GSKKF - Goldseek Expands Size of Beschefer Project
(TheNewswire)
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Adds 6 claims (3.34 km ), expanding the Beschefer Project to theNorth-West
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Geophysics signature similar toBeschefer context, 2 kilometres westward
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Intercept of 0.16% Copper over 1.5metres from two historical holes
February 7, 2023 – TheNewswire - London, Ontario – Goldseek Resources Inc. ( CSE:GSK) (FSE:4KG) (“ Goldseek ” or the“ Company ”) is pleased to announce the addition of 6 claims (3.34km 2 )expanding the north-west boundary of the Beschefer Project (the“Property"). Goldseek will acquire 100 percent ownership ofthese claims from Harfang Exploration Inc (“ Harfang ”)(TSX-V:HAR) for the below terms and conditions.
This new property was historically covered bygeophysical surveys such as airborne-electromagnetic, mag, and groundIP surveys. The current interpretation of structures combininghistorical work indicates these claims are part of the Selbaie Minestructural corridor marked by isolated semi-circular magneticanomalies, a north-east shear zone and cross-cutting north-westfracture zones. The new property’s main target is locatedapproximately 2 kilometres west of our current Beschefer gold zones.
According to assessment work reports filed on the MERNdatabase, two holes were drilled on the property in 1975 by theNorex-Selco Joint Venture. The best result of 0.16% Cu over 1.5 metreswas obtained from 33.5 to 35 metres in drill hole 75-1. Themineralization was hosted in a porphyritic syenite, hematized andaffected by sulfide bearing fracturing.
Figure 1: Expanded Beschefer ProjectMap
Goldseek's President & CEO JonDeluce states, “We are very excited to expand our flagship BescheferProject and to have Harfang as a new shareholder. This expanded groundprovides new targets toinvestigate fitting the Beschefer model alongside continued drillingto expand our four currently defined gold zones. With the recently completed flow-through of$700,000, we look forward to resuming drilling at Beschefer in thecoming months. ”
Beschefer North Highlights &Transaction Terms:
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Property composed of 6 contiguous claims (3.34km
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2 Targets have been identified on the Property:
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Strong ovoid magnetometric anomaly (0.16% Cu over 1.5m;GM 31529) could represent a syenitic porphyry intrusion ( GM 31529, Énergie et Ressources Québec
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OreVision IP exploratory survey defined anomaliesrepresenting new targets to follow up
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Pursuant to an agreement dated February 6, 2023,Goldseek can acquire 100% interest, subject to a 2% net smelterreturns royalty, in the Beschefer North Claims from Harfang asfollows:
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Upon CSE approval: Pay $5,000 in cash and issue 600,000common shares of Goldseek.
Goldseek may purchase one-half of the Royalty at anytime for the sum of $1,000,000.
The Acquisition and transactions contemplated,including the issuance of the Shares, are subject to the finalapproval of the Exchange. The Shares will be subject to the applicablehold periods in accordance with securities laws in Canada and theExchange policies.
About the Beschefer Project:
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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 ).
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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 28.65metres in hole BE-21-02 (including 11.39 g/t over 9.1m ), 55.63 g/t goldover 5.57 metres in hole BE13-038 ( including 224 g/t over 1.23m ; 13.95 g/tover 0.68m and 13.70 g/t over 0.73m ), 13.07 g/t gold over 8.75metres in hole B12-014 ( including 58.5 g/t over 1.5m ), 3.56 g/t gold over28.4 metres in hole B14-006 ( including 7.42 g/t over 5.5m ), and 10.28 g/t goldover 8.00 metres in hole B14-35 ( including 86.74 g/t over 0.60m ). True width in these sections vary between 89% and 99% ofthe intercepted width.
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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 2 – BESCHEFER LONG SECTION
Qualified Person
This press release was reviewed and approved by Martin Demers, P.Geo,OGQ No 770, who is a qualified person as defined under NationalInstrument 43-101, and responsible for the technical informationprovided in this news release.
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 website 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 “expects”, “plans”, “anticipates”,“believes”, “intends”, “estimates”, “projects”,“potential” and similar expressions, or that events or conditions“will”, “would”, “may”, “could” or “should” occur.Although the Company believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance, are subject torisks and uncertainties, and actual results or realities may differmaterially from those in the forward-looking statements. Such materialrisks and uncertainties include, but are not limited to, theCompany’s ability to obtain all requisite approvals, includingapproval of the Canadian Securities Exchange and securities regulatoryauthorities, if required for a transaction or financing, theCompany’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 the necessary permits andconsents required to explore, drill and develop its projects and ifobtained, to obtain such permits and consents in a timely fashionrelative to the Company’s plans and business objectives for theprojects, changes in environmental and other laws or regulations thatcould have an impact on the Company’s operations, compliance withenvironmental laws and regulations, aboriginal title claims and rightsto consultation and accommodation, dependence on key managementpersonnel and general competition in the mining industry.Forward-looking statements are based on the reasonable beliefs,estimates and opinions of the Company’s management on the date thestatements are made. Except as required by law, the Company undertakesno obligation to update these forward-looking statements in the eventthat management’s beliefs, estimates or opinions, or other factors,should change.
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