(TheNewswire)
Vancouver, B C - TheNewswire - March 9, 2023 - Leopard Lake Gold Corp. (the " Company " or " Leopard Lake ") - (CSE:LP) reports that it has initiated its winter compilation from thegeoscience assessment files listed on Ontario's Mining LandsAdministration System (MLAS) in respect of the Leduc gold project,near Jellicoe, Ontario, Canada (the "Leduc Gold Project" orthe "Project"). Based on the reviewof geoscience assessment files on MLAS and the recommendations in theindependent technical report entitled " NI 43-101 Independent TechnicalReport on the Leduc Gold Project for Leopard Lake Gold Corp.,Beardmore, Ontario", with an effective date of July 19, 2021, the Company expects to begin phase 1 of itsexploration program of prospecting once the snow has melted and theroads become more accessible in May and June 2023, which will focuson:
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Ground-truthing and sampling 5 geophysical conductorsalong each northern and southern BIF trends, summarizing rock types,mineralization and structures.
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Locating previous trenches and possible drill holeswhere the higher grade intersections occurred to prospect, delineateand potentially extend the zones, plan for potential future mechanizedpower stripping of the rock outcrops and scout for potential drillingplatforms.
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Several wide reconnaissance N-S traverses to identifygold-bearing structures within and cross- cutting the iron formationand sediments that hosts gold mineralization in the region.
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Ground – truthing OGS mapped and company interpretedlineaments / structures from the airborne magnetic results to comparelocation accuracy and potential mineralization.
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Shipping samples to the lab for analyses of GOLD and amulti-element suite of elements.
Following the completion of the phase 1 explorationprogram in May and June 2023, the Company expects to initiate a phase2 exploration program at the Leduc Gold Project for continuedprospecting and trenching in the fall of 2023. These efforts will be aimed at further defining the extent ofthe gold mineralization and identifying potential drilltargets.
Robert Coltura, Leopard Lake's Chief Executive Officer,commented, "The results from the 2020 Heli-borne High ResolutionMagnetic Survey, and the initial prospecting work by the Company in2020-21 on the gold hosted iron formation Leduc Gold Project confirmedthe historical records of mineralization on the property. The presenceof high-grade gold mineralization within the iron formation is highlysignificant, and we believe it represents a major opportunity for ourcompany. As we complete the data compilation from geoscience assessment files on MLAS forthe Project, we look forward to continuing our exploration efforts andunlocking the full potential of this exciting Project."
Summary of Exploration at Leduc GoldProject
The Leduc Gold Project consists of 9 unpatented miningclaims (114 cells) which covers an area of approximately 2,290hectares within the Thunder Bay Mining Division, as outlined in green with OGS Mineral Deposits in Figure 1 below.Historical drill holes on the Leduc Gold Project are also shown belowin Figure 2.
Figure 1. Registered MDI mineraloccurrences and other areas of historical exploration
(source OGS – MLAS).
Figure 2. OGS registeredhistorical drill hole location ( source: OGS, July 12, 2021).
The Leduc Gold Project has variably gold mineralizeddistinct banded iron formations (BIF) trending for >12km. Hostrocks include Mafic Volcanic, Metasediments, Diorite and FelsicPorphyry Intrusives from the West to East across the Project. Thismagnetic rock is easily observed from the Airborne Magnetic survey andhas numerous anomalies to be explored.
Previous historic drilling results have had significantintersections of gold mineralization encountered in several drillholes. These results confirm the presence of high-grade goldmineralization within the iron formation, and sheared quartz veinsediments. Other drill holes intersected similar rock types and manyof these holes had limited or no sampling in the "key shearedcontact zones". Furthermore, many areas where the previousoperators did sample the mineralization, the longer widths of samplesmay have "diluted" the mineralized zones.
In the late fall of 2020, initial prospecting effortsby the Company were to ground truth various mineral occurrences,trenches and geological units to confirm the property merit. Resultshave yielded promising anomalous Gold (0.05 – 0.41 ppm Au) withinsheared mafic volcanics, metasediments andbanded iron formations (BIF) all with +/- quartz veins and stringersnear and within some of the old trenches in the northern to centralparts of the Project.
