Gold’n Futures’ Inaugural Update on the 2023 Work Program Hercules Gold Project, Geraldton Gold Camp, Ontario
Vancouver, British Columbia – (Newsfile Corp. – January 30, 2023) – GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) (the “Company” or “Gold’n Futures”) is pleased to update its stakeholders on the progress of the 2023 work program for the Hercules Gold Project (the ” project”) to be kept up to date. This report is the first of such updates to the work program that Gold’n Futures intends to make during the year.
The Company recently added two senior geologists to its exploration team to guide and execute the Company’s next steps in its exploration and development program on the project. The geologists bring more than 75 years of combined experience to the Gold’n Futures team, with expertise in mineral deposit and block modelling, resource estimation and economic evaluation.
The new team will create an updated block model of the Hercules gold zones. The new block model will include approximately 160 previously missed diamond drill holes and will help identify high priority targets for the 2023 drill program. Gold’n Futures’ extensive new database includes more than 108,000 meters of drill core, our new geophysical surveys and more than 50 years of historical records. The goal of the new block model will be to lay the foundation for a comprehensive Mineral Resource Estimate (“MRE”).
As announced in the Company’s news release dated January 10, 2023, the next steps of the 2023 exploration program will be to design and conduct a sampling program of historic drill core in a select number of drill holes to verify previous assay values and to upgrade unsampled intervals for potential examine mineralizing halos in the vicinity of gold-bearing quartz veins. Based on the results of this sampling program and the project’s extensive database of current and historical information, the Company will produce a new and robust geological model.
The new Hercules geological model will include an additional 160 new drill holes along with the results of our geophysical surveys and field mapping that will allow Gold’n Futures to complete a comprehensive block model to enable an updated MRE. The experience and educational background of the two new geologists will complement each other to a great extent for the task at hand.
Gold’n Futures President and CEO Stephen Wilkinson commented:
“We have significantly increased the geological knowledge of the Hercules gold property, particularly the nature of its gold mineralization, through the development of our database, including our own drilling and airborne geophysics. We have come to the conclusion that the historic gold resource on the Hercules property does not represent the true potential of the Hercules property. Previous resource estimates should not be relied upon. In addition, we are just beginning to define the outstanding potential of the property, and have We have now begun our programs to build on this potential towards a new mineral resource estimate.”
Sampling of historic core and block model work is scheduled for completion in Q2 2023. Gold’n Futures’ next drill program is scheduled to begin as early as possible in the spring. Drill targets will be selected from the new block model and targeted to areas of the Hercules gold zones that are planned to contribute to the project’s resource ounces.
Hercules Gold Zones – potential at depth
In addition to Gold’n Futures’ significant extensions of strike lengths of the Hercules gold zones (see Company news release dated June 2, 2022), there is more than one historic drill hole that has successfully tested deep extensions of the gold mineralization. A National Instrument 43-101 report by Watts Griffith McOuat dated May 26, 2010 (the “WGM Report”) prepared for Kodiak Exploration Limited (“Kodiak”) reported that in 2008
“Kodiak has drilled 243 drill holes totaling 67,200 meters on the property. Deep drilling on the property intersected gold mineralized quartz veins. These veins are surrounded by broad halos of sericite-chlorite-carbonate burn zone alteration, silicification and hematization in the host rocks on the hanging wall and footwall. This deep drilling has shown that the alteration envelope around the veins can be up to 35m wide and that gold has been intersected to a depth of 1,000m. In addition, at least seven distinct shooter style intervals of gold mineralized zones were defined in this hole. These shoots have a regular geometry and periodicity, with the higher grade zones occurring at regular intervals along strike.”
The Company believes that its work on historical and current drill core combined with tools such as computer aided modeling will provide greater clarity to the geological strikes, plunges and plunges of the higher grade shoots mentioned in the WGM report. It is further believed that with knowledge of the shoots, our team will be able to direct their drilling and most effectively expand the size of the gold zones, thereby increasing resource ounces on a go-forward basis.
The scientific and technical content of this news release was prepared, reviewed and approved by Walter Hanych, P.Geo., a Qualified Person as defined by NI 43-101 and a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC Pink: GFTRF) is a Canadian exploration company focused on advancing its Hercules Gold Project. The Hercules is located 200 km northeast of Thunder Bay, Ontario in the townships of Elmhurst and Rickaby in the Thunder Bay North Mining District. The project is located in the heart of the Beardmore – Geraldton gold camp, the fourth largest gold camp in Ontario and is 40 km west of the Hardrock-Greenstone gold mine. The property consists of 475 contiguous claim cells (10,052 ha). From historical work carried out on the property, the Company has built up an extensive database including grab samples from reconnaissance; channel samples; various geophysical surveys; and a drill hole database containing historical and current drilling totaling 570 holes and 108 kilometers of available drill core.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com.
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This press release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, contained herein, including but not limited to statements regarding trading of the Company’s common stock on the Canadian Securities Exchange, future capital expenditures, anticipated contents, initiation and costs of exploration programs with respect to The Company’s projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves at the Company’s projects and mineral properties, and the Company’s anticipated business plans and timeline for future activities are forward-looking statements. Although the Company believes such statements are reasonable, it cannot guarantee that these expectations will prove to be correct. Often, but not always, forward-looking information is preceded by words such as “pro forma”, “plan”, “expect”, “will”, “may”, “should”, “budget”, “planned”, “estimate”, ” predict,” “intend,” “anticipate,” “believe,” “potential,” or variations of such words, including negative variations thereof, and expressions referring to specific actions, events, or results that may, could, would, occur or could or will be taken or achieved. In making the forward-looking statements in this press release, the Company has made several significant assumptions, including, but not limited to, that market fundamentals result in continued demand and prices for precious and base metals and receipt of all necessary permits, licenses and regulatory approvals In connection with future exploration of the Company’s properties, that the global COVID-19 pandemic will not adversely affect the Company’s ability to conduct the exploration program at the Hercules Gold Project, the availability of financing on reasonable terms and the Company’s ability to do so in the environment comply with health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements . These risks and other factors include, but are not limited to, statements about the Company’s anticipated business plans and timing of future activities, including the Company’s option to acquire the Hercules Gold Project, proposed expenditures for exploration work, the Company’s ability to obtain adequate financing Obtaining funding for its business activities and plans, delays in obtaining regulatory and regulatory (including Canadian Securities Exchange) approvals or funding, changes in laws, regulations and policies affecting mining operations, risks related to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environment problems and liabilities.
Readers are cautioned not to place undue reliance on any forward-looking statements. The Company assumes no obligation to update the forward-looking statements contained in this press release, except as required by law.