Snowline Gold Consolidates 100% of Its Einarson Project and Acquires Adjacent Gold Target With Historical Drill Result of 9.7 Grams per Tonne Gold Over 38.7 M
- Snowline consolidates 100% ownership of the Einarson Project, including the Jupiter gold discovery with significant drill results.
- Acquisition of an adjacent gold target, Venus, with historical drill intersections of 9.67 g/t Au over 38.7 m.
- Expansion of Yukon land position by 22,000 ha to over 360,000 ha, strengthening the exploration portfolio.
- Focus on advancing the Valley gold discovery at the Rogue Project and exploring multiple promising gold targets in the region.
- Cash payment of C$1,200,000 and share payment of 1,012,000 Snowline shares for acquisition.
- Opportunity to repurchase 50% of the Venus NSR with gold or cash equivalent.
- Anticipated closing of the agreement before May 15, 2024, subject to standard conditions.
- None.
- Snowline consolidates
100% ownership of its district-scale Einarson Project, including its drill discovery of an orogenic gold system at the Jupiter target. - Consolidation agreement also includes acquisition of adjacent, privately held gold target with historical drill results reported up to 9.67 g/t Au over 38.7 metres.
- Recent staking bolsters Snowline's Yukon land position by 22,000 ha to >360,000 ha (>3,600 km2), with expansions to its Rogue and Einarson projects.
VANCOUVER, BC / ACCESSWIRE / April 25, 2024 / SNOWLINE GOLD CORP (TSXV:SGD) (OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce that it has entered into a purchase agreement that will result in the consolidation of
"We are thrilled to consolidate the Einarson Project and to acquire a full
"To be clear: our primary focus remains on the expansion and advancement of our Valley gold discovery on the Rogue Project. This district-level consolidation marks the realization of a long-term objective, further bolstering Snowline's exploration pipeline and expanding our opportunity to establish a new Canadian gold camp. Following this acquisition, Snowline will have
Figure 1 - Map of the consolidated Einarson Project, the newly acquired Venus target, and newly staked mineral claims in the vicinity of the Rogue and Einarson projects. Multiple kilometers-scale exploration targets have been identified at Einarson, including the "Golden Lane," a 30 km linear trend of consistently elevated to anomalous gold in soils which includes the Company's "Neptune" and "Luna" targets (formerly "Misty" and "B2"), along with Avalanche Creek, a 1 km mineralized float train with grab samples of up to 34.2 g/t Au located 12 km south of Jupiter along the same structural trend.
As consideration for the acquisition of the outstanding
JUPITER
Snowline's Jupiter Target hosts an epizonal orogenic gold system, discovered through a Phase 1 drilling program completed by the Company in 2021 (e.g. Figure 2). Widespread gold mineralization was encountered across 1.1 km of strike length within an open geochemical anomaly spanning roughly 3 km along a structural trend. Follow-up drilling on this discovery was postponed until consolidation of
Figure 2 - Drill section showing holes J-21-010 to J-21-013, with gold assays represented as yellow bar plots downhole (see Snowline press release dated October 13, 2021). A preliminary schematic interpretation suggests mineralized zones (red) dip roughly east-northeast, though this basic interpretation is unlikely to capture structural complexity suggested by fold and fault structures observed in drill core, and the continuity between holes remains to be seen. Hole J-21-012 was drilled towards the viewer and is truncated where it pierces 50 m in front of section. It was only assayed in a few select intervals below this point. True widths of reported intersections are not yet known but are expected to be between 50 to >
Additional areas of orogenic gold mineralization are present on parallel fault structures in the vicinity of Jupiter. Twelve kilometres south of Jupiter, the Avalanche Creek target hosts a mineralized boulder train (Figure 3) similar to that discovered at Jupiter, with mineralized quartz cobbles and boulders returning up to 34.2 g/t Au. Four kilometres to the west, a parallel fault structure is associated with the Mars target, a 4-kilometre geochemical anomaly that has seen limited historical drilling at its extreme south end. Jupiter, Avalanche Creek, Mars, and other targets are now fully owned by Snowline.
Figure 3 - Gold-bearing quartz float boulders at Einarson Project targets Jupiter (left) and Avalanche Creek (right), present as persistent float trains dispersed for at least 1 km in each case. Both targets are associated with the same property-scale fault structure roughly 12 km apart from each other, and 4 km from the Mars target which is situated on a parallel property-scale fault. The Jupiter target float train was drill tested in 2021 (Figure 2), revealing a robust orogenic gold system which remains open. Avalanche Creek was discovered in late 2020 and has not yet been drill tested. The prominent nature of the previously unidentified mineralized boulder trains highlights the underexplored nature of the Einarson Project and the surrounding mineral district.
VENUS
The Venus claim block comprises 270 claims (5,600 ha) covering a Carlin-style gold discovery made by a private company in 2012. Surface showings of orpiment and realgar occur in the vicinity of outcropping silicified dolomite. Selective grab samples of this zone returned assays of up to 191 g/t Au. 4,159 m of diamond drilling on the target in 2012 and 2013 by the private company revealed widespread but thus far relatively inconsistent gold mineralization. The best hole returned 9.67 g/t Au over 38.7 m (including 30.64 g/t Au over 6.4 m) from 41.5 m downhole. These results have not been directly verified by Snowline, and the true width of this interval is not known.
In the context of the orogenic gold mineralization at the Einarson Project's Jupiter target and the reduced-intrusion style gold mineralization at Rogue Project's Valley target, the Company considers the presence of Carlin-style gold mineralization in the district an encouraging confirmation of a robust regional metallogenic framework with a propensity to form large gold systems.
STAKING
The Company has secured through staking an additional 1,071 mineral claims covering roughly 22,000 ha (220 km2) in the vicinity of its Einarson and Rogue projects (Figure 1). This staking bolsters the Company's district-scale position in the region, infilling and strategically expanding its previous land position, covering prospective structural corridors, and adding buffers around existing targets and project areas. This staking, together with the acquisition of the Venus target, will bring the Company's total Yukon Territory mineral tenure holdings to >360,000 ha (3,600 km2).
Roughly
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >360,000 ha (>3,600 km2). The Company is exploring its flagship >110,000 ha (>1,100 km2) Rogue gold project in the highly prospective yet underexplored Selwyn Basin. Snowline's project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross's Fort Knox Mine, Newmont's Coffee deposit, and Victoria Gold's Eagle Mine. The Company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 4 - Project location map for Snowline Gold's eastern Selwyn Basin properties: Rogue, Einarson, Ursa, Cynthia and Olympus. The Valley target is one of several prospective reduced intrusion-related gold system (RIRGS) targets on the broader 30 x 60 km Rogue Project, complemented orogenic, Carlin-type, RIRGS and other sediment hosted gold targets on surrounding projects.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by J. Scott Berdahl, M.Sc., P. Geo., CEO & Director of Snowline Gold Corp, as Qualified Person for the purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Scott Berdahl
CEO & Director
For further information, please contact:
Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements regarding the consolidation of the Einarson Project, the acquisition of the Venus target, the significance of analytical results, the prospectivity of various gold targets, and the potential for investors to participate in multiple future discoveries, the creation of a new gold district and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE: Snowline Gold Corp.
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FAQ
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