AurCrest Gold Announces Identification of High-Priority Exploration Targets at Ranger Lake Gold Property
TORONTO, September 16, 2020 - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX-V:AGO) is pleased to announce that the proprietary CARDS AI data (the "Data") acquired from Windfall Geotek Inc. ("Windfall"), as announced on September 2, 2020, has identified high-priority targets within the Ranger Lake Gold Property cell claim fabric that the Company is planning to investigate during the Fall of 2020 with a preliminary geochemical survey program, to build guidance for a drill program anticipated for the Winter of 2021. The Ranger Lake Gold Property consists of 60 single cell claims covering approximately 1,220 hectares east of Balmertown ON, held 100% by the Company.
The CARDS AI data has been developed by Windfall's multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence and mathematics. The data combines available public and private datasets including geophysical, drill hole and surface data, and the algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization.
The Company has paid CDN$15,000 and issued 300,000 common shares to Windfall pursuant to the Data Acquisition Agreement referred to in the September 2, 2020 Press Release. The shares are subject to a hold period expiring on January 16, 2021. A further CDN$25,000 will be paid and a further 400,000 common shares will be issued to Windfall if the Company drills one of the high priority targets identified by the Data within two years of the signing the Data Acquisition Agreement.
AurCrest Gold is a leader in the First Nations advancement into shared participation and inclusion in the regional mining opportunities and counts as its board of directors and management, past and present, many indigenous business and cultural leaders. AurCrest is proud to play a leading role in the gold exploration of Northwestern Ontario, especially in the Birch-Uchi Greenstone Belt and the Red Lake mining district, as it forges new business relationships between Canada's founding cultures.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake, Ranger Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and C.E.O
Director of Business Development
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.
SOURCE: AurCrest Gold Inc.
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