GFTRF - Gold'n Futures Commences 2023 Exploration & Development Program on the Hercules Gold Project Beardmore-Geraldton Gold Camp Ontario
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2023) - GOLD'N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) (the "Company" or "Gold'n Futures") is pleased to announce it has commenced its 2023 exploration and development program on the Hercules Gold Project (the "Project" or "Hercules"). The start of the program work follows immediately on the heels of the closing of Gold'n Futures' Unit Offering (see the Company's news release dated December 30, 2022).
Highlights of the 2023 Exploration Program:
- The Company is benefitting from its new database compiled from nearly 50 years of historical work;
- The Hercules gold zones appear to be more extensive in terms of strike and width;
- Several historical mineralized core intervals are not completely sampled; and,
- Where core sampling is continuous through the vein and mineralization halo, gold zones are found to be up to 30m thick.
The first step in the Company's 2023 program is intended to expand upon the Company's recent understanding of the Hercules mineralization currently defined as a series of high-grade gold veins within broader altered zones hosting lower grade but significant gold mineralization. A National Instrument 43-101 report by Watts Griffith McOuat, dated May 26, 2010, (the "WGM Report") prepared for Kodiak Exploration Limited ("Kodiak") first suggested the halo of lower-grade gold mineralization may be up to 30 meters thick. The Company has found the halo to be a highly magnetic mafic rock that has been geophysically mapped for several kilometers of strike and much beyond previously known occurrences. In addition, this magnetic signature is repeated in association with several gold occurrences throughout the Hercules Property.
Identified historical drill intercepts suggest wide zones of the gold mineralization are present within the Hercules and examples of wider mineralized intersections are detailed in Table I. The intersections were selected based on the Company's initial review of mineralized intervals in historical drilling. The Company also determined that many intervals were not thoroughly sampled for assays also as shown in Table 1.
As a key component of the Program, Gold'n Futures plans to design and undertake a sampling program of historical drill core on a selected number of holes to verify previous assay values and check unsampled intervals of potential mineralizing halos proximal to gold bearing quartz veins. Based on the results of this sampling program and the Project's extensive database of recent and historic information, the Company will be creating a new and robust geological model. The geological model will also incorporate an additional 160 new drill holes together with the results of our geophysical surveys and field mapping and all compiled, will assist in guiding next steps exploration and drilling programs.
The geological model will also allow Gold'n Futures to create a comprehensive block model in order to facilitate an updated mineral resource estimate ("MRE").
Gold'n Futures' President and CEO, Stephen Wilkinson, commented,
"We are extremely excited with our work to date and plan on a very focused approach to increasing the gold resources of the Hercules. We have successfully determined through our 2021 and 2022 programs that the size and the grade of the Hercules' gold mineralization could far exceed that which is presently known by investors or mining professionals. The Golden Mile Zone has been extended by up to 7,000 meters by our recently completed airborne geophysical surveys. Our initial drilling on the Golden Mile has both confirmed the strength of the gold mineralization and has substantiated our contention that the gold zones may be consistently wider than perceived by previous operators."
It is anticipated that the above work may be completed by the end of the first quarter of 2023. The Company plans to immediately initiate the second stage of the program and commence its 2023 drill program as early as possible in the spring. Drill targets will be selected from the new MRE model and will vector on those areas of the Hercules gold zone that could grow the Project's resource ounces.
Table of selected historical drill intersections that incorporate lower grade mineralized shoulder intervals with high-grade gold quartz veins. Note in holes HR 08 - 74 and HR 08 - 137, the zones have unsampled intervals that may benefit from infill sampling.
| From |
| To |
| Length (1) |
| Gold (2) |
| Gold Zone |
| Drill Hole No. |
| (m) |
| (m) |
| (m) |
| (g/t) |
| Wilkinson Lake |
| HR 06 - 01 |
| 20.32 |
| 40.00 |
| 19.68 |
| 1.24 |
| HR 06 - 02 |
| 10.30 |
| 24.90 |
| 14.60 |
| 8.21 |
| HR 06 - 03 |
| 26.40 |
| 42.00 |
| 15.60 |
| 16.56 |
| HR 07 - 04 |
| 43.90 |
| 74.10 |
| 30.20 |
| 2.17 |
| Golden Mile |
| HR 07 - 50 |
| 18.30 |
| 33.20 |
| 14.90 |
| 4.76 |
| HR 07 - 51 |
| 24.80 |
| 33.90 |
| 9.10 |
| 111.61 |
| HR 07 - 65 |
| 73.50 |
| 81.70 |
| 8.20 |
| 72.29 |
| HR 08 - 74 |
| 10.20 |
| 14.40 |
| 4.20 |
| 0.37 |
| AND |
| 21.00 |
| 25.30 |
| 4.30 |
| 16.46 |
| Lucky Strike |
| HR 08 - 137 |
| 25.20 |
| 40.00 |
| 14.80 |
| 1.08 |
| AND |
| 53.00 |
| 64.80 |
| 11.80 |
| 1.92 |
| (1) - Core length may not equal true width |
| (2) - Gold grades are as assayed and not cut. |
The Hercules Project - Background
The Hercules is renowned for its high-grade veins. During the period of 2006 to 2010, Kodiak Exploration Limited ("Kodiak") was very actively exploring the Project, aggregating total expenditures of $25 million. Kodiak located and drilled the principal veins including the Golden Mile, Lucky Strike, Wilkinson Lake zone, Amede, 7 of 9 and the Marino. Several more gold mineralized veins were found to occur, all in close proximity, appearing to be concentrated in a central group of approximately 40 mining cells representing only 6% the Hercules' 10,052 hectare ("ha") property. The vast majority of the claims have seen only limited work.
The WGM Report prepared for Kodiak in 2010 presented a resource model based on a database of 447 drill holes totaling 90,300 meters ("m") of core and 173 trenches. However, data for the principal zones of interest used for the Mineral Resource Estimate ("MRE") were limited to:
- 149 drill holes and 16 trenches were for the Golden Mile zone,
- 24 drill holes were used for the Lucky Strike zone, and
- 23 drill holes and 6 trenches were used for the Wilkinson Lake zone.
In addition, the 2010 MRE database did not include 90 drill holes completed after the writing of the WGM Report nor any results of exploration programs prior to 2006. Consequently, it is reasonable to expect the existing MRE may be materially understating the potential of the Hercules.
Since October 2020, Gold'n Futures has completed a full digitization of the historical exploration work on the Hercules, some work dates back to 1970's. In 2021 and 2022, the Company drilled its first ten drill holes on the Golden Mile vein totaling 1,449 m of core. Also airborne geophysical surveys were flown over the entire claims' group and led to the recognition of many magnetic units in association with known gold veins and also multiple new target areas that together with government records indicate that several potential zones may occur within the property. Gold'n Futures exploration plans will be addressing both the expansion of the Hercules' gold resources and the validation of its newly discovered gold targets.
The Company plans to provide regular updates as new developments arise respecting the Hercules and the Program, and for corporate enhancements.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by Walter Hanych, P. Geo., who is a Qualified Person under NI43-101 regulations and is a director of the Company.
About Gold'n Futures Mineral Corp.
Gold'n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 km northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore - Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Hardrock-Greenstone gold mine. The Property comprises 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical and current drilling totalling in the order of 570 holes and 108 kilometers of available drill core.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
Stephen Wilkinson,
President and CEO
789 West Pender St., Suite 810
Vancouver, BC V6C 1H2
Tel: 604-687-2038
www.goldnfuturesmineralcorp.com
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150790