2024-09-11 20:41 ET – News Release
Ms. Wendy Chan reports
LODE GOLD FILES NI 43-101 TECHNICAL REPORT FOR ITS MCINTYRE BROOK GOLD PROJECT IN NEW BRUNSWICK IN PREPARATION FOR SPIN OUT
Lode Gold Resources Inc. has filed a technical report for its McIntyre Brook project, located in the emerging Appalachian gold belt in New Brunswick. This National Instrument 43-101 technical report is to be used for SpinCo (Gold Orogen) and will form part of the submission later this month to the exchange for listing.
Coming exploration plans
Upon closing of the Fancamp joint venture, subject to TSX Venture acceptance, the company will commence exploration on its McIntyre and Riley Brook projects with extensive soil sampling on Riley and commissioning of a versatile time domain electromagnetic, magnetometer and radiometric survey on both properties later in the year. Soil sampling and trenching are planned on the McIntyre Brook property, culminating in a drill program early in the new year.
Files NI 43-101 on McIntyre Brook
The updated technical report for McIntyre Brook, entitled “McIntyre Brook Property, Northwestern New Brunswick, Restigouche County,” was prepared in accordance with NI 43-101 (Standards of Disclosure for Mineral Projects).
The report is available under the company’s profile on SEDAR+ and the company’s website. The McIntyre Brook property, in conjunction with Fancamp’s Riley Brook property, serves as the foundation for the company’s joint venture with Fancamp, as announced in the Aug. 26 news release. These properties, along with the company’s Yukon properties, are integral to its proposed spinoff company, Gold Orogen.
The technical report outlines history and prior work on McIntyre Brook and recommends a phase 1 program of a helicopter VTEM survey and a geophysical program on the northeastern part of property, systematic soil sampling, with modern technology and data interpretation specifically for gold given new understanding with neighbouring project results. A phase 2 program proposed 1,750 metres of diamond drilling following up targets generated from phase 1.
About Lode Gold Resources Inc.
Lode Gold is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
Its Golden Culvert and Win projects, Yukon, covering 99.5 square kilometres across a 27-kilometre strike length, are situated in a district-scale, high-grade gold mineralized trend within the southern portion of the Tombstone gold belt. Gold deposits and occurrences within the belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold. An NI 43-101 technical report entitled “Technical Report on the WIN-Golden Culvert Property for Lode Gold” with an effective date of May 15, 2024, summarizing the work to date on these properties, is available on the company’s profile on SEDAR+ and on the company’s website.
In New Brunswick, Lode Gold is one of the largest land package owners with 420 kilometres, total, between McIntyre Brook and Riley Brook. Its McIntyre Brook project, New Brunswick, covering 111 square kilometres and a 17-kilometre strike length in the emerging Appalachian/Iapetus gold belt, is surrounded by Puma Exploration’s Williams Brook project (5.55 grams per tonne gold over 50 metres) and is hosted by orogenic rocks of similar age and structure as New Found Gold’s Queensway project. The Fancamp’s Riley Brook is a 309-square-kilometre package covering a 25-kilometre strike of Wapske formation with its numerous felsic units. Previous exploration efforts have focused on just volcanogenic massive sulphide style mineralization hosted in the felsic intrusions, and many focused on the base metals. The company is the first to focus on and assay for gold.
The company is also advancing its Fremont gold development project in the historic Mother Lode gold belt of California, where 50 million ounces of gold have been produced. Fremont, located 500 km north of Equinox Gold’s Castle Mountain and Mesquite mines, has a preliminary economic assessment with an after-tax net present value (5 per cent) of $217-million (U.S.), a 21-per-cent internal rate of return, 11-year life of mine, averaging 118,000 oz per annum at $1,750 (U.S.) per ounce gold. A sensitivity to the March 31, 2023, PEA at $2,000 (U.S.) per ounce gold gives an after-tax NPV (5 per cent) of $370-million (U.S.) and a 31-per-cent IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 million ounces at 1.90 grams per tonne gold within 19.0 Mt indicated and 2.02 Moz at 2.22 g/t Au within 28.3 Mt inferred. The MRE evaluates only 1.4 km of the four-kilometre strike length of the Fremont property, which features five gold mineralized zones. Significantly, three stepout holes at depth hit the mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on 3,351 acres of 100-per-cent-owned private land in Mariposa, the original gold rush county, and is 1.5 hours from Fresno, Calif. The property has year-round road access, and is close to airports and rail. A planned VTEM airborne geophysical survey is to be flown over both properties.
Please refer to the Fremont gold project NI 43-101 PEA technical report dated March 31, 2023, which is available on the company’s profile on SEDAR+ and on the company’s website. The PEA technical report has been reviewed and approved by independent qualified persons Eugene Puritch, PEng, FEC, CET, and Andrew Bradfield, PEng, both of P&E, and Travis Manning, PE, of KCA.
Qualified person statement
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, director, BSc (honours) (economic geology — UCT), FAusIMM, who is a qualified person as defined by NI 43-101.