NewOrigin Gold Corp. Receives Positive Results from Airborne Geophysical Survey at the Sky Lake Gold Project
Toronto, Sept. 17, 2024 - NewOrigin Gold Corp. (TSXV: NEWO) ("NewOrigin" or the "Company") has received results and final reporting for the airborne geophysical survey completed at the Company's Sky Lake project located 25 kilometres ("km") southwest of the Pickle Lake Gold District in northwestern Ontario. The survey has identified new, priority electromagnetic ("EM") targets and traced magnetic features that may be associated with gold-bearing iron formation elsewhere on the property.The survey was conducted by Geotech Ltd. ("Geotech") of Aurora, Ontario, in early July 2024. Geotech flew a "VTEM" electromagnetic and magnetic survey over the eastern half of the property. Final reports and interpretations were completed during August 2024. The survey totalled 809 line km at a line-spacing of 100 metres covering an area of approximately 18 km by 4 km. It started east of the Koval gold deposit, which is located at the central part of the Sky Lake property and extended to the very eastern perimeter of NewOrigin's mineral claims.
The survey detected numerous isolated EM anomalies within an area extending for approximately 6 km eastward from the Koval gold deposit. Similar EM anomalies occur within the eastern 4 km of the survey area. The EM responses vary from short-strike length (detected on 2 adjacent lines) to anomalies that can be traced for over 1 km in strike length. Many of these anomalies are within or associated with strong to medium strength magnetic trends. Iron formation has been identified in outcrop at Sky Lake and gold deposits within the Pickle Lake Gold District are commonly associated with iron formation. These associations and the location of EM anomalies within a sequence of felsic and intermediate volcanic rock that host historical gold showings elsewhere on the property, have prioritized these new targets for further exploration.
The prospective environment covered by the airborne survey has seen little exploration since the 1980's. The Koval deposit was discovered and partially delineated during the 1950's and has seen little work for the past 60 years. A small, non-compliant National Instrument 43-101 ("NI 43-101") mineral resource estimate was calculated for the deposit by Hasaga Gold Mines Ltd., a mine operator at Pickle Lake in the 1950's. In January 2022, NewOrigin completed the acquisition of the Koval patented mining claims from Barrick Gold Corporation. The deposit is open at depth and along trend.
The Sky Lake property covers 90 km2 and extends 27 km along a well-mineralized belt of volcanic and sedimentary rock that lies midway between the past-producing gold deposits of the Pickle Lake Gold District and the Dona Lake Mine to the northeast and the Golden Patricia gold mine to the west. In September 2019, Ardiden Limited (ASX: ADV) reported a JORC compliant inferred mineral resource estimate of 110,000 ounces of gold grading 4.3 grams per tonne gold in 790,000 tonnes at its Kasagiminnis gold project, located approximately 6 km to the northeast of the Koval deposit and surrounded by mineral claims owned by NewOrigin. The Pickle Lake Gold District hosts over 3.5 million ounces of gold. The Sky Lake property benefits from nearby infrastructure as the eastern edge the property adjoins highway 199 and power transmission lines. The geological environment at Sky Lake is interpreted by management to strongly resemble that of the Bousquet-LaRonde Gold District in Quebec, from which over 25 million ounces of gold have been recovered by a number of senior gold producers.
Results from the airborne survey are being compiled for inclusion in the Company's technical database and will be used in planning a drilling program at the Koval deposit and nearby targets.
Technical Information
Technical information in this news release has been reviewed by Mr. Mark Petersen, P. Geo. Mr. Petersen is a Technical Advisor to the Company and a Qualified Person as defined by National Instrument 43-101.
About NewOrigin Gold Corp.
NewOrigin Gold Corp. is a Canadian exploration company focused on drill discovery at its gold projects in the Canadian Shield. NewOrigin's management and board have extensive experience in the delineation and development of gold deposits. The Company is currently working to finalize a transaction under which all of its issued and outstanding common shares will be acquired by Harfang Exploration Inc., following which the shareholders of NewOrigin will own 20% of the resulting entity. NewOrigin Gold trades on the TSX Venture Exchange under the ticker "NEWO".
For Further Information Contact:
NewOrigin Gold Corp.
Robert Valliant, Chairman
explore@neworigingold.com or
visit www.neworigingold.com
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This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the Offering, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the Company's ability to obtain all approvals required in connection with the foregoing, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.