GSKKF - Goldseek Announces 4000m Drill Program at Beschefer Project
(TheNewswire)
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A drill has been secured forapproximately 4,000 meters at Beschefer to commence during the firsthalf of February
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A combination of infill and expansiontargets are planned with a focus on extending the historicalhigh-grade zones ( 55.63 g/tgold over 5.57 meters; 10.28 g/t gold over 8.00 meters, and 12.40 g/tgold over 3.78 meters)
January 12, 2022 - TheNewswire - London, Ontario - Goldseek Resources Inc. ( CSE:GSK) (CNSX:GSK.CN) (OTC:GSKKF) (FSE:4KG) (“Goldseek” or the“ Company ”) is pleased to announce a 4,000-meter drill program at theBeschefer Project set to commence during the first half of February.The Beschefer Project is located approximately 30 kilometres southwestof Wallbridge Mining Company Limited’s (“Wallbridge”) FenelonGold Project. On March 3 rd, 2021, the Company entered into an optionagreement on the Beschefer Project to earn 100% over 4 years fromWallbridge ( see news release dated March 3,2021 ).
Goldseek's President & CEO Jon Delucestates,"We are excited to start our winter follow-up drillprogram on the Beschefer Project, which has demonstrated size andgrade potential. We look forward to building on the success of ourmaiden drill program highlighted by 4.92 g/t gold over 28.65 meters 1 (141 Metal Factor), including 11.39 g/t gold over 9.1 meters 1 which is the 2nd best intercept on the Property to date. Theremainder of our maiden drill program consisted of low-grade withhigh-width intercepts (Ex .2.17 g/t gold over 13.2 meters 2 ), demonstrating the Project's strong continuity andnear-resource potential.
We have a catalyst packed 2022 with a goal of drilling10,000 meters at Beschefer and targeting a maiden resource towards theend of the year.”
Goldseek has budgeted approximately 4,000 meters ofdiamond core drilling for high priority infill and extension targetsat its’ Beschefer Project along the Detour Gold Trend. The Companyis currently processing the final assaysreceived from its’ maiden drill program and will provide fulldetails on winter drill targets and an updated 3D model of the goldzones in subsequent news releases.
About the Beschefer Project:
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Advanced gold exploration project with significantnear-term resource potential
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Located in a favourable orogenic gold setting 45 kmnortheast of the Casa Berardi Mine and 30 km southwest ofWallbridge’s Fenelon Gold Project.
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Highlights of the best intersections include 4.92 g/t gold over 28.65meters in hole BE-21-02 (including 11.39 g/t over 9.1m ), 55.63 g/t gold over 5.57 metres in hole BE13-038 ( including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/tover 0.73m ), 13.07 g/t gold over 8.75 metres in hole B12-014 ( including 58.5 g/t over 1.5m ), 3.56 g/t gold over 28.4 metres in hole B14-006 ( including 7.42 g/t over 5.5m ), and 10.28 g/t gold over 8.00metres in hole B14-35 ( including 86.74 g/t over 0.60m ). True width in these sections vary between 89% and 99% ofthe intercepted witdh.
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The mineralization shows high-grade gold-bearingstructures hosted in a lower grade envelope, highlighting the regionalpotential along the already defined shear zones on theProperty.
FIGURE 1 – BESCHEFER LONG SECTION(2021 RESULTS IN RED)
Warrant Extension
The Company announces that it intends to extend theexpiration date of 952,500 warrants (the “Warrants”) originallyissued by the Company on February 14, 2020 pursuant to a non-brokeredprivate placement. The Warrant extension is subject to approval by theCanadian Securities Exchange.
The Warrants are exercisable into common shares of theCompany at a price of $0.13 per common share and currently have anexpiry date of February 14, 2022. The Company wishes to extend theexpiry date of the Warrants to 4:00PM EST on February 14, 2024. Allother terms and conditions of the Warrants, including the exerciseprice, remain the same.
Goldseek has significantly advanced its explorationprojects since going public thanks to these long-term shareholders andis of the opinion that an extension of these warrants isjustified.
Qualified Person
This press release was reviewed by Martin Demers, P.Geo,ogq No 770,who is a qualified person as defined under National Instrument 43-101,and who has reviewed and approved the geological information providedin this news release.
About Goldseek Resources Inc.
Goldseek Resources Inc. is a Canadian exploration company with aportfolio of assets in Ontario and Quebec, Canada. By identifying sixprojects in world-class mining locations, Goldseek is poised todeliver shareholder value through rigorous exploration and developmenton these properties. Our mission is to find the next major discoveryin the mining camps of Urban Barry, Quevillon, Val D’Or, and DetourGold Trend in Quebec and Hemlo in Ontario.
ON BEHALF OF THE BOARD
Jonathon Deluce
Chief Executive Officer
Telephone: 226-271-5170
For more information, pleasecontact:
Goldseek Resources Inc.
E-mail: goldseekresources@gmail.com
The reader is invited to visit Goldseek's web site https://www.goldseekresources.com/
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider accepts responsibilityfor the adequacy or accuracy of this release.
This news release contains certainstatements that may be deemed “forward-looking statements” withrespect to the Company within the meaning of applicable securitieslaws, including statements with respect to the Company’s futureplans of Beschefer. Forward-looking statements are statements that arenot historical facts and are generally, but not always, identified bythe words “targets”, “expects”, “plans”,“anticipates”, “believes”, “intends”, “estimates”,“projects”, “potential” and similar expressions, or thatevents or conditions “will”, “would”, “may”, “could”or “should” occur. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance,are subject to risks and uncertainties, and actual results orrealities may differ materially from those in the forward-lookingstatements. Such material risks and uncertainties include, but are notlimited to, the Company’s ability to obtain all requisite approvals,including approval of the Canadian Securities Exchange and securitiesregulatory authorities, if required for a transaction or financing,the Company’s ability to raise sufficient capital to fund itsobligations under its property agreements going forward, to maintainits mineral tenures and concessions in good standing, to explore anddevelop Beschefer or its other projects and for general workingcapital purposes, changes in economic conditions or financial markets,the inherent hazards associates with mineral exploration, changes ingeneral economic conditions, the ability of the Company to obtain thenecessary permits and consents required to explore, drill and developits projects and if obtained, to obtain such permits and consents in atimely fashion relative to the Company’s plans and businessobjectives for the projects, changes in environmental and other lawsor regulations that could have an impact on the Company’soperations, compliance with environmental laws and regulations,aboriginal title claims and rights to consultation and accommodation,dependence on key management personnel and general competition in themining industry. Forward-looking statements are based on thereasonable beliefs, estimates and opinions of the Company’smanagement on the date the statements are made. Except as required bylaw, the Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs,estimates or opinions, or other factors, should change.
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