Eclipse Gold Mining Corp. Announces Phase II Drill Program at Hercules Gold Project
Vancouver, August 18, 2020 - Eclipse Gold Mining Corp. (TSXV: EGLD) (OTC Pink: EGLPF) ("Eclipse" or "the Company") is pleased to report it will commence the next phase of drilling at its Hercules Gold Project in Nevada's Walker Lane trend. The Company has secured a drill rig and begun mobilization for its Phase Two drill program. Drilling will commence next week and is planned to include up to 18 reverse circulation holes, totalling approximately 6,750 metres.
Drilling will test:
- Potential extensions of known gold mineralization to the east of Cliffs
- The newly defined Hercules Structural Zone that runs north-south through the Northeast and Hercules targets
- Geophysical targets generated by the Company's recent IP geophysical program between the Cliffs and Hercules targets
Figure 1: Overview plan map showing location of 2020 Phase 2 RC drilling (white traces) relative to exploration targets, previous drilling, key IP geophysical survey interpreted structures, and 100-150 m resistivity depth slice.
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Dr. Warwick Board, Vice President of Exploration for the Company commented, "With our new geophysical data refining the geological model of the Hercules Gold system we are excited to begin this phase of drilling, testing high priority targets on the property. The new data indicates that the Hercules system may be a large-scale epithermal gold system where only the outer edges have been tested by drilling to date."
Eclipse is the first to aggregate data and look at Hercules through a district-scale lens using a systematic, science-focused approach. The Company has created an 85-square-kilometres, district-scale land package, through claim-staking and ownership consolidation, that is known to host a low-sulphidation epithermal gold-silver system of undefined size.
Recent drilling has highlighted the strength and continuity of the mineralized system at Hercules, intersecting broad intervals of near-surface oxide gold-silver mineralization in all target areas tested to date, some greater than 50 metres. Results from a recent ground IP survey identified a new "Hercules Structural Zone," a potential feeder structure, that extends more than 2,000 metres along strike, and remains open for expansion. Of note, Phase One drilling has shown an apparent increase in thickness and grade of mineralization of the low sulphidation epithermal gold-silver system to the south, indicating the property-wide system could be larger than previously imagined.
This Phase II program may be further refined based on the results of the Helicopter based EM survey that is currently being completed, as further described in the Company's news release dated August 4th, 2020.
Property Acquisition
The Company is pleased to report it has purchased two patented claims within the Hercules land package. The acquisition further consolidates ownership of this prospective district and will allow for more effective exploration in the Sirens target area, where historic drill hole BR0806 returned 38 metres of 0.64 g/t gold and ended in mineralization.
Figure 2: Hercules Property Map showing the newly defined Sirens target area.
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Departures Capital
Eclipse has engaged Departures Capital for a three-month contract to create a cross platform social media and video marketing program. Total contract value is US$30,000 with approximately 30% allocated to digital advertising.
About Eclipse Gold Mining
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada's Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The Company brings together a team with collective funding of over $2 billion in both strong and weak markets, and a track record of at least nine successful buyouts/exits.
Qualified Person
Dr. Warwick Board, P.Geo., Vice President of Exploration for Eclipse Gold Mining Corp., and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Allen
President, CEO and Director
CORPORATE INQUIRIES:
Dylan Berg, VP Investor Relations
Company Website: www.eclipsegoldmining.com
+1 (844) 427-6453 Toll Free, +1 (778) 945-3949 Direct (please leave a message)
Email: info@eclipsegoldmining.com
TSXV: EGLD | OTC:EGLPF | Frankfurt:F3J | ISIN: CA27888R1001 | WKN: A2PYV4
Forward Looking and Other Cautionary Statements
This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include the acceptance of the Offering by the TSXV; regulatory actions; general market conditions (including equity, commodity, foreign exchange and interest rate); increased funding costs and market volatility due to market illiquidity and competition for funding; operational outcomes (including technology and infrastructure); insurance; environmental conditions; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful development and exploration of its owned and optioned properties; the ability to implement business strategies and pursue business opportunities; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, nonessential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, and supply chains, and a deterioration of general economic conditions including a possible national or global recession. Such forward-looking information reflects the Company's views with respect to future events and is subject to further risks, uncertainties and assumptions, including those set out in the Company's final prospectus dated February 6, 2020 and the final prospectus dated June 29, 2020 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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