GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC:
GFTRF), (the "
Company”), is pleased to
announce that it has entered into a definitive option agreement
with Argonaut Gold Inc. (“
Argonaut”) to acquire up
to a 90% interest in the Hercules – Elmhirst property (the
“
Property”) located 200 kilometers northeast of
Thunder Bay, Ontario in the townships of Elmhirst and Rickaby,
within the Thunder Bay North Mining District (the “
Option
Agreement”). A copy of the Option Agreement is available
on the Company’s SEDAR profile at www.sedar.com. 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 130
kilometers. The Property consists of 393 contiguous claim cells
totaling approximately 8,740 hectares.
Commented Theo van der Linde, interim CEO of the
Company, “We are excited to begin work on the Property as we
believe previous exploration programs simply scratched the surface.
We plan on an extensive data compilation and exploration program to
properly evaluate and demonstrate the viability of the project. The
Property has an exciting history which can be viewed online, as it
was selected by the Northwestern Ontario Prospectors Association as
the discovery of the year in 2008. To date, the work completed on
the Property forms an extensive database including grab samples;
channel samples; a variety of geophysical surveys; and, a drill
hole database that includes historic drilling of 497 holes totaling
106,931 meters. More than 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. Metallurgical test
results, in 2009, by SGS Lakefield of 94 kg of sample material
concluded that 'cyanidation of gravity tails yielded an excellent
response with greater than 99% of the gold being
recovered/extracted in the gravity and cyanidation flow
sheet.'”
In May 2010, Watts, Griffis and McOuat Limited
("WGM") was retained by Kodiak Exploration Limited
("Kodiak"), the former owners of the Property, who
produced a National Instrument 43-101 Mineral Resource (the
“Mineral Resource Report”), currently classified
as a “historical estimate,” for the Hercules Property.
Property Highlights
- Direct road access and large continuous land packageo in
close proximity (~70 km) to Greenstone Gold Mines Hardrock Deposit
(4.2 Moz)
- Host syn-volcanic Elmhirst Lake Intrusion Complex (2736
Ma)o 13 km by 7 km with felsic metavolcanic
equivalentso complex system of predominantly
granodiorite-(trondhjemite-tonalite) intrusions (GTT) with a
central magnetic core of diorite/quartz dioriteo 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 o 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.
- Open, high grade potential down-plunge of the Golden Mile vein
systemo at shallow (50m) depths and in deeper (450m) parts of
the vein system o 5 partially outlined gold shoots over a 2.2
kilometer strike length
- Gold-bearing structures coincide witho strong regional
magnetic high and low features for over 3.6 kilometers
- Similar in geological environment too Renabie Mine (1.1
Moz) in the Missinaibi Lake Batholith (2721 Ma)o Bourlamaque
Intrusive Complex (2700 Ma), which hosted approximately 4.1 Moz
Auo IAMGOLD’s Cote Lake Deposit (10Moz) in the Chester
Intrusive Complex (2740 Ma)
- Upside potential for brownfield developmento open
structural corridor for 3.6 kilometers o multiple gold shoots
o a strong resource factor o excellent gold
recoveries
It should be noted that results/resources on
adjacent or similar properties are not necessarily indicative of
what may be expected from the current program.
Opportunity and Next Steps
In the coming months, the Company intends to
update the Mineral Resource Report to include the 90 drill holes
not accounted for in the 2010 WGM resource model. Structural and
geological modelling of the gold zones will also be done as those
models were never performed to determine constraints of zones and
target generation. The Company will further re-sample core, as past
sampling intervals were not consistently extended to the shoulders
of the sample, impacting on zone width. Finally, the Company will
evaluate the Lucky Strike zone which is 250 meters southwest and
subparallel to the Golden Mile zone; since the Lucky Strike zone
was not evaluated subsequent to the completion of the Mineral
Resource Report. Additionally, the Mineral Resource Report model
employed a 10gram cut-off and a 60-gram high grade sample cap with
gold at $850 per oz.
Terms of Option Agreement
Pursuant to the Option Agreement, Argonaut has
granted the Company the option to acquire, on or before October 15,
2024 (the “First Option Period”), an initial 50%
interest in the Property (the “First Option”) by:
(a) paying to Argonaut $3,500,000 cash or, at the sole discretion
of Argonaut, issuing an equivalent number of common shares in the
capital of the Company; (b) by incurring or funding exploration
expenditures for a total amount of $7,000,000 on the Property; and,
by (c) granting the royalty to Argonaut in the form agreed upon and
attached to the Option Agreement.
Subject to the Company having exercised the
First Option, Argonaut will grant the Company the option (the
“Second Option”) to increase its interest by
acquiring a further 40% earned interest in the Property, bringing
its total earned interest from 50% to 90% by paying to Argonaut an
additional amount of (a) $5,000,000, in cash or, at the sole
discretion of Argonaut issuing an equivalent number of common
shares in the capital of the Company, and (b) by delivering a
National Instrument 43-101 (the “Policy”)
compliant pre-feasibility study on the Property by a Qualified
Person (pursuant to the Policy) before the end of December 31,
2026.
The Company will also pay a finder’s fee to
qualified parties in connection with the acquisition of the
Property.
Option Issuance
The Company announces that it has issued 250,000
stock options to a consultant of the Company. The stock options are
valid for the period of five years from grant with an exercise
price of $0.20 per common share.
Shares for Debt Settlement
The Company also announces that it has reached
an agreement with a service provider to settle an outstanding
payment in the amount of $20,000. The Company will issue 100,000
common shares at a deemed value of $0.20 per share to the service
provider for full satisfaction of the payment due. The common
shares will be subject to a four month and one day statutory hold
period in accordance with applicable securities laws.
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.
About Gold’n Futures Mineral
Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE:
G6M) (OTC: GFTRF) 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, Director & interim CEO
Phone: 604-687-2038 www.goldnfuturesmineralcorp.com
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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