Reliant Gold Stakes Gold Property in Northern Ontario
Marketwired
TORONTO, ONTARIO--(Marketwired - Mar 16, 2015) - Reliant Gold Corp. ("Reliant" or the "Company") (TSX VENTURE:REC) is pleased to announce that it has staked 56 claim units totaling 896 hectares in the McVicar Lake area located approximately 90 kilometres west of Pickle Lake and 130 kilometres southwest of the Goldcorp Inc. Musselwhite Gold Mine which produced 278,000 ounces of gold in 2014.
The newly acquired, 100% owned claims, named the "East Bay Property", cover a series of historical gold occurrences and prospects aligned along a west northwest arced trend across the eastern part of McVicar Lake, the most prominent being the Altered Zone and North Flexure Zone. A report with respect to the East Bay Property dated January 31, 2004 filed with the Ministry of Northern Development and Mines, Ontario entitled "Report on the 2003 Overburden Stripping, Geological Mapping and Sampling Program conducted on the McVicar Lake Property, Patricia Mining Division, Northwestern Ontario" (the "Report") and prepared for Continuum Resources Ltd. and Prospector Consolidated Resources Inc. by D.B. McKay, M.Sc., P.Geo. of Eveleigh Geological Consulting describes the previous work performed on the property and surrounding area and results thereof. The Report was filed on SEDAR by Continuum Resources Ltd. on February 16, 2004. The exploration results summarized in the Report are historical in nature and were compiled by previous operators, in part, prior to the implementation of National Instrument 43-101 and are noted for reference purposes only. Because these results were compiled by previous operators, Reliant has not verified them as yet and they should not be relied upon.
The report lists a total of thirteen significant gold bearing intersections on the Altered Zone and North Flexure Zone from previous diamond drilling programs conducted between 1984 and 2003 as follows:
HOLE NUMBER
INTERVAL (metres)
LENGTH (metres)
GRADE (g/t Au)
ALTERED ZONE
ML-2
57.00 -59.74
2.74
5.0
ML-18
50.05-51.72
1.67
5.4
ML-20
46.94-48.34
1.40
8.6
ML-24
36.27-37.27
1.00
9.9
ML-27
48.13-52.76
4.63
14.3
including
46.13-50.00
1.87
33.0
ML-27
56.94-58.22
1.28
3.4
ML-32
59.56-60.14
0.58
3.0
ML-34
93.30-94.12
0.82
7.6
ML-37
103.02-104.55
1.53
2.6
ML-03-01
39.64-47.35
7.71
5.7
including
42.04-42.79
0.75
22.4
NORTH FLEXURE
ML-89-50
51.5-53.04
1.53
2.6
ML-91-54
57.63 -59.65
2.02
9.3
including
58.67 -59.65
0.98
12.9
ML-91-63
66.90-68.36
1.46
3.8
including
67.97-68.36
0.39
11.6
The nature of the geological setting of the mineralized bodies results in highly variable shapes and orientations of the zones and, as a result, no estimation of the true width of the intersections can be provided for these results at this stage.
The gold bearing intervals occur in an area of intense shearing, alteration, and quartz veining situated along a basalt - gabbro contact which trends westerly across McVicar Lake for four kilometres. No significant drilling has been reported on the property over the lake between or to the west of the Altered Zone and North Flexure Zone. The property has not had the benefit of modern ground geophysical surveys in order to follow the zones and define new drill targets, especially along its favorable trend over the lake.
President and CEO, Errol Farr, states, "After considerable review, the Company is commencing a search for and acquisition of prospective mineral properties in North America. The acquisition of the East Bay Property, located in northern Ontario, is the first step in this strategy. The Company plans to conduct an exploration program in the summer of 2015, which may include prospecting, soil and surface rock sampling and geophysics to better understand the geologic setting and identify potential drill targets. The Company is also pleased with and supports the acquisition by Goldcorp Inc. by way of a plan of arrangement of Probe Mines Limited ("Probe") and its Borden Lake discovery. Probe is now a wholly-owned subsidiary of Goldcorp Inc. The Company is party to a joint venture agreement with Probe on the Borden Lake South Property which is located adjacent to Probe's Borden Lake discovery."
Trevor Boyd, Ph.D., P.Geo., a Qualified Person as defined by National Instrument NI 43-101 ("NI 43-101") and the Vice-President of Exploration and a director of Reliant, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
ABOUT RELIANT
Reliant is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant holds a 49% joint venture interest in the Borden Lake South Property, comprised of 20 mining claims representing 294 claim units covering approximately 4,704 hectares, located 10 kilometres east of the Town of Chapleau, Ontario. The common shares of Reliant trade on the TSX Venture Exchange under the stock symbol "REC".
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Reliant or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Reliant with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in Reliant's prospectus and in other continuous disclosure documents that are filed by Reliant from time to time with the Ontario, Alberta and British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Reliant, its prospects and the risks and uncertainties relating to Reliant and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Reliant to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Reliant cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. Reliant does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
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 release.
