services of Red Lake, Ontario and Activation Laboratories Ltd., Dryden, Ontario, both of which are independent of Battle North. All NQ core assays reported were obtained by fire assay with AA-finish or using gravimetric finish for values over 10.0 g/t Au.
Intercepts cited do not necessarily represent true widths, unless otherwise noted, however drilling is generally intersecting interpreted mineralized zones at angles between -30o and +30o. True width determinations are estimated at 65-80% of the core length intervals for the 305 m Level drilling, and estimated at 75-95% of the core length for the 610 m and 685 m Level drilling. Battle North Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy and precision4.
About Battle North Gold Minerals Corporation
Battle North Gold is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the strategic and second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.
Battle North Gold Corp.
George Ogilvie, P.Eng.
President, CEO, and Director
Table 2: 2020 McFinley Zone Exploration Program – Summary of the Assay Results, up to August 10, 2020
| Drill hole | Elevation | McFinley | Total Depth | Vertical depth | From | To | Width | True width | Grade |
| 84L-20-01 | 84 m Level | D | 90.00 | 67.00 | 3.12 | 3.70 | 0.58 | 0.58 | 5.67 |
| 70.00 | 29.55 | 31.16 | 1.61 | 1.60 | 7.36 | ||||
| Including | 30.00 | 30.40 | 0.40 | 0.40 | 15.50 | ||||
| 73.00 | 57.28 | 57.71 | 0.43 | 0.43 | 5.39 | ||||
| 75.00 | 86.73 | 87.25 | 0.52 | 0.52 | 5.62 | ||||
| 84L-20-02 | 84 m Level | D | 60.50 | 70.00 | 4.35 | 4.65 | 0.30 | 0.27 | 84.90 |
| 83.00 | 35.40 | 37.20 | 1.20 | 1.09 | 6.31 | ||||
| Including | 36.30 | 36.60 | 0.30 | 0.27 | 14.40 | ||||
| 84L-20-03 | 84 m Level | D | 60.00 | 82.0 | 41.53 | 41.78 | 0.25 | 0.23 | 1.37 |
| 84L-20-04 | 84 m Level | D | 81.00 | 75.0 | 21.90 | 22.50 | 0.60 | 0.56 | 3.44 |
| 93.0 | 49.02 | 50.00 | 0.98 | 0.92 | 5.63 | ||||
| 84L-20-05 | 84 m Level | D | 90.00 | 73.00 | 17.13 | 17.70 | 0.57 | 0.55 | 4.89 |
| 78.00 | 38.25 | 39.24 | 0.99 | 0.96 | 7.23 | ||||
| 80.00 | 49.67 | 49.95 | 0.28 | 0.27 | 134.00 | ||||
| 86.00 | 80.00 | 81.00 | 1.00 | 0.97 | 3.60 | ||||
| 87.00 | 83.00 | 84.00 | 1.00 | 0.97 | 5.09 | ||||
| 84L-20-06 | 84 m Level | D | 51.00 | 68.00 | 14.90 | 15.87 | 0.97 | 0.97 | 7.01 |
| 68.00 | 19.88 | 20.28 | 0.40 | 0.40 | 3.80 | ||||
| 84L-20-07 | 84 m Level | D | 80.50 | 71.00 | 30.25 | 30.56 | 0.31 | 0.31 | 20.50 |
| 84L-20-08 | 84 m Level | D | 51.00 | 73.00 | 20.05 | 25.36 | 0.31 | 0.31 | 1.74 |
| 84L-20-09 | 84 m Level | D | 90.00 | 96.00 | 86.64 | 87.00 | 0.36 | 0.35 | 3.50 |
| 84L-20-10 | 84 m Level | D | 36.00 | 67.00 | 15.57 | 16.18 | 0.43 | 0.43 | 3.07 |
| 67.00 | 18.00 | 18.50 | 0.50 | 0.50 | 11.60 | ||||
| 67.00 | 22.20 | 22.87 | 0.67 | 0.67 | 9.72 | ||||
| 67.00 | 27.56 | 28.05 | 0.49 | 0.49 | 3.21 | ||||
| 122L–20–01 | 122 m Level | B | 90.00 | 113.00 | 44.40 | 45.00 | 0.60 | 0.59 | 1.12 |
| 116.00 | 69.00 | 69.50 | 0.50 | 0.49 | 1.32 | ||||
| 122L–20–02 | 122 m Level | B | 88.50 | 112.00 | 31.00 | 32.00 | 1.00 | 0.99 | 5.77 |
| 119.00 | 70.00 | 70.50 | 0.50 | 0.49 | 1.67 | ||||
| 122L–20–03 | 122 m Level | B | 82.40 | 107.00 | 6.70 | 7.00 | 0.30 | 0.30 | 1.47 |
