Gold'n Futures' Inaugural Update on the 2023 Work Program Hercules Gold Project, Geraldton Gold Camp, Ontario
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - GOLD'N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) (the "Company" or "Gold'n Futures") is pleased to update its stakeholders on its progress respecting the 2023 work program for the Hercules Gold Project (the "Project"). This report is the first of such work program updates that Gold'n Futures plans to make through the course of the year.
The Company has recently expanded its exploration team with the addition of two senior geologists to manage and conduct the Company's next steps of its exploration and development program for the Project. The geologists in combination bring more than 75 years of experience to the Gold'n Futures team with expertise in mineral deposit and block modeling, resource estimations and economic assessments.
The new team will be building an up-to-date block model of the Hercules gold zones.
The new block model will incorporate approximately 160 previously omitted diamond drill holes and help identify high priority targets for the 2023 drill program.
Gold'n Futures' extensive new database comprises more than 108,000 meters of drill core, our new geophysical surveys, and more than 50 years of historical records.
The objective of the new block model will be to lay the groundwork for a comprehensive Mineral Resource Estimate ("MRE").
As introduced in the Company's January 10, 2023 news release, the next steps in the 2023 exploration program will be to design and undertake a sampling program of historical drill core on a selected number of holes to verify previous assay values and check unsampled intervals of potential mineralizing halos proximal to gold bearing quartz veins. Based on the results of this sampling program and the Project's extensive database of recent and historic information, the Company will be creating a new and robust geological model.
The new Hercules geological model will incorporate an additional 160 new drill holes together with the results of our geophysical surveys and field mapping which will allow Gold'n Futures to create a comprehensive block model in order to facilitate an updated MRE. The experience and educational backgrounds of the two new geologists will be highly complementary for the task at hand.
Gold'n Futures' President and CEO, Stephen Wilkinson, commented,
"We have added substantially to the geological knowledge of the Hercules gold property, in particular to the nature of its gold mineralization through the building of our database including our own drilling and airborne geophysical surveys. We have come to believe that the historical gold resource of the Hercules property does not represent the Hercules' true potential. and that previous resource estimates should not be relied upon. In addition, we are only just beginning to define the outstanding potential of the property and have now commenced our programs to build on this potential toward a new Mineral Resource Estimate."
The sampling of the historical core and block model work is planned to be completed during the second quarter of 2023. Gold'n Futures next drill program is budgeted to begin as early as possible in the spring. Drill targets will be selected from the new block model and will vector on those areas of the Hercules gold zones that are planned to be accretive to the Project's resource ounces.
Hercules Gold Zones - Depth Potential
In addition to the major increases to the strike lengths of the Hercules gold zones made by Gold'n Futures (see the Company news release dated, June 2, 2022), there are more than one historical drill hole that has successfully tested deep extensions of the gold mineralization. In a National Instrument 43-101 report by Watts Griffith McOuat, dated May 26, 2010, (the "WGM Report") prepared for Kodiak Exploration Limited ("Kodiak") it was reported that during 2008,
"Kodiak drilled 243 holes totaling 67,200 m on the Property. Deep drilling on the Property intersected gold-mineralized quartz veins. These veins are enveloped by wide haloes of sericite-chlorite-carbonate baked zone alteration, silicification, and hematization in the host rocks of the hanging wall and footwall. This deep drilling has shown that the alteration envelope around the veins can be as wide as 35 m and that gold has been intersected as deep as 1,000 m. Also, this drilling has defined at least seven distinct shoot-like gold mineralization zones. These shoots have a regular geometry and periodicity, with the higher grade zones appearing at regular intervals along strike."
The Company believes its work on the historical and recent drill core in combination with such tools as computer-based modeling will give greater clarity to the geological strikes, dips and plunges of the higher grade shoots mentioned in the WGM Report. It is further believed that armed with the knowledge of the shoots, our team will be able to direct its drilling and most effectively build out the size of the gold zones and hence increase the resource ounces on a go-forward basis.
The scientific and technical content of this press release has been prepared, reviewed, and approved by 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 Pink: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 km northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore - Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Hardrock-Greenstone gold mine. The Property comprises 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical and current drilling totalling in the order of 570 holes and 108 kilometers of available drill core.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com.
On behalf of the Board of Directors
For further information
President and CEO
Ph: +1 604-687-2038
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the trading of the Company's common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Hercules Gold Project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Hercules Gold Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152855