DeepRock Minerals Acquires Golden Gate Gold Project
VANCOUVER, BC / ACCESSWIRE / August 7, 2019 / DeepRock Minerals Limited (the “Company”) (CSE:DEEP), is pleased to announce the purchase by way of Option the Golden Gate Gold Project in Eastern Canada. The Golden Gate Project is in Gloucester County about 11 km NW of Bathurst locally known as the Falls Grid. Access to the gold project is very easy via paved road off Highway #11. Likewise, access to the historic work undertaken on the project is in close proximity, within 1 km north of the main access road.
The Golden Gate Project exemplifies Deeprock’s criteria for ideal gold exploration opportunities in eastern Canada. The project is comprised of three exploration blocks comprising 13 claim units totaling 270 ha. (668.11 acres).
Autumn 2002, the project underwent a program of works consisting of the establishment of a grid of cut lines, geologic, soil geochemical surveys, lithogeochemical and geophysical surveys (Mag and VLF). This work was a success, thanks to the discovery of the mineralized erratic blocks (12% Zn, 4.03% Pb, 0.07% Cu, 280 g/T Ag and 1.18 g/T Au) and of gold anomalies in soil (up to 100 ppb Au). A trenching program executed during autumn, 2003 exposed brecciated rocks containing sulphides and containing up to 8 g/T Au, in association with altered mafic volcanic rocks of the Little River Formation.
In 2004, the property was optioned by Acadian Gold Corporation which carried out additional trenching, executed Mag, VLF and P.P. surveys and undertook some drilling for a total length of 635 m (11 holes). The trenches revealed the presence of an altered, silicified, carbonatized (Fe-Carbonate) mafic volcanic lava flows, brecciated and sulphurized. Sulphides (mainly Py and Arsenopyrite) are visible in dissemination or concentration in veins and veinlets in filling of fractures.
In 2004-2005, a second drill program of 8 holes totalling 579.80 m was executed in the same area. The zone bounded by the drilling holes and trenches measures approximately 100 m in length by 30 m in width. The drilling intercepted sedimentary and volcanic rocks. Gold is present in zones rich in Py-Asp. The best intersections obtained are 0.41 g/T In on 52.5 m, 1.52 g/T Au over 13.6 m and 2.54 g/T Au over 0.60 m. An alteration in hematite is strongly associated with the mineralization. Grab Samples of hematized rock taken in the trenches returned up to 27.10 g/T Au.
October 2012, the current owners of the Golden Gate Project undertook a program of line cutting followed by a Mag-VLF survey. The grid is situated in the central part of the claims, west of the erratic blocks of "Bathurst" type.
Under the term of the Option Agreement DeepRock Minerals will pay the Optionor $170,000 cash, 200,000 shares, and undertake $220,000 of exploration/development work within four years. Fifty percent of the Cash Payments may be made in shares at the discretion of Deeprock at the time of payment.
DeepRock Minerals Inc. has commissioned a current NI 43-101 technical report for its new Golden Gate gold project.
Readers are cautioned, and it should be noted that any technical information presented in this news release is for informational and reference purposes only and does not meet current NI 43-101 standards and requirement.
Christian Derosier, P.Geo., D.Sc., is the qualified person (QP) as defined in National Instrument 43-101 and, acting on behalf of DeepRock, has reviewed and approved the technical content of this news release.
About DeepRock Minerals Inc.
DeepRock Minerals is a dynamic Canadian mineral exploration company headquartered in Vancouver, British Columbia. DeepRock’s primary focus is in acquiring and developing prime North American gold and VMS type exploration/development mining projects; as well as existing processing and producing mining operations of merit. DeepRock Minerals is managed by an experienced and talented team of mining and business professionals with many years of combined operating and financial expertise. The shares of DeepRock Minerals Inc. trade on the Canadian Securities Exchange (CSE) under the trading symbol “DEEP”. Should you have any questions please feel free to contact the undersigned at any time.
ON BEHALF OF THE BOARD OF DIRECTORS OF DEEPROCK MINERALS LIMITED
Patrick D. O’Brien, ICD.D, MIoD
Cautionary Note Regarding Forward-Looking Statements:
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.