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Snowline Gold Corp
Symbol SGD
Shares Issued 144,577,547
Close 2023-11-08 C$ 4.15
Market Cap C$ 599,996,820
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Snowline Gold drills 372.9 m of 1.45 g/t Au at Rogue

2023-11-09 09:51 ET - News Release

Mr. Scott Berdahl reports


Snowline Gold Corp. has released further analytical results from exploration holes drilled on its Rogue project in Canada's Yukon. Holes drilled within the Valley intrusion show consistent gold mineralization across broad intervals from surface. Hole V-23-055 averages 1.34 grams per tonne (g/t) over 359.4 metres downhole from surface and expands the known limits of near-surface, greater than one g/t mineralization by more than 100 m from previous hole V-23-047. Hole V-23-056 averages 2.07 g/t Au (gold) over 212.4 m downhole from surface, within a broader mineralized interval of 1.45 g/t Au over 372.9 m, demonstrating strong grade continuity between previous widely spaced holes with significant, greater than two g/t Au intervals that also begin at surface. Assays for more than 8,300 m of diamond drilling from Snowline's 2023 exploration efforts remain pending.

"The latest results from our Rogue project's Valley target further derisk the discovery, adding to the known footprint of near-surface gold mineralization and demonstrating strong consistency of higher (greater than two g/t Au) gold grades," said Scott Berdahl, chief executive officer and director of Snowline. "Intervals of hundreds of metres averaging more than one g/t Au, or even multiple grams per tonne gold, have not only become the norm at Valley but are without exception among 32 holes drilled to date within a core area spanning up to 600 m by up to 400 m in the western part of the intrusion. This consistency results in higher efficiency and reduced risk in exploration, as well as in subsequent deposit modelling, in project development, and, ultimately, in responsibly and cost-effectively producing gold. We eagerly await assay results for 12 additional holes drilled in and around this zone at Valley, along with additional holes and surface work from other parts of our greater-than-330,000-hectare land position."

Hole V-23-056

Hole V-23-056 is collared in coarse-grained granodiorite within the Valley intrusion, roughly 59 m east of V-22-014 (285.2 m at 1.45 g/t Au, including 128.2 m at 2.48 g/t Au from surface, see Snowline news release dated Nov. 15, 2022) and 44 m west of V-23-036 (414.5 m at 1.53 g/t Au from surface, including 143.5 m at 2.92 g/t Au, see Snowline news release dated July 18, 2023).

The hole commences in strong sheeted gold-bearing quartz vein mineralization from bedrock surface at 2.6 m downhole, averaging 2.07 g/t Au across the next 212.4 m. This marks the top of a broader 372.9 m downhole interval averaging 1.45 g/t Au overall. The highest sustained grades in the hole begin at 52.5 m downhole, averaging 3.50 g/t Au over the following 42.5 m. The hole exits the intrusion into weakly mineralized hornfels at 376.7 m downhole, marking the end of the consistently mineralized interval.

The consistency of mineralization in V-23-056 is highlighted by its capped values (see the table entitled "Summary of significant mineralization returned from current holes at Valley"), which -- setting any greater-than-10 g/t Au assays equal to 10 g/t Au -- remain unchanged. The highest assay value ran 9.35 g/t Au over 1.5 m from 87 m downhole. Consistency is further highlighted by the distribution of grades. Within the top 212.4 m interval, 77 per cent of assays (measured by core length) returned more than one g/t Au and no assays returned 1.3 g/t Au.

The results of V-23-056 demonstrate the integrity and spatial continuity of more than two g/t Au, near-surface mineralization toward the southeastern part of the Valley gold system.

Hole V-23-055

Hole V-23-055 is collared in coarse-grained granodiorite of the Valley stock, roughly 101 m across strike from and along section with the nearest hole, V-23-047 (228.6 m at 1.62 g/t Au from surface, including 100.5 m at 2.56 g/t Au, see Snowline news release dated Sept. 11, 2023).

The hole encountered strong sheeted gold-bearing quartz vein mineralization from bedrock surface at 3.1 m downhole. The main interval of mineralization within the hole averages 1.34 g/t Au over 359.4 m from bedrock surface, with a higher-grade zone averaging 1.71 g/t Au over 132.5 m from 89 m downhole. The hole exits the intrusion at 352.1 m, and lower-grade mineralization continues into the surrounding hornfels (averaging 0.16 g/t Au across 23 m from 369 m downhole, and the hole ends with the final one m at 0.30 g/t Au).

As with V-23-056, gold grades in V-23-055 are not affected by grade capping at 10 g/t Au, demonstrating the consistent nature of mineralization across the broad mineralized interval.

The hole increases the known extent of broad, at-surface, greater than one g/t Au mineralization by more than 100 m from the nearest holes to the southwest, south and southeast, all of which carry similar or stronger gold intersections beginning from surface.

