VANCOUVER, BC / June 27, 2022 (TSX-V : GDP) Golden Pursuit Resources Ltd..
Golden Pursuit is pleased to report that it has completed a work program consisting of
sampling, line-cutting, permitting and geophysical surveys (magnetometer and IP)
undertaken at the South Gordon Lake Project in the NWT. This work is summarized in a
new NI 43-101 report which will be posted on Sedar and on the company’s website
The property comprises ten historical occurrences of high-grade gold in quartz veins. The
current mineral tenure comprises four (4) historical mining leases, eighteen (18) territorial
claims and thirteen (13) federal claims. The South Gordon Lake property lies 80
kilometers north-northeast of Yellowknife, the capital city of Northwest Territories. The
total land package of 6,851.27 hectares with all properties owned 100% with no
payments and no royalties except an optioned 1% NSR on two recently acquired leases
(Vaydik and Nickerson).
The South Gordon Lake occurrences are underlain by metaturbidites of the Archean
Burwash Formation, and the area is considered favorable for turbidite-hosted quartz vein
gold deposits. Gold mineralization is commonly accompanied by sulphides and appears
structurally controlled, contained within veins formed by folding of a prominent refold at
Gordon Lake at the continued movement through shearing on the limbs of the refold..
Notable examples of similar deposit types include the Meguma Group deposits in Nova
Scotia, which produced in excess of 1.5 million ounces of gold, the Bendigo District
deposits in Australia including Kirkland Lake Resources, which have produced in excess
of 18 million ounces of gold and the recently discovered New Found Gold turbidite hosted
deposits in Newfoundland. Although New Found Gold is situated in Cambrian to Silurian-
aged rocks, the mechanisms of emplacement can be used to build a conceptual model
for the South Gordon Lake project. Clearly, major structures are important. The grades of
these types of deposits commonly range from 5 g/t to more than 50 g/t gold.
Sampling from the fall 2021 program resulted in spectacular sample results that included 1 sample of 6,190 grams/t, 2 samples of >1,000 gms/t and many of the showing areas
have historical intersections of high-grade gold content, ranging from 10’s of g/t up to >
400 g/t Au across widths ranging from 0.3 meters to 1.5 meters. The Kidney Pond area
has historical intersections ranging up to 4 g/t Au across 20 meters of true width. It is the
ambition of Golden Pursuit to develop large breccia zones that are close to surface and
host the historic intersections amenable to bulk surface and underground mining
methods. The structural refold zone located south of the previously explored properties at
Gordon Lake is described in a PhD thesis by Dr. Tim Stokes and has generally been
ignored by previous operators whose focus was on veins with a minimum 15 gm/ton Au
content due to gold prices and logistics. Golden Pursuit believes that the south end of
Gordon Lake represents a large, mineralized gold system with the opportunity to
systematically explore all the occurrences in what can only be termed as under-explored.
The historical work at Camlaren has shown that high-grade gold mineralization continues
at depth below the historical mining depth of 1,000 feet. The highest-grade intersection
reported from the 1980 drill program was at 1,120 feet below surface returning 2.65
ounces/ton Au across 21.1 feet (82.41 g/t Au across 6.43 meters).
Brian McClay, President and Chief Executive Officer of Golden Pursuit commented
“Golden Pursuit has for the first time in history consolidated the ownership of all known
historical producers and advanced projects in the South Gordon Lake district under one
corporate owner and has completed the first serious exploration effort since the early
1990’s. Our field geologists have identified multiple sets of quartz veins and breccia
zones at key prospects containing gold grades hosted by turbidite formations and we
look forward to further developing these assay results in the near term.”
- The exploration program through 2021 allowed for the relocation of many of
the quartz veins and breccia zones to be revisited and resampled along with
new zones being recognized. Sampling has shown that historical assays
have been confirmed with a significant number of 2-4 g/t, up to 30-40 g/t, Au
samples with one value at Lynx Zone returning an assay of 6,190 g/t Au and
another of 1945 g/t Au.
- Work in Lynx and Lynk Bay area during the 2021 field season resulted
in the collection of numerous high grade rock samples from the Lynk area,
mostly taken from historic trenches in this area. Two rock samples collected
from one trench exceeded 1,000 g/t Au, along with several other high
grade rock samples.
- The induced polarization surveys have documented strong resistivity andchargeablilty zones associated with the Kideny Pond Zone. The resistive responses are associated with the intense silicification. The chargeabilityzones are attributed to the disseminated mineralization and the graphiticzones associated with the carbonaceous siltstones which are key to the deposition of the gold in the quartz breccias.
- Successful negotiations with permits and access agreement established over key prospects at Gordon Lake including ten primary occurrences of gold mineralization; Burnt Island, Goodrock, Storm, Camlaren, Daf, Kidney Pond, Myrt – WT, Murray Lake, the May showing on the Nickerson lease and the C-Zone on the Vaydik lease. These are the individual properties that make up the South Gordon Lake property.
- Golden Pursuit completed a LiDAR survey in August of 2021. A three- week prospecting and sampling program, obtaining 202 rock samples, was completed in the late summer and early fall of 2021. That program was immediately followed up with 1,120 line kilometers of magnetic surveying (1,030 km of snowmachine-towed and 90 km of walk mag) and over 10 kilometers of induced polarization surveying.
It is recommended an immediate airborne electromagnetic (frequency domain) and
magnetic survey to be flown across all extents of the ground of interest. The importance
of this is that airborne can be used to target groundwork (prospecting and sampling). It is
significant to note that groundwork can be undertaken on the interim land withdrawal
areas as long as no line cutting, brushing or physical disturbances occur. This allows
the company to look at all areas of interest within the southern portion of Gordon Lake,
including the mafic/sediment contact along the Cameron River greenstone belt.
Additional and extensive prospecting, mapping and sampling at all areas, upon
completion of the airborne, will be instrumental in moving this program forward. Once
the geological program has identified additional areas for geophysical surveying, IP
and mag should be completed to advance showings to the drill stage. It is Golden
Pursuit’s mandate to have a number of drill targets identified by January of 2023 and in
time to use the winter road for access.
It is well understood that Coarse Gold Vein systems are economically more significant
when the veining is at, or along, the sediment-volcanic contact. An example of this is
the historical Discovery Mine, just 40 km northwest of the south Gordon Lake
property, which produced 1,000,000 ozs of gold from 1,000,000 tonnes of rock. This
model exists in the South Gordon Lake area along the east side of Gordon Lake. The
Cameron River greenstone belt offers potential for Coarse Gold veins as is related to
It is estimated that a budget of $4.885 M should complete the first-year program at South Gordon Lake.
Qualified Person Statement
The scientific and technical information contained in this news release has been
prepared and approved by Gary Vivian, M.Sc., P.Geol. Chairman, Aurora Geosciences
Ltd., who is a Qualified Person as defined in NI 43-101.
About Golden Pursuit Resources Inc.
GOLDEN PURSUIT RESOURCES INC. (GDP-TSX-V) is a Canadian based junior
venture mineral exploration issuer which is uniquely positioned to be a dominant player in
the Northwest Territories of Canada and a significant project generator in Nevada with
ownership of 16 claim groups, The company has a growth strategy focused on the
consolidation and exploration of high potential, mineralized precious metals properties in
these two prolific regions of North America. The company owns all projects free and clear
of any debt or payment obligations. Total shares issued are 33,979,467.
For further information please contact:
Brian McClay, CEO
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