C2C Gold Announces Visible Gold in Quartz Boulders at its Millertown Property, Newfoundland

Rhea-AI Summary

C2C Gold Corp. (OTCQB: CTCGF) has announced a significant discovery of visible gold at the Atlas Zone on its Millertown property in Newfoundland. The site, located 1 km from the Buchans Highway, revealed quartz vein float samples with gold grades up to 5.37 g/t. The Atlas Zone, situated near the Jaclyn gold deposit, is prioritized for further exploration, including drilling. Initial sampling and geophysical data indicate potential for buried gold mineralization. Results from ongoing metallic screening analysis and soil sampling are forthcoming.

Positive

• Discovery of visible gold at the Atlas Zone with grades up to 5.37 g/t.
• Atlas Zone is easily accessible and near existing gold deposits, enhancing exploration potential.
• Priority for follow-up fieldwork and drilling planned for the Atlas Zone.

Negative

• None.

VANCOUVER, British Columbia, Jan. 13, 2022 (GLOBE NEWSWIRE) -- C2C Gold Corp. (CSE: CTOC; OTCQB:CTCGF) (the “Company” or “C2C”) is pleased to announce the discovery of visible gold in quartz vein float at its Millertown property in the Central Newfoundland Gold Belt. The previously undocumented showing, now named the Atlas Zone, is easily accessible being located one kilometer from the Buchans Highway and 16 km south of the town of Badger.

• Visible gold was noted in quartz vein float samples that returned up to 5.37 g/t gold;
• The Atlas Zone lies 2.5 km southwest along strike with the Jaclyn gold deposit (owned and operated by Great Atlantic Resources Corp.);
• Metallic screen analysis of Atlas Zone rock samples is underway, and results of reconnaissance soil sampling are pending;
• The Atlas Zone is prioritized for follow-up fieldwork including drilling.

Lori Walton, Chief Executive Officer of C2C Gold Corp., commented: “We are excited to announce the visible gold found on the northeast part of our Millertown property in Newfoundland’s Central Gold Belt. The easily accessible Atlas Gold Zone is a fresh discovery made late in the field season in an underexplored area with very limited outcrop. The presence of angular gold-bearing quartz vein float is an excellent indicator of potential buried gold mineralization and a priority area of interest for C2C in the 2022 season

To view maps of C2C projects and the Atlas Zone please visit: https://bit.ly/3no41js.

The Atlas Zone was identified as an area of interest based on C2C’s interpretation of regional geology, geophysical data, and proximity to known gold deposits. Recent logging, and a historic bush fire which removed vegetation and exposed a group of four large quartz vein boulders up to 1 m x 1 m x 0.5 m. An initial grab sample from the quartz boulder train returned 5.0 g/t gold. Follow-up prospecting in late November uncovered additional quartz vein boulders. In one of the boulders specks of visible gold, trace arsenopyrite, and pyrite are distributed within a narrow alteration halo along crack-seal surfaces.

The quartz boulders at the Atlas Zone were discovered within a 200 m wide, south-southwest trending corridor extending from Great Atlantic Resource Corp.’s Jaclyn Main Zone quartz veins. The Jacklyn Main Zone has an Inferred Resource of 357,500 tonnes at 10.4 g/t gold containing 119,000 gold ounces (uncapped).¹ A historical soil grid by Rubicon Minerals ended 200 m northeast of the Atlas Zone and detailed soil sampling was never completed in this area. Bedrock at the Atlas Zone is covered by overburden, but historical mapping indicates the underlying bedrock is Caradocian-age black shale. This unit is commonly associated with gold-bearing quartz veins in this area. The relationship between the quartz boulders and underlying host rock is unknown at this time due to overburden cover and limited exposure; however, the Atlas zone is along strike and up-ice from the Jaclyn gold deposit.

Concurrent with prospecting, two soil sample reconnaissance lines were placed over the Atlas zone. The results of the soil sample program are pending.

