FPVTF - Golden Pursuit Announces Acquisition of 5 Historical Small Scale Mines/Deposits Gordon Lake NWT
(TheNewswire)
Vancouver, B.C., Canada - TheNewswire - October 28, 2020 - Golden Pursuit Resources Ltd. (TSXV:GDP) (the" Company ") wishes to announce the acquisition of new mineraltenure at Gordon Lake, NWT. The company staked atotal of 13 Territorial mineral claims covering 3,532 ha and 12Federal mineral claims covering 1,686 ha. This new mineral tenure isin addition to company owned mineral leases of 378 ha.. The companyhas had leases covering the main zones of mineralization at KidneyPond since 1996. The new mineral tenure covers a former producingsmall scale mine known as Camlaren and minor producing small scaleadvanced projects like Burnt Island, West Bay Mine and Argonaut(tungsten). The properties are located 85 Kmnortheast of the city of Yellowknife in the Northwest Territories(NWT), Canada with access via the Tibbitt to Contwoyto winter roadwhich traverses the properties.
Historically, the NWT has been host to some significantgold mines in Canadian history, including:
Con Mine (1938 - 2003) was the first gold mine developed in the NorthwestTerritories on the south side of Yellowknife and produced over 5million ounces of gold.
Giant Mine, located on the north side of Yellowknife,produced 7 million ounces of gold. Giant and Con were two of thelongest continuous gold mining operations in Canadian mininghistory.
The historic Discovery Mine is located 85 km NNE ofYellowknife and just 35 km WNW of the Gordon Lake properties.Production from 1949 to 1969 totaled one million oz of gold producedfrom one million tons of ore.
The southern Gordon Lake area isunderlain by the Archean Yellowknife Supergroup which is locally madeup 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 ofthe world's largest gold mines. Consequently, exploration has focussedon lineaments within these belts. Commonly associated metaturbiditeterrains are good exploration targets but a better understanding ofstructural and lithological ore controls and their genesis isrequired. Turbidite hosted deposits include Bendigo-Ballarat-Victoria gold fields of Australia (80 million oz.production), Meguma Group in Nova Scotia (1.2million oz production) and the recent Newfoundland exploration successof NewFound Gold Corp. There is good explorationpotential for a large tonnage, bulk mining operation based upon therecent discovery of disseminated gold in metasedimentary rocks at manyformer gold districts.
The Gordon Lake area is well known for its many goldoccurrences. Frequently these occurrences have exceptional grade butlimited extent. Historical work was concentrating on gold gradeneeding to be greater than 0.5 oz/ton. The company feels that many ofthe historical occurrences should be re-evaluated in the context of2020 gold prices to better understand their relevance in todays goldprice environment.
Any reference to a resource at the Gordon Lake southarea should be considered historical and a non-compliant NI 43-101resource.
Gold production in the South Gordon Lake area issummarized as:
Camlaren - In 1937/38; 13,177 tons of ore graded 0.62oz/ton. In 1963, 12,174 tons graded 1.14 oz/ton. In 1978, the resourcewas estimated at 56,000 tons grading 0.62 oz/ton. In 1980; 12,282 tonsof ore graded 0.42 oz/ton. In 1981; 39,680 toms of ore graded 0.44oz/ton.
Burnt Island - The only reported resource from BurntIsland comprised a was in 1989 estimation of 1,300 tons grading 2.11oz/ton down to the 100' level.
Kidney Pond (Mahe) - The only reported resource from1995 comprises an underground resource of 10,040 tons grading 0.74oz/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 orewas produced grading 221 oz/ton. In 1991, 1,387 tons of ore wereproduced grading 0.78 oz/ton.
The most recent acquisition of mineral tenure in thesouth Gordon Lake area marks the first time in history that alladvanced projects in the district have been consolidated with onecorporate owner and no vendor royalties or payments. This was a uniqueopportunity that came together from a federal government reclamationproject in the Gordon Lake area, an extensive downturn in the miningmarket conditions and the COVID pandemic.
The company intends to commission a NI43-101 compliantreport to list as a "property of merit" and to outline aplan for this exciting new project. For further information on thisproject, please visit the company's website ( www.goldpursuit.ca ) which will beupdated this week..
Qualified Person
The technical information in this news release has beenreviewed and approved by Mr. Gary Vivian P. Geo., a Qualified Personresponsible for the scientific and technical information containedherein under National Instrument 43-101 standards.
About Golden Pursuit Resources
Golden Pursuit Resources is an exploration and projectgenerator company focused on its portfolio of 15 mineral propertieslocated in Nevada and the development of its recently staked GordonLake Project, located 85 kms N of Yellowknife NWT. Golden Pursuitowns100% of all properties with no royalties. The company has acarried 40% interest in a joint venture on its Blackpoint Prospectlocated 8 kms north of Eureka Nevada and is awaiting assays from arecently completed drill program.
On Behalf of the Board of Directors,
GOLDEN PURSUIT RESOURCES LTD.
" Brian McClay "
President/CEO
For further information please contact:
Investor Relations
Brian McClay
Tel: +1 (604) 730.6982
Email: info@goldpursuit.ca
Neither the TSX Venture Exchange norits Regulation Services Provider accepts responsibility for theadequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute"forward-looking statements". Such forward lookingstatements involve known and unknown risks, uncertainties and otherfactors that may cause Golden Pursuit's actual results, performance orachievements, or developments in the industry to differ materiallyfrom the anticipated results, performance or achievements expressed orimplied by such forward-looking statements. Forward looking statementsare statements that are not historical facts and are generally, butnot always, identified by the words "expects,""plans," "anticipates," "believes,""intends," "estimates," "projects,""potential" and similar expressions, or that events orconditions "will," "would," "may,""could" or "should" occur.
Forward-looking statements in this document includestatements concerning Golden Pursuit's expected use of proceeds of theOffering and all other statements that are not statements ofhistorical fact.
Although Golden Pursuit believes the forward-lookinginformation contained in this news release is reasonable based oninformation available on the date hereof, by their natureforward-looking statements involve assumptions, known and unknownrisks, uncertainties and other factors which may cause our actualresults, performance or achievements, or other future events, to bematerially different from any future results, performance orachievements expressed or implied by such forward-lookingstatements.
Examples of such assumptions, risks and uncertaintiesinclude, without limitation, assumptions, risks and uncertaintiesassociated with general economic conditions; the Covid-19 pandemic;adverse industry events; future legislative and regulatorydevelopments in the mining sector; the Company's ability to accesssufficient capital from internal and external sources, and/orinability to access sufficient capital on favorable terms; miningindustry and markets in Canada and generally; the ability of GoldenPursuit to implement its business strategies; competition; and otherassumptions, risks and uncertainties.
The forward-looking information contained in this newsrelease represents the expectations of the company as of the date ofthis news release and, accordingly, is subject to change after suchdate. Readers should not place undue importance on forward-lookinginformation and should not rely upon this information as of any otherdate. While the company may elect to, it does not undertake to updatethis information at any particular time except as required inaccordance with applicable laws.
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