TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Sandy Lake Gold Inc. (“Sandy Lake” or the “Company“) (TSXV:SLAU) announces that the Company has acquired by staking, an additional 806 claim units (approx. 14,000 ha.) adjacent to its existing district scale land package for an aggregate total of 2,591 claim units (approx. 42,000 ha.).
The Company’s current holdings encompass approximately 50 km of banded iron formation structure which the Company believes to be highly prospective for gold mineralization. The Company’s geological and economic models are based on Goldcorp’s Musslewhite Mine located 200 km south-east of the project.
The Musslewhite Mine is a bulk mineable underground mine which has historical production of 4.4 M oz/Au and currently hosts total reserves of 3.3 M oz/Au. @ grade of 5.92 g/t.
Additionally the Company reports that the Ontario Provincial Ministry of Northern Development and Mining (MNDM) has contracted to Geotech Ltd., an airborne VTEM survey over the Sandy Lake district of approximately 10,000 line kilometers on 200 m spacings. Data from this survey is scheduled to be available in the summer of 2018. The Company will incorporate the addition of this geophysical data into the existing airborne data from the 2015 survey. The MNDM airborne survey will expedite and enhance our current modelling on the relatively unexplored north shore of the lake.
The Company also wishes to acknowledge and thank the First Nation Communities of Keewaywin and Koocheching for their assistance in local employment, knowledge and cooperation in accessing their Traditional Territories.
About Sandy Lake Gold Inc.
Sandy Lake Gold Inc. is a Toronto based mineral exploration company focused on the exploration and development of the 2591 contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario.
The structural architecture is dominated by the 50 KM long, trending E-W, Central Sandy Lake Shear Zone. These properties lie within the traditional territories of the adjacent First Nation communities of Keewaywin, Koocheching and Sandy Lake.
The Company’s board of directors, management and exploration personnel have demonstrable skills in all aspects of mineral development; from grass roots exploration to capital markets and mine builds globally. Management and insiders hold approximately 40% of outstanding shares.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Interim CEO and a Director of Sandy Lake Gold), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
