VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Golden Pursuit Resources Ltd. (TSXV:GDP) (the "Company") wishes to announce the acquisition of a new mineral tenure near Gordon Lake NWT historically known as the WT Project. The WT is located approximately 70 kilometres northeast of Yellowknife, on the Cameron River which traverses through the east side of Myrt Lake. The staked claims consist of one Territorial claim covering 200 ha and one Federal mining claim covering 336 ha. This mineral tenure lies just 12 km south of Gordon Lake and will be added to the Company's property portfolio in the south Gordon Lake area. These properties include the former producing Camlaren Mine, the Gordon Lake project also known as Mahe (Kidney Pond), the Burnt Island Mine, West Bay Mine and Argonaut project.
The property has a long history of exploration and development. Dome Mines Limited discovered the WT gold showings west of the AP claims in 1938. The WT gold deposit was outlined in 1939 and estimated to contain 25,400 tonnes grading 9.8 g/t Au (this is a historic non 43-101 compliant estimate and should not be relied upon.)
Numerous companies since 1938 have optioned or owned the Myrt (WT) property. In 1974, a geological non-compliant resource was estimated at 58,299 tonnes grading 5.3 g/t. Since then, the property has been explored, diamond drilled and trenched to outline a total of 7 gold occurrences. The deepest exploration was completed in 1984 with Ryan Energy Corp completing 10 holes comprising 5,585', averaging 550' per hole. Several high-grade gold intervals were reported.
In 1987, Cameron Mining acquired the claims and completed a rehabilitation of the old decline producing 2,152 tons of ore which was processed at Giant Mine in Yellowknife 0f 1992. A total of 736 ounces of gold were produced at a calculated head grade of 0.36 oz/ton.
The geology of the area is described as mafic to felsic flows and agglomerates of the Cameron River volcanic belt with conformably overlying metasediments. The MYRT Lake (WT) property is primarily underlain by the Yellowknife Supergroup metasediments of the Burwash Formation comprising predominantly turbiditic sediments, forming a north-trending east-dipping homocline. A silicate iron formation unit comprising amphibole, garnet, and minor sulphides occurs at the volcanic/sedimentary contact and is sheared and crosscut by quartz veins. Gold is most commonly associated with arsenopyrite, pyrrhotite and pyrite with lesser galena, chalcopyrite and sphalerite, occurring in elongated quartz boudinaged masses and stockworking.
Golden Pursuit is in the process of compiling a data base on the Gordon Lake properties and will commission a NI 43-101 report which will include a development strategy for this project including the other Company owned Gordon Lake assets.
The Company intends to commission a NI 43-101 compliant report to list as a "property of merit" and to outline a plan for this exciting new project. For further information on this project, please visit the Company's website (www.goldpursuit.ca) which will be updated this week.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Gary Vivian P. Geo., a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Golden Pursuit Resources
Golden Pursuit Resources is an exploration and project generator company focused on its portfolio of 15 mineral properties located in Nevada and the development of its recently staked Gordon Lake Project, located 85 kms N of Yellowknife NWT. Golden Pursuit owns 100% of all properties with no royalties. The Company has a carried 40% interest in a joint venture on its Blackpoint Prospect located 8 kms north of Eureka Nevada and is awaiting assays from a recently completed drill program.
On Behalf of the Board of Directors,
GOLDEN PURSUIT RESOURCES LTD.
"Brian McClay"
President/CEO
For further information please contact:
Investor Relations
Brian McClay
Tel: +1 (604) 730.6982
Email: [email protected]
https://www.GoldPursuit.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Golden Pursuit's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Although Golden Pursuit believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Golden Pursuit to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
SOURCE: Golden Pursuit Resources Ltd.