Taku Gold Acquires High-Grade Gold Project in White Gold District, Yukon
VANCOUVER, British Columbia, July 08, 2019 (GLOBE NEWSWIRE) -- Taku Gold Corp. (CSE: TAK; OTCQB: TAKUF) (“Taku” or the “Company”) announces that it has acquired the high-grade Portland Gold Project (the “Project”) located in the White Gold District, Yukon, Canada. The project lies along a series of parallel northwest trending gold bearing structures including the Gold Run Fault. A 2010 trenching program across one of these structures identified a high-grade zone averaging 97.2 g/t gold over 7.0m. Six of seven samples from this trench returned values ranging from 27.0 g/t gold to 455.8 g/t gold. The acquisition of the Portland Gold Project advances the Company’s strategy to capitalize on high-value exploration opportunities within the larger White Gold District where the Company is one of the largest land holders behind White Gold Corp. The Company’s other key properties in the greater White Gold District include Sonora Gulch, Sulphur, Quartz, Rosebute, Lucky Joe, Korat, Wounded Moose, and Bishop properties (See Map).
The Portland Gold Project covers an area of approximately 1,525 Ha and is road-accessible through a network of summer roads from Dawson City, Yukon which lies 42 km away. The Project is situated within the White Gold District and the Klondike placer area with extensive historic placer mining estimated to have exceeded 20 million ounces of gold. Notable projects within the greater White Gold district include White Gold Corp’s Saddle and Arc deposits located 75 km to the southeast, Newmont Goldcorp’s Coffee project located 100 km to the south and Golden Predator Mining Corp.’s Brewery Creek Mine located approximately 35 km to the northeast.
The 2010 trenching program discovered significant free-milling gold in four of six trenches. The gold occurs in quartz veins cutting altered schist. In 2011 seven NQ2 diamond core holes were drilled on the Project for a total of 975 m. Five of the seven holes had significant gold mineralization even with only select parts of each hole being assayed. Seven drill holes targeted northwest trending structures with less than 11% of the drilled meters actually sampled. The sample intervals were 1m or less and all samples were hydraulically split 2-inch diameter core. Recommendations for further work outlined in the 2011 Assessment Report include deeper auger style soil sampling since this type of sampling in the area has been proven to be effective and only preliminary and wide-spaced sampling of this type has been conducted on the property. Previous management of Taku Gold once held this project which was dropped due to market conditions.
Trenching would be suggested to follow up on anomalies. In addition to further auger soil sampling and trenching, the Company has identified several additional factors that may lead to further exploration success at the Portland project.
An examination of the geologic logs has identified a significant number of intervals above, between, and below the sampled intervals that contain quartz stockwork, quartz veining, and/or alteration that have never been sampled. The Company believes that the initial sampling was inadequate based on similar orogenic gold occurrences in the Yukon. The Company also believes that while northwest structures are frequently anomalous in gold throughout the district, it is common for the best mineralization to occur in cross structures or at structural intersections as seen in several of the district’s discoveries. In addition, several of the better drill intercepts at Portland had noted galena, a mineral containing lead, which is known to be associated with gold at such locations as White Gold Corp.’s Vertigo discovery as well as other orogenic gold deposits elsewhere in the Yukon such as Golden Predator Mining Corp’s 3 Aces project. This makes lead an important pathfinder element which has not been adequately studied at Portland. Other important trace elements may also lead to better drill targeting.
“We are excited to build on the early work done at Portland by conducting more thorough soil sampling, follow up trenching, mapping, structural analysis, and targeted drilling with enhanced sampling protocol to identify new gold discoveries and expand upon the multi-ounce per ton results from the initial trenching,” said Neil Swift, Chief Executive Officer.
The Company has agreed to acquire the Portland Gold Project from a local prospector in exchange for $20,000 and a 1.0% NSR Royalty, of which 100% can be repurchased for $200,000. In accordance with the terms of the agreement, the Company will complete all cash payments on or before November 15, 2019.
The technical content of this news release has been reviewed and approved by Jeff Cary, CPG, a consultant to the Company, and a Qualified Person as defined by National Instrument 43-101.
About Taku Gold Corp.
Taku Gold Corp. is a mineral resource company focused on the exploration and development of precious metal properties in Canada with a particular emphasis on the White Gold district of Yukon.
For more information please contact:
Janet Lee-Sheriff, Director
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.