Jul. 23, 2021
Vancouver, B.C., Canada, July 23, 2021 – Golden Pursuit Resources Ltd. (the “Company”) has filed on the company’s website (www.goldpursuit.ca) a Canadian National instrument 43-101 (NI 43-101) Technical Report for the South Gordon Lake property, located in the Northwest Territories, Canada. The author of the report is Gary Vivian, M.Sc., P.Geol. and Chairman of Aurora Geosciences Ltd.
The property comprises eight historical occurrences of high-grade gold in quartz veins and mineralized quartz breccia zones. The current mineral tenure has two historical mining leases, fourteen territorial and thirteen federal claims. The South Gordon Lake property (SGLP) lies 80 kilometres north-northeast of Yellowknife with GDP owning 100% of these properties with a 1% NSR owed only on the 2 mineral leases that were optioned in 1996. The total land package is presently 5,909.87 hectares.
There are eight occurrences covered under the current property ownership, of which five would be considered historical minor producers. The five minor producers are Burnt Island, Camlaren, DAF, Myrt Lake and Kidney Pond. Kidney Pond has a well documented history through the 1980’s when the most significant amount of work was completed. There have been seven types of quartz veins and five types of quartz-breccia zones identified at the South Gordon Lake property. These occurrences and the historical information will be used to design an exploration program to evaluate the potential for mineralization in Archean turbidite stratigraphy. Turbidite hosted deposits have gained much attention recently from developments by Newfound Gold’s Queensway Project and Kirkland Lake’s Fosterville Mine in Australia which are turbidite hosted mineralization which may well be analogous to Gordon Lake.
Much work has been completed on the SGLP with advanced underground operations occurring on many of the properties which are described in detail in this submitted report. The initial discoveries of high grade gold veins in the South Gordon Lake area were based upon the discovery of gold in the Yellowknife area. Prospectors continued to work their way northward from Yellowknife along the Cameron River traversing their way to the Gordon Lake area. There are a number of prominent quartz veins in the Gordon Lake area. Clearly, the original discoveries were visual and relied upon identifying visible gold in surface expressions. Very intense work over the original 7-year period (1937 -1944) delineated many high-grade gold occurrences but with great variability in size and grade. These gold veins were all contained within a monotonous sequence of turbidites. Where folding occurred, the quartz veins were usually much thicker and became the main targets for trenching and drilling. Exploration was led by the identification of visible gold. Commodity price was a major contributing factor to tracing these systems at depth. Simply put, grades of 1 ounce per ton of gold were the expectation. Remoteness and capacity to deliver high-grade gold was the driver.
It became apparent in the 1950’s, and much more so into the 1980’s, that bedding-parallel shearing in the host rocks due to constant deformation through folding produced the quartz-breccia zones that hosted significant gold mineralization. The quartz-breccia zones at Kidney Pond have been extensively studied and recognized that they occur primarily in black siltstone units. These black siltstone units contain carbonaceous material that are likely a reactant for dropping gold out of solution. At Kidney Pond, the quartz breccia zones can be up to 10 metres across in true thickness and grades can be up to 4 grams per tonne gold.
This genetic model has not been extensively explored for in the South Gordon Lake area. Gordon Lake is a large lake (41 km X 3.5 Km) with abundant areas of forest, swamp and overburden cover surrounding the lake. The Company recognizes the need to develop geological and geophysical tools to discover this type of genetic model under cover. Aurora Geosciences Ltd. of Yellowknife, NT, has been contracted to evaluate the historical work and develop an exploration program to systematically evaluate the potential for economic mineralization at the SGLP. This exploration program will be initiated during the summer of 2021.
The technical information in this news release has been reviewed and approved by Mr. Gary Vivian P. Geo., a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Golden Pursuit Resources
Golden Pursuit Resources is an exploration and project generator company focused on its portfolio of 15 mineral properties located in Nevada and its district scale holdings of the Gordon Lake Project, located 80 kms N of Yellowknife NWT. Golden Pursuit owns100% of all properties.
On Behalf of the Board of Directors,
GOLDEN PURSUIT RESOURCES LTD.
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