VANCOUVER, March 13, 2013 /CNW/ - Great Northern Gold
Exploration Corporation, ("Great Northern Gold" or the "Company")
announced that it has completed the previously announced drilling
program on its Wekusko Gold Property in Northern Manitoba, testing gold targets on the
one kilometer by three kilometer (1km x 3km) McCafferty Grid (see
press release dated January 24,
2013). The McCafferty gold-bearing quartz vein is exposed on
the grid in a series of trenches and two shafts over a strike
length of 350 meters.
A total of 2,133 meters of drilling was
completed between January 3 and February 19,
2013 that tested 20 targets on approximately 5% of the
Wekusko Gold Property. To date assays have been received and
analyzed for 11 of the 20 drill holes.
The highlights include, a zone of hydrothermal,
epigenetic gold mineralization intersected in hole GN-13-11, with
visible gold identified at 85.5 meters within a 0.3 meter section
that contained 131.1 grams of gold per tonne (g/t Au). The
mineralization occurs within highly altered Amisk basaltic rocks
containing arsenopyrite, carbonate, tourmaline, and axinite, near a
contact with a sheared and altered subvolcanic granitic quartz
feldspar porphyry (QFP) intrusion. Immediately uphole from this
intersection the QFP contained 0.5 meters that assayed 3.73 g/t
Au. Both gold occurrences are believed to be related to the
same, possibly multi-episodic hydrothermal, epigenetic mineralizing
event and confirms the importance of the basalt-QFP contact as a
locus for shearing, hydrothermal alteration and gold
deposition.
The remaining 10 holes for which assays have
been received located numerous sulfide bearing occurrences in drift
covered areas but did not contain significant gold. These holes
were drilled largely in a mixed granodioritic biotite dacite and
subvolcanic intrusive to often tuffaceous, fragmental units, away
from the basalt-QFP contact area. The true widths of the
mineralization in the first 11 drill holes is not known.
Assays are pending on the last 9 holes of this
initial round of drilling and will be reported when received and
analyzed.
Previous drilling along this same contact and QFP intrusion
extension to the northeast by Black Pearl Minerals ("Black Pearl")
in 2006 intersected (see Black Pearl press release dated
April 26, 2006):
- 2.45 meters of 4.67 g/t Au, in drill hole BP-06-29, collared
100 meters to the NE of drill hole GN-13-11; and
- 22.9 meters of 0.54 g/t Au, including 0.4 meters of 5.8 g/t Au,
in drill hole BP-06-25, 850 meters NE of hole BP-06-29.
Black Pearl traced this contact in limited
outcrop another 1800 meters NE of hole BP-06-25, where a previously
reported drill hole ROD-97-6 intersected 12.5 meters of 0.56 g/t
Au, including 0.5 meters of 8 g/t Au. (Rodera Diamond Corp.,
1997) The Company has not yet done sufficient work to
verify these historic drill results and does not intend to use the
information for purposes other than planning and prioritizing
future exploration targets.
"The drilling results support our interpretation
that this is a highly prospective area and confirms the importance
of the basalt-QFP contact, and shearing within the QFP itself as a
focus for hydrothermal alteration and gold deposition," said
Kim Oishi, CEO of GGE, "We now
have gold mineralization localized along this arm of the QFP
intrusion, both at the basalt-QFP contact and within the sheared
QFP itself, over a strike length of 2.5 km, starting 2.3 km
northeast of the McCafferty gold bearing quartz vein. This
drill program combined with the historical work on the Wekusko Gold
Property indicates potential for epigenetic mesothermal gold
deposits located in shear zones below the glacial till cover.
The core was hand split, to assure maximum
sample size and shipped directly to the TSL Lab in Saskatoon SK. from Creighton SK. Canadian Standards were randomly
inserted, with repeats of the same standards used throughout the
program. Results were returned within the acceptable limits for all
Standards, thus confirming the quality of TSL assays. All
samples split for analyses were subjected to 40 element ICP-MS,
with all samples that returned more than 2 grams of Au from the
ICP-MS analyses subjected to 2 assay ton fire assay. All samples
with visible gold were subjected to full screen metallic assays.
The assaying was done by TSL Labs of Saskatoon, SK.
As set out in the Company's NI 43-101 Technical
Report dated May 12, 2012 and filed
on SEDAR, the Wekusko Gold Property hosts historic and recent
discoveries of moderate to high grade gold mineralization in near
surface quartz veins. Prospecting and geochemical work north
of the high grade Ferro and Rex
Laguna trending belts also indicate potential for Snow Lake
Mine (formerly New Britannia Mine) type of larger tonnage, lower
grade gold deposits. From 1949 to 2005, the Snow Lake Mine
produced 1,428,290 ounces of gold recovered from 12,124,449 tons
milled for a recovery grade of 0.117 oz/ton.
Daniel Ziehlke,
VP of Exploration for Great Northern Gold, is the Company's
Qualified Person under the definition of NI 43-101, and has
reviewed this press release for accuracy and compliance with NI
43-101. Information relating to adjacent properties has not been
verified by Great Northern Gold and is not necessarily indicative
of the mineralization on the Wekusko Gold Property. The
Wekusko Gold Property is an early-stage mineral property and does
not contain a resource as defined by NI 43-101.
About Great Northern Gold Exploration
Corporation
Great Northern Gold is a gold exploration company operating in
Northern Canada and has an option
to earn a 100% undivided interest in the property known as the
Wekusko Property located 23 kilometers southeast of Snow Lake, Manitoba and comprising 55 mineral
claims totaling approximately 8,880 hectares. Great Northern Gold
has also entered into a Property Option Agreement to earn a 100%
undivided interest in the property known as the Ferro Mine Property
located 23 kilometers southeast of Snow
Lake, Manitoba and east of Wekusko Lake, Manitoba. Please visit
www.greatnortherngold.com for more information.
Capitalization:
| Number of common shares outstanding: |
20,220,867 |
| Number of fully diluted shares outstanding: |
24,507,533 |
STATEMENTS IN THIS PRESS RELEASE REGARDING THE
COMPANY'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE
"FORWARD-LOOKING STATEMENTS" THAT INVOLVE RISKS AND UNCERTAINTIES,
SUCH AS ESTIMATES AND STATEMENTS THAT DESCRIBE THE COMPANY'S FUTURE
PLANS, OBJECTIVES OR GOALS, INCLUDING WORDS TO THE EFFECT THAT THE
COMPANY OR MANAGEMENT EXPECTS A STATED CONDITION OR RESULT TO
OCCUR. SINCE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND
CONDITIONS, BY THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND
UNCERTAINTIES. ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY
FROM THOSE CURRENTLY ANTICIPATED IN SUCH STATEMENTS. THE COMPANY
DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR REVISE EVENTS OR
CIRCUMSTANCES UNLESS REQUIRED BY APPLICABLE SECURITIES LAWS.
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 Great Northern Gold Exploration Corporation