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Lode Gold (Formerly Stratabound) McIntyre Brook Property, New Brunswick: Confirms Gold Endowment Potential Within Its 17km Strike of the >20-Million-Ounce Appalachian Gold Corridor

2024-01-31 13:10 ET - News Release

HIGHLIGHTS

  • Lode Gold McIntyre Brook Property lies within the "Appalachian Gold Corridor" (AGC) which contains greater than 20M ounces of Au and counting

  • The AGC contains deposits like New Found Gold's Queensway Project, Calibre's Valentine Lake Project (under construction), St. Barbara's Touquoy Mine, Galway's Clarence Stream deposit and OceanaGold's Haile Gold Mine

  • Lode Gold's McIntrye Brook project occupies 17km strike within the prospective Dunnage Gander Terrane, and is located 80 km west of Bathurst, New Brunswick

  • This geology is shared with our neighbour Puma Exploration who have had highly encouraging drill hole intercepts up to 50m @ 5.55 g/t Au at their Lynx deposit, a rapidly advancing new discovery, adjacent to our property

  • An information circular published by the Department of Natural Resources focused on the McIntyre Brook, highlights two highly prospective bands traversing the property thought to be the most prospective for gold; the bands are centered on the McIntyre Brook and Rocky Mill fault systems

  • Previous historic work and drilling by Lode Gold in 2019 confirmed that these zones are gold mineralized and extend over several kilometres

  • Excellent infrastructure with access to year-round road infrastructure including Highway 180, ports, airports, mining facilities and a skilled workforce

  • Lode Gold to continue and enhance this work as it plans the upcoming exploration season, which will culminate in drilling

Toronto, Ontario--(Newsfile Corp. - January 31, 2024) - Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold" or the "Company" and formerly Stratabound Minerals) provides an update on its McIntyre Gold project in the under-explored, world-class "Appalachian Gold Corridor" ("AGC"). The AGC contains over 20 M ounces of gold resources stretching along a band that parallels the Iapetus Suture, a geological structure that represents the closure of the Iapetus Ocean in the Silurian epoch (420 Ma). This >4,000-km long structure that stretches from South Carolina, through New Brunswick, Nova Scotia and Newfoundland, also continues across the Atlantic through Ireland, Scotland, and Norway. Figure 1 and Table 1 list some of the more notable deposits along this trend. Common to these deposits is the relative age, Ordovician-Silurian, and that they are structurally controlled, "Mostly Orogenic type" deposits.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4064/196367_figure1_550.jpg

Figure 1. Consistent orogenic mineralization along this emerging Appalachian Gold Corridor (Iapetus Suture).

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4064/196367_figure1.jpg

Table 1. List of selected gold mines and deposits along the Appalachian Gold Corridor

Deposit name CompanyGeological CharacteristicsExploration MethodsHanging wall/
Footwall
Mineral system size in ouncesPathfinders
Queensway
NF
New Found GoldMultiple high-grade veins within 1km of major suture-like structureBasal Till, Seismic, MagneticsPelites Still to be determined
>5M Oz
Au @ >5g/t
Sb, As
Valentine Lake
NF
Calibre MiningQuartz tourmaline pyrite veins
SW dip, en echelon, extensional, connected by steep shear veins
Magnetics,
Soil
Geochem
Conglomerate
Intrusive
Hosted in
Intrusive
>3M Oz
Au @ 2g/t
Te, B
Clarence Stream
NB
Galway MetalsQuartz veins hosted in intrusions and meta-seds, on major faultSoil GeochemIntrusive host>2M Oz
Au @ 2.8g/t
Sb, As, Bi
Curraghinalt*
NI
Dalradian Resources3km north of major Omagh Fault,
shear vein with orthogonal dilation veins quartz-carbonate,
NE dip NW strike.
Drilling,
Soil sampling,
Geophysics
Volcanics,
Pelites
>3M Oz
Au @ >10g/t
Ag, Cu
Moose River
Touquoy
NS
St. BarbaraStacked AnticlinesGeochem,
Drilling
Pelites, Greywacke>3M Oz
Au @ 1.1g/t
Cu, Pb. Zn
Haile
SC
OceanaGold549Ma older mineralization, anticline, meta-epithermalHistoricGreywacke,
Volcanics
>5M Oz
Au @ 2.1g/t
Ag, Mo

 

*Note: Curraghinalt is not located in the AGC, but formed along the Iapetus Suture

Mr. Buddy Doyle, VP Exploration, stated, "It is with great anticipation that I join Lode Gold and turn my attention to the task of exploring the Company's excellent portfolio of gold projects commencing with a review of our McIntyre Brook property, New Brunswick. This news release will be the first of the series where together with the reader, we build on the evidence that McIntyre Brook has a high probability of entering the list of significant AGC gold deposits shown in Table 1; the outcome of this work will be a drill program focused on discovery."