Metallic Screening Analysis
Five quartz vein rock samples were submitted to ALS Global in Moncton, NB for analysis. The sample with visible gold returned a gold assay of 5.3 g/t and the remaining samples were below detection. The five samples will be re-analyzed using screen metallic techniques. Screen metallic analysis identifies the distribution of gold between the coarse and fine grain components of the sample, generally 75um and 106um, respectively. Typically, 1,000 g splits are processed for the analysis to ensure the material is representative of the sample. Screen metal analyses are commonly used to analyse quartz vein samples with coarse-grain gold that may not have a homogenous distribution within the sample. The analytical technique is considered to provide the most representative analysis of gold concentration in coarse-grain gold systems.

Quality Assurance and Quality Control
Rock samples collected by C2C Gold Corp. employees and contractors and packaged into rice bags then shipped to ALS Laboratories Ltd. (ALS) in Moncton, NB by Armour Transportation Systems. ALS prepared the samples by crushing to 75% <2mm and pulverising a 1,000 g split to 85% passing 75 microns. Analytical aliquots (30G) are prepared with a riffle splitter. The analysis is comprised of analytical package ME-ICP61, a 33 element analytical package. A fire assay with an atomic absorption finish is also completed. Assays over 10 ppm are re-assayed with a gravimetric finish. A standard reference material is included in each shipment to monitor QA/QC of the laboratory.

C2C Gold Corp. gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources financial support of C2C’s 2021 exploration program on the Badger, Millertown, and Barrens Lake properties through the Junior Exploration Assistance Program.

Technical information disclosed in this news release has been reviewed and approved by Chris Buchanan, P.Geo., Chief Geologist for C2C Gold Corp., and Qualified Person as defined by National Instrument 43-101.

About C2C Gold Corp.
C2C is a Canadian mineral exploration company focused on acquiring and developing mineral projects in Newfoundland, Canada. The Company controls over 1,260 km², one of the largest land positions on the Central Newfoundland Gold Belt, including the Badger, Millertown, Barrens Lake, South Tally, and Lake Douglas projects with road access and proximity to communities and power lines. C2C also holds a portfolio of projects within the prolific White Gold and Klondike districts in Canada’s Yukon.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/beb3b6b9-1c7b-46cf-9efd-36c90e7acfb0

https://www.globenewswire.com/NewsRoom/AttachmentNg/c3041a95-09a9-4989-8b01-1c6602de72ec

https://www.globenewswire.com/NewsRoom/AttachmentNg/aa12cda8-b926-4f42-bc91-aff5cbeaab07

https://www.globenewswire.com/NewsRoom/AttachmentNg/343a8084-ba5e-437f-a285-59b0f42ab6b3

1. See Dec. 6, 2018 news release – Great Atlantic Resources Corp. Files 43-101 Report on Golden Promise Project, Newfoundland
   

For additional information:
Lori Walton, Chief Executive Officer
(833) 888-2862
info@c2cgold.com
www.c2cgold.com

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties and can be identified by the use of forward-looking terminology such as “expected”, “will be”, “anticipated”, “may” or variations of such words and phrases or statements that certain actions, events or results “will” occur. All statements within, other than statements of historical fact, are to be considered forward looking. Forward looking statements in this news release include but are not limited to: the structure of the Option; the exercise of the Option; and the completion of the Joint Venture. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

FAQ

What did C2C Gold Corp. discover at the Atlas Zone?

C2C Gold Corp. discovered visible gold in quartz vein float samples with grades up to 5.37 g/t at the Atlas Zone.

Where is the Atlas Zone located?

The Atlas Zone is located on C2C Gold Corp.'s Millertown property in Newfoundland, 1 km from the Buchans Highway.

What is the significance of the Atlas Zone discovery for CTCGF shareholders?

The Atlas Zone discovery indicates potential for further gold exploration and development, which could enhance shareholder value.

When will results from the Atlas Zone's soil sampling be available?

Results from the soil sampling program at the Atlas Zone are currently pending.