GSK:CC - Goldseek Provides Exploration & Corporate Update Including Fall Drill Program at Beschefer
(TheNewswire)
Head Office: 1231 Huron Street,London, Ontario, N5Y 4L1
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A planned 2,500 metres of drilling istargeted to commence at Beschefer in October.
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The finalization of drill targets isunderway, aimed at expanding high-metal factor zones. Notably, thesezones encompass intersections such as 55.63 g/t gold over 5.57 metresand 13.07 g/t gold over 8.75 metres.
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The Company is actively exploringopportunities to option a second flagship asset to complementBeschefer.
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The Company has optioned up to 51% ofits Bonanza Project to Mabel Ventures Inc.
September 12, 2023 – TheNewswire - London, Ontario – Goldseek Resources Inc. ( CSE:GSK) (FSE:4KG) (“ Goldseek ” or the“ Company ”) is pleased to provide an update on its exploration plansfor the Fall across its portfolio of Projects. The Company is focusedon the Beschefer Project, located approximately 30 kilometressouthwest of Wallbridge Mining Company Limited’s (“Wallbridge”)Fenelon Gold Project. On March 3rd, 2021, the Company entered into anoption agreement on the Beschefer Project to earn 100% over 4 yearsfrom Wallbridge (see news release dated March 3, 2021 ).
Goldseek's President & CEO Jon Deluce states, “Weare excited to resume drilling at the Beschefer Project, which has had4 historical intercepts with a metal factor of over 100 g/t goldhighlighted by 55.63 g/t gold over 5.57 metres ( BE13-038) and 13.07 g/t gold over 8.75metres ( B12-014) . We arein the final stages of refining our drill targets, focused onexpanding the high-metal factor zones and the strike length of thesystem.
Pausing drilling was a tough decision, undertaken toprudently manage capital during these challenging market conditions.We extend our gratitude to our patient shareholders as we gear up forthis restart.
In parallel, we are seizing the opportunity presentedby these market challenges to evaluate potential acquisitions. Our aimis to option a second flagship asset, strategically positioning theCompany to reap the rewards of the eventual resurgence in the gold andcommodity bull market.”
Beschefer Project:
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Fall Drill Program: The Companyis currently designing a 2,500-metre follow-up drill program aimed atextending high-metal factor trends and the gold system’s strikelength. This drill program will concentrate on the Central Shallow andEast Zones, which host the project's highest historical metal factorintercepts.
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Option Update – Work Commitment: As of June 30, 2023, the Company has completed approximately$2 million in work expenditures at the Project. The Company is ontrack to achieve its final option milestone of incurring $3.0 millionin work expenditures by February 2025.
FIGURE 1 – EXTENSIONTARGETS:
FIGURE 2 – BESCHEFER LONG SECTION
Bonanza Project:
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The Company is pleased to announce the optioning of itsBonanza Project to Mabel Ventures Inc. ("Mabel"). TheBonanza Project comprises 92 claims and is situated in Quebec's UrbanBarry Gold Camp.
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Pursuant to an option agreement between Goldseek andMabel, Mabel has the right to earn 51% interest in the Bonanza Project broken down as follows:
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25% Interest: Mabel may acquire atwenty-five percent (25.0%) interest in the Property by incurringExpenditures of no less than $100,000 and issuing 500,000 commonshares to Goldseek on or before December 31, 2023. The Mabel commonshares have been received by the Company and are subject to theapplicable hold periods in accordance with securities laws inCanada
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51% Interest: Following theacquisition of the initial twenty-five percent (25.0%) interest in theProperty, Mabel may acquire a further twenty-six percent (26.0%)interest for a total interest of fifty-one (51.0%), by incurringExpenditures of no less than $150,000 on or before December 31,2024.
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In the event that Mabel exercisesall or a portion of the Option, at the conclusion of the OptionPeriod, the parties will work diligently and in good faith tonegotiate the terms of a joint venture to advance the development ofthe Property.
Corporate Update – AcquisitionStrategy
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The Company is actively exploring potentialacquisitions to add a second flagship asset to its portfolio. Thepresent market conditions have created an opportune environment foracquiring high-quality assets at discounted valuations.
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Investors are cautioned that there is no assurance thatnegotiations involving any potential acquisition will concludesuccessfully.
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The Company is well positioned, with 60 million sharesoutstanding and 52% insider ownership, while also holding $1 millionin its treasury.
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.
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 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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