TORONTO, Jan. 2, 2025
/CNW/ - 1911 Gold Corporation ("1911 Gold"
or the "Company") (TSX-V: AUMB) (OTC: AUMBF) is pleased to
announce that following the release of an updated underground
Mineral Resource Estimate ("MRE") for the True North Gold Project
on November 20, 2024, the Company has
filed the National Instrument 43-101 ("NI 43-101") Technical Report
for the 100% owned project in southeastern Manitoba, Canada.
Highlights
- Filing of Technical Report entitled "NI 43-101
Technical Report on the True North Gold Project, Bissett, Manitoba, Canada", prepared by Lions
Gate Geological Consulting Inc. ("LGGC") and 1911 Gold, dated
December 23, 2024, with an effective
date of August 29, 2024
- Underground MRE defined for the True North Gold Project is
reported within mineral resource constraining envelopes using a
2.25 grams per tonne ("g/t") Gold ("Au") threshold. All blocks
within the envelopes are reported and tabulate as:
- Indicated Mineral Resource of 3,516,000 t @ 4.41 g/t Au
containing 499,000 ounces ("oz") Au
- Inferred Mineral Resource of 5,490,000 t @ 3.65 g/t Au
containing 644,000 oz Au
- The MRE highlights areas for resource expansion both down
plunge and along strike to the modeled veins, and within areas of
historic drilling, for potential resource expansion with additional
drilling
- Surface drill program (6,000
m) underway on new target areas that include:
- Gold mineralization intersected in historic drillholes
along strike from the resource and within 400 m of surface
- New targets identified during the re-interpretation
and remodelling of gold mineralization that are proximal
to Au-bearing shear zones within favourable host
rocks
- Planning for 25,000 m of
resource expansion and new target drilling is underway for
2025
Shaun Heinrichs, President and
CEO of 1911 Gold, commented, "We are pleased to have completed the
compilation and filing of the updated Mineral Resource Estimate
Technical Report for the True North Gold Project. The new robust
resource estimate forms the base of our plans moving forward both
for the recommencement of production and the expansion and growth
of resources at the True North Gold mine. We have a significant
exploration drill program underway on a number of new targets and
are moving to expand this program in 2025 with more resource
expansion drilling".
The updated NI 43-101 report is available for review on both
SEDAR+ (www.sedarplus.ca) and the Company's website
(www.1911gold.com).
The updated True North MRE Technical Report was prepared by
Susan Lomas, P.Geo, of LGGC,
Bruce Davis, PhD, FAusIMM, and
Michele Della Libera, P.Geo,, each
of whom is considered a "Qualified Person" as defined in NI
43-101.
1911 Gold's press release dated November
20, 2024 (entitled "1911 Gold Announces Mineral Resource
Estimate Update for the True North Gold Project") summarized
the mineral resource estimate update in detail.
Future Plans
First phase surface drilling is currently underway on near
surface areas outside of the resource where the new geological
model has identified prospective new targets with significant
mineralized intercepts from historical drilling. Initially three
prioritized target areas have been identified and are the target of
the current drill program (see Company's press release: "1911
Gold Initiates Surface Drill Program on New Exploration Targets at
the True North Gold Mine", dated October
3, 2024). Drilling is continuing and results are due to be
released in early 2025.
With the completion of the MRE, 1911 Gold has also identified
areas of the resource model that are open and with additional
drilling have the potential to expand the resources, in addition to
new targets at depth in the deposit. The Company is currently
compiling a drill plan of over 25,000
m of drilling for 2025 and has commenced work on a
preliminary redevelopment plan, working closely with Éric Vinet,
recently engaged as a key technical advisor, focusing on
identifying suitable mining methods, expected costs, and overall
economics supporting the restart strategy, to be covered in a new
preliminary economic assessment study.
Qualified Person Statement
The scientific and technical information in this news release
has been reviewed and approved by Mr. Michele Della Libera, P.Geo, Vice President
Exploration of 1911 Gold, who is a "Qualified Person" as defined
under NI 43-101.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective,
consolidated land package totalling 63,276 hectares within and
adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine
and mill complex at Bissett,
Manitoba, where it is reprocessing historic tailings on a
seasonal basis. 1911 Gold believes its land package is a prime
exploration opportunity, with potential to develop a mining
district centred on the True North complex. The Company also owns
the Apex project near Snow Lake,
Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on both
organic growth opportunities and accretive acquisition
opportunities in North
America.
1911 Gold's True North complex and exploration land package are
located within the traditional territory of the Hollow Water First
Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks
forward to maintaining open, co-operative, and respectful
communication with the Hollow Water First Nation, and all local
stakeholders, in order to build mutually beneficial working
relationships.
ON BEHALF OF THE BOARD OF DIRECTORS
Shaun Heinrichs
President and CEO
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This news release may contain forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or describes a "goal", or variation of such words and phrases or
state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and
assumptions based on information available at the time the
statements were made. Actual results or events may differ from
those predicted in these forward-looking statements. All of the
Company's forward-looking statements are qualified by the
assumptions that are stated or inherent in such forward-looking
statements, including the assumptions listed below. Although the
Company believes that these assumptions are reasonable, this list
is not exhaustive of factors that may affect any of the
forward-looking statements.
Forward-looking statements involve known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. All statements that
address expectations or projections about the future, including,
but not limited to, statements about exploration plans and the
timing and results thereof, are forward-looking statements.
Although 1911 Gold has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking 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.
All forward-looking statements contained in this news release
are given as of the date hereof. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except in accordance with applicable securities
laws.
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 1911 Gold Corporation
