Update on Phase II Program at Ballarat—RAB Drilling to Commence
Stakeholder Gold Corp. (“Stakeholder” or the “Company”) (TSX-V: SRC) is pleased to announce results of the recently completed Phase II exploration program on the Company’s Ballarat property, located in the Dawson Range, Yukon. The Program was planned, executed and managed by GroundTruth Exploration Inc. (“GroundTruth”).
In-fill soil samples were collected from the gold-anomalous zone, and additional lines were added to the northeast and southwest of the Eastern zone grid to test for possible extensions. The in-fill sampling was done along 10 lines spaced 50 m apart with samples taken every 25 m along the lines; the extension lines, beyond the existing grid, were sampled along lines 100 m apart with samples taken every 50 m along the lines.
The detailed sampling has further defined the Eastern zone target, confirming that its footprint is at least 600 m long, NE-SW by up to 300 m wide, NW-SE. The northernmost part of the target could not be soil-tested due to subdued terrain and heavy overburden, but the anomaly likely continues in this direction for about another 100 m, to the confluence of three intersecting faults (see figure, attached).
Prospecting and mapping has discovered strongly silicified metamorphic rocks in talus and sub-crops (see Stakeholder website, bottom of Home page.) Pyrite was observed in some of these silicified and phyllic-altered rocks. The results of rock samples are pending.
Interpretation of DEM and Google Earth imagery suggests that the Eastern zone is located near the intersection of three faults: north-south (placer-bearing further downstream), WNW-ESE (older thrust reactivated as a transverse fault) and NE-SW (splay faults off the N-S fault.)
The IP and resistivity surveys show at least three linear features trending roughly parallel with the trend of the soil anomaly. GroundTruth has interpreted these as splay faults coming off the WNW-ENE transverse fault. The geophysical features become more complicated to the NE, possibly due to intersecting or converging structures.
A rotary air blast (RAB) drilling program is due to start immediately. Up to 30 holes are planned for both the Eastern and Northwest zone with the bulk being drilled on the Eastern zone target.
In addition, further soil sampling will be completed peripheral to known regional soil anomalies along ridges and spurs; the Eastern zone was discovered by following up such anomalies.
Shawn Ryan, member of the Stakeholder Gold Advisory Committee, said, “Results to date on the Ballarat Eastern zone are impressive in terms of the intensity of the gold-bearing soil anomaly and its extent.”
The samples were packaged and shipped by GroundTruth to the Bureau Veritas laboratory in Whitehorse where they were crushed, dried, pulverized and screened. The resulting pulps were sent to the Bureau Veritas laboratory in Vancouver, B.C. where they were analyzed by multi-element ICP-MS technique following aqua regia digestion. The pulps of the rock samples were treated by fire assay fusion and analyzed by atomic absorption spectroscopy.
John Nebocat, P.Eng is a Qualified Person under NI 43-101 and has reviewed and approved the technical portions of this news release.
About Stakeholder Gold Corporation
Stakeholder Gold Corp. is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of Stakeholder is to explore and develop the Ballarat Gold Property in the White Gold District of the Yukon Territory.
Neither the 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.
For more Stakeholder Gold Corp. information, please contact
Christopher J. Berlet, CFA
President & CEO
Neither the 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 of this release.
Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Company’s annual financial statements and MD&A.