Ready Set Gold Completes Its Phase 1 Diamond Drilling Program at Northshore / Updates Investors of Its Geological Concept for Project
Toronto, March 10, 2021 - Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) ("Ready Set Gold" or the "Company") is pleased to announce the completion of its Phase 1 drilling program at its flagship 100% owned Northshore Gold project which is located in the Hemlo/Schreiber greenstone belt in Ontario.
The program which was scheduled to be completed March 10th, 2021 has been completed on time and under budget. The program has consisted of a total of 13 diamond drill holes for a total of approximately 2,900m drilled.
This Phase 1 drill program was designed to better understand the structural and geological controls of the mineralization of the historical Afric resource ("Afric"), with emphasis on high-grade gold, at Northshore. The drill results will help assist with confirming the Company's new interpretation model that includes the possibility that the resource could open up to unexplored strike and dip directions. Historical holes were mainly drilled in a northwest-southeast direction and the geological team under Brad Lazich's model has drilled most of the program in a south-north direction, which is interpreted to better represent true-thickness.
The drilling was focused on key areas with low drill density, or no drilling, with the prospective for higher grade gold mineralization. To potentially expand Afric, a Phase 2 program utilizing the updated interpretation model and planning of new drill targets to better define the high-grade mineralization and structural depth is being planned. All the completed drill holes for Phase 1 were planned so the information could be utilized when Ready Set Gold moves forward with the updated Afric Gold Deposit's resource calculation.
Initial Observations from Phase 1:
- Geological units of felsic volcanics have been intruded by different levels of porphyritic intrusives.
- Multiple structures have been noted which includes:
- Discrete structures at contacts of porphyritic intrusives and volcanics with pervasive quartz veining, alteration, and sulphide mineralization.
- Broad, deformation structures indicative of large shear zone type settings with consistent quartz/carbonate veining, alteration and disseminated sulphide mineralization throughout.
- Increased confidence in geometry on higher-grade zones or lenses.
"Since announcing his appointment as VP of Exploration, Brad Lazich has had an opportunity to spend time on the Northshore project, as well as in our core shack which houses the roughly 40,000m of historical drill core. Mr. Lazich and his team have been developing an updated geological model of Northshore's Afric Zone for Ready Set Gold by logging the fresh Phase 1 drilling core, observation of select historical intercepts in the core shack, and the historic data base. We are excited by the progress reports that we are receiving from Brad. We are happy to say that we are gaining even more confidence in the geological model of the Afric Zone. This process will be integral in unlocking the value of the project. A strong understanding of the geology and structural controls on high-grade mineralization will help ensure continued drilling success and resource growth going forward," says Christian Scovenna, Company CEO & Director.
Illustration 1: Phase 1 drill hole locations on background magnetic interpretation
To view an enhanced version of Illustration 1, please visit:
These initial observations support the geological concept that is starting to be assembled by the technical team. This new geological concept focusses grade at Northshore into wide, pervasive, and linear structures indicative of a broad, camp-scale deformation zone. A continued better understanding of these structures not only helps with grade potential at Northshore but allows the company to better understand how to grow the deposit on strike and at depth, which remains open in all directions.
The company expects to release a first round of drill assays in the next 1-2 weeks as unanticipated delays have been experienced in receiving results from the laboratory due to extreme industry wide demand.
Brad Lazich, P.Geo (ON), VP Exploration of Ready Set Gold Corp., and a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has approved the scientific and technical disclosure in this news release.
About Ready Set Gold Corporation
Ready Set Gold Corp. is a precious metals exploration company listed on the Canadian Securities Exchange under symbol RDY and the Borse Frankfurt Exchange as 0MZ. The Company has consolidated and now owns a 100% interest in the Northshore Gold Property, located in the prolific Schreiber-Hemlo Greenstone Belt near Thunder Bay, which is prospective for gold and silver mineralization. The Company also owns a 100% interest in two separate claim blocks totaling 4,453 hectares known as the Hemlo Eastern Flanks Project. The Company also holds an option to acquire a 100% undivided interest in a continuous claim block totaling 1,634 hectares comprising the Emmons Peak Project located 50 km south of Dryden, Ontario that is near the Treasury Metals Goliath and Goldlund advanced gold development projects.
On Behalf of the Board of Directors,
Ready Set Gold Corp.
Chief Executive Officer & Director
CEO Direct Line: +1 (416) 453-4708
For further information please contact:
Sean Kingsley - Vice President Corporate Communications
Tel: +1 (604) 440-8474
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute "forward-looking statements" within the meaning of Canadian Securities laws, including that the Company anticipates its first assay results from the Phase 1 drill program in the next two to three weeks and the expectation that information from the Phase 1 drill program will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Ready Set Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release including that the Company will complete the Phase 1 drilling program and, on the timeline, as anticipated by management and that information from the Phase 1 drill program will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Although Ready Set Gold believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Ready Set Gold to implement its business strategies; competition; the Company will not complete the Phase 1 drilling program on the timeline as anticipated by management or at all and therefore the Company will not gain more confidence in its geological model and will be unable to design additional drill programs and other assumptions, risks and uncertainties.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76712