Toronto, Ontario–(Newsfile Corp. – May 20, 2021) – Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) (OTC Pink: RDYFF) (“Ready Set Gold” or the “Company”) is pleased to provide a summary of the full thirteen-hole, Phase 1 drill program which was completed in March 2021 on Ready Set Gold’s 100% owned Northshore Gold Project (“Northshore”) located in the western section of the Schreiber-Hemlo Greenstone Belt in Ontario, Canada.
“All thirteen holes drilled in our Phase 1 drill program at Northshore have intersected gold mineralization. The broad nature of these intersections along with the evidence of higher-grade structures contained within is a very encouraging sign for a large gold system. These initial results not only confirm historical exploration, they also identify new areas of higher-grade mineralization and confirm our new geological model, which opens up the discovery and growth potential at Northshore,” stated Brad Lazich VP Exploration of Ready Set Gold.
The primary objectives of the Phase 1 drilling program at Northshore were to test a new geological model, to better understand lithological and structural controls on gold mineralization, and to confirm the grades of mineralization reported by previous owners/operators of the project. These objectives were achieved.
The new hypothesis/model of generally NW-SE parallel and sub-parallel broad gold zones with higher-grade veining within appears to have been confirmed. The Phase 1 program drilled areas which had limited or no historical drilling in a near perpendicular nature to cross the modeled zones to better understand the geological constraints of the deposit. The Company was extremely encouraged that gold mineralization was intersected in all thirteen holes drilled. The significance of this confirmation is the Company can now better predict and project extensions for drill testing moving forward. The Ready Set Gold model forecasts that the zones could run up to 1km along strike, in both directions, from the already identified areas of gold mineralization and remain unexplored below 250m depth.
|Hole ID||From||To||Length (m)||Au (g/t)||Zone|
Table 1: Phase 1 drill highlights.
Figure 1 – Sample E00121136 from RSG-21-070 (Zone A). Fine grained specs of visible gold hosted in quartz veining – 0.34m @ 150 g/t Au.
Figure 2 – Brittle-Ductile shearing in Zone A hosting quartz-carbonate (chlorite) veining. Section of core from RSG-21-068 that grades 5.00m @ 7.25 g/t Au (92.85 – 97.85m).
As a result of Ready Set Gold’s new geological model/interpretation for Northshore, the Afric Zone has now been divided into Zones A, B and C. This interpretation better fits the modelled lithological and structural controls on the gold mineralization. Therefore, moving forward, we will refer to Zones A, B, C, Gino and Main Vein as the gold bearing zones at Northshore. It is the Company’s belief, based on continued geological modeling, that the historical resource estimate was not effectively geologically or structurally constrained, which offers Ready Set Gold an opportunity to properly pit constrain the near-surface gold mineralization and domain-out and grow higher-grade gold mineralization at depth with continued drilling.
“A” Zone – hosts a wide, potentially open pit target, with pervasive gold mineralization over significant widths with multiple higher grade-lenses. The zone is characterized by brittle-ductile shearing hosting pervasive quartz-carbonate veining with sulphide mineralization in stock-work veins, disseminated in host lithologies, and in shear-extensional and extensional quartz veins. The A Zone has only previously been explored to approximately 200-250m depth and is also believed to be open along strike for more than 1km in both directions.
“B” Zone – a newly modelled zone that is geologically similar to Zone A (wide, lower-grade gold zones hosting higher grade lenses within the broader envelope). The B Zone is 150m north of the A Zone and is interpreted as a parallel structure with a generally east-west strike. The zone is characterized by areas of intense alteration and brittle-ductile shearing defined by pervasive quartz-carbonate veining which hosts sulphide mineralization disseminated in host lithologies and in shear-extensional and extensional quartz veins. The zone remains underexplored and is believed to remain open along strike for more than 1km in both directions.
Additional Zones to be Explored: At least three gold bearing zones to the north of the A and B Zones remain underexplored. The C, Gino and Main Zones are modelled to be sub-parallel to the A and B Zones and have the potential to significantly increase the scope of the Northshore project.
Figure 3 – Old Model vs. New Model – New interpretation displays more shear-type structural control on gold mineralization opening significant strike and dip potential for growth and discovery.
Figure 4 – Overview of Ready Set Gold’s initial geological model at Northshore (plan view). The historic Afric Zone has now been interpreted to be divided into 3 zones (A, B and C) who’s overall geometry is controlled by generally NW-SE striking packages of porphyritic felsic intrusives and felsic volcanics. Within each zone are a series of shear-hosted (generally E-W trending shear-zones) and brittle shear-extensional and extensional quartz veins. The broad, lower-grade mineral envelopes are interpreted to be controlled by the porphyritic felsic intrusives and higher-grade is controlled by shearing and quartz veining within.
Underexplored / Expansion Upside
The Northshore Project remains underexplored with approximately only 5% of the area systematically evaluated to date. Additionally, the depth potential of the gold mineralized zones remains untested with the deepest drill intercepts at 250m vertical depth. The company believes that the Northshore Project shows excellent potential to depth including potential higher-grade gold zones.
Figure 5: Plan Map of Northshore property showing unexplored (generally NW-SE) gold zones and regional, unexplored potential to the west. The project area is unexplored along strike and at depths below 250m.
Moving Forward Plans
Christian Scovenna, CEO & Director comments: “The near-term plans for Company will see a surface exploration program at Northshore to continue to better understand both the controls on higher-grade gold mineralization as well as exploration potential outside of known gold mineralization. This program can include lithological and structural mapping (surface and downhole), sampling, trenching and an IP geophysical survey. The program will help in designing a Phase 2 drill program, which is planned to commence immediately after this confirmation exploration work is complete. The Phase 2 drill program will be focused on growing the known zones of gold mineralization on strike and at depth, as well as discovering new areas regionally. The near-term exploration work will also continue to help better understand the historical resource estimate at Northshore”.
Qualified Person and NI-43-101 Disclosure
Brad Lazich, P.Geo. (ON), VP Exploration of Ready Set Gold Corp, and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the disclosed data and has approved the scientific and technical disclosure in this news release.
About Ready Set Gold Corporation
Ready Set Gold Corp. is a precious metals exploration company listed on the Canadian Securities Exchange under symbol RDY and the Boerse Frankfurt Exchange as 0MZ. The Company has consolidated and now owns a 100% interest in the Northshore Gold Project, located in the Schreiber-Hemlo Greenstone Belt near Thunder Bay, Ontario which is prospective for gold and silver mineralization. The Company also owns a 100% interest in two separate claim blocks totaling 4,453 hectares known as the Hemlo Eastern Flanks Project. The Company also holds an option to acquire a 100% undivided interest in a continuous claim block totaling 1,634 hectares comprising the Emmons Peak Project located 50 km south of Dryden, Ontario that is near the Treasury Metals Goliath and Goldlund advanced gold development projects.
On Behalf of the Board of Directors,
READY SET GOLD Corporation
Chief Executive Officer & Director
CEO Direct Line: +1 (416) 453-4708
For further information please contact:
Sean Kingsley – Vice President, Corporate Communications
Tel: +1 (604) 440-8474
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute “forward-looking statements” within the meaning of Canadian Securities laws, including that statements related to exploration potential and timing for the remaining assay results. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Ready Set Gold’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release including that the Company will complete the drilling program and, on the timeline, as anticipated by management and that information will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Although Ready Set Gold believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Ready Set Gold to implement its business strategies; competition; the Company will not complete the remainder of the Phase 1 drilling program on the timeline as anticipated by management or at all and other assumptions, risks and uncertainties.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.