VANCOUVER, November 25, 2020 - Gambier Gold Corp.
(TSXV:GGAU) (the "Company") is pleased to announce it has recently completed a review of historical airborne geophysical surveys on its Detour West property ("Detour West" or, the "Project") in northern Ontario. Gambier's Detour West property is located immediately adjacent to the Detour Lake gold mine property of Kirkland Lake Gold, Canada's second-largest active gold mine. The review and interpretation of recently recovered GeoTEM airborne data yielded numerous highly conductive geophysical anomalies along and proximal to the Sunday Lake ("SLDZ") and Lower Detour ("LDDZ") Deformation Zones which cross the property. As a result, the Company has expanded its land holdings at Detour West by 4,917 hectares to a total of 23,849 hectares.
Historical Airborne Geophysics Interpretation and new Anomalies
The re-processing and re-interpretation of recently acquired historical airborne geophysical datasets was completed by Campbell and Walker Geophysics Ltd. Several moderate to strong conductors with direct spatial relation to inferred geological structures have been identified as high priority targets within the property boundary. . The Detour Lake gold mine, located approximately 20km along strike to the east, was discovered testing a similar conductive response located proximal to the SLDZ as were the Martiniere and Fenelon gold deposits located further east along the same structure.
The anomalies were derived from both a closely-spaced airborne VTEM survey completed in 2016 covering the eastern half of Detour West property in addition to a GeoTEM survey flown over the western half of the property in 1996. Available data indicates that the majority of these conductors have not been drill tested. Gambier Gold Corp. has engaged Pioneer Exploration Consultants Ltd. to fly a series of high resolution airborne magnetic surveys over selected areas to further refine the structural setting and aid in future drill targeting.
Figure 1: Detour West land position along the Detour-Fenelon Gold Trend
Detour West Property
The Detour West Property is 23,849 hectares in size (approximately 36.5 km long and 7 km wide) and located approximately 300 km northeast of Timmins and 185 km northeast of Cochrane by road in the northwestern part of the Abitibi Greenstone Belt within the southern part of the Superior Province in Ontario.
The Detour West Property is located approximately 20 km west of the open-pit Detour Lake Gold Mine acquired by Kirkland Lake Gold Inc. in January 2020 and directly adjoins the holdings of Kirkland Lake Gold. Gold mineralization at the Detour Lake Gold Mine is characteristic of greenstone-hosted orogenic lode gold style deposits. The Detour Lake Gold Mine produced 601,566 ounces of gold in 2019 and has proven and probable mineral reserves of 447,450 Kt at an average grade of 0.97 g/t Au for 14,847,000 contained gold ounces as of December 31, 2019.
(source: Kirkland Lake Gold Inc. website https://www.kl.gold/our-business/resources-and-reserves/default.aspx)
Please refer to cautionary statements shown below regarding Adjacent Properties disclosure.
Kirkland Lake Gold has recently entered into a $35 million option agreement to acquire a 75% interest in the mirror image to Gambier's Detour West property - the Detour East property, located immediately east of Kirkland's holdings along the SLDZ, also referred to as the "Detour-Fenelon Gold Trend".
The Detour Lake area is comprised of thick sequences of mafic to ultramafic volcanic rocks referred to as the Deloro Assemblage (DA) in structural contact to the south with the younger sediments of Caopatina Assemblage (CA). This contact between the DA and CA is characterized by a crustal-scale deformation zone referred to as the Sunday Lake Deformation Zone (SLDZ). The structures of the SLDZ are spatially related to most of the gold mineralization observed in the Detour Lake area. Exploration work on the Detour West Property by previous operators appears to indicate that the property may be underlain by previously underexplored and unrecognized extensions of the rock units contained within the Sunday Lake, Massicotte and Lower Detour deformation zones that host the adjacent Detour Lake gold deposit.
Mr. Michael Schuss, CEO, Gambier Gold stated "The identification of multiple highly conductive geophysical anomalies along the SLDZ and LDDZ have added significant value and further guidance to our exploration efforts at Detour West. The planned high-resolution drone-magnetic surveys, which have been successfully applied in the district before, will further refine the structure and aid in future drill targeting."
The Company is in the process of assembling a technical team with extensive experience working in the Detour Lake greenstone belt including the Detour West Property.
Cautionary Statements and Data Verification
This news release contains scientific and technical information with respect to adjacent or similar mineral properties in the Detour Lake regions, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources and reserves and gold mineralization on adjacent or similar properties is not necessarily indicative of the presence of gold mineralization on the Company's Detour West properties.
A Qualified Person has verified the scientific and technical data disclosed in this news release by reviewing historical information and disclosed data on the Detour West Property from the public records (i.e. geological papers and mineral assessment reports) and the acquired data from the service providers. Production figures and mineral reserves for the Detour Lake Gold Mine disclosed in this news release were verified by reviewing continuous disclosure documents filed on SEDAR by Detour Gold Corp. (up to January 2020) and Kirkland Lake Gold Inc. (January 2020 to current) and other public disclosure documents.
Qualified Person Statement
The scientific and technical information contained in this news release was prepared and approved by QP Tor Bruland, M.Sc., P.Geo., Geologist at Cascade Geological Services and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).
ON BEHALF OF THE BOARD
Michael E. Schuss
President & CEO
For further information, please contact:
Gambier Gold Corp.
Phone: (604) 241-2254
Forward-Looking Statement (Safe Harbor Statement):
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals.
Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.
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: Gambier Gold Corp.