Solstice Commences 2022 Field Program at its Atikokan Gold Project
VANCOUVER, April 05, 2022 - Solstice Gold Corp. (TSXV: SGC) ("Solstice", "we", "our" or the "Company") is pleased to announce that we have commenced exploration programs at our Atikokan Gold Project (the "Property") in the Hammond Gold Camp in NW Ontario. The 322 km2 Property is located approximately 120km west of Thunder Bay and 26km east of the Hammond Reef Gold Project owned by Agnico Eagle Mines Ltd. ("Agnico")1. Solstice believes that regional exploration work in recent years by both prospectors and Agnico have demonstrated good potential for new gold discoveries associated with extensive NE and NNE trending faults hosted by the Marmion batholith. Despite its excellent location close to infrastructure, surprisingly little exploration has been carried out over most of this terrain. The objective of the 2022 program will be to carry out high resolution geophysical surveys followed by intensive field mapping and prospecting to define targets for follow up. Priority areas of focus are outlined in Figure 1 and include:
- Known areas of up to 10% sulphide mineralization north of Mercutio Lake which were prospected in 2021. Early spring lakeshore prospecting is planned for this area as low lake levels expose outcrop and lake ice provides excellent access.
- A >20km long fault structure at the contact of the batholith and a magnetic composite dyke where numerous outcroppings with quartz veining were identified, in one area up to 1000m2 of near massive quartz, accompanied by widespread iron carbonate alteration and disseminated pyrite. This area will be slated for detailed follow-up.
- Numerous unexplained gold and silver lake sediment anomalies in many cases aligned along interpreted structures.
- Other major faults identified from current topographic and magnetic data which will be augmented by ongoing airborne geophysical surveys commissioned by the Company.
Mike Timmins, Solstice CEO stated, "We have kicked off this year's field activities over one of the largest land positions in the Hammond Gold Camp and are fortunate to be working with several technical partners with extensive local expertise. Conducting large-scale grass-roots exploration across kilometers of prospective structure is exciting for our shareholders and a great opportunity to make a new regional discovery in the camp. We believe that our fully funded field program at Atikokan and phase one drilling in Red Lake, are complementary and position us well for success in 2022".
David Adamson, Solstice Chairman stated, "Our Atikokan Gold Project represents a rare opportunity in the prolific Superior Province of Ontario. It is markedly underexplored compared to other terrains in the shield that host existing, large gold deposits. Recent discoveries in the Atikokan area, including our own work, point to the potential for additional mineralization along numerous major structures which are only now emerging as potential hosts for gold mineralization. For these reasons, we moved quickly to establish a commanding land position in the area. The combination of experienced 'boots on the ground' mapping and prospecting skills with modern exploration techniques is designed to fast-track exploration towards drill targeting".
Airborne Magnetic Survey
A 5,907-line km, 50 metre-spaced high resolution magnetic survey is currently underway and is expected to be completed by early April. Existing public domain lower resolution data and recent filed assessment work by Agnico on its Melema option claims (Figure 1), contiguous to the west, demonstrate that magnetics can be used to successfully identify regional fault structures. As well, magnetic surveys can define possible compositional changes in the underlying Marmion batholith. These may represent favourable chemical sites for gold and sulphide mineralization. Further, magnetic destruction zones, known to be an important exploration criterion within the batholith, will be far better resolved.
LiDAR and Orthophoto Surveys
Existing 30 metre-spaced, publicly available elevation data demonstrate that topography define a large number of potential fault structures in the area (Figure 1). Light detecting and ranging ("LiDAR") surveys over the entire property will provide high resolution topographic data at one metre resolution. This will be supplemented by 15cm/pixel orthophotography.
The use of LiDAR in mineral exploration in similar terrains is well documented and, together with magnetic and orthophoto products, is expected to provide very high-resolution base products to assist in outlining fault targets and areas of high potential for mineralization. These products will continue to generate mapping and prospecting targets going forward.
Mapping, Prospecting and New Staking
The objective of this work will be to map and prospect several initial areas which may be modified or supplemented by ongoing geophysical surveys. Work will commence in May and will be carried out by Bjorkman Prospecting Inc., led by Katarina Bjorkman Ph.D. and supplemented by Solstice. Ms. Bjorkman and her team have extensive experience mapping and prospecting in the region.
Based on the initial data from the airborne magnetic survey, we have staked an additional 62 hectares of ground to protect certain target areas.
The Property is road accessible via Trans Canada Highway 11 located ~5km to the south. Local infrastructure includes logging roads, rail, gas and hydro power and an experienced mineral exploration workforce and mining supply, all located within hours of the property.
Figure 1. The Atikokan Gold Project showing 85th percentile gold and silver lake sediment assays2,3, key major and minor interpreted fault targets, selected third party gold assays from assessment reporting and Agnico's Melema Option property. Background is greyscale DEM topographic base.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8b3e70b5-1e62-4268-801d-f1828c294364
1Reference to https://www.agnicoeagle.com/English/operations/reserves-and-resources/default.aspx
2MRD043 Lake Sediment and Water Geochemical Data from the Atikokan-Lumby Lake Area, Northwestern Ontario, Dyer, R.D., 1999
3MRD063 Au and PGE Data, Atikokan Area Lake Sediment Survey - Operation Treasure Hunt, Ontario Geological Survey, 2000
About Solstice Gold Corp.
Solstice is a gold-focused exploration company with quality, district-scale projects in established mining regions of Canada. Our total 180 km2 Red Lake land position is located on the northern extensions of the prolific Red Lake Gold Camp in Ontario. The Red Lake Extension (RLX) Project is approximately 45km from the Red Lake Mine Complex owned by Evolution Mining. The Company is funded for phase one drilling at RLX. Our newly formed 322km2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Ltd. and is fully funded for a robust field program in 2022. Our district scale Qaiqtuq Gold Project which covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 gold boulder field and is fully permitted with multiple drill-ready targets. Qaiqtuq is located in Nunavut, Canada, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Ltd..
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
David Adamson was a co-award winner for the discovery of Battle North Gold Corp.'s Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.
Neither 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 release.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
info@solsticegold.com
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements ("FLS") including, but not limited to the Company's plans to start testing targets in 2022 including fully funding a drill program and carrying out field work in Red Lake. FLS can often be identified by forward-looking words such as "approximate or (~)", "emerging", "goal", "plan", "intent", "estimate", "expects", "potential", "scheduled", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. There is also no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release contains information with respect to adjacent or other mineral properties in respect of which the Company has no interest or rights to explore or mine or acquire. Readers are cautioned that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties, nor is there certainty that Solstice's projects will contain economic mineralization. This news release mentions other companies that are unrelated to Solstice, and this does not imply any agreements, partnerships, or rights with respect to any of these companies or their properties other than where explicitly defined. Past performance is no guarantee of future performance, and all investors are urged to consult their investment professionals before making an investment decision.