Aug 13, 2021
Golden Pursuit Resources Ltd. is pleased to announce that it has entered into a Purchase Agreement with Mike Vaydik (the “Vendor”), dated August 17, 2021 to acquire a 100% legal and beneficial interest in a mining lease pertaining to AP3 Mineral Claim located near Gordon Lake, in the Northwest Territories.
Brian McClay, President and CEO, commented “Acquiring the Vaydik Option provides an opportunity for GDP to evaluate other potential gold environments aside from the “gold in metaturbidites” occurring within large quartz vein and broad quartz breccia zones. The Vaydik Option offers a sedimentary/volcanic contact with iron formation stratigraphy as well as quartz vein systems which trend along and cut the sediment/volcanic contact. Although the age is Archean, there are many similarities to systems like that found at New Found Gold’s Queensway Project in Newfoundland”.
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 Vaydik mineral lease has been explored since its discovery by Dome Mines in 1938 and subsequently by Precambrian Shield in mid 1970’s, where they completed 444.7 meters of drilling in 4 holes, with “a 5.18 meter interval in hole AP01 returning 4.4 g/t Au and 3.05 meters in AP02 returning 4.8 g/t Au”. Giant Yellowknife, in the late 1970’s, completed 887.4 meters in 7 holes and Aber Resources in 1985 (315 meters drilled in 3 holes).
In his 1986 Aber Resources Ltd. report J. Siddle P.Geo. wrote:
“In 1984 and 1985 exploration programs at Myrt Lake outlined numerous interesting diamond drill targets. The limited 1985 diamond drilling program failed to locate ore grade intersections, It did however answer a few important questions. Firstly, it seems fairly certain now that AP gold occurrences are atleast two differenttypes. Aquite extensive auriferous regional exhalite exists along the west margin of the volcanic belt. While the assay values were low (0.83g/t Au & 1,82 g/t Ag over 6 m) they are definitely anomalous. In addition, there are several rather large auriferous vein/stockwork systems crossing the belt. These systems have given rise to the better assays both in drilling and in rock sampling (4 g/t Au in core and 10 g/t Au in rock sampling).
Considering that only a small length of the main “Shear Zone” exhalite horizon has been tested and the stockwork system with the best assays has not been tested at all, there are several very good diamond drill targets that should be tested. Additionally, the Grid 1 should be extended several hundred meters to the south. This would cover the large swamp which has an auriferous gossan (6 g/t Au) on the north boundary and a carbonate exhalative on the south boundary.”
The described “large swamp” setting is the type of eroded surface with gold that is featured in many occurrences at Gordon Lake, where deposits such as Kidney Pond are hidden by small lakes and swamps.
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.
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.