August 24, 2021
Golden Pursuit Resources Ltd. is pleased to announce that it has entered into a Purchase Agreement with David Nickerson (the “Vendor”), dated August 23, 2021, to acquire a 100% legal and beneficial interest in a mining lease pertaining to May Mineral Lease located on Gordon Lake, in the Northwest Territories.
Brian McClay, President and CEO, commented “Acquiring the Nickerson Lease positions GDP to expand it’s inventory of mineralization in the southern Gordon Lake mining district. High-grade mineralized intersections were discovered by Echo Bay Mines Ltd. in the last drilling campaign from 1981 (1309 feet in 11 holes). These intersections are extremely important in the context of delineating economic concentrations of gold within the major “refold” structure covering the south and southwest end of Gordon Lake, which includes the Kidney Pond area. The Nickerson lease provides additional documentation that broad zones of economic gold likely occur within this “refold” structure. Gold mineralization occurring within quartz breccia zones and within black, carbonaceous argillites has been documented by Tim Stokes (Stokes et al, 1990 and Stokes, 1991) and will be the focus of the upcoming exploration program at Gordon Lake.”
There has been no follow-up on these historic intersections as reported in the 1981 Echo Bay report by G. N. Woollett, P. Eng. (B.C.), P.Geo. (Alberta):
Hole No. From To Width (feet) Oz/ton gold Grams/tonne Comments
MS1-1 117.9 119.5 1.6 0.940 32.23 visible gold 119.5 121.0 1.5 0.190 6.51
121.0 123.0 2.0 1.200 41.15 visible gold
123.0 125.2 2.2 0.330 11.32 visible gold
MS1-2 38.5 40.7 2.2 2.490 85.39 visible gold 40.7 43.0 2.3 0.740 25.38
MS1-3 78.5 80.9 2.4 0.520 17.826
117.8 120.6 2.8 0.700 24.996
MS1-4 50.2 52.2 2.0 0.330 11.312
52.2 54.3 2.1 trace “minor visible gold
54.3 57.0 2.7 0.160 5.485
MS1-5 no values*
MS1-6 no values*
MS1-7 81.5 83.0 1.5 8.780 301.09 visible gold 83.0 85.0 2.0 0.100 3.429
MS1-8 54.9 57.6 2.7 0.095 3.257 visible gold 75.0 77.0 2.0 0.015 0.514 minor visible gold 77.0 78.6 1.6 trace
MS1-9 no values*
MS1-10 no values*
MS1-11 no values*
no values* = no values greater than 0.05 oz gold per ton (1.54 gms/t)
Above assays from 1981 Echo Bay Mines Report by G. N. Woollett, P.Eng (B.C.), P.Geo. (Alberta)
Upon completion of the program in 1981 by Echo Bay, more drilling was recommended. No further drilling has been completed on this lease since 1981.
Previous to 1981 and summarized in the Woollett report – “Sovereign Yellowknife Mines Ltd. drilled 18 x ray dill holes from lake ice to test a quartz vein in 1947. Thirteen holes intersected visible gold (Nickerson communication). Location of the drill holes is not known; assay values for only five holes are recorded in drill logs.” A single hole drilled in 1958 is reported to have intersected minor copper mineralization; no
record of this work is available. Other previous work included sampling of veins in 1975.
Geology is described in the report “The May mineral claim is underlain by steeply dipping, isoclinally folded Archean greywacke and slate (Henderson 1941, Dwg 1615-1). Numerous parallel to sub-parallel narrow quartz veins are exposed on an island within the May mineral claim. Rock types, structures and quartz veining are similar to the Camlaren mine” (historical production of 65,000 tons grading 36,000 ounces.
Details of the Agreement are as follows:
The Agreement provides that, subject to regulatory approval, the Company shall purchase such mining lease for an amount of $10,000 and 100,000 common shares.
Additional Agreement Details:
The Agreement is subject to a 2% net smelter return (“NSR Royalty”) in favor of the Vendor. The Company has the right, at any time to purchase 1% of the NSR Royalty (reducing the NSR Royalty to 1%) by paying the Vendor the sum of $1,000,000.
The agreement and the issuance of shares are subject to approval by the TSX Venture Exchange. GOLDEN PURSUIT RESOURCES LTD.
Brian McClay, President and CEO, Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.*Forward-Looking Information
This news release contains “forward-looking information” within the meaning of that phrase under applicable Canadian securities law. This information reflects management’s current 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 different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that exploration, development or mining results will not be consistent with the Company’s expectations, title matters and surface access issues, the potential for delays in exploration or development activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing, the possibility that the Company may not sell its projects or secure joint venture partners or optionees, and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company disclaims any obligation to update or revise any forward looking information to reflect events or changes in circumstances that occur after the date of this news release.