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Snowline Gold Corp
Symbol SGD
Shares Issued 92,953,610
Close 2021-09-16 C$ 0.44
Recent Sedar Documents

Snowline finds more visible Au at Rogue

2021-09-16 12:09 ET - News Release

Mr. Scott Berdahl reports

SNOWLINE GOLD ENCOUNTERS VISIBLE GOLD IN JUPITER DRILL CORE, COMPLETES 439 KILOMETRE ELECTROMAGNETIC SURVEY AT URSA

Snowline Gold Corp. has provided an update on its exploration activities on its Einarson, Rogue and Ursa projects in Yukon Territory, Canada. Core cutting for drill core sampling in hole J-21-020 revealed two instances of visible gold, the first visible gold observed in the Jupiter zone. It is Snowline's second discovery of visible gold in drill core on a previously untested target in two weeks. At Rogue, additional visible gold has been observed in drill holes V-21-003 and 004, complementing previously observed trace visible gold mineralization in V-21-001 and 002. At Ursa, an extensive aerial versatile time domain electromagnetic (VTEM) survey has been completed across 439 kilometres, covering most of the claim block at 200-metre line spacings in preparation for possible drilling.

"This is icing on the cake for our successful phase 1 drill program at Jupiter," said Scott Berdahl, chief executive officer and director of Snowline Gold. "On Sept. 3, we released a photo from this drill hole given the potential significance of intersecting mineralized quartz in such a large, blind stepout. I said then it was 'almost as good as we could hope for.' With this visible gold, that 'almost' can be removed. Hole 20 joins a majority of the 21 holes drilled at Jupiter for which we eagerly await assay results. Apart from our hole 11 'discovery hole,' which we rushed, we have yet to receive assays back from any of the largest quartz-arsenopyrite intervals we have seen in holes 10 and higher. We expect a steady stream of assays back from these holes and from our drilling at Valley on the Rogue project over the coming weeks and months."

Lengthwise core cutting of J-21-020 for geochemical sampling revealed instances of visible gold that were not apparent during geological logging of the intact core. The visible gold was found in a roughly one-metre-wide quartz vein previously flagged for its potential by the company, at the base of a nine-metre-wide zone of alteration and variable amounts of arsenopyrite mineralization. True widths of these zones are not known but are expected to be roughly 90 per cent of intersected widths based on the high angles to drill core. While the observed gold confirms that the quartz veins carry gold in this area, the actual concentrations and distribution of gold in the core remains unknown until assays are returned. Hole J-21-020 was drilled roughly 1.1 kilometres north of hole J-21-011 which returned multiple high-grade intervals of up to 13.2 grams per tonne Au over 6.5 metres (see Snowline's Aug. 25, 2021, news release) and approximately 460 metres from any previous hole at Jupiter, highlighting the potential scale of the system.

Jupiter is thought to represent an epizonal orogenic gold system. It is one of 10 target zones prospective for orogenic and/or Carlin-style gold mineralization currently recognized on Snowline Gold's 70-per-cent-owned, district-scale Einarson project. Adjacent projects Rogue and Ursa are prospective for intrusion-related gold, and sediment-hosted gold and base metal deposits. No resources nor reserves have been calculated on any of these targets, and while current results are encouraging, they do not guarantee that economically viable ore bodies will be encountered at Jupiter or elsewhere. Readers are cautioned that without assay results, the true significance of the intersections reported herein is uncertain.

Rogue project update

Trace amounts of visible gold have been observed in holes V-21-003 and V-21-004, the third and fourth holes drilled on Snowline's Rogue project, in the Valley zone. This news follows the company's Sept. 7, 2021, report of visible gold in its first two drill holes at Valley. Subsequent analysis of V-21-001 and V-21-002 has revealed additional details.

In V-21-001, 31 quartz veins containing trace visible gold have been observed across 152 metres of drill core, with up to five grains of visible gold (0.1 millimetre to 0.5 millimetre in size) within a single vein. Quartz veins themselves are usually on the order of one centimetre in thickness, with anywhere from one to eight veins per metre of core. The first instance of visible gold in V-21-001 occurs at 7.5 metres from surface, while the final occurrence is at 159.55 metres, just 1.45 metres from the end of the 161-metre hole. Thirty-one of 169 samples submitted for assay, or nearly one in five samples across the length of the hole, contain trace levels of visible gold.

In V-21-002, 16 instances of trace visible gold were observed in centimetre-scale quartz veins across 162 metres, with similar characteristics to V-21-001. The first instance occurs at 49.5 metres downhole, while the last observed instance was at 217.5 metres depth in a 242-metre hole.

In V-21-003 and V-21-004, visible gold is less common, with only four and two instances observed, respectively. Nonetheless, the trace occurrences of visible gold in V-21-003 also span a considerable length of core, from the first instance at 12.5 metres to the final at 173.5 metres.

Approximately 804 metres of drilling have been completed across the four holes in the Valley zone. While encouraged by the trace amounts of visible gold in each hole, the company cautions that no assays have been received for these holes. The true significance of the discovery at Valley awaits these results.

Ursa project update

At Ursa, a 439-line-kilometre VTEM survey was conducted in early September by Geotech Inc. across most of the northernmost Ursa claim block at a line spacing of 200 metres. The survey covers an area of roughly 7,750 hectares. It will provide the company with information on the conductivity and chargeability of rock units underlying the trend of anomalous geochemistry, allowing for better understanding of the underlying geology and potentially mapping out anomalous geophysical targets directly related to base metal or gold mineralization.

A small program of additional surface sampling was completed by the company in a prospective part of the Ursa base metals trend to gain further insight on the origin of the anomalous zinc, nickel, copper, vanadium and silver values in soil and stream geochemical sampling encountered in historical sampling across a wide area, and to provide context for results of the geophysical surveying.

Qualified person

Information in this release has been prepared and approved by Mr. Berdahl, PGeo, CEO of Snowline and a qualified person for the purposes of National Instrument 43-101.

About Snowline Gold Corp.

Snowline Gold is a Yukon Territory-focused gold exploration company with a seven-project portfolio covering greater than 106,000 hectares. The company is exploring its flagship 72,000-hectare Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn basin. Snowline's project portfolio sits within the prolific Tintina gold province, host to multiple million-ounce-plus gold mines and deposits including Kinross's Fort Knox mine, Newmont's Coffee deposit and Victoria Gold's Eagle mine. Snowline's first-mover land position provides a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

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