April 22, 2020 – TheNewswire – London, Ontario – Goldseek Resources Inc. (CSE:GSK) (CNSX:GSK.CN) (“Goldseek” or the “Company“) is pleased to announce the acquisition of the Southern Arm Property (the “Property”) by direct staking. The Brouillan-Fenelon volcanic belt has significant potential for gold and base metals. Property highlights include:
– 3,300+ hectares of Abitibi Greenstone
– VTEM target identified
– Historical drilling intersected disseminated Au-Cu-Zn sulfides
– 10km south of Wallbridge Mining’s Fenelon Project
– Borders Probe Metals, Midland Exploration and Great Thunder Gold
Goldseek’s President & CEO Jon Deluce states, “We are very excited to announce the acquisition of the Southern Arm Property. Through an assessment of the area ahead of the staking rush, we were able to directly stake this property at no dilution to shareholders. We believe the property is well-positioned and has the potential to take part in the discoveries made on the Detour Gold Trend. We look forward to completing a thorough assessment of the property and presenting a workplan in a subsequent news release.”
The Property is made up of 62 claims that were acquired by direct staking. They cover approximately 3,300+ hectares (33 km2). Access to the property is by Road 810 and by logging roads. It covers the Brouillan-Matagami belt, which consists of undifferentiated volcanic rocks.
The past year has been instrumental for Wallbridge Mining and its Fenelon Gold Project. Last December, they reported drill intercepts grading of up to 22.73 g/t Au over 48.01 meters (Wallbridge Dec 3, 2019 press release) and a successful 33,233 tonnes at 18.49 g/t Au bulk sample result. During 2019, Wallbridge drilled 75,000m and plans to increase to 100,000 – 120,000m of drilling throughout 2020 in anticipation of their maiden-resource calculation.
The B26 Zone (SOQUEM) is located approximately 18km SW of the Property. “A resource estimate was completed in March 2018. The indicated resources of the polymetallic deposit are estimated to be 6.97 Mt at 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43 g/t Ag, and the inferred resources stand at 4.41 Mt at 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9 g/t Ag. Favorable horizons elsewhere on the property remain untested.” (Source: SOQUEM’s web site) Recent drill holes returned up to 9.96% Zn, 82.19g/t Ag and 0.83g/t Au over 6.2m (Hole 1274-02-73); 4.56% Cu and 2.09g/t Au over 15m (Hole 1274-14-208) and Hole 1274-14-180 returned 30.3m at 1.98% Cu and 0.35g/t Au (2). Soquem is actively working on this property.
The Selbay Minelocated approximately 18km SW produced 56,529,682 tons at 38.11g/t Ag, 0.56g/t Au, 0.87% Cu and 1.85% Zn (MRN, 2001; DV 2001-01).
The Bapst Fault runs NW-SE through the Property. Close-by is the SG3-1 silver showing located 3.5km NW of the property on the Bapst Fault. The showing returned 5.6g/t Ag over 1.4m and 5.0g/t Ag over 1.0m in drill holes(12). It consisted of disseminated pyrite hosted in brecciated and sheared dacite.
The Sondage 92-BA-A-01 drill hole is located 2km SE of the property. It consists of volcanic massive sulfides and returned 0.19% Zn, 3.3g/t Ag over 6.6m, including 0.90% Zn and 5.2g/t Ag over 0.5m(3). It consisted of disseminated to massive sulfides (pyrite, pyrrhotite, sphalerite, galena) hosted in felsic to intermediary volcanic rocks.
On Probe’s property located on Goldseek’s south border, there are strong grab samples and drill results as seen below:
Historical Work on the Property
Numerous EM anomalies have been reported over the Bapst Fault(17). Public reporting indicates that conductor anomalies are located on the property(16), such as VTEM targets(6). The major anomalous zones are oriented NW-SE and have associations with the magnetic anomalies. According to the detailed resistivity depth imaging, the top of the EM response sources varies in depth from about 50m-500m deep.
Eleven holes were drilled on the property from 1993 to 1995, mainly to test magnetic anomalies. Most of them intersected disseminated Au-Cu-Zn sulfides (pyrrhotite, chalcopyrite, pyrite)(9-13) but returned low values of these metals. Mineralization appears to be located in an exhalite horizon or dacitic/basaltic rocks.
A full review of the historical work conducted on the Property will be done, including the review of historical results from drill holes and statistical treatment of the available geochemical data.
This press release was prepared by Pierre-Alexandre Pelletier, P.Geo.OGQ, and Steven Lauzier, P.Geo,OGQ both of whom are qualified persons as defined under National Instrument 43-101, and have reviewed and approved the geological information provided in this news release.
About Goldseek Resources Inc.
Goldseek Resources Inc. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying three projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry and Detour Gold Trend in Quebec and the Hemlo Gold Camp in Ontario.
ON BEHALF OF THE BOARD
Chief Executive Officer
For more information, please contact:
Goldseek Resources Inc.
E-mail: [email protected]