VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — C2C Gold Corp. (CSE:CTOC; OTCQB:CTCGF) (the “Company” or “C2C Gold”) announced today final results from the assay results of rock samples collected on the properties recently acquired with the acquisition of The Rock Gold Corp. Initial field reconnaissance and rock chip sampling from the Dunnage and Mega Vein properties located in Canada’s Newfoundland are highlighted by an outcrop sample from the Dunnage property containing visible gold yielding 120 g/t.
Additional results are reported from the Mega Vein Property east of Gander Bay South. The samples, collected from a two-kilometer linear train of irregular shaped coarse quartz boulders in the till veneer, returned 13 anomalous gold assay values along the boulder train up to a maximum value of 0.6 g/t. The orientation, shape and size of these boulders is thought to be indicative of being sub-crop or material that has seen little movement from its source. The quartz texture, gold and trace element values are suggestive of a high-level epithermal system with the better grade gold targets lying at depth. The property is located in the eastern Exploits subzone of the Dunnage Zone, which contains prolific gold and base metal mineralization across the island. These regional structures also host significant gold values along strike.
To view the C2C Gold project maps, sampling results and photos please visit: https://bit.ly/3d6a5Lh
Peter Bures, Chief Executive Officer of C2C Gold, stated, “The C2C team is very excited with the significant sample of orogenic quartz vein containing visible gold as well as the large anomalous area associated with a likely epithermal gold system. The two styles of mineralization are recognized as the principal gold-bearing target types in Newfoundland. We look forward to additional discoveries as we systematically evaluate the numerous properties recently acquired with our acquisition of The Rock Gold Corp. Work continues on the large Millertown, Badger and Barrens Lake projects as well. We are confident that we will be able to generate a number of high-priority near surface drill targets across our extensive property portfolio.”
Mr. William Sheriff Appointed as Executive Chairman of C2C Gold Corp.
In conjunction with the acquisition of The Rock properties, Mr. William Sheriff has been appointed Executive Chairman of the C2C Gold Board of Directors. He brings with him a deep foundation of entrepreneurial experience and wealth creation with over 40 years’ experience in the minerals industry and is known for his prospecting and project selection across North America. Mr. Sheriff is also the founder and Executive Chairman of enCore Energy Corp. (TSXV:EU), having led the development of the company from inception to a near term ISR uranium producer with a multi-jurisdictional United States asset base. He is also a Director and co-founder of Group 11 Technologies Inc, a private company committed to the development and application of environmentally and socially responsible precious metals mineral ISR extraction as an alternate to conventional mining methods.
The Dunnage Property, New World Island Area
The Dunnage Project, located in on the southern portion of New World Island was selected based on its proximity to regional scale faults including the Red Indian Line (RIL) and the Virgin Arm along with geochemical and stratigraphic conditions favorable for gold deposition. The 2021 prospecting programs in this area yielded several indications of gold mineralizing systems on the properties including visible gold, arsenopyrite, and stibnite mineralization. A total of 5 surface rock chip samples were taken during an initial reconnaissance visit with 2 samples reporting over 2 g/t gold.
The Mega Vein Property, Gander Bay South Area
The Mega Vein Property is located along the northern extent of the Appleton and Joe Batts Pond linears. These two structural zones are important hosts to gold mineralization sixty kilometers to the southwest around Appleton, Newfoundland. The area is underlain by low-grade metasedimentary rocks of the Davidsville Group, which hosts gold mineralization along the Appleton and Joe Batt’s linears. These linears represent significant fault zones that host abundant mineralization north of Gander Lake and are spatially associated with numerous gold showings along their strike-length.
C2C Gold holds several mineral licenses along the trend southwest of Gander Bay South that are contiguous with Newfound Gold’s Queensway Project and Exploits Discovery’s Gazeebow Project. The Company’s recent acquisition of The Rock Gold properties added the Mega Vein Property east of Gander Bay South. The property is underlain by a folded siltstone and shale succession of the Davidsville Group. Low grade gold mineralization was discovered in large, angular quartz vein boulders that form a 3.3-kilometer, northeast-trending boulder train. The boulders exhibit boiling textures characteristic of epithermal quartz veins, a common vein-style along the trend.
The gold concentrations are significant and widespread. The quantity, size and angular nature of the boulders is interpreted to suggest proximity to the bedrock source. The property will be advanced with soil samples, additional prospecting, and geological mapping during the 2022 field season in order to prioritize potential drill sites along the trend.
Analytical Methods and Laboratory
Rock samples were collected by independent prospectors at each of the properties. The samples were submitted to Eastern Analytical Ltd., based in Springdale, Newfoundland for sample preparation and analysis. All samples are subject to four acid digestion and ICP-ES/MS for 34 elements. Gold is analysed by fire assay with an atomic adsorption finish to determine the concentration of gold in each sample.
C2C Gold gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ financial support of C2C Gold’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, and Qualified Person as defined by National Instrument 43-101.
About C2C Gold Corp.
C2C Gold Corp. is a mineral exploration company focused on advancing gold projects in Canada’s Newfoundland. C2C Gold holds one of the largest land positions on the Central Newfoundland Gold Belt and through the acquisition of The Rock Gold Corp., now includes numerous projects lying along the major gold bearing crustal scale structural zones. C2C Gold’s portfolio covers a pipeline of projects from early exploration stage through drill-ready with known gold occurrences. C2C also holds a portfolio of projects within the prolific White Gold and Klondike districts in Canada’s Yukon.
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.