Gold'n Futures Reports Changes to Its Hercules Gold Project Option Agreement and Announces Units Offering
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2023) - GOLD'N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC Pink: GFTRF) (the "Company" or "Gold'n Futures") is pleased to announce changes to its option agreement for the Hercules Gold Property (the "Agreement"). The Agreement was previously announced in a news release dated October 26, 2020 with an amendment announced on September 28, 2022. In co-operation with the Property optionor, Prodigy Gold Inc. (the "Optionor"), the Agreement is further amended so that all of the Company's option payments to the Optionor and work obligations are paused for a period of one year. The new schedule of the payment obligations is contained in Table One. The amendment was initiated under existing terms of the Agreement and allows Gold'n Futures time to catch up with and to complete exploration programs together with upgrading previous Quality Control and Quality Assurance ("QAQC") measures to meet current regulatory standards such as may be contained in National Instrument 43-101 policies.
President & CEO, Stephen Wilkinson commented:
"For the past two and a half years, Gold'n Futures has focused on compiling, organizing and digitizing all available information concerning its Hercules Gold Project. At the same time, property-wide, high resolution aerial Magnetometer and LIDAR surveys, plus a 10-hole 1,227 meter drill program were completed. With all of this new and historical data, the Company successfully built a comprehensive three-dimensional model of the entire Hercules property which covers more than 100 square kilometers. Our team has validated 547 drill holes and hundreds of meters of surface trenches that together comprise thousands of certified assays. The main benefits of our work include new representations of the high-grade gold zones with the significant geophysically indicated strike extensions measuring several kilometers."
Gold'n Futures Accomplishments to Date:
Below is a synopsis as to where Gold'n Futures has recently made its main advancements respecting its Hercules Gold Project:
- The newly developed database and model comprises several terabytes in size and fully incorporates of all historical data including 547 drill holes with 114,000m of core, the Company's recent airborne magnetics and EM surveys plus a high-definition LiDAR survey covering the whole 100 sq. km. of the Hercules property.
- Following the finishing of the property-wide digital model, a new Mineral Resource Estimate ("MRE") is complete in draft form pending some confirmation work on the certain historical assay certification.
- Gold'n Futures' new National Instrument 43-101 ("NI43-101") report is near finalization in draft form, requiring one outstanding but very important chapter.
- The missing chapter concerns the Quality Control/Quality Assurance program ("QAQC") for a portion historical exploration work. Our geological team believes some historical QAQC work would not satisfy current NI43-101 requirements but is confident the QAQC program can be incorporated into the Company's current work schedule.
- All material and files found in the original data room have been organized into a single database and verified to meet the current stringent regulations. Any concerns over the multiple, old and disparate databases have now been mitigated.
Gold'n Futures' Next Steps
The Company is preparing to conduct the required QAQC program. The QAQC will be incorporated into the checking, logging and sampling of selected historical drill core commencing in August. The geological team will, in parallel with its work on historical core, expand on the channel sampling of the exposed, trenched veins including Golden Mile, Lucky Strike, Wilkinson Lake, Penelton and the Marino/7 of 9 area veins. The total available strike of exposed veins is in the order of 4 km of which about 400m has been channeled in detail. Successful conclusion of this work could expand and add important tonnes and ounces to the new MRE by statistically dealing with the strong nuggety gold of the mineralization and providing a larger sample population while making full advantage of Prodigy's historical exploration costs of
Gold'n Futures believes that it will be able to publish both its MRE and its NI43-101 report following the above work. Furthermore, its pending drill program planned to begin in October will be focusing on specific targets being the plunging high-grade gold zones defined by the advanced modeling of the Hercules mineralization.
Table One: The Company will make further cash option payments to Argonaut as shown below. In addition, over the course of the term of the Agreement, Gold'n Futures will expend a total of
| Date | Amount (CAD) |
| September 1, 2024 | |
| January 31, 2025 | |
| June 30, 2025 |
Units Offering
Gold'n Futures also announces that it has arranged for a non-brokered, private placement of Units where the total offering is for approximately
The funds will be used for the next stage of exploration of the Hercules Gold Project and for working capital.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI43-101 regulations and is a director of the Company.
About Gold'n Futures Mineral Corp.
Gold'n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 220 km northeast of Thunder Bay, Ontario, in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore - Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Equinox Gold's Greenstone gold mine which reportedly hosts 6.9 million ounces in its Measured and Indicated Resources. The Property comprises 475 contiguous claim cells (10,052 ha). From the historical work and its own drill and geophysical programs, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical and current drilling totalling in the order of 547 holes and 114,000 meters of available drill core.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
Stephen Wilkinson,
President and CEO
Email: stephen@goldnfutures.com
Tel: +1.236.886.8808
Forward-Looking Statements:
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the trading of the Company's common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Hercules Gold Project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Hercules Gold Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176000
