Golden Pursuit Announces Acquisition of 5 Historical Small Scale Mines/Deposits, Gordon Lake, NWT
Vancouver, October 28, 2020 - Golden Pursuit Resources Ltd. (TSXV:GDP) (the "Company") wishes to announce the acquisition of new mineral tenure at Gordon Lake, NWT. The company staked a total of 13 Territorial mineral claims covering 3,532 ha and 12 Federal mineral claims covering 1,686 ha. This new mineral tenure is in addition to company owned mineral leases of 378 ha.. The company has had leases covering the main zones of mineralization at Kidney Pond since 1996. The new mineral tenure covers a former producing small scale mine known as Camlaren and minor producing small scale advanced projects like Burnt Island, West Bay Mine and Argonaut (tungsten). The properties are located 85 Km northeast of the city of Yellowknife in the Northwest Territories (NWT), Canada with access via the Tibbitt to Contwoyto winter road which traverses the properties. Historically, the NWT has been host to some significant gold mines in Canadian history, including:
Con Mine (1938 - 2003) was the first gold mine developed in the Northwest Territories on the south side of Yellowknife and produced over 5 million ounces of gold.
Giant Mine, located on the north side of Yellowknife, produced 7 million ounces of gold. Giant and Con were two of the longest continuous gold mining operations in Canadian mining history.
The historic Discovery Mine is located 85 km NNE of Yellowknife and just 35 km WNW of the Gordon Lake properties. Production from 1949 to 1969 totaled one million oz of gold produced from one million tons of ore.
The southern Gordon Lake area is underlain by the Archean Yellowknife Supergroup which is locally made up of a turbidite sequence composed predominantly of greywacke, mudstone, siltstone and less abundantly argillite. Gold lode deposits, hosted within shear zones of metavolcanic belts, have produced some of the world's largest gold mines. Consequently, exploration has focussed on lineaments within these belts. Commonly associated metaturbidite terrains are good exploration targets but a better understanding of structural and lithological ore controls and their genesis is required. Turbidite hosted deposits include Bendigo-Ballarat-Victoria gold fields of Australia (80 million oz. production), Meguma Group in Nova Scotia (1.2 million oz production) and the recent Newfoundland exploration success of NewFound Gold Corp. There is good exploration potential for a large tonnage, bulk mining operation based upon the recent discovery of disseminated gold in metasedimentary rocks at many former gold districts.
The Gordon Lake area is well known for its many gold occurrences. Frequently these occurrences have exceptional grade but limited extent. Historical work was concentrating on gold grade needing to be greater than 0.5 oz/ton. The company feels that many of the historical occurrences should be re-evaluated in the context of 2020 gold prices to better understand their relevance in todays gold price environment.
Any reference to a resource at the Gordon Lake south area should be considered historical and a non-compliant NI 43-101 resource.
Gold production in the South Gordon Lake area is summarized as:
Camlaren - In 1937/38; 13,177 tons of ore graded 0.62 oz/ton. In 1963, 12,174 tons graded 1.14 oz/ton. In 1978, the resource was estimated at 56,000 tons grading 0.62 oz/ton. In 1980; 12,282 tons of ore graded 0.42 oz/ton. In 1981; 39,680 toms of ore graded 0.44 oz/ton.
Burnt Island - The only reported resource from Burnt Island comprised a was in 1989 estimation of 1,300 tons grading 2.11 oz/ton down to the 100' level.
Kidney Pond (Mahe) - The only reported resource from 1995 comprises an underground resource of 10,040 tons grading 0.74 oz/ton and an open pit resource of 3,300 tons grading 0.45 oz/ton.
West Bay - By end of 1948, a total of 289 tons of ore was produced grading 221 oz/ton. In 1991, 1,387 tons of ore were produced grading 0.78 oz/ton.
The most recent acquisition of mineral tenure in the south Gordon Lake area marks the first time in history that all advanced projects in the district have been consolidated with one corporate owner and no vendor royalties or payments. This was a unique opportunity that came together from a federal government reclamation project in the Gordon Lake area, an extensive downturn in the mining market conditions and the COVID pandemic.
The company intends to commission a NI43-101 compliant report to list as a "property of merit" and to outline a plan for this exciting new project. For further information on this project, please visit the company's website (www.goldpursuit.ca) which will be updated this week..
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Gary Vivian P. Geo., a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Golden Pursuit Resources
Golden Pursuit Resources is an exploration and project generator company focused on its portfolio of 15 mineral properties located in Nevada and the development of its recently staked Gordon Lake Project, located 85 kms N of Yellowknife NWT. Golden Pursuit owns100% of all properties with no royalties. The company has a carried 40% interest in a joint venture on its Blackpoint Prospect located 8 kms north of Eureka Nevada and is awaiting assays from a recently completed drill program.
On Behalf of the Board of Directors,
"Brian McClay"
President/CEO
For further information please contact:
Investor Relations
Brian McClay
Tel: +1 (604) 730.6982
Email: info@goldpursuit.ca
https://www.GoldPursuit.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Golden Pursuit's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include statements concerning Golden Pursuit's expected use of proceeds of the Offering and all other statements that are not statements of historical fact.
Although Golden Pursuit believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Golden Pursuit to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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