VANCOUVER, BC, November 15, 2018, Golden Pursuit Resources Ltd (TSX.V: GDP)(“GDP”) is pleased to announce that it has staked additional claims over new developing targets at both the Black Point and Stevens Basin properties, with each subject to the terms of Lease Purchase Option Joint Venture Agreements, entered into by the signing of Letters of Intent with 1167609 B.C. LTD, as announced on October 23, 2018.
The targets at both properties are Carlin style gold deposits hosted in favorable lithologic horizons and structures in Lower Paleozoic carbonate-rich rocks. The closest examples to the Stevens Basin property are the Archimedes deposits at Ruby Hill 10 km to the northeast that produced 1.4 million ounces of gold. The Black Point property lies 19 km NE of Ruby Hill and 31 km SW of the Yankee-Alligator Ridge-Bald Mountain District.
New claims covering Lower Paleozoic carbonate rocks surrounding the Basin were recently staked, including areas where rock chip sampling of siliceous zones (jasperoids) has yielded values between 0.14 and 1.56 ppm gold. Jasperoids often represent the surface expression of hydrothermal fluids from which gold deposits are formed. Frequently, jasperoids only contain trace gold values but have anomalous levels of associated pathfinder metals, particularly arsenic, antimony, and mercury. These are intruded by altered intermediate intrusive rocks that generally trend E-W. Such evidence of igneous activity is invariably present in, or adjacent to, Carlin systems.
Detailed field mapping is in progress to outline anomalous metal trends that may also coincide with recently recognized targets. Intersections of geophysical linears are prime targets for drill testing. Detailed gravity and new CSAMT surveys are planned over what is thought to be shallow Basin cover to augment field work and refine such targets. Recent interpretation of regional magnetic and gravity data has outlined broad linear features across Basin margins that will guide the location for the new surface surveys. The gravity and CSAMT data will also better define depth to bedrock where any buried structural targets are within striking distance of surface drilling.
The nearby West and East Archimedes deposits are hosted in altered carbonate rocks of Lower Paleozoic age and along a distinct WNW direction where intersected by N-S and NNE-SSW trends. A similar trend, displayed in regional magnetic data, cuts through Stevens Basin and intersects prominent N-S and NW-SE linears. Several such intersections represent excellent buried targets that GDP geologists intend to enhance with surface geochemical techniques around the basin margin. Both grid soil sampling in and around altered outcrops and BLEG sampling of basin-ward drainages are planned.
Previous work on the property concentrated on an area at the north end of the basin where a series of reverse-circulation angled drill holes tested two adjacent anomalous gold trends indicated primarily by surface sampling of jasperoids in outcrop and float. Gold mineralization greater than 100 ppb was intersected in 6 out of 22 holes over widths that, in one hole, totaled 33 meters.
Reconnaissance chip sampling of silicified rocks was recently undertaken on the property. Some gold values as high as 408 ppb were obtained in jasperoidal breccia and most were highly anomalous in pathfinder metals associated with sediment hosted gold deposits, particularly arsenic. Sampled areas are close to the series of mapped and interpreted ENE, NW, and NE striking fractures or thrust faults on lithological contacts in Devonian and Mississippian calcareous siltstones and carbonate rocks including the Pilot Shale, host rock to the Alligator Ridge deposits.
Host rocks and structures extend SW under shallow basin sediment-cover. Geophysical surveys are planned to map structural continuities and cover thickness along the western extent of the property. Mineralized targets are thought to be both stratabound, particularly in the Pilot Shale, or in steeply dipping structures that act as feeders and themselves can form rich underground deposits. It is notable that over 40% of production from Carlin type systems in Nevada now comes from underground, high grade, deposits.
Past silver mining and later exploration in the Black Point area include underground mining and drilling by Gergen Mining in the 1970’s and 1980’s who also produced from the Philipsburg silver mine 8 km to the north. Later drilling by Newcrest in 1996 totaled 320 meters in 3 reverse circulation holes and, in 2011, Urastar Gold drilled 4 core holes, totaling 427 meters. No results of any previous work are currently available.
Gold production from the Yankee-Alligator Ridge-Bald Mountain belt over a 30 year period since the first discovery by Amselco, now exceeds 1.6 million ozs. Other Pilot Shale hosted deposits in eastern Nevada include the Pan, Easy Junior, and Green Springs deposits.
GDP geologists estimate that a total of US $1.2 million have been expended to date by all the companies that have worked on both the Stevens Basin and Black Point projects. Detailed review of all available data, together with new applications of proprietary and public domain regional geophysical data, has allowed GDP geologists to interpret key structural controls on mineralization and to predict potential new drilling targets under pediment on both properties.
Technical references in this Press Release have been reviewed and approved by Anthony P. Taylor BSc, PhD, Certified Professional Geologist #CPG11464, a Qualified Person under the definitions established by Canadian National Instrument 43-101.
Golden Pursuit Resources Ltd.
Brian McClay, President
Tel: (604) 730-6982
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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.