GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (the
"
Company”), is pleased to announce that it
has entered into a non-binding letter of intent with Argonaut Gold
Inc. (“
Argonaut”) to acquire up to a 90% interest
in the Hercules – Elmhurst property (the
“
Property”) located 120 kilometers northeast of
Thunder Bay, Ontario in the townships of Elmhurst and Rickaby,
within the Thunder Bay North Mining District (the
“
LOI”). The Property lies within an
Archean greenstone belt that extends from the Longlac area in the
east to Lake Nipigon in the west, a distance of some 130
kilometers. The property consists of 372 contiguous claim cells
(6951 hectares).
To date, the work completed on the Property
forms an extensive database including reconnaissance grab samples;
channel samples; a variety of geophysical surveys; and, a drill
hole database that includes historic drilling totalling some 450
holes. More than a total of 2,000 grab and channel samples were
collected from the Property. In the last two field seasons, more
than 150,000 m2 of trenches were developed.
In May 2010, Watts, Griffis and McOuat Limited
("WGM") was retained by Kodiak Exploration Limited
("Kodiak"), the former owners of the Property, to
produce a National Instrument 43-101 Mineral Resource1 (the
“Technical Report”) currently classified as a
historical estimate (“Historical Estimate” is
defined below) for the Property. The Technical Report was prepared
by WGM for mineralized zones that displayed sufficient data to
allow for continuity of geology and grades. The zones included:
Golden Mile (GM), Wilkinson Lake Gold Zone (WLG), Lucky Strike
(LS), Marino and 7 of 9. Data is referenced in the chart below,
following the definition of Historical Estimate:
Historical Estimate
The historical resource estimate is based on
prior data and reports obtained and prepared by previous operators,
and information provided by governmental authorities.
(i) a qualified person has not done sufficient
work to classify the historical estimate as current mineral
resources or mineral reserves.(ii) the issuer is not treating the
historical estimate as current mineral resources or mineral
reserves.
Establishing a current mineral resource estimate
on the Property will require further evaluation, which the Company
and its consultants intend to complete in due course.
Category |
Zone |
Tonnes |
Au (g/t)Uncapped |
ContainedOunces |
Au (g/t)(Capped@ 60
g/tAu) |
ContainedOunces |
Total Indicated |
Golden Mile & WLGZ |
231,800 |
14.95 |
111,450 |
7.64 |
56,970 |
Total Inferred2 |
Golden Mile, WLGZ, Lucky Strike, Marino, 7 of 9 |
761,300 |
4.13 |
101,050 |
3.04 |
74,380 |
Notes:
- The Historical Estimate referred to
as Mineral Resource, which are not Mineral Reserves, do not have
demonstrated economic viability and may be materially affected by
environmental, permitting, legal, title, taxation, sociopolitical,
marketing, or other relevant issues.
- The quantity and grade reported in
the Historical Estimate as Inferred Mineral Resources are uncertain
in nature and there has been insufficient exploration to define
these resources as Indicated or Measured and it is uncertain if
further exploration will result in upgrading them to an Indicated
or Measured Mineral Resource category.The Mineral Resources were
estimated using the CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions and adopted by CIM Council
December 11, 2005. However, the estimates are over 12 years old and
do not reflect current inputs and parameters, and the CIM
definition of a mineral resource and is being reported as a
“Historical Estimate” (see Historical Estimate
above).
- The GM Trench Zone (surface at
approx. 345 m) is 10-12 m deep and the WLG Trench Zone (surface at
approx. 327 m) is 6-8 m deep.
- Indicated Mineral Resources for the
GM and WLG zones are based on the centroid of a block being a
maximum of 15 m from a composite.
- 0.5 m Au composites were used for
grade interpolation and were capped at 60 g/t.
- A gold price of US$850 was
assumed.
- For the “Historical Estimate” a
minimum horizontal width of 1.5 m and a 1.0 g Au/t cut-off was
determined to be appropriate. This cut-off should be looked at in
more detail in the next phase of study, as applying a single
cut-off grade across all zones may not be appropriate due to the
large difference in average grades between the zones.
