Gatling Obtains Kir Vit Drilling Permit and Acquires Remaining Interest on Swansea Leases at the Larder Gold Project, Ontario

Rhea-AI Summary

Gatling Exploration Inc. has secured a drilling permit for the Kir Vit prospect at the Larder Gold Project, where it reported gold mineralization in 13 of 16 drilled holes. The company has also entered an acquisition agreement for a 25% interest in mining leases at the Swansea zone, increasing its ownership to 100%. Key highlights include three new gold discoveries, a Phase II drill program set for July, and a substantial underexplored strike length at Swansea. The company plans to issue 150,000 shares as compensation for the acquisition, pending TSX Venture Exchange approval.

Positive

• 13 out of 16 holes in Kir Vit prospect hit gold mineralization.
• Acquisition agreement enhances ownership of Larder property to 100%.
• Three new gold zones identified, with grades up to 16.2 g/t Au.
• Upcoming Phase II drill program at Kir Vit set to commence in July, aiming to expand high-grade shear zones.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 3, 2021 / GATLING EXPLORATION INC. (TSXV:GTR)(OTCQB:GATGF) (the "Company" or "Gatling) is pleased to announce that it has obtained its drilling permit for the Kir Vit prospect six km north of the three high-grade gold deposits at the Larder Gold Project. The Company's maiden program at Kir Vit hit gold mineralization in 13 out of 16 holes and discovered three new mineralized zones. Gatling has also entered into an acquisition agreement (the "Agreement") to acquire a 25% interest in certain mining leases on the western portion of the Larder property known as the Swansea zone, such that Gatling will now hold a 100% interest in all mining leases and claims on its Larder property.

Kir Vit Zone Highlights and Upcoming Activity

• Three New Gold Discoveries Since 2019. Gatling has identified three new gold zones at the Kir Vit prospect since 2019 through drilling and surface exploration programs. Drilling discovered intrusion related and conglomerate hosted gold mineralization (Figure 1). In 2020 a large outcrop stripping campaign was conducted, cross cutting all favorable rock types, and uncovered a new set of gold mineralized shear zones that trend NE-SW and dip steeply to the NW. These newly discovered high-grade gold shear zones include grades up to 16.2 g/t Au and will be the focus of the 2021 Phase II drill program in early Q3 (Figure 2).
• Phase II Drill Program at Kir Vit Prospect to Commence in July. Gatling has now received its Early Exploration Permit for Kir Vit drilling, which will allow the program to continue into 2023. Two drill rigs are currently deployed at Larder's three main high-grade gold deposits along the Cadillac Larder Lake Break ("CLLB"). In early Q3 2021, one of these drills will be assigned to the Kir Vit prospect, focusing on expanding the high-grade shear zones along strike and at depth.
• New Shear zones are Untested and Open in All Directions. The recently discovered shear zones have not been recorded in historical literature on the property. These highly prospective zones strike NE-SW and steeply dip to the NW and are approximately 450 m away from 2019 drillhole, KV-19-01, which intersected 5.9 g/t Au over 3.0 m within intrusion style gold mineralization.

Figure 1. Gatling Exploration 2019 Kir Vit drill plan map showing geology, assays and two new gold trends. Kir Vit is located 6 km north of the Cadillac Larder Lake Break, which hosts the Fernland, Cheminis, and Bear deposits.

Figure 2. Map of the stripped outcrop at Kir Vit with associated geology, structures, channels, gold assays and trends.

Swansea Zone Highlights

• Favourable Cadillac Larder Lake Break Geological Units and Structure. The Swansea zone is located on the western portion of Gatling's Larder Gold Project, and it hosts similar geology to the three high-grade gold deposits on the eastern portion. Rock types such as ultramafics, mafic volcanics and metasediments are mapped and encountered through historical drilling. The prolific CLLB is also visible in LiDAR and along geological contacts at the Swansea zone which Gatling will be utilizing in future exploration programs.
• Historic Drilling Intersected Gold Mineralization. In the 1980's drilling intersected 4.0 g/t Au over 6.1 m including 10.0 g/t Au over 1.5 m (Figure 3). Approximately 19,000 m of historic drilling has been completed on the Swansea zone whereas the eastern portion of the Larder Gold Project has seen over 250,000 m of drilling on the three high-grade gold deposits. The Swansea zone remains underexplored compared to rest of the property.
• 4 km of Underexplored Strike Length. The Swansea zone has a strike length of approximately 4 km (Figure 3), similar to the well-defined three high-grade gold deposits on the eastern portion of the Larder property. This significant strike length has both favourable structures and rock units making the Swansea zone an excellent target for Gatling's future exploration programs.

Figure 3. Plan View of Gatling's Larder Gold Project with geology, structures, deposits, mineralized zones and newly acquired leases on the Swansea zone.

Lease Acquisition Agreement
Under the terms of the Agreement, the Company will issue 150,000 common shares to the vendor as full compensation for the vendor's 25% interest. The Agreement is subject to the acceptance of the TSX Venture Exchange. The shares will be subject to regulatory hold periods expiring four months and one day from the date of issue.

About Gatling Exploration
Gatling Exploration is a Canadian gold exploration company focused on advancing the Larder Gold Project, located in the prolific Abitibi greenstone belt in Northern Ontario. The Larder property hosts three high-grade gold deposits along the Cadillac-Larder Lake Break, 35 km east of Kirkland Lake. The project is 100% controlled by Gatling and is comprised of patented and unpatented claims, leases and mining licenses of occupation within the McVittie and McGarry Townships. The 3,370 ha project area is positioned 7 km west of the Kerr Addison Mine, which produced 11 million ounces of gold. All parts of the Larder property are accessible by truck or all-terrain vehicles on non-serviced roads and trails.

ON BEHALF OF THE BOARD OF DIRECTORS,
Jason Billan, President and CEO

Gatling Exploration Inc.
For further information on Gatling, contact Investor Relations
Telephone: 1-888-316-1050
Email: ir@gatlingexploration.com

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.

Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations in our forward-looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

SOURCE: Gatling Exploration Inc.

View source version on accesswire.com:
https://www.accesswire.com/650222/Gatling-Obtains-Kir-Vit-Drilling-Permit-and-Acquires-Remaining-Interest-on-Swansea-Leases-at-the-Larder-Gold-Project-Ontario

FAQ

What recent developments has Gatling Exploration Inc. made regarding the Larder Gold Project?

Gatling Exploration has secured a drilling permit for the Kir Vit prospect and announced an acquisition for a 25% interest in the Swansea zone, boosting its stake to 100%.

What is the significance of the drilling permit obtained by Gatling on June 3, 2021?

The drilling permit allows Gatling to conduct exploration at the Kir Vit prospect, which has shown promising results in mineralization.

What are the expected outcomes of Gatling's Phase II drill program at the Kir Vit prospect?

The Phase II drill program aims to further investigate and expand the newly discovered high-grade shear zones at Kir Vit.

How will the lease acquisition affect Gatling's mining interests?

By acquiring a 25% interest in the Swansea zone, Gatling enhances its control over the Larder property, which is critical for future exploration and potential mining activities.

What grades of gold mineralization have been reported at the Kir Vit prospect?

Drilling at the Kir Vit prospect revealed gold grades as high as 16.2 g/t Au.