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Snowline Gold Corp
Symbol SGD
Shares Issued 146,897,470
Close 2024-01-02 C$ 5.00
Market Cap C$ 734,487,350
Recent Sedar Documents

Snowline Gold drills 308.8 m of 2.2 g/t Au at Rogue

2024-01-03 09:23 ET - News Release

Mr. Scott Berdahl reports

SNOWLINE GOLD EXPANDS FOOTPRINT OF WIDESPREAD, NEAR-SURFACE MINERALIZATION WITH DRILL RESULTS UP TO 308.8 M OF 2.2 GRAMS PER TONNE GOLD INCLUDING 180.3 M OF 3.2 GRAMS PER TONNE GOLD FROM SURFACE AT ITS VALLEY TARGET, ROGUE PROJECT, YUKON

Snowline Gold Corp. has released analytical results from additional exploration holes drilled during its 2023 exploration campaign in Canada's Yukon. Hole V-23-064 returned 2.15 grams per tonne over 308.8 metres down hole, including 3.23 g/t Au over 180.3 m from surface, demonstrating strong consistency of near-surface, multiple-gram-per-tonne-gold mineralization within a gap in previous drilling at the Rogue project's Valley target. Holes V-23-062 and V-23-063 were drilled in the northwestern part of the target and add dimensionality and consistency to known mineralization in that direction. Assays for more than 3,850 m of diamond drilling from Snowline's 2023 exploration efforts are forthcoming.

"The latest results from the Rogue project's Valley target further emphasize the continuity of strong, near-surface gold mineralization present across a wide area," said Scott Berdahl, chief executive officer and director of Snowline. "V-23-064 is drilled through one of the largest remaining gaps in the central part of the target, carrying an average grade of greater than three g/t Au over a 180 m downhole interval from surface. As is generally the case at Valley -- and as seen in holes drilled in every direction around V-23-064 -- mineralization is remarkably consistent. Every single assay in the first 100 m down hole returned greater than one g/t Au. On the high side, only three samples in V-23-064 returned greater than 10 g/t Au, so the intervals are not heavily influenced by outliers but are carried instead by consistent grade. Additional holes V-23-062 and 063 bolster the known scale of the northern part of the system, where we are still chasing open boundaries to mineralization. With results for six holes remaining from the 2023 drill program at Valley, we are excited by the large robust mineral system taking shape at the target."

Hole V-23-064

Hole V-23-064 is collared in coarse-grained granodiorite within the Valley intrusion roughly 66 m north of the nearest hole, 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 85 m southeast of V-23-039 (553.8 m at 2.48 g/t Au, including 183.3 m at 4.34 g/t Au from surface, see Snowline news release dated Aug. 3, 2023).

The hole commences in strong, sheeted gold-bearing quartz vein mineralization from bedrock surface at 3.2 m down hole and continues in predominantly strong mineralization until approximately 188 m down hole, near where the hole intersects a central, valley-parallel fault at 170 m down hole. Quartz vein densities and occurrences of visible gold drop off below the fault, but lower-grade mineralization continues until the hole exits the intrusion into hornfels sedimentary rocks 309 m down hole. Multiple gold-bearing quartz vein orientations are present, with a dominant sheeted vein array striking northwest and steeply dipping to the northeast, as commonly seen in the primary mineralized zone at Valley.

Over all, the top 308.8 m down hole from bedrock surface averages 2.15 g/t Au, with an internal interval of 180.3 m averaging 3.23 g/t Au also beginning from surface. Within this, the highest grades are seen at or near surface, with the top 68.3 m down hole averaging 5.03 g/t Au. The presence of such high and consistent gold grades beginning at surface in a large gap in previous drilling further derisks the mineral system at Valley, demonstrating strong continuity within the well-mineralized zone.

Holes V-23-062 and V-23-063

Both V-23-062 and V-23-063 form part of a fence of holes across the northwestern part of the well-mineralized, near-surface corridor within the Valley intrusion. Both holes are collared in coarse-grained granodiorite and continue in coarse-grained granodiorite, with minor xenoliths and dikes of finer-grained intrusive rock, until exiting into hornfels sedimentary rocks from the southwestern edge of the intrusion.

The two holes exhibit the strongest mineralized intervals seen thus far within that fence, demonstrating the strength and scale of the system in this area. V-23-062 averages 1.41 g/t Au across 417 m down hole from bedrock surface (at 4.5 m down hole), with an internal interval of 2.25 g/t Au over 110 m, including three m averaging 16.83 g/t Au. V-23-063 averages 1.59 g/t Au over 342 m from bedrock surface (also at 4.5 m down hole), with an internal interval of two g/t Au over 189.5 m from 21 m down hole. Despite localized higher grades in both holes, mineralized intervals are carried by consistently anomalous gold values, as indicated by the high remainder values (excluding higher-grade subintervals) along with the high capped values (limiting any assay to a maximum of 10 g/t Au) shown herein.

Both V-23-062 and V-23-063 add breadth to the known extent of near-surface greater than one g/t Au and greater than two g/t Au mineralization in the northwest part of the Valley gold system, which remains open.

Regional drilling

Cliff project, southwest Yukon

Analytical results have been received for an additional two holes from a phase I drill program at Snowline Gold's Cliff project, an orogenic gold project located in southwestern Yukon. Elevated gold values were present in association with sparse quartz veins in the two holes, but the greater than one g/t Au assays (up to 6.64 g/t Au over 1.9 m down hole) seen in previous holes from this drill program were not encountered in the current holes.

Quality assurance/quality control

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 Cliff 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 greater than 85 per cent passing below two millimetres and split using a riffle splitter. Splits of 250 grams were pulverized to greater 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-gram sample pulps (BV code: MA250). All samples were analyzed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30-gram samples (BV code: FA430). Any sample returning greater than 10 g/t Au was reanalyzed by fire assay with a gravimetric finish on a 30-gram sample (BV code: FA530).

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

Errata

In compiling previously released drill hole information, the company noticed typographical errors in the drill hole co-ordinates reported in news release summary tables for two holes from the 2022 field season, V-22-028 (Feb. 3, 2023, release) and V-22-031 (Dec. 2, 2022, release). For correct UTM co-ordinates for these collar sites, please refer to the company's June 13, 2023, technical report on the Rogue project. The typos appeared in the news release summary tables only and did not affect locations shown on plan maps nor the cross-sections highlighting accompanying the tables in the same news releases.

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, exploration, of Snowline Gold, as qualified person for the purposes of National Instrument 43-101.

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