Gold’n Futures Identifies Initial Area of Priority Gold Targets at the Hercules Project in Northern Ontario

VANCOUVER, British Columbia, June 08, 2021 (GLOBE NEWSWIRE) — Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the “Company” or “Gold’n Futures”) is pleased to report that the compilation of historical data on the Hercules Gold Property has identified a large area encompassing several gold targets for exploration and resources expansion (“Area A”). Area A measures approximately 2,100 metres (“m”) long by 800m wide (Area A is depicted below in Figure One). Several partially delineated vein occurrences are contained within Area A that require further mapping, sampling and diamond drilling. In addition, a significant zone bearing favorable geological and geophysical characteristics for gold mineralization is recognized within Area A along the northern contact of the Elmhurst Intrusive Complex and metavolcanic units.

“We are particularly intrigued that, so early in the data compilation process, a substantial target area has been recognized and is made up of many zones related to the gold systems at the Hercules Gold Property. Area A has the potential to positively impact the gold endowment at the Hercules Gold Property. Area A has characteristics that make it clearly a priority for additional study, including prospecting, mapping, trenching, sampling and ultimately drilling,” commented Stephen Wilkinson, President and CEO.

The team of geologists engaged by Gold’n Futures are collecting and compiling all available data files with the intention of assembling a comprehensive database on the extensive Hercules Gold Property and the surrounding area. The compilation of thousands of files includes historical prospecting, government mapping and reports, previous exploration programs and hundreds of assessment files. The Company is completing this data compilation in order to build a single model for its development of priority targets. Even though the compilation of all historical data has not completed, the Company continues to identify exciting areas of investigation on the Hercules Gold Property. In particular, the team is finding many gaps in the historical resource zones all of which occur within a small area amounting to less than 5% of the Hercules Gold Property.

Area A and its Target Zones

Area A measures 2,100-metres in length by 800-metres in width outlining 168-hectares. Significantly, Area A captures magnetic high features (the magnetic high features are shown as the red shapes in Figure One) recognized to be associated with the gold systems at the Hercules Gold Property. Area A, which encompasses Targets 1 and 3, is defined to investigate the closely spaced, stacked relationship of six known gold zones and the broader contact zone for its bulk tonnage potential.

Target 1: is the broad hybrid contact zone of the Elmhirst Lake intrusion and volcanic host units. This contact zone is framing a structural setting essentially parallel to the Yellow Brick Road and Penelton gold vein systems. Importantly, this area has not been drilled in the past. Map P801, the preliminary provincial geological map of Elmhirst Township, shows the approximate location of this intrusive contact. However, outcrops of the contact were not mapped, likely due to a scarcity of exposures. The contact has good geophysical indicators for gold mineralization including its elevated magnetic signature, and the trend of the intrusive contact is also striking north-west and may be structurally controlled much like the gold veins system located just to the south.

Target 3: comprises six mineralized zones or veins which include the Marino, Miron, 7 of 9, Yellow Brick Road, Penelton and Wilkinson Lake gold zones. The Marino gold zone was intermittently drilled in the past and hosts a historical Inferred resource estimate of 57,800 tonnes grading 1.73 g/t Au for 3,220 ounces (“oz”) of gold. The Wilkinson Lake gold zone contains a historical Indicated estimate of 11,860 oz of gold contained in 39,900 tonnes grading 6.09 g/t Au and an Inferred resource 17,400 tonnes grading 7.24 g/t (*see Cautionary Note). In addition, all of the Target 3 gold zones are far from delineated by mapping, trenching or drilling and would benefit from the more comprehensive program being planned by Gold’n Futures.

Table One: Historical Indicated and Inferred Resources occurring in Area ‘A’ within each zone. See the Cautionary Note regarding Historical Resources.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/674f323a-bccb-4478-b97c-cef5f9170e1b

Cautionary Note:

Historical resource estimates cited in this news release are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. Although the historical resource estimates were 43-101 compliant at the time they were compiled. They are not ‘Current Resource Estimates’. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101 mineral resource estimate. Establishing a current mineral resource estimate for the Hercules Gold Property will require further evaluation, which the Company and its consultants intend to complete in due course.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4c941983-2065-4ef6-96f2-8fbed8af0c3a

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 NI 43-101 regulations and is a director of the Company.

About Gold’n Futures Mineral Corp.

Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company advancing its flagship Hercules Gold Project. The Hercules Gold Project is a well-known high-grade gold project, located 120 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District in the heart of the Beardmore – Geraldton gold mining camp. The Hercules Gold Project lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres. It comprises 475 contiguous claim cells (10,052 ha) of which 95% of the property is effectively unexplored. To date, the work completed on the Hercules Gold Project forms an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and, historical drilling totalling in the order of 537 holes – all of which is being remodeled for planning of the 2021 exploration program. The historical resource estimate (see Cautionary Note) for the Hercules Gold Project was completed in 2010 and comprised an uncapped Indicated Resource of 231,800 tonnes containing 111,450 ounces of gold and an uncapped Inferred Resource of 761,300 tonnes containing 101,050 ounces of gold.

Gold’n Futures’ other advanced gold asset is the Brady Gold Property that consists of an advanced project within a 950 ha claim group in the highly prospective Gander Zone of the central region of Newfoundland. The Brady’s Reid Gold Zone is an intrusion-hosted deposit that is only partially drill-tested and remains open on strike and at depth. The historical resource estimated for Reid Gold Zone in 2011 produced an Inferred Resource of 9,750,000 tonnes hosting 173,000 ounces of gold (see the Cautionary Note).

For more information, please visit our website at: www.goldnfuturesmineralcorp.com.

For further information
Stephen Wilkinson,
President and CEO
Email: [email protected] 

The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.

Cautionary Note: The Company refers to the historical resource estimates associated with the Hercules Gold Project, the Brady Gold Property and the Handcamp Property (the “Historical Estimates”). The Historical Estimates are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. Establishing a current mineral resource estimate on the Hercules Gold Project, the Brady Gold Property and the Handcamp Property will require further evaluation, which the Company and its consultants intend to complete in due course.

 

Resource News, Oil and Gas News, Mining News, Renewable News