Aug 16, 2023
Golden Pursuit Resources (“Golden Pursuit” or the “Company”) (TSX.V:GDP) is pleased to announce the completion of the 2023 geological mapping and soil sampling program at the Gordon Lake Property (the “Property”), located in the Northwest Territories, Canada. The Property is located approximately 80 km northeast of Yellowknife and is bisected by a seasonal winter road.
Past exploration in the Gordon Lake area has resulted in the discovery of relatively high grade gold veins within turbidites such as the saddle vein exploited by the past-producing Camlaren Mine. The focus of the recent program was to document mineralization within quartz stockwork and quartz breccia zones that may be amenable to surface mining.
Over the course of twenty (20) days, between July 6th to July 25th, 2023, Dahrouge Geological Consulting, on behalf of the Company, completed a geological mapping and soil sampling program primarily in the Kidney Pond and Lynk areas (Figure 1). These two areas have a long history of exploration, including trenching, diamond drilling, and underground exploration at Kidney Pond. Much of this work was accompanied by rock sampling and an extensive data set of rock gold values has been compiled. However, the location of much of the historical work was poorly constrained.
During the 2023 field program, bedrock geological mapping was undertaken in areas of known mineralization to provide additional data for a potential drilling program and to better understand the nature of the gold mineralization. The host rocks consist of a thick succession of Archean Burwash Formation turbitides within the Yellowknife Supergroup and gold is contained within quartz stringers, stockworks and breccias. At several locations there appears to be a general correlation between mineralization and relatively small-scale folds that are interpreted to have formed near the end of deformation. During the course of this work an emphasis was placed on mapping trench locations and drill hole collars in order to accurately position exploration data obtained during previous programs.
The Lynk area contains of four named occurrences (Wooferine, T-15, T-11 and T-32) and several unnamed areas of mineralization that occur within an east-west distance of 1200 m. Previous rock sampling along this trend has returned several samples exceeding 10 g/t Au. The Wooferine Zone, at the western end of the Lynk area, contains quartz stringers, quartz stockworks, quartz breccias and altered rocks within an area 125 m long and 30 to 60 m wide. Previous surface rock sampling of the Wooferine Zone has returned up to 22 g/t Au in a grab sample while numerous grab and trench chip samples have exceeded 1 g/t Au. Additional work is needed to determine the degree of continuity between the known mineralized zones of the Lynk area.
Within the greater Kidney Pond area, fifteen zones of quartz veining and associated iron oxide ± arsenopyrite mineralization were mapped within an area of 1500 m (north-south) by 450 m. Several rock samples collected from this area during previous exploration returned greater than 10 g/t Au. The Kidney Pond (No. 1) Zone, which contains gold primarily within quartz breccias, has been defined by surface and underground drilling to be up to 300 m in length with a width of up to 30 m.
Outcrop is relatively abundant in the Kidney Pond and Lynk areas and previous exploration has largely relied on outcrop prospecting, which resulted in several discoveries. Interestingly, the Kidney Pond (No. 1) Zone is almost entirely covered by Kidney Pond and an adjacent marsh and was only discovered because the northern margin of mineralization is exposed at the edge of the marsh. During the 2023 exploration program, soil sampling was undertaken in the Kidney Pond area to determine if soil geochemical surveying may be a viable tool for detecting gold mineralization underlying low areas with no outcrop.
A total of 194 soil samples and 14 rock samples were collected during the 2023 field program. Rock sampling was not a priority due to the abundance of rock gold analyses from previous exploration programs. These field samples, along with 40 quality assurance samples, have been submitted to the SGS laboratory in Burnaby, BC for geochemical analyses.
The Company has recently completed a follow up induced polarization survey (IP survey) over the Lynk area, which is a geophysical tool commonly used in gold exploration. The data will be integrated with the 2023 geological mapping results and compiled data from previous exploration to assist in 3D geological modelling and the delineation of preliminary drill targets.
Figure 1: 2023 Gordon Lake Mapping Areas and Soil Samples
Brian McClay, Company CEO comments: “We are excited to continue to advance the Gordon Lake Property. The detailed geological mapping of the Kidney Pond and Lynk areas further develops our understanding of the gold bearing quartz breccia zones and quartz stringer zones. We look forward to utilizing this data to assist in identifying drill targets for our inaugural drill campaign.”
The technical content of this news release has been reviewed and approved by Glen Prior, Ph.D., P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects, who has prepared and reviewed the content of this press release.
About the Company
Golden Pursuit is a Canadian-based junior exploration and development company focused on development the Company’s portfolio of advanced exploration prospects and past-producing gold mines in the NWT and exploration projects in Nevada. Golden Pursuit shares trade on the TSX-V. The Company continues to advance the Gordon Lake Property with the objective to execute an inaugural drill program in 2024. Golden Pursuit is committed to the safe and responsible development of its projects in collaboration with all Aboriginal and other stakeholders that are impacted by work conducted on the Company’s projects. For more information about the Company, please refer to the Company’s profile on SEDAR at www.sedar.com or visit the Company’s web site at www.goldpusuit.ca.
On behalf of the Board of Directors
Golden Pursuit Resources
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable and include statements in this press release related to the exploration and discovery potential of the Property, interpretation of exploration results, and the Company’s future exploration plans with respect to the Property. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of technical reports including feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of preliminary economic assessments, prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. 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 statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.