TORONTO, April 20, 2021 - 79North Inc. (CSE: JQ; OTCQB: SVNTF; FRA: 6120) ("79North" or the "Company") is pleased to announce results from 33 additional rock chip samples from the Witlage Gold Zone (see Table 1), one of four key target areas identified on the Company's large, 20,000-hectare Nassau Gold Project in Suriname (Exhibit 1).
Table 1. Summary of rock chip sample results from the Witlage gold zone (samples greater than 2.5 ppm gold from 33 samples collected)
|Sample ||Type ||Description ||Au ppm (g/t) |
| || || || |
|31112 ||Rock chip panel ||Quartz vein stockwork in mafic sequence, trace chalcopyrite, and pyrite boxworks ||27.98 |
|41059 ||Rock chip panel ||Quartz vein stockwork in gabbroic host rock, with pyrite boxworks ||5.903 |
|41062 ||Rock chip panel ||White glassy 10-20 cm quartz vein with hematite after pyrite ||3.165 |
|41066 ||Rock chip panel ||Quartz vein stockwork within mafic host rock, vein is highly fractured with pyrite boxworks in veins and host rock ||13.90 |
|41067 ||Rock chip panel ||Quartz vein in shear zone along mafic dike, highly fractured, hematite gossan in sheared host rock ||5.043 |
|41071 ||Rock chip panel ||Quartz vein stockwork in mafic sequence, pyrite boxworks ||2.603 |
|41076 ||Rock chip panel ||Stock work quartz veins with pyrite and gossan. Purplish FeOx pigmentation, very fractured ||4.364 |
|41077 ||Rock chip panel ||Second vein parallel to 41076 ||2.602 |
|41078 ||Rock chip panel ||3rd vein parallel to 41076, with purplish gossan ||4.460 |
The Company's 70%-owned Nassau gold project is located 20 kilometres south of Newmont Corp.'s Merian gold mine and 60 kilometres east of IAMGold Corp.'s Rosebel gold mine. The Nassau gold project has similar geological stratigraphy and structures as both the Rosebel and Merian gold mines (see Press Release August 11, 2020 https://79north.ca/wp-content/uploads/2020/12/11-August- commencement-of-exploration-at-Nassau-gold-project-FINAL.pdf).
The results of the initial forty-five rock chip samples from the Witlage Target were described in an earlier press release (https://79north.ca/wp-content/uploads/2021/01/79North-publishes-initial-sampling-results-from-the-Nassau-Project.pdf). This Press Release describes the results from an additional 33 samples collected at the Witlage Target.
Witlage Gold Zone
The initial sampling and mapping of the Witlage gold zone defined a 20 metre wide, 300 metre long (and open along strike) intense quartz vein stockwork within a wider deformation corridor 150 to 200 metres wide with samples from quartz vein stockworks containing up to 8.76 grams gold per tonne (Exhibit 2). For context, the overall average grade of gold deposits in the Guiana Shield is in the range of 1.0 to 2.0 grams gold per tonne.
The new additional sampling reported herein has expanded the width of the deformation corridor from 200 to 300 metres and has identified a second environment of high-grade gold in quartz stockworks with samples containing up to 27.98 grams gold per tonne in a mafic rock with quartz veins concentrated along the contacts of fine-grained mafic dikes. The gold zone is exposed for 300 metres of strike length but is covered by alluvium and colluvium in the northwest and southeast, accordingly, it is open along strike. These new sample results further confirm the presence of a large gold-bearing quartz vein system that will require substantial additional exploration including drilling.
Jon North, Ph.D., P.Geo., and Chief Executive Officer commented "the new environment of high-grade gold-bearing quartz veins that we have discovered greatly increases the width of the gold bearing deformation corridor at the Witlage Target from 200 metres to 300 metres and presents an even more attractive target for our initial drilling program".
Summary for non-technical readers
Witlage is an area of exposed, gold-bearing rocks on the edge of a vast area of informal alluvial mining. Alluvial mining is the mining of creek gravels and the source of the gold in the creek gravels is interpreted as the gold-bearing rocks at the Witlage target. This work was successful in expanding the area of gold- bearing bedrock which will be evaluated by diamond drilling.
About 79North Inc.
79North, is led by a team with extensive mineral exploration expertise and a track record of discoveries and exits in South America, Africa, and Canada. 79North currently holds indirect interests in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield. 79North's growing portfolio of high-quality targets, which have not undergone modern exploration or drilling, have a long history of artisanal mining and are strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. 79North has 85,878,941 common shares issued and outstanding and 137,826,826 common shares on a fully diluted basis.
Statement of the Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Jon North, P.Geo., Chairman, CEO, and President of 79North and a Qualified Person within the meaning of National Instrument 43-101.
Please refer to the technical report of 79North entitled "NI-43-101 TECHNICAL REPORT - NASSAU GOLD EXPLORATION PROJECT, SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA" dated effective May 14, 2020 for further details. The technical report is available in 79North's SEDAR profile at www.SEDAR.com.
|Further Information |
|For further information please visit www.79North.ca or contact: Jon North, President and Chief Executive Officer |
|Telephone: ||(416) 786-6348 |
|Email: ||email@example.com |
| ||firstname.lastname@example.org |
Sampling protocols and security
When samples are collected, they are registered to UTM coordinates by GPS receiver and packed in a clear plastic sample bag with a waterproof, numbered assay tag and the sample bag is tied with a non-reusable cable tie. The samples are stored at the field camp under continuous, direct, supervision in rice bags with 5 samples per rice bag which is also sealed with a non-reusable cable tie. Sample shipments from the field are periodically made overland by company employees to a point where they can be picked up by a representative of MSALABS and transported the sample preparation facility in Paramaribo where the samples are entered into the MSALABS system. The rock samples (nominally 2 kg at the sample site) are prepared by MSALABS PRP-915 in which they are dried, crushed to < 2 mm, and a 500 g split is collected and pulverized to 85% passing a 75- micron screen. A 50 g split of the pulp is analysed by FAS-121 which is a fire assay with AA finish for trace level gold with a detection limit of 5 ppb gold. Samples with greater than 10 ppm gold are re-assayed by fire assay with a gravimetric finish. For analytical quality control, sterile blank samples of locally sourced coastal sand and commercially prepared and certified gold control standards (CRM) are inserted at a frequency of one blank for every 10 samples and one CRM for every 25 samples. NSV means "no significant values", g/t means "grams gold per tonne", ppm means "parts per million" which is the same as grams per tonne and ppb means parts per billion where 1,000 ppb equals 1 ppm.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including information with respect to the exploration program at the Nassau gold project. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, including related to Covid-19; and the delay or failure to receive board, shareholder, or regulatory approvals. 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 the forward-looking statements and information contained in this news release. Except as required by law, 79North assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Location of exploration targets of the Nassau gold project, Suriname, is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7920097d-86de-42bb-b35c-412b189df843
Geology, sampling results, and proposed drilling of the Witlage target, Nassau gold project, is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac389b79-bf3b-4cb9-b3dd-632f37a26b09