GSKKF - Goldseek Announces Update at its Val-D'or North Property
(TheNewswire)
February 15 , 2022 – TheNewswire - London, Ontario – Goldseek Resources Inc. ( CSE:GSK) (FSE:4KG) (CNSX:GSK.CN) (OTC: GSKKF) (“Goldseek” or the “ Company ”) ispleased to announce that it has updated its exploration targets on theVal-d’Or North Property after receiving 2021 survey results andcompleting an updated interpretation. The Company has currentlydefined 5 targets that are based on polymetallic anomalies in soilsamples that show consistent anomalies in till. A follow-up istargeted for this summer to better define and characterize thetargets.
Goldseek's President & CEO Jon Delucestates,"We are excited to announce the continued development ofour targets at the Val D’Or North Property. The presence of highgold grain counts, especially at our Target 3 supports the potentialof this grassroots project in a camp that has seen lots of recentM&A. We continue to deliver on our overall plan by developing ourgrassroots portfolio systematically while being open to partnershipswhile focusing on our near-resource flagship Beschefer on the DetourGold Trend.”
2020-2021 Surveys
In 2020, the Company completed a till survey in order to perform HeavyMineral Concentrates (“HMC“) and assayed theconcentrates ( see news release datedApril 20 th , 2021 ) . In 2020 and 2021, fine fractions analysis in tillconfirmed the targets generated by the HMC survey and also identifieda fifth target on the Property.
The Targets
Multi-element assays on HMC and fine fraction of the 2020-2021 sampleswere used to define anomalous samples for precious metals (gold,silver) and base metals (copper, zinc, lead, etc) inheavy mineral concentrate and in fine fraction . The best response for targeting purposes was provided fromthe gold and silver content in HMC, associated with gold in the finefraction.
Target 1 is located north ofthe Mogul showing, which has been described as a VMS system hosted atthe contact between felsic tuffs and basalts. The Mogulshowing presents copper, silver and zinc anomalies in grab samples:1365ppm Cu, 0.9g/t Ag; 7670 ppm Cu, 1245 ppm Zn and 468ppm Au, whichwere associated with a massive sulphide lens in felsic tuff and basalt(Roberstson, D., et al., 1988) .
Target 2 is south of theLavoie-Simard showing, which has been described as a Mo-Cu-Au-Znshowing, returning up to 3.32% Mo, 0.2% Cu, 2.06% Zn, 1.03g/t Au and5.14g/t Ag (Ingham, 1953). Target 2 could be the down-icemanifestation of this showing as it presents a very narrow dispersiontrail in a NNE-SSW direction. It is also possible that newmineralization is the source of Target 2.
Target 3 is adense cluster of the highest calculated ppb Au values (295ppb, 380ppb,and 1747ppb Au); highest total gold grain count (125 and 165 totalgrains); highest gold value in HMC assays (1.485ppm and >25ppm Au)and high values in the fine fraction assays (0.107ppm Au) indicating aprobable proximal source to the NNE of the defined anomaly.
Target 4 is asmall cluster of medium to high total gold grains count (10, 19, 19and 30 total grains) with medium values of 4.9ppm Zn in the HMC and38ppm Zn in the fine fraction. The source of theanomaly could be in the continuity of the Dollard showing about 1km west of Target 4. TheDollard showing was sampled in sheared and carbonatized andesite withmassive sulphide zones mineralized in 2200ppm to 2.52% Cu (Cote, R.,and al., 1976). The contact between the felsic and mafic units is agood target.
Target 5 is aless defined cluster of HMC assays anomalous in gold, silver, copperand zinc (1.765ppm Au, 2.6ppm Au, 0.275ppm Ag, 0.432ppm Ag, 37.3ppm Cuand 139.5ppm Zn), while the fine fraction returned anomalous values insilver, copper and zinc (0.135 ppm Ag, 0.182ppm Ag, 16.65ppm Cu,15.5ppm Cu, 38.5ppm Zn, 33.0ppm Zn and 40.1ppm Zn). The HMC and finefraction assays are slightly separated and result from the glacialremobilization of the different fractions during the various glacialages (and subsequent remobilization of anterior glacialdeposits).
Figure 1. Targets on the Val-d’OrNorth Property
2022 Follow-up
The work program for 2022 will include trenching tobetter define the geology and potential source. Following that,geophysics could be used to define drill targets to test the expectedsource of anomalies.
Stock Options:
The Company announces it has granted incentive stockoptions to certain directors, officers and consultants of the Companyto acquire an aggregate of 2,000,000 common shares in the capital ofthe Company at an exercise price of $0.15 cents (the “options”) inaccordance with the Company’s 10% rolling incentive stock optionplan. The options are exercisable for a three-year term expiringFebruary 15th, 2025.
Investor Relations:
The Company is pleased to announce that it has enteredinto an investor relations agreement (the Agreement) with MI3Communications Financieres Inc (MI3).
The Agreement is for an initial term of twelve monthsrenewable on an annual or semi-annual basis and may be terminated upon30 days’ written notice by either party. In consideration for theservices of MI3, the Company has agreed to pay a fee of $3,000 permonth. Pursuant to the Agreement, Goldseek shall also grant MI3 astock option to purchase 300,000 common shares of Goldseek at a priceof $0.15 per share for a period of 3 years with one quarter of theoptions vesting every three months. If the Agreement is terminated,the options expire 6 months after termination.
Goldseek's President & CEO Jon Deluce states,“I’m excited to welcome Quebec-based MI3 to our team. In 2021 wesucceeded in developing our Beschefer Project on the Detour Gold Trendin Quebec headlined by 4.92g/t Au over 28.65 meters. However, weremain an unknown story which is why we are excited to partner with acredible IR firm to introduce our story to members of the Quebecfinancial community.”
Qualified Person
This press release was prepared by Steven Lauzier, VPExploration for Quebec, P.Geo,OGQ and by Pierre-Alexandre Pelletier,P.Geo OGQ, who are qualified persons as defined under NationalInstrument 43-101, and who reviewed and approved the geologicalinformation provided in 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
References:
ROBERTSON, D., RAINSFORD, D.,PARADIS, S., RAMPTON, V. N., THOMAS, R. D., MARTIN, L., RENNICK, P.,1988. REPORT OF GEOPHYSICAL, GEOLOGICAL, GEOCHEMICAL SURVEYS ANDDIAMOND DRILLING, COURVILLE-SENNETERRE PROPERTY. FINNETH EXPL INC,rapport statutaire soumis au gouvernement du Québec; GM 46377, 214pages, 22 plans.
Cote, R., Beaulieu, J R., Verly, G.,Morin, G., 1976. Geology and Compilation, Barry Project. Shell CanadaLtd. Statutory work report submitted to the Government of Quebec. GM38830, 4 maps.
Ingham, W N., 1953. InformationReport. Claims Lavoie. Statutory work report submitted to theGovernment of Quebec. GM 02270, 2 pages.
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