Solstice Gold Announces Initial Diamond Drill Program at Its 100% Owned Nunavut Gold Project and Announces Planned Warrant Extension
TSX VENTURE: SGC
VANCOUVER, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, the “Company”, “Its”, “we” or “our”) are pleased to announce that we will complete our first diamond drill program (the “Program”) of up to 20 holes of NQ core drilling at our 100% owned 928 km2 Nunavut Gold Project (the “Project”), located near Rankin Inlet, Nunavut. Our claims are immediately adjacent to those controlled by Agnico Eagle Mines Ltd which include the Meliadine Mine.
Our fully permitted drill program will begin mid-summer 2019 following ongoing mapping and sampling aimed at refining ten target areas identified during our 2018 field program, which documented gold for the first time over a wide area in rocks which we believe correlate with those in the Meliadine area. Target areas include the QEMS target which is immediately adjacent to and along strike of Agnico Eagle owned claims. The drilling will be limited to land-based targets leaving highly prospective ice-based targets for winter follow-up. Please see our corporate presentation available at https://www.solsticegold.com/investors/presentations/ for additional details of target areas.
“Agnico Eagle’s Meliadine mine, which reached commercial production last month, is only seven kilometres from Solstice’s claims in the Rankin Gold Belt. We are looking forward to drilling targets in the hunt for the next potential gold discovery in an exciting region,” stated Executive Chairman David Adamson.
Solstice would also like to announce that, subject to approval of the TSX Venture Exchange, we intend to extend the exercise period of a total of 16,252,846 outstanding share purchase warrants by six months. Each of the warrants is exercisable for one common share of the Company at prices ranging from $0.35 - $0.40 per share (collectively, the "Warrants"). The exercise prices of the Warrants will remain unchanged with these proposed extensions. The July 17, 2019 warrants were originally issued pursuant to a private placement completed by Dunnedin Ventures Inc. on July 20, 2017 and then were spun out as Solstice warrants to Dunnedin warrant-holders on a 1:3 basis according to the terms of the Plan of Arrangement that formed Solstice, which was completed on January 31, 2018. The July 31, 2020 warrants were originally issued pursuant to a private placement completed by Solstice on January 31, 2018.
Table 1: Warrants
|Number of Warrants||Exercise Price||Original Expiry Date||Amended Expiry Date|
|2,764,815||$0.35||July 17, 2019||January 17, 2020|
|220,831||$0.40||July 17, 2019||January 17, 2020|
|13,267,200||$0.35||July 31, 2020||January 31, 2021|
“We have elected to reschedule warrant expiries in recognition of continuing support from our shareholders and in order to logically position expiry dates between typical periods of exploration activity in January rather than in mid-season (July),” stated Marty Tunney, President.
Solstice is a new gold-focussed exploration company engaged in the exploration of its 928 km2 (100%) district scale Nunavut Gold Project and certain other rights covering an adjacent 805 km2, all with no underlying option or earn in payments. Our gold project is located in Nunavut, Canada only 26 km from Rankin Inlet and approximately seven km from the Meliadine gold deposits owned by Agnico Eagle Mines Ltd. Solstice has 69.5 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold and our Nunavut Project please see our corporate website available at www.solsticegold.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ian Russell, P.Geo., Vice President Exploration, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical content of this news release.
On Behalf of Solstice Gold Corp.
David Adamson, PhD
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) relating but not limited to the Company’s expectations, intentions, plans and beliefs. FLS can often be identified by forward-looking words such as “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. FLS in this news release also include, but are not limited to, the extent and timing of described programs and ground work, such as rock sampling, drilling, geophysics, mapping, till sampling and analysis. FLS in this news release include comparison with certain geological features at an adjacent development property. There can be no guarantee that continued exploration at our Project, which is at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. While the Company believes the boulders are sourced locally for the reasons outlined in this news release, there can be no certainty that their source is local, or that it will be located on Solstice claims. There can be no guarantee that the exchange will approve extensions for the warrant extensions as proposed in this news release. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release contains information with respect to adjacent or similar mineral properties, including Agnico Eagle’s Meliadine Mine, in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision. Investors are further cautioned that past performance is no guarantee of future performance.