VANCOUVER, BC / ACCESSWIRE / March 10, 2022 / (CSE:ROO) (OTC:JNCCF) (Frankfurt:5VHA) - RooGold Inc. ("RooGold" or the "Issuer").
RooGold is pleased to announce that it has completed a reconnaissance field trip to the Gold Belt (EL9226), Trilby (EL9242) and Lorne (EL9232) Concessions which are located along the Peel-Manning Suture Zone .
Highlights
- Positive meetings regarding logistics of land access agreements were held with land owners at Gold Belt and Trilby, with a hard copy landowner agreement delivered at Trilby South.
- A total of 47 rock chip samples were taken. The majority were taken from Trilby South in an area of quartz veining and gossanous outcrop.
- Fieldwork at Lorne followed outcrops along the river where a number of prospectors were panning and sluicing for gold.
- The Peel South Concession (ELA 6429) is under application which will significantly consolidate RooGold's land holding along the Peel-Manning Fault Zone.
Carlos Espinosa, Chief Executive Officer and a Director of RooGold comments, "commencement of field work marks a very important milestone for the Company. The three concessions are priority targets located along the Peel-Manning Fault Zone, a crustal suture zone that has shed very significant gold alluvials along its length. It is also very encouraging that RooGold has received positive feedback from landowners".
This field trip was designed to meet with landowners at the high-priority Trilby, Lorne and Gold Belt concessions. Given the positive feedback from landowners, RooGold is planning a more extensive field mapping program in the near future.
The Peel-Manning Suture Zone
The Peel-Manning Suture Zone is a crustal scale suture zone within the western part of the New England Orogen. Ophiolites, remnants of lower oceanic crust, are obducted within the suture. Numerous alluvial fields are clustered along the Peel-Manning suture zones and demonstrates its potential to host significantly gold-mineralized hydrothermal systems.
Figure 1: RooGold NSW concessions (Red) on a 90 m Digital Terrane Model showing gold (yellow) and silver (blue) occurrences and mines.
Globally there is a close association between quartz carbonate alteration of serpentinite (known as listwanite) and gold mineralization. Examples include Bralorne, California Mother Lode and multiple >1 Moz gold deposits clustered along a listwanite altered suture zone within the Saudi Arabian shield. Listwanite hosted gold mineralization is a poorly understood class of gold deposit. This in part reflects the fact that surface expression may be quartz poor and lack the obvious vectors to gold mineraliztion, other than alluvial gold.
This is reflected in the discovery history of Bralorne following the Fraser River alluvial gold rush in the 1860's. Hard rock mining initially led to small scale production between 1889 and 1929. Between 1929 and 1971 over 4 Moz of gold was produced at grades above 15 g/t from 30 veins.
Similarly Motherlode was discovered following the Californian alluvial gold rush. The Motherlode Trend is associated with a crustal scale suture marked by a complex ophiolitic zone that is up to 2 km wide and can be traced for over 190 km. Throughout its history Motherlode has produced over 11 Moz of gold at grades of between 4 to 16 g/t Au from multiple quartz veins and lodes.
The fact that the Peel-Manning is a crustal suture that can be traced for several hundred kilometers, is marked by obducted serpentenites and has shed significant alluvial gold, underlines its prospectivity. RooGold holds a commanding land package along the Peel-Manning and associated fault splays, which will be the focus of initial exploration.
It is also significant that Newmont has staked a similarly oriented palaeo arc, approximately 30 km to the west.
Peel South Application (ELA 6429)
RooGold is also pleased to announce that it submitted an application for the Peel South concession which coveres 231 km2 along the Peel-Manning Suture Zone. Serpentenite crops out along the suture and associated second and third order splays. These structures represent high priority exploration targets.
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering approximately 1,380 km2 which have 137 historic mines and prospects.
For further information please contact:
Ryan Bilodeau
416-910-1440
[email protected]
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan","expect", "project", "intend","believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
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SOURCE: RooGold Inc.