MAS Gold Gains 100% Ownership of Elizabeth Lake, Greywacke North, Greywacke South and North Lake Extension Properties
TSX VENTURE: MAS
VANCOUVER, May 13, 2019 /CNW/ - MAS Gold Corp. ("MAS Gold" – TSX-V:MAS) announces that it has gained 100% ownership of fourteen claims that were subject to the La Ronge South Gold Joint Venture (the "JV") agreement (the "Agreement") with Golden Band Resources Inc. ("GBN"). MAS Gold now holds 100% title to a total of 33 mineral claims totaling 38,834 hectares ("ha"; 95,960 acres) in the La Ronge Gold Belt of Saskatchewan.
MAS Gold is operator of the JV's Greywacke, Preview and North Lake properties, comprising an additional eighteen mineral claims totaling 14,996 ha (37,056 acres; see Figure 1).
Over the period of 2017 and 2018, MAS Gold acquired by staking and purchase 32 claims covering a total of 37,486 ha (92,629 acres); 14 of these claims occur within the JV's Area of Interest (the "AOI claims"), totaling 15,754 (38,928 acres).
Subject to the JV Agreement, GBN had the right to acquire their respective participatory interest in any of these 14 AOI claims and on March 18th, 2019, MAS Gold sent notice to GBN allowing GBN the opportunity to do so. GBN did not respond to the notice and pursuant to the JV, GBN's right to acquire any interest in the AOI claims has now expired. Consequently, MAS Gold is the sole owner of the fourteen AOI claims that cover the following properties:
Elizabeth Lake Copper - Silver Property
The Elizabeth Lake copper-silver property comprises 5 claims totaling 5,107 hectares (including 3 legacy claims) that cover the Elizabeth Lake copper-silver prospect located under and northeast of Elizabeth Lake, a small lake 24 km north-northwest of the town of La Ronge.
The Elizabeth Lake deposit is a sheared and metamorphosed Besshi-type volcanogenic base and precious metal (copper-silver±gold) deposit hosted by Paleoproterozoic metasedimentary and metavolcanic rocks of the Glennie Domain, the same belt of rocks as the now closed Anglo-Rouyn copper-zinc mine (production from 1966 to 1972) located 23 km to the east. Mineralization includes disseminated sulphides of probably syngenetic origin and associated hydrothermal veins.
Since it was first prospected in 1967, the North and South Zones of the Elizabeth Lake copper-silver deposit have been outlined by 36 core drill holes totaling 10,147 metres (Noranda Mines Ltd. 1968-9: 21 holes; Canadian Nickel Company Limited 1969: 4 holes; Uranium Valley Mines Ltd. 1970: 13 holes). In 2012, Kenna Resources Ltd. commissioned a 209 line-kilometre, versatile time domain electromagnetic (VTEMplusTM) and horizontal magnetic gradiometer geophysical airborne survey of the property. This historical airborne VTEMplusTM identified several new targets located on the property, however the data has not undergone reprocessing in accordance with current practices.
Greywacke Gold Property: NE and SW Extensions
The four and three claims to the northeast and southwest of the JV Greywacke Property respectively, overlay extensions of the geological contact between the La Ronge Domain and the Kisseynew Domain that hosts the Greywacke gold deposit and its associated occurrences.
North Lake Gold Property
The single claim to the northeast of the North Lake Property is an extension of the known belt of rocks that hosts the North Lake gold deposit.
About MAS Gold Corp.
MAS Gold Corp. (formerly Masuparia Gold Corporation) is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan, Canada. In the Fraser Institute Survey of Mining Companies for 2018, Saskatchewan ranked 3rd in the world for its Investment Attractiveness Index, which rates jurisdictions based on their geologic attractiveness and the effects of government policy on attitudes toward exploration investment. MAS Gold's Saskatchewan projects include the advanced-stage Greywacke gold deposit, which hosts high-grade gold-bearing zones with a National Instrument 43-101 compliant (at a cut-off grade of 5 grams gold/tonne) Indicated Mineral Resource of 255,500 tonnes at 9.92 grams gold/tonne plus an Inferred Mineral Resource of 59,130 tonnes at 7.42 grams gold/tonne. MAS Gold's NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke gold deposit is available on SEDAR and on MAS Gold's website: http://www.masgoldcorp.com.
On Behalf of the Board of Directors of MAS Gold Corp.
Ronald K. Netolitzky
President & CEO
Caution Regarding Forward-Looking Information and Statements:
This news release includes certain forward-looking statements or information that could cause actual results to differ materially from MAS Gold's plans or expectations. These include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing and general economic, market or business conditions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding any updated technical report, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither the 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 news release.