VANCOUVER, BC / ACCESSWIRE / September 16, 2024 / Golden Pursuit Resources Ltd. (TSXV:GDP) is pleased to announce the successful completion of the 2024 exploration program at its properties located in the high-grade Gordon Lake gold mining district of Canada's Northwest Territories.
Highlights
This summer, the company conducted detailed structural geology mapping and rock sampling at several of our properties, including Kidney Pond, Lynk, Zenith Island, Camlaren, Burnt Island, Goodrock, and Storm. This field program focused on measuring the structures and collecting rock samples to explore high-grade zones, near-surface mineralization, and new exploration targets. Specifically at Kidney Pond, 30 channel samples were collected to understand better the distribution and continuity of gold along mineralized veins, walls, and host rocks. The work will be compiled using Leapfrog modeling software to design and prioritize future drilling in the developed zones of mineralization.
Induced Polarization (IP) and Magnetics Geophysical Survey: A 250-meter-spaced survey of 12 linear kilometers was performed on the company properties. An 8 linear-kilometer survey (distributed in 7 lines) was focused on detailed targeting of anomalies at Kidney Pond. Additionally, six exploratory lines were surveyed, two on each of the Zenith Island, Camlaren, and Burnt Island properties, for 13 surveyed IP geophysical lines. Induced Polarization (IP) and magnetics geophysical survey data have been processed to delineate high-priority drill targets.
Project-wide Photogrammetry Survey completed: A large photogrammetry survey was completed across the entire project area, providing high-resolution (up to 3 cm spatial resolution) 3D wireframe mesh data for our geological modeling and project planning.
Assay and Multi-Element Geochemical Analyses underway: Rock samples were sent to the ALS laboratory in Yellowknife for assay and geochemical analyses. Results are expected for October 2024. These assay results should provide important information for follow-up targeting and drill hole planning.
The 2024 exploration program at the Gordon Lake Project (Figure 1) was designed to build on historical high-grade results and mine operations where previous drilling intersected significant gold mineralization. Further drilling will focus on confirmation and step-out drilling to enhance geological understanding and test new targets identified through geophysical and geochemical surveys.
Introduction
The 2024 exploration program focused on two main objectives (Figure 2):
Detailed geological-structural mapping and extension of known mineralized zones: Extensive geological structural mapping targeted high-grade, near-surface gold mineralization. The mapping program consisted of both confirmation and step-out areas designed to test the continuity of mineralization along strike and better understand the structural patterns.
Induced Polarization and Magnetics Surveys: detailed survey at Kidney Pond and exploratory surveys at the former producing mines: New geophysical Induced Polarization and magnetics survey also investigated in detail the Kidney Pond area, as well as exploratory survey at the historic producing areas as Zenith Island, Camlaren, and Burnt Island Mines. These areas have seen extensive exploration and gold production in the past and are interpreted to have significant potential for new discoveries. Targets that exhibited similar geological characteristics to the known mineralized zones, with the potential to host orogenic-related gold mineralization, were prioritized.
Detailed Structural Geology Mapping and Rock Sampling
Golden Pursuit completed detailed geological structural mapping and rock sampling over an area of over 6,850 sq. metres. The 2024 field season included an extensive surface sample program, with 80 rock samples collected including 30 channel samples at Kidney Pond, but also on the Lynk, Zenith Island, Camlaren, Burnt Island, Goodrock and Storm properties.
Primary focus was on the Kidney Pond area, where geological mapping centred on understanding the structural controls on mineralization and rock and channel sampling was designed to fill gaps in historical data and provide a more detailed geochemical understanding of gold distribution to refine future drillhole planning.
Induced Polarization (IP) and Magnetic Geophysical Survey
A 12-kilometre line IP and magnetic geophysical survey was also conducted at Gordon Lake (Figure 2) to enhance the understanding of subsurface geology and to identify geophysical anomalies that could indicate high-chargeability zones of gold mineralization with associated sulfides. At Kidney Pond, the tightly spaced (250-meter spacing) seven (7) IP lines were designed to map in detail the extent of orogenic gold mineralization distribution and to identify new drill targets proximal to the main zone. Additional six regional exploratory geophysical surveys, including IP and magnetics, were conducted along two lines in each property at Zenith Island, Camlaren and Burnt Island properties. This resulted in a total of 13 geophysical lines. The preliminary results identified multiple potential drill targets.
Photogrammetry Survey
Golden Pursuit completed a property-wide photogrammetry survey to complement ground-based exploration efforts. This high-resolution (up to 3 cm spatial resolution) survey, which included aerial photography, provided detailed topographic data and terrain models processed into 3D wireframes meshes. These data will assist in geological interpretation and structure delineation, and used for geological 3D modeling, project planning and drillhole target refinement.
Golden Pursuit engages with First Nations organizations on whose territory its projects are located and with the Government of the Northwest Territories for their strategic interests, as well as to discuss opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations in all its future exploration programs.
About the Gordon Lake Project
The Gordon Lake Project is located approximately 80-90km northeast of Yellowknife, NWT, and it hosts numerous gold showings, with several having seen varying degrees of exploration work, including drilling, underground development, and mining from 1937 to the late 1980s.
The Gordon Lake Project ("Property") consists of 18 territorial and 13 federal claims and 4 historical mining leases totaling just over 6850 hectares. Golden Pursuit owns all claims and leases 100%.
The Gordon Lake Project is located on the Slave Structural Province in the northwestern Canadian Shield, comprising an Archean granite-greenstone craton. The Slave Province is comprised of granite-gneiss basement, supracrustal metavolcanic-metasedimentary rocks of the Yellowknife Supergroup and younger granitoid complexes. The Yellowknife Supergroup consists predominantly of the Burwash Formation metaturbidite deposits with flanking, older metavolcanics along basinal edges. Many gold quartz veins are within the Burwash metaturbidite formation and occur as single veins or vein-swarm systems. In addition to the veins found at Gordon Lake, metre-scale zones of quartz breccia occur.
About Golden Pursuit Resources
Golden Pursuit Resources is a company focused on gold exploration. The company owns deposits and prospects in the Northwest Territories (Canada) and Nevada (United States). All projects are 100% owned with no encumbrances or third-party obligations except for royalties on two purchased claim groups in the NWT.
Both land and water use permits are in place on the Gordon Lake, NWT project, allowing for exploration and development until 2030. The company owns 11 distinct properties that have undergone exploration, development, and mining since the 1930s. Five of the deposits have been classified as "former producers" by the NWT government. Golden Pursuit has conducted extensive exploration since 2021; assay results will be announced about this year's exploration as they are received.
Forward-Looking Information Statements contained in this news release that are not historical facts may be forward-looking statements, which involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified using terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, potential mineralization, exploration plans, and engagement with First Nations communities. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: risks inherent in exploration activities; the impact of exploration competition; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, Golden Pursuit disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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