Clarity Gold Provides Update on Drill Program

Rhea-AI Summary

Clarity Gold Corp. (CSE: CLAR, OTC: CLGCF) announced the progress of its 2021 diamond drilling program at the Destiny Project in Quebec, with over 5,750 meters completed out of a planned 10,000 meters. The company is drilling at the DAC Zone, targeting a depth of 950 meters. Recent acquisitions of private lots will enhance infill drilling efforts. The project is located in the Abitibi Greenstone Belt, known for significant gold production, and includes historical drilling results indicating strong mineralization potential.

Positive

• Over 5,750 meters of drilling completed, progressing as planned.
• Drilling at the DAC Zone hits a target depth of 950 meters.
• Excellent historical drilling results demonstrate substantial mineralization potential.

Negative

• None.

VANCOUVER, British Columbia, May 28, 2021 (GLOBE NEWSWIRE) -- Clarity Gold Corp. (“Clarity” or the “Company”) (CSE: CLAR, OTC: CLGCF, FSE: 27G) is pleased to report that the ongoing 2021 diamond drill program at the Destiny Project in the Abitibi in Quebec is over halfway complete for the initially planned 10,000 m program.

Highlights

• Drilling is progressing, ~5,750 metres have been completed to date.
• Currently drilling the deepest hole on the Destiny Project at the DAC Zone, 950m target depth.
• Infill drilling will continue in the DAC Zone where two private lots were recently acquired.
  

“We are very happy with the progression of the drilling at Destiny so far,” said James Rogers, CEO of Clarity. “We are on schedule, on budget, and are pleased to be moving the rigs onto the recently acquired private lots, and most importantly, we are nearing publishing the first batch of results that were sent to the lab.”

Two drills are operating on the Project with one operating with two shifts focused on infill and testing the western extent of the known mineralization in the DAC Zone. The second rig is operating a single shift and was initially testing and infilling the GAP Zone and is now moving into the DAC Zone to complete shallow infill and testing.

About the Destiny Project

The Destiny Project is located in the prolific Abitibi Greenstone Belt where more than 190 million ounces of gold have been produced historically along major structural breaks within the assemblage of Archean-age volcanic, sedimentary and intrusive rocks. The Destiny Project lies along the approximately 400 km long Chicobi Deformation Zone, a major structural break which is largely underexplored in the Abitibi Greenstone Belt.

• Option to acquire 100% ownership.
• Located in the historic, mineral rich Abitibi Greenstone Belt.
• Gold mineralization occurs in high-grade quartz veins within shear zones starting at 15 m below surface.
• Drilling results include:
  • 167 g/t Au over 1 m (from 221.7 m)
  • 6.15 g/t Au over 23.6 m (from 117.2 m)
  • 19.49 g/t Au over 2.7 m (from 166.0 m)
• The Historical Estimate at the DAC Zone is open along strike with only coarse drilling denoting high grade intercepts outside of the 2011 Historical Estimate area showing expansion potential along strike from the DAC Zone over approximately 2.5 km to the Darla Zone.
• Excellent infrastructure – ~75 km NNE of Val d’Or with road access.
• Considerable work done historically including over 50,000 m of diamond drilling.

The 5,013 ha project includes the DAC Zone, one of several gold zones along an approximately 6 km long segment of the Despinassy Shear Zone within the Chicobi Deformation Zone. Approximately 2.5 km east along strike of the DAC Zone is the Darla Zone. In between the Darla and DAC is the coarsely drilled GAP zone where 2012 drilling intercepted anomalous gold in all 12 holes which were spaced 100 m apart.

The current exploration potential is based on decades of past work on the Destiny Project. Exploration of the Destiny Project dates back to the 1930s. The first concerted diamond drilling campaign commenced in 1998.

Previous work on the property can be summarized as follows:

• 172 Diamond drill holes comprising approximately 50,400 m
  
• Reconnaissance till sampling from 11 Sonic drill holes
  
• 2,430 MMI geochemical samples
  
• 982 line km of airborne VTEM surveys
  
• 171 line km of ground magnetics surveys
  
• 128 line km of IP

Qualified Person

Mr. Rory Kutluoglu P. Geo., a member of the advisory board and a consultant of the Company, is the Qualified Person (“QP”) under NI 43-101 for the technical information in this news release and has verified the data disclosed for the Destiny Project and approves the technical contents contained in this news release.

About Clarity

Clarity Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company has entered into an option agreement to purchase 100% of the Destiny Project, Clarity’s flagship asset, a gold-focused project in the mineral rich Abitibi region in Quebec. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “CLAR”. To learn more about Clarity Gold Corp. and its projects please visit www.claritygoldcorp.com.

ON BEHALF OF THE BOARD
“James Rogers”
Chief Executive Officer
Tel: 1 (833) 387-7436
Email: info@claritygoldcorp.com
Website: claritygoldcorp.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this news release include statements regarding: that the first drilling will confirm historic drilling results and provide continuous assays across the mineralized zone where previous drilling only sampled specific intervals; that the drilling will extend mineralization to depth in the DAC zone and along the Gap and Darla Zones; and that the Company will complete the planned initial 10,000m drilling program.

The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements including: that the drilling may not go as planned or start when expected; that the Company may experience difficulties in drilling and carrying out related work; changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; the risk that the Company may lose access to the property; the risks that the Company may not find any minerals in commercially feasible quantities; that the Company may not raise enough money to fund its exploration plans; uncertainty of development plans and cost estimates; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations; the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company’s ability to attract and retain qualified personnel and management; potential labour unrest; uncertainty as to reclamation and closure requirements for its mineral properties; unpredictable risks and hazards related to the exploration and development and operation of a mine or mineral property that are beyond the Company’s control; and other risks and uncertainties identified under the heading “Risk Factors” in the Company’s continuous disclosure documents filed on SEDAR. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include general market conditions and other factors beyond the control of the Company. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

FAQ

What is the latest update on Clarity Gold Corp's diamond drill program for 2021?

Clarity Gold Corp's diamond drill program at the Destiny Project is halfway complete, with over 5,750 meters drilled so far, targeting a total of 10,000 meters.

What is the significance of the DAC Zone in Clarity Gold Corp's drilling project?

The DAC Zone is crucial as it targets high-grade gold mineralization and is currently being drilled to a depth of 950 meters.

Where is the Destiny Project located and why is it important?

The Destiny Project is situated in the Abitibi Greenstone Belt, a region known for producing over 190 million ounces of gold, highlighting its mineral-rich potential.

What drilling results have been reported by Clarity Gold Corp at the Destiny Project?

Previously reported drilling results include significant gold grades, such as 167 g/t Au over 1 m and 6.15 g/t Au over 23.6 m.

What are the future prospects for Clarity Gold Corp based on the press release?

The company is on track to publish initial drilling results soon, which could indicate the expansion potential of gold mineralization in the DAC Zone and surrounding areas.