(TheNewswire)
TheNewswire - October 19, 2021 - Golden Pursuit Resources Ltd. (TSXV:GDP) (OTC:FPVTF) is pleased toannounce that it just completed a 3-weekgeological mapping and sampling program at their South Gordon LakeProperty in the Northwest Territories. Work was completed by AuroraGeosciences Ltd under the direction of Gary Vivian, P.Geo and with theassistance of Dr. Tim Stokes, PhD. The results of this programare:
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1. This program was successfulin verifying two gold exploration models that need to be tested. Themost prominent historical exploration model comprises Coarse Vein Gold(CVG) in turbidites , which has been documentedin multiple mineralized zones. The second model indicates thatperipheral to these CVG systems, quartz breccias within blacksiltstone (carbonaceous) units exist. The recently completed programhas confirmed that many of the historical areas do contain quartzbreccias.
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2. These quartz breccia systemshost the majority of the resource at Kidney Pond. While the quartzbreccia zones can be narrow (less than 5 centimeters) historical drillintersections at Kidney Pond have returned assay values of 65.92 g/tAu over 4.54 meters, while the largest intersection returned 4.36 g/tAu over 44.7 meters. Many other intersections vary between 4.05 g/t Auover 18.412 meters and 2.184 g/t Au over 33.83 meters along with manyhigh-grade smaller intersections up to 419 g/t Au. These values needto be confirmed with confirmation drill testing.
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3. The turbidites in thesouth-central portion of Gordon Lake host a prominent refoldstructure. This refold structure is considered an important feature inthe formation of the quartz breccia zones within the blacksiltstone horizons at Kidney Pond. The recent program documented thatmany of the black siltstone hosted quartz breccias are softer and arelocated in low-lying pond covered areas and swamps. This is mostlikely due to the effect of glaciation scouring these softerlithologies forming topographical depressions. The black siltstonesappear to contain carbonaceous material which would have created agood reducing environment for oxidized complexes carrying the goldinto these “carbon-rich conduits”
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4. The geology program has shownus that an airborne geophysical program is required to provide ageophysical signature under the ground cover (ponds, lakes and swamps)that could not be covered during this program. The Company is pursuingits options to move forward with a fixed-wing or rotary-wing magneticgradiometer survey as soon as possible. This will provide a goodpreliminary ground cover to allow focusing in with higher resolutionground surveys on all of the properties comprising the South GordonLake Project.
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5. The LiDAR data, from our Julyprogram, is now being integrated to complete a geo-reference of all ofthe historical geology, sampling, geophysics, drilling, trenching andunderground workings. Upon completion of the final compilation, theCompany will look to initiate a ground geophysical program over theKidney Pond area to provide a geophysical template for these quartzbreccia zones. Ground geophysical surveying will comprise ground walkmag, induced polarization and capacitively coupled resistivitysurveying. The Company will be looking to continue the groundgeophysics program using snowmachine towed magnetics to cover largeareas of the refold below Gordon Lake from the Camlaren Mine to thesouth and west moving towards Kidney Pond.
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6. The Company will use a tentcamp to continue work from November 1, 2021, through to the end ofFebruary 2022, when a trailer camp can be hauled up the winter road tocontinue more detailed exploration work and diamond drilling. There isa plan for diamond drilling in late winter-early spring of 2022.
Brian McClay, President and CEO, commented that thisgeology program has gone a long way in defining the extensiveness ofthe quartz breccia zones and their significance in creating largertonnage potential in the Gordon Lake Region than just exploring forCVG systems. We know there is extensive CVG in turbidites zones throughout the region,evidenced by the nine proven gold occurrencescovered under the current property ownership, ofwhich five would be considered historical minor producers: BurntIsland, Camlaren, DAF, Myrt Lake and Kidney Pond. We also have quartz breccia zones, proven at Kidney Pond, butnow confirmed throughout the region.
We look forward to next stage which will consist ofground and airborne geophysics and diamond drilling to further advancethis exciting project.
The South Gordon Lake Project exploration program isbeing conducted under the direction of Gary Vivian, M.Sc., P. Geol.(NWT/NU, BC and AIPG), Chairman of Aurora Geosciences Ltd and aQualified Person under the NI 43-101. Mr. Vivian has reviewed andapproved the technical contents of this press release.
GOLDEN PURSUIT RESOURCESLTD.
“Brian McClay”
Brian McClay, President and CEO, Director
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
*Forward-LookingInformation
This news release contains “forward-lookinginformation” within the meaning of that phrase under applicableCanadian securities law. This information reflects management’scurrent assumptions and expectations but known and unknown risks,uncertainties and other factors may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by such forward-looking information. Forward-lookinginformation is subject to a variety of risks and uncertainties whichcould cause actual events or results to differ from those reflected inthe forward-looking information, including, without limitation, risksand uncertainties relating to the estimation of mineral or miningresults will not be consistent with the Company’s expectations,title matters and surface access issues, the potential for delays inexploration or development activities, the potential for unexpectedcosts and expenses, commodity price fluctuations, currencyfluctuations, failure to obtain adequate financing, the possibilitythat the Company may not sell its projects or secure joint venturepartners or optionees, and other risks and uncertainties. Should oneor more of these risks and uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described in forward-looking information.Accordingly, readers are advised not to place undue reliance onforward-looking information. Except as required under applicablesecurities legislation, the Company disclaims any obligation to updateor revise any forward-looking information to reflect events or changesin circumstances that occur after the date of this newsrelease.
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