In this initial news release, we report on the work presented in the recently published information bulletin by the New Brunswick Department of Natural Resources (Reference given below Figure 2). The bulletin, a collaboration between the Department, the University of New Brunswick and Lode Gold (formerly Stratabound) through our consultant, Axiom. It presents a Mineral Predictive Map (MPM) covering the eastern part of our McIntyre project (See Figure 2).

The MPM identifies specific zones that exhibit a higher potential for gold mineralization and is designed to target exploration. Critical factors controlling gold mineralization include geological structures, favorable host rock types, geochemical anomalies indicative of gold, and geophysical anomalies suggesting mineralization and/or lithological contrasts that focus gold mineralization.

Lode Gold plans to continue this collaboration. A close-spaced airborne magnetic survey coupled with soil sampling and mapping in the eastern part of the property not covered in the current MPM will be the first step. Once these results are received, the MPM will be updated, and at that time, AI and machine learning techniques will be brought into play.

Lode Gold acknowledges its neighbour, Puma Exploration, has also undertaken this collaboration and are actively using the results in their exploration efforts, where they have met with exploration success.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/4064/196367_fd9944ff5432f9d9_004.jpg

Figure 2. Blue outline is the Lode Gold McIntyre Brook gold property in New Brunswick. Background is greyscale airborne magnetics from the Geological Survey of Canada. Regional faults and geological boundary outlines are shown as traces. The yellow diamond symbols are the known gold showings and deposits; orange diamonds are outside the McIntyre Brook property. MPM study areas of high prospectivity shown in reds, more intense colour equal higher probability. After: Mami Khalifani, F., Lentz, D.R., Walker, J.A. 2021. Structural analysis of gold mineralization in northern New Brunswick: a preliminary analysis in aid of mineral potential mapping. In Abstracts 2021: Exploration, Mining and Petroleum New Brunswick. Editor: E.A. Keith. New Brunswick Department of Natural Resources and Energy Development, Geoscience Report 2021-1, p. 18.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4064/196367_fd9944ff5432f9d9_004full.jpg

Wendy T. Chan, CEO of Lode Gold, commented, "Reviewing and planning the McIntyre Brook project and our Yukon gold projects will ensure a successful foundation for our new spinout company, "Gold Orogen". This strategy is designed to unlock the intrinsic value of our three key assets in California, Yukon and New Brunswick. On a forward basis, we will be able to have singular focus on each of these projects. The California Fremont Gold project will remain in Lode Gold Resources. Gold Orogen will have one or both of the Yukon and New Brunswick assets. These are exciting times for our shareholders, and we highlight the current opportunity to participate in our financing which will give the participant shares in both entities."

ABOUT LODE GOLD

Lode Gold Resources Inc. is a Canadian exploration and development company with grassroots and advanced exploration properties in highly prospective and safe mining jurisdictions.

Its Golden Culvert and Win Projects, Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn Basin.

Its McIntyre Brook Project, New Brunswick, covering 120 km2 and a 17-km strike length in the emerging Triple Fault Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over 50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project.

The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD $217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. The project hosts an NI 43-101 resource of 1.16 MMoz at 1.90 g/t Au within 19.0 MMt Indicated, and 2.02 MMoz at 2.22 g/t Au within 28.3 MMt Inferred. The MRE evaluates only 1.4 km of the 4 km strike length of the Fremont property that features 4 gold-mineralized zones. Significantly, three step-out holes at depth hit structure, typical of orogenic deposits that often occur at depth. Fremont is located on private land in Mariposa, the original gold rush county and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. Please refer to the Fremont Gold project PEA dated Apr. 4, 2023 under NI 43-101 guidelines. The technical report has been reviewed and approved by independent "Qualified Persons" Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.

The Company also holds a pipeline of early-stage exploration projects including the critical mineral Captain Cobalt-Copper-Gold Deposit in New Brunswick and the Dingman Gold Project, Ontario.

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

For more information, please visit the Company's website at www.stratabound.com or contact:

Gary Nassif
Senior Vice President, Director
info@stratabound.com
+1 (416) 915-4157

Kevin Shum
Investor Relations
kevin@jeminicapital.com
+1 (647) 725-3888 ext 702

Forward-Looking Statements

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.

WARNING: The Company relies upon litigation protection for "forward-looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196367

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