C2C Gold Corp. Announces Expansion of Newfoundland Projects; Appointment of Chief Financial Officer
VANCOUVER, May 27, 2021 - C2C Gold Corp. (CSE: CTOC) (the "Company" or "C2C") is pleased to announce the acquisition of two highly prospective properties adjacent to the Company's Badger project in Central Newfoundland's Gold Belt. The strategic acquisition of the Tom Joe and Rocky Brook properties provides the Company with known gold occurrences which will be included as part of C2C's 2021 exploration program. The Company also announces the appointment of Ms. Weiting (Camille) Zhou as Chief Financial Officer effective June 1, 2021.
Tom Joe and Rocky Brook Acquisition Highlights:
- 100% interest in two mineral licenses (ten claims) covering the Tom Joe gold-arsenic occurrence with reported historical values up to 1.9 g/t gold in rock samples;
- 100% interest in two mineral licenses (two claims) covering the Rocky Brook East Gold occurrence with reported values of up to 5.3 g/t gold from rock samples collected on surface;
- The Tom Joe and Rocky Brook East gold occurrences are included in areas targeted for surface exploration in C2C's 2021 field program. Acquisition of the Tom Joe and Rocky Brook mineral licenses expands the Badger project area to 480 sq km and increases the Company's total Central Newfoundland Gold Belt holdings to 4,617 claims (1,154 sq km).
For more information on C2C projects including newly acquired project visit: https://bit.ly/2SnRdwK.
"We are pleased to add the strategically-located Tom Joe and Rocky Brook East historical gold occurrences to our Badger project area. The Tom Joe property lies within a structural zone trending northeast onto the Company's main Badger project area and underlies historical anomalous gold-in-till samples," said Lori Walton, Chief Executive Officer. "Additionally, on behalf of the management and Board of C2C Gold we are very excited to welcome Camille Zhou as our new Chief Financial Officer. Janet Lee-Sheriff and I both look forward to continue our working relationship with Camille in this new role."
Newfoundland.Gold Virtual Investors Days Conference
C2C Gold will be presenting at the 1st Newfoundland.Gold Virtual Conference being held from June 1 to 3, 2021. For more information please visit: Virtual Investors Day - Newfoundland Gold.
Tom Joe Project
The Tom Joe gold-arsenic occurrence is covered by two mineral licenses containing ten claims over 250 hectares (2.5 km sq). Tom Joe is located 25 km south of the town of Badger and is easily accessed by a road transecting the property. According to assessment report records, Altius Resources Inc. conducted surface work programs on the property during the late 1990's and reported gold in mineralized rock samples containing pyrite, arsenopyrite and sphalerite from the Tom Joe occurrence. There has been limited work on the property; the most recent publicly documented work was a till sampling program completed in 2017 by Stratton Minerals where several anomalous gold-in-till samples were collected in the area.
The Tom Joe gold-arsenic zone of mineralization and carbonate-sericite-kaolinite alteration in rubble was noted by a prospector in 1996 while prospecting new road cuts. The Tom Joe property is underlain by Cambro-Ordovician marine siliciclastic sediments of the Victoria Lake supergroup mapped as lying stratigraphically beneath the Carodician black shale unit and Badger Group sedimentary rocks.
Rocky Brook
The Rocky Brook East Gold occurrence is covered by two mineral licenses containing two claims over 50 hectares (0.5 km sq) situated on the northern border of the Company's Badger property. The Rocky Brook property is located ten km north of the town of Badger on the Trans Canada Highway and is easily accessible via logging roads. Historical rock sampling results as reported in assessment reports include quartz-carbonate veins returning values up to 5.3 g/t gold.
The Rocky Brook East showing was first documented in the late 1990s when a local prospector discovered quartz-carbonate veins and breccia mineralized with galena, chalcopyrite, and arsenopyrite. The mineralized area is hosted in a sequence of gabbroic plugs and dykes intruding metasedimentary rocks. There has been minimal exploration work on the Rocky Brook gold occurrence.
The property lies near the Red Indian Line, a major deep crustal structure, where mafic to felsic volcanic rocks and sediments of the Roberts Arm Belt to the west lie in thrust-faulted contact with sediments of the Badger Group to the east.
The historical exploration data and analytical results reported in this news release were compiled from publicly available assessment reports and other data filed with the Department of Energy, Industry, and Technology, Government of Newfoundland and Labrador. Neither C2C Gold Corp. or a qualified person has verified the historical sampling, analytical, and test data contained in this news release. The historical rock grab sampling results are selected samples and are not necessarily indicative of the mineralization on the properties.
Terms of the Agreement
The Company has entered into an Agreement with the vendor for 100% ownership of the Tom Joe and Rocky Brook mineral licenses in exchange for $25,000 cash and the issuance of 200,000 common shares upon signing. The vendor retains a 2% net smelter return royalty of which C2C can purchase 1% at any time for $500,000. The purchase agreement is subject to exchange approval.
Weiting (Camille) Zhou, Chief Financial Officer
Ms. Zhou brings in over 10 years of experience in finance from private and public companies. She started her professional career at Ernst & Young LLP and has spent most of her career in various finance roles in the resource industry, with a focus on mining companies listed on the TSX Venture Exchange. She is experienced in financial reporting under both IFRS and U.S. GAAP. Ms. Zhou comes to the Company from Golden Predator Mining Corp., where she recently served as Corporate Controller. Ms. Zhou holds a M.Sc. in Finance from University of Saskatchewan, with a research focus on corporate governance and mergers and acquisitions. She also holds a B.B.A. in Accounting from University of Macau.
The Company wishes to thank Scott Davis for his service to the Company.
Technical information in this news release has been approved by Lori Walton, P.Geo., CEO and Director and a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
C2C Gold - Newfoundland Properties
C2C Gold's project areas cover more than 1,154 km? along and between the Red Indian Line (RIL) and the Valentine Lake shear zone in the Central Gold Belt of Newfoundland. The Company's prospective holdings extend for more than 100 km along the Central Gold Belt; a northeast trending structural zone extending across Newfoundland. Regionally extensive fault zones are deep crustal sutures which localize deformation and fluid flow and host orogenic-style gold bearing quartz veins and stockwork zones.
Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville gold deposits in Australia. Regionally, till and lake sediment sampling programs by the Newfoundland and Labrador Geological Survey defined northeast trending clusters of gold-in-till anomalies south of the RIL.
C2C Gold is focusing on testing the correlation between anomalous gold-in-till samples and underlying structural features shown on historical geophysical surveys. A comprehensive program of deeper soil sampling over the most promising areas will target potential buried gold mineralization. There are numerous gold-in-till anomalies throughout the C2C property holdings.
Newfoundland Projects - Regional Overview
Newfoundland has long been known to have a large number of gold occurrences with relatively little modern exploration. Historical production from the Hope Brook, Nugget Pond, and Point Rousse projects have been typical of the island's mines with relatively modest production from high grade deposits. More recently important significant drill intersections such as those announced by New Found Gold Corp. and those contributing to the growing resource at Marathon Gold Corp.'s Valentine Deposit have raised the status of the area to that of a premier gold exploration jurisdiction. These continued positive results have led to a dramatic increase in exploration activity giving rise to a modern-day gold rush throughout.
C2C Gold Corp.
C2C is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,154 km? with road access and proximity to communities and power lines. C2C also holds a portfolio of projects within the prolific White Gold and Klondike districts in Canada's Yukon.
For additional information:
Lori Walton, Chief Executive Officer
(604) 757-7180
info@c2cgold.com
www.c2cgold.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.