PIEDMONT, QC, July 26,
2022 /CNW Telbec/ - Goldflare Exploration inc.
(TSXV: GOFL) (« Goldflare » or « the Society »)
announces that it has initiated an exploration program on its two
key properties located in the Abitibi Greenstone Belt, Québec. Both
Condor and Agar properties are at the drilling stage. Following the
completion of preparation works, Goldflare will be in position to
implement drill programs on both projects. The priority will be
given to the Condor project where a drill permit was recently
granted from the provincial authority.
Condor
The Condor project is located about 35km north-east of
Rouyn-Noranda, Québec, at the
eastern extension of the Porcupine-Destor Break. The property is
part of a 2,910 hectares land package. A surface gold discovery
occurred in 2021 during a first prospecting program. The following
months have seen the completion of varied exploration work such as
the stripping of the Condor-1 showing. A first drill program of
twelve (12) short holes succeeded to identify a 100 metres wide
gold anomaly which included a best interval 1g/t over 7.2m from holes CDR-22-10 (see Goldflare press
release of March 3rd, 2022)
The company has used a combination of structural interpretation
and soil geochemistry to identify blind potential gold trends.
Three main trends were interpreted over strike length of 2 km.
Eleven (11) targets have been identified to be tested by clusters
of 3 to 7 planned drill holes for a total of 55 permitted
emplacement. Now, the Company considers testing first the extension
of the Condor discovery to the north-west by a series of about 10
holes with length between 100 and 150 metres.
The next few weeks will see the mobilization of equipment on the
ground to prepare access and cut down vegetation.
Duplessis-Agar
The Duplessis-Agar property is located about 70 kilometres
northeast of the town of Lebel-sur-Quevillon, and west of Lake
Pusticamica, Northern Quebec
region. The property is composed of 10 titles representing 900
hectares and is easily accessible via regional roads.
The Company received results of an Induced Polarization survey
from Géophysique TMC centered on the Agar showing. The grid
was made of four lines, 500 metres apart, totalling 6.8km. This
program aimed at acquiring the signature of the known
mineralization and compare it afterwards at both ends where no
drill had been done.
Significant anomalies were defined on each line. Overall, a
stacking of seven (7) anomalies with similar characteristic were
delineated along 1.5km of strike length covered. Gold
mineralization known by drilling can be associated with four of
them. These chargeability axes of east north-east orientation
intersect a magnetic anomaly known to be a control element for gold
on the property.
This first pattern of anomalies will be used to plan an
inaugural drill program on the property to be completed later this
fall.
Ref: Report on an induced polarization survey complete on the
Agar project Duplessis Township, Lebel-Sur-Quevillon, James Bay, Quebec. Submitted ot Goldlfare
Exploration inc. Ref 22C-556, Simard, Joel., p.geo. (ogq
#1350).
Modified from: Technical Evaluation Report of the Agar Property,
Duplessis Township, Abitibi Region, Québec, Canada, for Goldflare Exploration, Géologica
Groupe-Conseil. January 21, 2022.
Beauregard A-J. (ogq #227), Gaudreault D., Eng. (oiq#39384).
"The Company is in good position to enter a new phase of its
development with the preparation of a drill program on the Condor
project, having all the cash on hand to meet his objectives. We
consider that working now on the Condor project represent the best
leverage for the company with the possibility to concretize a new
discovery by spending wisely a reasonable amount of money. Our
approach is based on comparisons made with other producing mines in
the area and the use of efficient exploration methods."
Ghislain Morin, President and
CEO.
The technical information contained in this press release has
been reviewed by Martin Demers,
P.Geo. (ogq No. 770), consultant for Goldflare Exploration and
qualified person under National Instrument 43-101 Respecting
Disclosure of Mineral Projects.
The TSX Venture Exchange and its regulatory
service provider (as defined by the TSX Venture Exchange rules)
cannot be held responsible for the accuracy or veracity of this
press release.
SOURCE Goldflare Exploration Inc.