Property Highlights
- Direct road access and large
continuous land package • in close proximity (~70 km)
to Greenstone Gold Mines Hardrock Deposit (4.2 Moz)
- Host syn-volcanic Elmhirst Lake
Intrusion Complex (2736 Ma) • 13 km by 7 km with
felsic metavolcanic equivalents • complex system of
predominantly granodiorite-(trondhjemite-tonalite) intrusions (GTT)
with a central magnetic core of diorite/quartz diorite
• extrusive co-magmatic felsic pyroclastics form arcuate apron
about Elmhirst Lake Intrusion Complex (ELIC)
- Hosts > 30 gold-bearing quartz
vein/stockwork zones in shears within the ELIC
Golden Mile
- the jewel of the multiple vein
systems
- has strike length in excess of
1.6km
- characterized by laminated, sheeted
vein system
- averages 20.2 g/t Au / 4.0 meters
true thickness over a 400m length
- coarse visible gold (electrum) and
local gold-bearing base metal mineralization
- exceptional surface gold
grades • surface channels up 32.96 g/t Au / 11.55
meters; averaging 20.2 g/t Au over an average length of 4.0 meters.
REF: Kociumbas, W.M., P.Geo., 2010, WGM, Technical Review and
Mineral Resource Estimate of the Hercules Property, May 26, 2010.
P-44 S 10.2.1.
- Open, high grade potential
down-plunge of the Golden Mile vein system • at
shallow (50m) depths and in deeper (450m) parts of the vein
system • 5 partially outlined gold shoots over a 2.2
kilometer strike length
- Gold-bearing structures coincide
with • strong regional magnetic high and low features
for over 3.6 kilometers
- Similar in geological environment
to • Renabie Mine (1.1 Moz) in the Missinaibi Lake
Batholith (2721 Ma) • Bourlamaque Intrusive Complex
(2700 Ma), which hosted approximately 4.1 Moz Au •
IAMGOLD’s Cote Lake Deposit (10Moz) in the Chester Intrusive
Complex (2740 Ma)
- Upside potential for brownfield
development • open structural corridor for 3.6
kilometers • multiple gold shoots • a
strong resource factor • excellent gold
recoveries
Terms of LOI
The Company can earn up to a 50% interest in the
Property should the below terms be completed within the 4-year
period:
Optionee to make the following payments to
Argonaut:
(i) $500,000
on October 15, 2020;
(ii) $750,000 on October 15, 2021;
(iii) $1,000,000 on October 15, 2022;
and,
(iv) $1,250,000 on October
15, 2023.
The Optionee shall incur $7,000,000 in
Qualifying Exploration Expenditures, which will be specified
pursuant to qualified technical reports, on the Property subject to
the following annual minimums:
(i) $500,000
by October 15, 2021;
(ii) a
further $1,500,000 by October 15, 2022;
(iii) a further $2,000,000 by October 15, 2023;
and,
(iv) a further $3,000,000 by
October 15, 2024.
Once the above conditions are satisfied and the
Company has earned a 50% interest in the Property, the Company will
have a further option to earn an additional 40% interest in the
Property, the terms of which are to be negotiated. The Company will
be the operator of exploration programs on the Property.
The LOI is non-binding in nature and is subject
to due diligence, structuring and customary approval of the
shareholders and/or directors of Argonaut.
Commented Theo van der Linde, CEO of the
Company, “Hercules is an extremely exciting project with a lot of
history which can be viewed all over the internet, as it was
selected by the Northwestern Ontario Prospectors Association as the
discovery of the year in 2008. We plan on spending the next few
months remodelling the deposit incorporating an additional 196
drill hole logs from 2011 not included in the WGM 43-101 report of
2010 as well as performing select downhole surveys. This will
provide a much more detailed and accurate model of the deposit as
well as an expected increase in the reports mineral resource
estimate which utilized an $850 per oz gold price and a 1 oz/gm.
Once complete, we will begin our drilling program. In addition,
over the next few months we expect to add significant bench
strength to our management team and board of directors. With gold
hovering around $2000 per ounce, these are exciting times for our
industry and in particular Hercules.”
Qualified
Person
The scientific and technical content of this
press release has been prepared, reviewed and approved by Mr.
Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101
regulations and is a consultant of the Company.
Option Issuance
The Company also announces that it has granted
1,000,000 options to a director of the Company in accordance with
the Company's stock option plan. Each option is exercisable to
purchase one additional common share of the Company at a price of
$0.295 per share for a period of 5 years from the date of
issuance.
About Gold’n Futures Mineral
Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE:
G6M) is a Canadian based exploration company focused on acquiring
prospective precious metals properties with the objective of making
new discoveries in established gold camps in Canada.
On behalf of the Board of Directors
For further information
Theo van der Linde, DirectorPhone: 604-687-2038
The Canadian Securities
Exchange accepts no
responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking
statements based on assumptions and judgments of management
regarding future events or results. Such statements are subject to
a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. There is no assurance the private
placement, property option, change of board or reinstatement of
trading referred to above will close on the terms as stated, or at
all. The Company disclaims any intention or obligation to revise or
update such statements.
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