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Gossan Resources Ltd
Symbol GSS
Shares Issued 33,580,400
Close 2018-07-05 C$ 0.095
Market Cap C$ 3,190,138
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Gossan completes preliminary drilling at Sturgeon Lake

2018-07-05 12:14 ET - News Release

Mr. Douglas Reeson reports

GOSSAN DRILLING INTERSECTS FOOTWALL OF VMS SYSTEMS SIMILAR TO NEARBY VMS DEPOSITS AT ITS STURGEON LAKE PROPERTY

Gossan Resources Ltd. has completed a preliminary drill program totalling 741 metres at its Sturgeon Lake property in Northwestern Ontario. Two of four completed drill holes intersected significant separate widths of footwall-style hydrothermal alteration with abundant stringer, semi- and near-massive sulphides of pyrrhotite and pyrite with minor copper and up to 0.46 per cent zinc, indicative of volcanogenic massive sulphide type systems in two separate areas.

The geology and alteration encountered appear similar to those of the nearby historic Lyon Lake, Sturgeon Lake, Creek and Sub-Creek orebodies. Each of the two drill holes (SLG-18-01A, SLG-18-04) was collared within a wide zone of alteration and sulphide mineralization, and requires step-back drilling to test the full width of the zone, as well as along strike drilling to test the extent of the two target areas. The two other drill holes intersected a third target area with significant widths of intercalated sulphidic and strongly graphitic tuffs with abundant pyrrhotite and anomalous zinc mineralization up to 0.29 per cent.

Gossan is strongly encouraged by the latest drill results and is planning follow-up exploration programs that include detailed ground-based gravity surveys to help locate the zones of greatest massive sulphide accumulation. A winter drill program will follow up on the results of the completed drilling and planned gravity surveys, and continue with the program of testing high-priority targets within the project area that had previously been delineated by coincident versatile time domain electromagnetic and geochemical surveys.

Gossan has staked additional ground along strike. The property has been expanded from 3,088 hectares to 4,276 hectares.

Douglas Reeson, president of Gossan, stated: "We have strong evidence that we intersected the footwall zones of VMS type systems similar to those of the neighbouring past-producing mines. Additional surface exploration is planned before resuming the drill program."

Gossan's Sturgeon Lake property lies directly along strike and to the east of six historic VMS deposits. Four distinct high-priority, multiparameter volcanogenic massive sulphide (VMS) target areas have been identified on the property. Management believes its Sturgeon property has the potential to host a significant zinc-copper-silver-rich VMS deposit, similar to those mined from 1970 to 1991 in the Sturgeon Lake base metal camp, which accounted for approximately 18.7 million tonnes of ore, with average grades of 8 per cent zinc, 1.1 per cent copper, 0.8 per cent lead, 120 grams per tonne silver and 0.5 g/t gold.

Quality control and quality assurance of results (QA/QC)

A total of 380 samples were submitted for assay and geochemical analysis including a total of 16 standards and 12 blanks that were inserted for quality control purposes. The results obtained from AGAT Labs represent a level of quality satisfactory to Gossan's management. Samples were analyzed using a sodium peroxide fusion digestion and gold was analyzed using standard fire assay methods.

Dr. Hamid Mumin, PGeo, director of Gossan, qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical data presented in this press release.

About Gossan Resources Ltd.

Gossan Resources has a broadly diversified portfolio of properties hosting gold, platinum group and base metals, as well as specialty green-battery minor metals, vanadium, titanium, tantalum, lithium and chromium. The company's focus is on drilling an exploration property within the zinc-rich polymetallic Sturgeon Lake greenstone belt in Northwestern Ontario. Gossan also has a large deposit of high-purity, magnesium-rich dolomite, as well as $100,000-per-year advance and production royalty interests in a frac sand deposit. All of Gossan's mineral exploration and development properties are located in Manitoba and Northwestern Ontario.

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