| 122L–20–04 | 122 m Level | B | 36.00 | 108.00 | 7.00 | 7.66 | 0.66 | 0.63 | 11.00 |
| 110.00 | 11.70 | 12.00 | 0.30 | 0.29 | 3.72 | ||||
| 111.00 | 13.50 | 14.00 | 0.50 | 0.48 | 7.14 | ||||
| 122L–20–05 | 122 m Level | B | 36.00 | 118.00 | 33.00 | 33.80 | 0.80 | 0.75 | 3.75 |
| 122L–20–06 | 122 m Level | B | 36.00 | No significant assays | |||||
| 122L–20–07 | 122 m Level | B | 46.00 | 110.00 | 8.00 | 8.50 | 0.50 | 0.47 | 6.34 |
| 122L–20–08 | 122 m Level | C | 36.50 | 108.00 | 11.45 | 11.67 | 0.22 | 0.22 | 3.34 |
| 109.00 | 25.00 | 25.30 | 0.30 | 0.30 | 4.18 | ||||
| 122L–20–09 | 122 m Level | C | 42.00 | 110.00 | 7.84 | 8.05 | 0.21 | 0.20 | 191.00 |
Table 3: 2020 McFinley Zone Exploration Program – Drill Hole coordinates, to August 10, 2020
| Drill hole number | Drill Hole Location | Azimuth | Inclination | ||
| Easting (Mine Grid) | Northing (Mine Grid) | Elevation (Mine Grid) | |||
| 84L–20–01 | 9959.0 | 49637.2 | 5288.4 | 290.9 | –5.4 |
| 84L-20-02 | 9960.0 | 49671.0 | 5288.0 | 275.0 | -25.0 |
| 84L-20-03 | 9965.0 | 49668.0 | 5288.0 | 90.0 | -20.0 |
| 84L-20-04 | 9958.0 | 49864.0 | 5288.0 | 240.0 | -20.0 |
| 84L-20-05 | 9956.3 | 49864.2 | 5286.9 | 259.6 | -13.3 |
| 84L-20-06 | 9956.3 | 49864.6 | 5287.2 | 280.0 | 0.0 |
| 84L-20-07 | 9959.2 | 49864.9 | 5287.1 | 90.8 | -4.6 |
| 84L-20-08 | 9958.6 | 49820.2 | 5287.0 | 280.7 | -9.4 |
| 84L-20-09 | 9961.5 | 49820.4 | 5286.8 | 92.8 | -15.7 |
| 84L-20-10 | 9952.8 | 49734.6 | 5287.9 | 279.8 | 0.2 |
| 122L–20–01 | 10032.3 | 50052.9 | 5249.2 | 242.4 | –8.4 |
| 122L–20–02 | 10031.8 | 50053.7 | 5249.2 | 268.1 | –9.5 |
| 122L–20–03 | 10032.0 | 50053.5 | 5249.4 | 263.5 | –5.2 |
| 122L–20–04 | 9979.3 | 50074.6 | 5249.5 | 280.3 | –18.1 |
| 122L–20–05 | 9979.2 | 50074.3 | 5249.4 | 266.0 | –19.4 |
| 122L–20–06 | 9990.2 | 50193.3 | 5249.6 | 280.2 | –17.1 |
| 122L–20–07 | 9989.2 | 50192.5 | 5249.0 | 261.0 | –21.0 |
| 122L–20–08 | 10008.9 | 49980.7 | 5248.5 | 102.5 | –4.6 |
| 122L–20–09 | 10008.4 | 49980.4 | 5248.1 | 118.6 | –19.8 |
Cautionary Statement regarding Forward-Looking Statements and other Cautionary Notes
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "advances", "anticipated", "apparent", "appear", "assumption", "believes", "confidence", "conceptual", "contingencies", "demonstrate", "estimate", "expected", "exploration", "factors", "focus", "follow up", "forward", "future", "initial", "may", "ongoing", "planned", "possible", "potential", "profile", "program", "project", "prospective", "risk", "shovel-ready", "signal", "strategic", "study", "target", trend", "uncertainties", "understanding" , "upside" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, will (or not) be achieved, demonstrate, occur, provide, result or support in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding mineral resource estimates and other mineralization including historical and any future such estimates for the McFinley Zone (and timing thereof); the current and future results of the 2020 McFinley Zone drilling program including any plunge/dip, down-dip or other extension thereof;; potential to use mineralized material from the McFinley Zone or the Pen Zone as incremental mill feed for the Project; the String of Pearls; and anticipated production profile of the Bateman Gold Project.
Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth herein, and in the Company's Management's Discussion and Analysis for the quarter ended June 30, 2020 (the "Q2, 2020 MD&A") and the accompanying financial statements, and the July 2020 Technical Report, all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com.
Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others: gold price fluctuations; possible variations in mineralization, grade or recovery or throughput rates; uncertainty of mineral resource estimates; inability to realize exploration potential, mineral grades and mineral recovery estimates; actual results of exploration activities including their impact; delays in completion of exploration and other drilling or plans, and any studies, including the ongoing Feasibility Study for the Project, for any reason including insufficient capital and other risks, uncertainties, contingencies and factors identified herein; labour issues at the Company or third parties, such as government and regulatory agencies, suppliers and service providers, including labour shortages and/or work curtailments or stoppages as may result from COVID-19; conclusions of economic, geological or structural evaluations and models including those reflected in mineral resource estimates, or included in the July 2020 Technical Report and the ongoing Feasibility Study for the Project, and any other studies for the Project; changes in Project parameters as plans continue to be refined; failure of equipment or processes to operate as anticipated; accidents and other risks of the mining industry; delays and other risks related to operations; the ability to obtain and maintain permits and other regulatory approvals (as well as the timing and terms thereof) and to comply with such permits, approvals and other applicable regulatory requirements; the ability of Battle North to comply with its obligations under material agreements including its current loan facility and other financing agreements; the availability of financing for proposed programs and working capital requirements on reasonable terms and in a timely manner; the ability to meet, repay, or refinance, or replace, or renegotiate current and future debt obligations on reasonable terms and in a timely manner including the current loan facility and closure and reclamation surety bond; the ability of third-party service providers and other suppliers to deliver on reasonable terms and in a timely manner (including those working on the ongoing Feasibility Study for the Project); risks associated with the ability to retain key executives and key operating personnel; cost of environmental expenditures and potential environmental liabilities; relations with local communities including First Nations; failure of plant, equipment or processes to operate as anticipated; cost of supplies; market conditions and general business, economic, competitive, political and social conditions; our ability to generate sufficient cash flow from operations or obtain adequate financing to fund our capital expenditures and working capital needs and meet our other obligations; the volatility of our stock price, and the ability of our common stock to remain listed and traded on the TSX; epidemics, pandemics and other public health crises, including COVID-19 or similar such viruses; and the "Risk Factors" in the Company's annual information form dated March 27, 2020 ("2020 AIF") as well as the risks, uncertainties, contingencies and other factors identified in the July 2020 Technical Report and the Q2, 2020 MD&A and accompanying financial statements, all of which are available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF.
The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the Q2, 2020 MD&A, the 2020 AIF and July 2020 Technical Report. Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.
| 1 | For more information on the Historic McFinley Deposit, please refer to the Mineral Deposit Inventory for Ontario, MENDM which is available at http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52N04SE00005.html and 2002 technical report on the McFinley Zone found on the Company's website www.battlenorthgold.com in the Projects > Bateman Gold Project section under "Technical Report". The current mineral resource estimate for this deposit is historical, and is not compliant with National Instrument 43-101 ("NI 43-101"). |
| 2 | See July 27, 2020 news release found on the Company's website www.battlenorthgold.com and under the Company's profile at www.sedar.com. |
| 3 | See February 20, 2018 news release found on the Company's website www.battlenorthgold.com and under the Company's profile at www.sedar.com. |
| 4 | For more information on applicable QA/QC procedures, see the Technical Report for the Project dated July 7, 2020, and effective May 5, 2020 (the "July 2020 Technical Report"), available on under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. |
| 5 | See Tables 2 and 3 above. |
| 6 | See above for specific highlights from the 2020 program. |
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
SOURCE Battle North Gold Corp.
Contact
For more information, contact Allan Candelario, CFA, Director, Investor Relations and Corporate Development, Phone: +1 (416) 766-2804 | E-mail: ir@battlenorthgold.com | www.battlenorthgold.com, Battle North Gold Corp. | Suite 830-121 King St. W. | Toronto ON, CANADA M5H 3T9