Regional drilling

Satellite target drilling, Rogue project

At Cujo, a single-hole phase 1 drill program intersected a broad zone of low to moderate spatial density quartz veins with trace visible gold in a coarse-grained granodiorite. Multiple intervals of low-grade gold mineralization are present (see the table entitled "Summary of mineralization returned from current holes on satellite targets and projects"), including 32 m at 0.38 g/t Au from 90 m downhole and 10 m at 0.42 g/t Au from 225 m downhole. The entire hole averaged 0.11 g/t Au over 407.4 m. The results complement surface work demonstrating the presence of a gold-bearing reduced intrusion at Cujo. Further work will seek to determine whether consistent higher grades are present within the intrusion.

At Gracie, assays for G-23-007 have been received. This hole was drilled away from the primary anomaly, targeting mineralized dikes observed on surface. The dikes were not encountered in the drill hole, and no gold values over one g/t Au were returned from the hole, with elevated gold results occurring as rare, isolated instances. Higher bismuth values -- an important pathfinder element for Valley-like intrusion-related gold systems -- are present in this hole than in any of the six holes previously drilled at Gracie. Analytical results for an additional two holes from Gracie remain pending.

Tosh project drilling

Analytical results have been received for two holes from a six-hole phase 1 diamond drill program at the Yarrow target on Snowline's Tosh project, in the southwestern Yukon. This program represents the first-ever drill testing anywhere on the broader Tosh project area.

Localized, elevated gold values (0.10 g/t to 0.46 g/t Au) were present as rare, discrete intervals in both holes, variously associated with faulting, brecciation and, in T-23-005, lenses of semi-massive sulphides in metamorphosed sedimentary host rocks. Three semi-massive sulphide zones, up to 0.2 m in thickness, carried anomalous silver (9.50 to 48.4 g/t Ag), copper (165 parts per million (ppm) to 0.27 per cent Cu) and zinc (more than 1 per cent detection limit) across broader downhole sample interval widths (0.7 m to 0.9 m). Dominant minerals are pyrite and pyrrhotite.

These initial results at Tosh demonstrate the presence of multiple styles of mineralization and the potential for multiple gold depositional events. Assays are pending for an additional four holes from the 2023 drill program.

Quality assurance/quality control (QA/QC)

On receipt from the drill site, NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline's 2023 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, but most samples within moderate to strong mineralization were one m in length, otherwise, a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently, dictated by orientation line where present or by dominant vein orientation where absent) collected for analysis and one-half stored as a record. Field duplicates were collected at regular intervals as one-fourth core samples by splitting the one-half core sent for sampling, leaving a consistent record of half-core material from duplicate and non-duplicate samples alike. Standard reference materials and blanks were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor to Bureau Veritas's preparatory facility in Whitehorse, Yukon. Sample preparation was completed in Whitehorse, with analyses completed in Vancouver.

Similar procedures were employed on the Tosh project, though drill core was transported to Whitehorse in advance of detailed logging and sampling.

Bureau Veritas is accredited to ISO/IEC 17025 and ISO9001 for quality management. Samples were crushed by BV to more than 85 per cent passing below two millimetres (mm) and split using a riffle splitter. Two-hundred-fifty-gram splits were pulverized to more than 85 per cent passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 59-element analysis on 0.25 g sample pulps (BV code: MA250). All samples were analyzed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (BV code: FA430). Any sample returning more than 10 g/t Au was reanalyzed by fire assay with a gravimetric finish on a 30 g sample (BV code: FA530).

For the purposes of this release, mineralized intervals are defined as runs of mineralization with no break more than five m assaying less than 0.1 g/t Au, including any subsections thereof.

About Rogue

The Valley target on Snowline's flagship Rogue project is a newly discovered, bulk-tonnage-style, reduced intrusion-related gold system (RIRGS), with geological similarities to multimillion-ounce deposits currently in production such as Kinross's Fort Knox mine in Alaska and Victoria Gold's Eagle mine in Yukon. Early drill results demonstrate unusually high gold grades for such a system, present near surface across drill intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays within and along the margins of a one-kilometre-scale, mid-Cretaceous-aged Mayo-suite intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until additional work is completed.

The Rogue project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue project is thus considered by the company to have district-scale potential for additional reduced intrusion-related gold systems.

About Snowline Gold Corp.

Snowline Gold is a Yukon-focused gold exploration company with an eight-project portfolio covering greater than 333,000 hectares. The company is exploring its flagship greater than 94,000 ha Rogue gold project 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. The company's first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

Qualified person

Information in this release has been prepared under supervision of and approved by Thomas K. Branson, MSc, PGeo, vice-president of exploration for Snowline Gold, as qualified person for the purposes of National Instrument 43-101.

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