Taku Gold Consolidates Portland Project, Adds Midas and Gold Run Properties in Yukon’s White Gold District; Appoints Chief Executive Officer
VANCOUVER, British Columbia, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Taku Gold Corp. (CSE: TAK; OTC: TAKUF) (“Taku” or the “Company”) announces that the Company has further enhanced its project portfolio within the White Gold District with the acquisition of the Gold Run and Midas properties on strike with and extending the recently acquired Portland Gold Project to a total of 13 km along trend (See Taku NR July 8, 2019). Notably, Taku’s Gold Run property is centrally located along approximately 4 km of the Rabbit Fault between Klondike Gold Corp.’s Quartz Creek and Gold Run targets. (1)
Other notable gold resources or discoveries within the greater White Gold district include White Gold Corp.’s Saddle and Arc deposits located approximately 75 km to the southwest along with their newly discovered Vertigo project 50 km to the south, Newmont Goldcorp’s Coffee deposit located approximately 100 km to the south and Golden Predator Mining Corp.’s Brewery Creek mine located approximately 35 km to the northeast.
Jordan Butler, Chief Executive Officer, stated, “I am delighted to have the opportunity to advance Taku Gold and its compelling portfolio of gold projects. The Company’s property portfolio is among the largest and most prospective of any in the Yukon’s greater White Gold District.” Mr. Butler, continued, “The properties announced today along with the recent acquisition of the Portland property will be the primary focus of our 2019 field program with additional work planned for our Rosebute and Lucky Joe properties further to the south near White Gold’s Vertigo discovery.”
Gold Run Property
The Gold Run Property covers an area of approximately 895 ha consisting of 44 contiguous quartz claims located 47 km from Dawson and accessible through a network of improved dirt roads. The property covers a 4 km segment of the regional Rabbit thrust fault that is reported to extend at least 55 km with gold mineralization reported along its length. The Company’s consolidated land package, including the Midas and Portland properties, also covers approximately 11 km of strike length along the Gold Run thrust fault, a separate structure, parallel to the Rabbit thrust fault. Approximately 2km of the Gold Run structure cuts through the northern part of the Gold Run property before crossing a few kilometers of Klondike Gold’s ground then trending to the northwest for approximately 9 km through the entire length of the Company’s Portland and Midas properties.
Previous exploration has identified gold mineralization along a northwest trend consisting of quartz veins, veinlets and stockworks that are typically 2 to 10 cm in width and thought to be laterally continuous. The majority of previous work on the project has focused on the Doron Zone, where 22 distinct gold-bearing veins or alteration zones have been identified with grades of up to 2.2 g/t gold over 18.2 m including 9.1 g/t Gold over 1.8 m (Trench 07-04) and 14.7 g/t gold over 1.9 m (Trench 09-02). Mineralization at the Doron Zone remains open in all directions.
Interestingly, a significant amount of coarse metallic gold exists within quartz veins hosted at the Doron Zone with duplicate split samples analyzed by metallic screen assay returning gold values up to 3.65 times higher than the values reported by standard fire assay, which has been the primary analytical method used to date.
In addition to gold hosted in quartz veins, adjacent alteration zones that are pyritized, carbonatized, silicified and sericitized are consistently anomalous in gold. Continuous alteration zones up to 20 m wide have been identified in areas with parallel veins. A chip sample from taken from iron-carbonate altered schist, with no apparent veining, assayed 2.2 g/t gold over 0.9 m (Trench 07-03).
In addition to the Doron Zone, the Gold Run Property hosts three gold-bearing zones (Doron NW, Kentucky West and KSL) and one base metal soil target. The gold bearing zones and anomalies are completely unconstrained and have soil sample values as well as alteration styles equivalent to those occurring at the Doron Zone, suggesting similar and potentially significant mineralization may exist in these areas.
The Midas Property covers an area of approximately 1,322 ha consisting of 65 contiguous quartz claims located 38 km from Dawson and accessible through a network of improved dirt roads. The project is located within a similar geological environment to the Gold Run Property but covers a separate parallel southwest dipping thrust fault, the Gold Run Fault. The project is bound by Dominion Creek and Sulphur Creek, which are two world-class placer gold deposits. Combined, these creeks have yielded an estimated 2,000,000 ounces of placer gold since discovery in 1896.
Mineralization at the project consists of north to north-west trending quartz veins that are typically 1 to 30 cm in width and moderately to highly anomalous in gold, limonitic and contain traces of pyrite, galena, and copper sulphosalts. Pyritized, carbonatized, silicified and sericitized alteration envelopes adjacent to the quartz veins are typically weakly to moderately anomalous in gold and can occur in semi-continuous zones up to 20 m in width.
Previous work on the project has been limited to soil sampling, rock sampling and trenching with no known previous drilling. This work has identified seven zones, most significant of which is the high-grade Carib Zone where limited trenching suggests a minimum 570 m strike length that is open ended. A 2018 trench at the Carib Zone encountered a quartz vein that assayed 83.5 g/t gold and 435 g/t silver over a 1.0 m channel sample (Trench 18-19) and is open for expansion to the north. A second trench sample at the Carib Zone returned 50.5 g/t gold and 1,977 g/t silver over 0.6 m (Trench T3-17).
The Company plans to conduct initial field work in 2019 consisting of surface trenching and soil sampling to identify and select drill targets for orogenic and bulk-tonnage type gold deposits at the Portland Project which encompasses the Gold Run, Portland and Midas Properties.
The Company has signed separate option agreements with a prospector (the “Optionor”) to acquire 100% of the Gold Run and Dominion properties in exchange for $150,000 in cash and 300,000 shares over a five-year period for each project, subject a 2.0% NSR royalty of which half may be re-purchased for $1,500,000.
Following completion of the option agreement, an annual advance minimum royalty payment of $10,000 will be paid to the Optionor for each project. Additionally, if Taku Gold completes a Pre-Feasibility Study then a payment equal to $1.50 per gold equivalent ounce will apply to resources in the inferred or higher category.
White Gold District Overview Map
To view the White Gold District Overview Map please click here or on the below link.
Jordan Butler, Chief Executive Officer
The Company has appointed Jordan Butler as the Company’s Chief Executive Officer. Mr. Butler brings significant capital markets and corporate development experience within the natural resource sector to Taku Gold. He also currently serves as the Executive Vice President of enCore Energy Corp, prior to which he served as Vice President of Corporate Development for Callinex Mines Inc. During his tenure with Callinex, he led a major expansion of the corporate assets that added over 3.5 billion pounds of zinc equivalent mineralization. Prior to this role, he provided asset and equity valuations for the gold-focused royalty portfolio of Golden Predator US Holding Corp. He has also worked in various capacities within the gold sector including with GoldMining Inc. and Wolfpack Gold Corp. Mr. Butler holds a Master of Business Administration from Vancouver Island University and a Master of Science in International Business from the University of Hertfordshire.
The Company has also granted 200,000 stock options in connection with the appointments exercisable at a price of $0.07 per share over a three-year period.
Neil Swift has resigned as Chief Executive Officer will continue to serve the Company with his technical and geological expertise in the region.
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 greater White Gold district in Canada’s Yukon, where Taku Gold is one of the largest landholders.
For more information please contact:
Jordan Butler, Chief Executive Officer
- Klondike Gold Corporation Corporate Presentation – June 2019
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.