In August 2020, Leopard Lake commissioned ProspectAirto perform a heli-borne high resolution magnetic survey of the entireProject at 50m line spacing. Also, an Induced Polarization (IP)Gradient Survey, by DPE Exploration, was completed over a smallsection of claims in the north part of the Project in the fall of2020. Numerous magnetic anomalies from the airborne magnetic surveyoccur along the two BIF trends, the central BIF extends for over 12kmand needs to be further prospected and explored.
In 2021, minor field work was completed by the Companyand no field work was conducted in 2022 due to various factorsincluding the Covid-19 pandemic and manpower.
Historical Highlights
From the historical work on the Leduc Gold Project, 4 main gold occurrences or showings (withtrenches) occur within the Project:
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The Lattimer Gold Occurrence –Best intersection of 253.79 g/t Au over 0.49m was recorded in sample number 1816 (AFRI42E11NW0070) from the drill hole 3 log and it is associated withpyrite, pyrrhotite in quartz – carbonate stringers, near Dioritesand BIF units.
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Harricana Gold Mines recorded 12.03 g/t Au over 1.82m ina pyrrhotite-rich chlorite schist from a 1951 drillingprogram.
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Kevil Mining Trenches 1961, Highlights included 4.51 g/t Auover 1.09m which included 7.31 g/t Auover 0.51m and 0.466 g/t Au over 1.26m
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Dumont Showing Trenches Highlights included 1.29 g/t Au over1.22m and 0.88 g/t Au over0.36m
For additional information, please see the technicalreport entitled " NI 43-101 IndependentTechnical Report on the Leduc Gold Project for Leopard Lake GoldCorp., Beardmore, Ontario", with an effective date of July 19,2021, filed on the Company's SEDAR profile.
Historically, numerous previous gold mines in the areaalso produced high grade gold (see Table 1 below).
Table 1. Historicgold production of the Beardmore-Geraldton Greenstone Belt, source OGSOpen File Report 5538.
The Company cautions that it has not verified theinformation in the table above, and the information is not necessarilyindicative of the mineralization on the Leduc Gold Project.
Debt Settlement
Leopard Lake also announces that it has entered into a shares for debt settlement agreementwith a company controlled by a director of the Company (the" Creditor" ),whereby the Company agreed to issue to the Creditor an aggregate of562,500 common shares in the capital of the Company (each, a"Settlement Share"), at a deemed price of $0.08 perSettlement Share, in consideration for the settlement of an aggregateof $45,000 in accrued liabilities owing to the Creditor in respect ofconsultant fees (the " DebtSettlement" ). The Company proposed theDebt Settlement to assist it with preserving its cash for workingcapital.
The Creditor is owned and controlled by an insider ofthe Company, and accordingly, the issuance of the Settlement Shares in connection withthe Debt Settlement is considered a "related partytransaction" pursuant to Multilateral Instrument 61-101– Protection of MinoritySecurity Holders in Special Transactions (" MI 61-101 "). The Company relied on Sections 5.5(a) and5.7(1)(a) of MI 61-101 for an exemption from the formal valuation andminority shareholder approval requirements, respectively, of MI61-101, as, neither the fair market value of the subject matter of, nor the fair market value of the Settlement Sharesto be issued pursuant to the Debt Settlement exceed 25% of theCompany's market capitalization.
All securities to be issued pursuant to the DebtSettlement will be subject to a four month and one day statutory holdperiod from the date of issuance.
None of the foregoing securities have been and will notbe registered under the United States Securities Act of 1933, asamended (the " 1933 Act" ) or any applicable state securities laws and may not beoffered or sold in the United States or to, or for the account orbenefit of, U.S. persons (as defined in Regulation S under the 1933Act) or persons in the United States absent registration or anapplicable exemption from such registration requirements. This newsrelease does not constitute an offer to sell or the solicitation of anoffer to buy nor will there be any sale of the foregoing securities inany jurisdiction in which such offer, solicitation or sale would beunlawful.
