Aurcrest Gold provides update on Ranger Lake gold property exploration program
TORONTO, ON / ACCESSWIRE / July 19, 2021 / AurCrest Gold Inc. (the “Company” or “AurCrest“) (TSXV: AGO) is pleased to provide an update on the current exploration program on the Ranger Lake gold property in Ontario.
Diamond drilling for a total of nine (9) holes totaling 1,683 meters (m) was completed in June. A map of drill collar locations and orientations is available on the Company’s website at www.aurcrest.ca. A total of eight (8) of the nine (9) drill holes in Phase 1 of the program intersected zones of polymetallic sulphide mineralization. Surface prospecting also identified one (1) outcrop, located approximately seventy-five (75) meters ESE from the drilling program site that hosted a 15 cm wide quartz-biotite vein containing up to 8% of sulphides. Selected core samples are being prepared for scanning electron microprobe (SEMPA) analysis to correlate mineralization and observations with pending geochemical results.
The Company is confident that the observations from this program will contribute to a better understanding of the geology of the area and the style of mineralization. Initial drill core logging data and lithology photographs will be posted on www.aurcrest.ca in due course.
Following the Company’s previous press release (see press release dated June 9, 2021), two extension holes, RAL21-004 and RAL21-004B, were drilled approximately 25 m east of the mineralization near the surface covered with overburden identified in RAL21-001, RAL21-001B, RAL21-001C and RAL21-001CC. Both steps were drilled at tilt angles of -50 ° and -45 ° in the north and southeast directions, respectively, from a single location.
RAL21-004 intersected sporadic disseminated polymetallic sulphides and parallel sulphides with foliation in millimeter-scale sulphide strings between 136 m and 147 m. A zone of highly sheared and folded silica-biotite-calcsilicate-sulphide layers is encountered between 145 m and 147 m and contains about 10 to 15% sulphide.
RAL21-004B intersected intermittent sulphide mineralization between 6 m and 23 m. A 2.5 m zone of approximately 80% sulphide was encountered at 11.5 m and is associated with intense silica-biotite flooding. Between 14 m and 17 m, the rock is less sheared and distinctly retains a monomictic metabreche texture composed of foliated angular metasedimentary lithic fragments inundated with silica, biotite and about 5% very fine-grained disseminated sulphides.
Soil sampling was also recently performed for geochemical hydrocarbon (“SGH”) spatio-temporal analysis and modeling on a high priority artificial intelligence target immediately northwest of the current drilling area. A total of 743 samples were submitted for GHS analysis from a 50 m grid contiguous to the Company’s existing GHS model.
Subsequent drill holes are currently planned for a Phase 2 program in fall 2021 to continue testing alteration, mineralization and structural interpretations. GHS modeling of the new study area northwest of the current borehole will be taken into account in the design of the borehole.
The Company also designed an additional SGH soil sampling grid to study the exploration potential of a geophysically anomalous region, approximately 3.0 km east of the current drill area, and identified at the origin in historical exploration appraisal reports through a ground and horizontal magnetic loop Max-Min. electromagnetic survey (HLEM) carried out in 1979/80.
The Company recognizes that the Ranger Lake gold property is in a restricted fire zone and may become subject to a provincial implementing order restricting access to the sampling area if forest fire conditions in the area. of Red Lake continue to worsen. The Company will begin this soil sampling program immediately. The work will be suspended as required by any applicable implementing decree.
Greg Davison, P.Geo. (BC), a qualified person in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 respecting standards for the disclosure of mining projects, has read and approved the scientific and technical information which forms the basis of the disclosure contained in this press release. hurry. .
ABOUT AURCEST OR INC.
AurCrest is a mineral exploration company focused on the acquisition, exploration and development of gold properties. AurCrest has a portfolio of properties in Ontario, which includes the Richardson Lake, Ranger Lake and Bridget Lake gold properties.
FOR MORE INFORMATION, PLEASE CONTACT:
AurCrest Gold Inc.
President and CEO
Director of Business Development
Some of the statements contained in this document may be forward-looking statements that involve known and unknown risks and uncertainties. Without limitation, statements regarding mineralization and potential resources, exploration results and the Company’s future plans and objectives are forward-looking statements that involve various risks. The following are important factors which could cause the Company’s actual results to differ materially from those expressed or implied by these forward-looking statements: changes in the world price of mineral raw materials, general market conditions, risks inherent in the mineral exploration, risks associated with development, construction and mining operations, uncertainty of future profitability and uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. AurCrest does not undertake to update these forward-looking statements if circumstances or management’s estimates or opinions change. The reader is cautioned not to place undue reliance on these forward-looking statements.
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.
SOURCE: AurCrest Gold Inc.
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