TORONTO, Nov. . 26, 2020 (GLOBE NEWSWIRE) â ???? GOLDâ ???? N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) (the « Company ») is pleased to announce that it has entered into a purchase and sale agreement with United Gold Inc. Has closed. (« United Gold ») to acquire a 100% interest in the Brady Gold Project (the « Property » in the south-central Newfoundland gold belt and approximately 50 miles southwest from New Found Gold Corp.). . one???? Queensway Gold Project (the « PSA »). A copy of the PSA can be found on the company’s SEDAR profile at www. Sedar. com.
The following historical data and associated resource estimate are based on previous data and reports received and prepared by previous operators and information provided by government agencies.
The preparation of an up-to-date estimate of the mineral resources on the property will require a further assessment, which the company and its consultants wish to complete in due course.
From 2003 to 2013 a total of 6. 353. The property has been drilled 56 meters of diamond drilling in 30 holes, including 5. 436. 46 meters of diamond drilling (24 holes) targeting the Reid Zone. At the end of 2009 a 1. 200 meter seven hole drill program explores the area of known gold mineralization in the Reid Zone. The drilling program (holes BO-09-16 through BO-09-22) has been focused on the Reid Zone to the north, west and south of the historic drilling, with most of the drill holes 50 meters from the existing drill holes. Drill intersections included (BO-09-17) that returned from 102. 50m ???? 119. 30 m, 16. 80 meters from 1. 02 g / t and from 133. 05m ???? 153. 50 m, 20. 45 meters from 1. 27 g / t Au including a higher grade interval of 147. 75m â ???? 153. 50 m, 5. 75 meters from 3. 89 g / t Au. The Reid Zone remains open to depth and gold mineralization begins near surface along strike.
A second phase of drilling was completed on the property in March 2011 to expand the known mineralization and to obtain additional information to update the initial resource estimate for the Reid Zone. The program delivered the highest grades to date, highlighted by: BO-11-24, which intersected from 29. 94m â ???? 61. 00m, 36. 06 meter classification 1. 15 g / t Au and from 84. 0m ???? 103. 98 m, 19. 98 meters classification 1. 05 g / t Au; Hole BO-11-25 that intersected from 307. 55m â ???? 333. 00m, 25. 45 meters classification 1. 48 g / t Au including an interval of 317. 10m â ???? 324. 980 m, 7. 80 meters degree 3. 62 g / t Au.
A resource estimate for the Reid Zone was created in September 2012 and is currently considered a historical estimate as indicated above.
The historical estimate at 0. 3 g / t Au cut, produced 9. 57 million tons on average 0. 56 g / t Au as derived for a rounded total of 173. 000 ounces of gold. The deposit remains open at depth and significant additional drilling is required along strike to substantially expand the zone.
The above resource was based on 21 holes totaling 4 in length. 699 meters and 1. 486 samples. A mineralized shell typical of porphyry mineralization was constructed on a zero. 10 g / t cutoff. Five meter composites were used and high grade gold values for outliers were capped. Degree continuity was established using semi-variograms and a bulk density of 2. 80 were used from 55 core samples from the Reid Zone. Grader blocks measuring 20 x 20 x 5 meters were produced by Ordinary Kriging. From different limit values for an open pit mine a 0. 3 g / t cut-of was highlighted in the 2013 Giourx report, which is cited in this press release.
The Reid Zone shares similarities with a relatively new type of gold deposit known as Intrusion-Related Gold Systems (IRGS), which was first defined in 1999 (McCoy, 1999). . Some well-known examples of this type of deposit can be found in the Tintina Gold Belt in Alaska and the Yukon Territory, including the Fort Knox, Donlin Creek, and Brewery Creek deposits. A comparison of these deposits and the property reveals many similarities, such as:. B.. a complex tectonic terran made up of deformed shelf sequences and their proximity to important terran boundary structures. The host’s rockic to intermediate porphyritic intrusions contain quartz veins, arsenopyrite, and black shale rafts, which are also common features between the three deposits. The host lithology of the intrusions, alteration, as well as vein style and mineralogy (with the exception of the lack of stibnite mineralization) are also similar.
The Reid mineralization is a much older system (488 Ma) than the Cretaceous examples. Comparison between these deposits suggests that the property has the potential to host significant intrusion-managed, open pit gold deposits that are similar in size and grade to the Fort Knox deposit (252 MT @ 0). 47 g / t Au â ???? Kinross Gold website). Giroux, G.. . H. . , P. . Closely. and Froude, T. . , P. . Geo. . 2013 Form 43-101F Technical Report for the Reid Zone Resource Estimate, Brady Project. p12-13.
According to the PSA, the company acquires ownership upon issue of 6. 000. 000 common shares of the company and by granting the license fee to United Gold in the form agreed and attached to the PSA.
The company also pays a finder’s fee to qualified parties in connection with the acquisition of the property.
The scientific and technical content of this press release was edited by Dr. . Walter Hanych, P.. . Geo. who is a Qualified Person as defined by NI 43-101 and is an advisor to the Company.
Gold’n Futures Mineral Corp.. . (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canada-based exploration company focused on the acquisition of potential precious metal properties to make new discoveries in established gold deposits in Canada.
This press release may contain forward-looking statements based on assumptions and judgments made by management regarding future events or results. Such statements are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from those contained in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements.
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Gold, Resource, Press Release
EbeneMagazine – CA – REPEAT: Gold’n Futures Signs Definitive Agreement to Acquire 100% of the Brady Gold Project in Central Newfoundland