Qualified Person
Scot Halladay, P.Geo., a qualified person as definedunder National Instrument 43-101 Standards of Disclosure for MineralProjects , has read, reviewed and approved thescientific and technical content of this news release. Scot Halladayis a professional geologist independent from the Company.
About Leopard Lake Gold Corp.
Leopard Lake is engaged in the business of mineralexploration and the acquisition of mineral property assets in Canada,including the St. Robert property, which is comprised of 4 miningclaims in Beauceville and 102 mining claims in the Riseborough andMarlow Townships in St. Robert Bellarmin, Quebec, and the Stellaproperty located in the Abitibi region of Northwestern Quebec, made upof 52 contiguous mining claims for a total of 2,987 hectares,approximately 65 kilometres east of the town of Val d-Or. Itsobjective is to locate and develop economic precious and base metalproperties of merit and to conduct its exploration program on theLeduc Gold Project. The Leduc Gold Project consists of 9 unpatentedmining claims (114 cells) which covers an area of approximately 2,290hectares near Jellicoe, Ontario, Canada, within the Thunder Bay MiningDivision.
On Behalf of Leopard Lake GoldCorp.
Robert Coltura
Chief Executive Officer andPresident
For further information, pleasecontact:
Robert Coltura
Chief Executive Officer and President
9285 203B Street
Langley, British Columbia
V1M 2L9
Telephone : (604) 290-6152
Forward-Looking Statements:
This news release contains forward-looking statementsand forward-looking information (collectively, "forward lookingstatements") within the meaning of applicable Canadian and U.S.securities legislation. All statements, other than statements ofhistorical fact, included herein including, without limitation, statements regarding exploration activities at the Leduc Gold Project , including the initiation of a phase 1 and phase 2exploration program at the Leduc Gold Project, and the anticipatedbusiness plans and timing of future activities of the Company, areforward looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Forward-looking statements aretypically identified by words such as: "believes","will", "expects", "anticipates","intends", "estimates", "plans","may", "should", "potential","scheduled", or variations of such words and phrases andsimilar expressions, which, by their nature, refer to future events orresults that may, could, would, might or will occur or be taken orachieved. In making the forward-looking statements in this newsrelease, the Company has applied several material assumptions,including without limitation, that the exploration programs at theCompany's projects will be able to proceed in a timely manner, thatthere will be investor interest in future financings, marketfundamentals will result in sustained precious metals demand andprices, the receipt of any necessary permits, licenses and regulatoryapprovals in connection with the future exploration and development ofthe Company's projects in a timely manner, the availability offinancing on suitable terms for the exploration and development of theCompany's projects and the Company's ability to comply withenvironmental, health and safety laws.
The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future results orperformance, and that actual results may differ materially from thosein forward-looking statements as a result of various factors,including, operating and technical difficulties in connection withmineral exploration and development activities, actual results ofexploration activities, the estimation or realization of mineralreserves and mineral resources, the inability of the Company to obtainthe necessary financing required to conduct its business and affairs,as currently contemplated, the timing and amount of estimated futureproduction, the costs of production, capital expenditures, the costsand timing of the development of new deposits, requirements foradditional capital, future prices of precious metals, changes ingeneral economic conditions, changes in the financial markets and inthe demand and market price for commodities, lack of investor interestin future financings, accidents, labour disputes and other risks ofthe mining industry, delays in obtaining governmental approvals,permits or financing or in the completion of development orconstruction activities, risks relating to epidemics or pandemics suchas COVID–19, including the impact of COVID–19 on the Company'sbusiness, financial condition and results of operations, changes inlaws, regulations and policies affecting mining operations, titledisputes, the inability of the Company to obtain any necessarypermits, consents, approvals or authorizations, including by theCanadian Securities Exchange, the timing and possible outcome of anypending litigation, environmental issues and liabilities, and risksrelated to joint venture operations, and other risks and uncertaintiesdisclosed in the Company's latest Management's Discussion and Analysisand filed with certain securities commissions in Canada. All of theCompany's Canadian public disclosure filings may be accessed viawww.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance onforward-looking statements. The Company undertakes no obligation toupdate any of the forward-looking statements in this news release orincorporated by reference herein, except as otherwise required bylaw.
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