Gossan Resources 2023 Year in Review, 2024 Strategic Plans, 2023 AGM Results, and Grant of Options

In This Article:

Winnipeg, Manitoba--(Newsfile Corp. - February 26, 2024) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) (XETRA: GSR) (the "Company" or "Gossan") is pleased to give a general update to shareholders including a review of the work performed in 2023 and the Company's strategic plans for 2024. In addition, the Company announces results of its Annual and Special General Meeting and a stock option grant.

2023 Year in Review

Sale of Bird River Nickel PGM Project: In April 2023 Gossan agreed to sell to a third party a three-year option to purchase 100% of the title and interest in and to the Bird River Claims held by Gossan. The purchase value was assigned to be up to $1,610,000, and Gossan would also retain a 2% NSR royalty.

Gander Gold Project: During Q4 2023, the Company conducted a new visit to the site to follow up on the results from the previous years' geophysical and detailed sampling programs. The Company engaged a contractor to conduct a 16-day field program, which included prospecting and till sampling of both the b-horizon and c-horizon. This till chemistry was conducted as a follow-up check survey to validate the previous years' results, and to improve understanding on the areas of greater prospectivity. Collections of bedrock and outcrops samples which consist of vein material, selvages of host rock, and minor sulphides also took place.

The target areas for this survey consisted primarily of areas that had previously been determined to be of higher prospectivity. In total 55 samples were collected (Figure 1), including geochemistry samples, heavy mineralogy till samples, country rock samples, and mineralized rock samples. At the main Gander Property, mineralized samples were typically quartz veins with trace to 1-2% fine grained sulphides of pyrite, arsenopyrite, and chalcopyrite.

At the satellite Island Pond Property, mineralized samples were collected of brecciated quartz-carbonate veining containing pyrite and galena, within felsic volcanic rocks. The analytical results from these samples and geological observations will support the validation and refinement of existing soil geochemistry anomalies. Final assay results and conclusions are pending.

Figure 1: Gander till and bedrock sample locations.

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Separation Rapids Lithium Project: Following the quick advancement of Avalon Advanced Materials' property ("Avalon") during 2023, which sits contiguously and directly along strike to Gossan's property, the Company determined to re-visit the property for validation of its earlier work programs. During Q4 2023, the Company planned a sampling program intended to perform infill sampling within historically sampled outcrops, to sample mapped and unsampled pegmatites, and to collect samples for XRD analysis to gain a better understanding of the mineral phases present in the pegmatites. The program was ultimately completed in the first days of 2024.