TORONTO, ON / ACCESSWIRE / July 19, 2021 / AurCrest Gold Inc. (the "Company" or "AurCrest") (TSXV:AGO) is pleased to provide an update on the ongoing exploration program at the Company's Ranger Lake Gold Property, Ontario.
Diamond drilling for a total of nine (9) holes comprising 1,683 metres (m) was completed in June. A map of drill collar locations and orientations can be found on the Company's website at www.aurcrest.ca. In total, eight (8) of the nine (9) drill holes in the Phase 1 program intersected zones of polymetallic sulphide mineralization. Surface prospecting also identified one (1) outcrop, located approximately seventy-five (75) metres ESE from the drill program site that hosted a 15cm-wide quartz-biotite vein containing up to 8% sulphides. Selected core samples are being prepared for scanning electron microprobe analysis (SEMPA) to correlate mineralization and observations with the pending geochemical results.
The Company is confident that observations from this program will contribute to a better understanding of both the area geology and style of mineralization. The initial drill core logging data and photographs of the lithologies will be posted at www.aurcrest.ca in due course.
Subsequent to the Company's previous release (see release dated June 9, 2021), two step-out holes, RAL21-004 and RAL21-004B, were drilled approximately 25m east of overburden-covered, near-surface mineralization identified in RAL21-001, RAL21-001B, RAL21-001C and RAL21-001CC. The two step-outs were drilled at -50° and -45° dip angles in northerly and southeasterly directions, respectively, from a single pad location.
- RAL21-004 intersected sporadic disseminated polymetallic sulphides and foliation parallel sulphide millimetre-scale sulphide stringers between 136m and 147m. A zone of strongly sheared and folded silica-biotite-calcsilicate-sulphide layers is encountered between 145m and 147m and contains approximately 10% to 15% sulphide.
- RAL21-004B intersected intermittent sulphide mineralization between 6m and 23m. A 2.5m zone of approximately 80% sulphide was encountered at 11.5m and is associated with intense silica-biotite flooding. Between 14m and 17m, the rock is less sheared and distinctly preserves a monomictic metabreccia texture composed of angular, foliated metasedimentary lithic fragments flooded with silica, biotite and approximately 5% very fine-grained disseminated sulphides.
Soil sampling also was completed recently for Spatiotemporal Geochemical Hydrocarbon ("SGH") analysis and modelling over a high-priority Artificial Intelligence target immediately northwest of the current drill area. A total of 743 samples have been submitted for SGH analysis from a 50m grid pattern contiguous with the Company's existing SGH model.
Subsequent drill holes currently are being planned for a Phase 2 program in Fall 2021 to continue to test alteration, mineralization and structural interpretations. SGH modelling of the new survey area to the northwest of the current drilling will factor into the drill hole design.
The Company also has designed an additional soil SGH sampling grid to investigate exploration potential of a geophysically-anomalous region, approximately 3.0km east of the current drill area, and originally identified in historical exploration assessment reports through a ground magnetic and Max-Min horizontal loop electromagnetic (HLEM) survey conducted in 1979/80.
The Company acknowledges that the Ranger Lake Gold Property is within a Restricted Fire Zone and may become subject to a provincial Implementation Order restricting access to the sampling area should forest fire conditions in the Red Lake area continue to worsen. The Company will commence this soil sampling program immediately. Work will be suspended as required by any applicable Implementation Order.
Greg Davison, P.Geo. (BC), a Qualified Person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this Press Release.
ABOUT AURCREST GOLD 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 include the Richardson Lake, Ranger Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
President and C.E.O.
Director of Business Development
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the 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 undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither 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.