August 10, 2020
Golden Pursuit and JV Partner Stevens Gold Nevada Inc.
Announces Drill Program on Black Point Property
Vancouver, BC: GOLDEN PURSUIT RESOURCES LTD. (GDP-TSX-V) (“GoldPur”) and STEVENS GOLD NEVADA INC. (CSE: SG) (the “Company” or “Stevens Gold”) is pleased to announce that it will commence a drill program on its Black Point Property during the week of August 17, 2020.
Stevens Gold has the right to earn up to a 60% interest in the Black Point Property (the “Property”) from Golden Pursuit Resources Ltd.. Under the terms of the binding Property Option, the Company has the right to purchase 60% interest in the Property by making a payment of US$500,000. Until the payment of the purchase price is made, the Company is to make annual lease payments. GoldPur retains a 2% Net Smelter Return royalty on production.
The Property, consisting of 80 lode mining claims covering approximately 1,600 acres, is located in Eureka County, Nevada in the prolific Battle Mountain – Eureka Trend, 11 miles northeast of Eureka and 18 miles west of the Bald Mountain-Alligator Ridge-Yankee mining district.
The drilling will test the down-dip extension of anomalous gold and pathfinder elements shown in the July 2019 soil sampling program and geophysical targets identified in gravity and CSAMT surveys conducted in December 2018 and September 2019 respectively. The soil anomaly coincides with altered float and sub-outcrop of the Mississippian-Devonian Pilot Shale, a calcareous siltstone. This stratigraphy is a prolific host in the nearby Eureka and Alligator Ridge – Bald Mountain district and other Carlin-style deposits in Eastern Nevada.
The gravity and CSAMT geophysical surveys on the property concentrated on the alluvium covered slopes and valley to the west of the outcrops. CSAMT results show an apparently steep lying strong resistive area underlies the west flank of the ridgeline. This could represent a silicified fault zone or a resistive geologic unit. Gravity shows a relatively consistent dip of the basin to the west, which is also mirrored to a degree in the CSAMT data.
Mining in the Black Point area started about 1864 with sporadic activity until the 1939 – 1942 period when a few shipments with silver grades of 410 – 3,700 ppm (12 to 108 opt) were made to various smelters. Exploration in the local area recommenced about 1964 culminating in an 82-hole percussion drill program in 1971 – 1972. The district was quiet until the early 1980’s gold rush when portions of the current property were explored by Gergan, Newcrest, Iron Horse Resources and Urastar between 1989 and 2012.
The disclosure of technical information regarding the Property contained in this news release has been reviewed and approved by Alan J. Morris, CPG, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and independent of Stevens Gold.
About Golden Pursuit Resources Ltd.
Golden Pursuit Resources Ltd. is a mineral exploration company. Its primary business objective is to explore and develop a portfolio of owned properties located in the State of Nevada and mineral leases in the NWT. The management team at Golden Pursuit has extensive experience in the acquisition and development of mineral related opportunities in North America and globally and continues its search for additional opportunities.
ON BEHALF OF GOLDEN PURSUIT RESOURCES LTD.
(sgd.) Brian McClay
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Stevens Gold. Forward-looking information is based on certain key expectations and assumptions made by the management of Stevens Gold. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Stevens Gold believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Stevens Gold can give no assurance that they will prove to be correct.
The TSX-Venture Securities Exchange (TSX-V) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release. –