Stakeholder Gold Corp. Announces Ballarat 2016 Exploration Summary and Plans for 2017
Toronto, Ontario--(Newsfile Corp. - February 7, 2017) - During 2016, Stakeholder Gold Corp. (TSXV: SRC) completed a comprehensive exploration program on the Ballarat project; this work included: collection of 1,723 grid and reconnaissance soil samples; 425 GT Probe bedrock interface samples over 5 lines on the Northwest Zone; 11.76 line-km of high-resolution DC IP-Resistivity surveys over 28 lines on the Northwest and Eastern Zones; a 38.75 sq. km drone-derived, aerial photographic and DEM data capture survey of the property; geologic mapping and prospecting; and 1,728.15 m of RAB Drilling in 18 holes on the Eastern Zone.
Although the 18 RAB holes drilled on the Eastern Zone (of a planned 30 hole program curtailed due to weather) yielded only narrow intervals of anomalous gold, the northeastern extension of the zone as well as the newly-discovered Skye Zone, located 1,500 m to the southwest, were not tested by drilling. Also, certain targets on the Northwest Zone have not yet been drilled.
Eastern Zone
Interpretations made by Groundtruth Exploration Inc., who managed the program, indicate there were two mineralizing events.
One, with an Au-Ag-Hg-Te signature, has similarities to known occurrences on the White Gold showing and the deep zone in the Golden Saddle deposit. These can be high grade in the right structural setting, and the best continuity is found where the mineralization/alteration is formed at a deeper setting with an Au-Mo +/-Pb signature (Golden Saddle and QV)
The other event has an Ag-As-Bi-Cu-Pb-Sb-Zn signature. This is likely later and intrusive-related, most likely dikes following the same structures that host the earlier gold-rich event. This later event may have overprinted the earlier one--possibly diluting the gold content.
Skye Zone
This zone is very much the same as the Eastern Zone but with better exposure. It contains more quartz veins and the significant Au-Mo +/-Pb geochemical signature (similar to Golden Saddle). The orientation of the mineralization is unknown, and this zone needs to be tested with geophysics and drilling.
Northwest Zone
Mineralization at the Northwest Zone is interpreted to be associated with E-NE oriented splay(s) from the NE-trending Ballarat fault, but direct observations of mineralization are few due to cover. Float of discrete, often sulfide bearing quartz veins and quartz vein breccias occur; however, pieces of strongly quartz-sericite altered felsic gneiss with stockwork quartz veining were noted, indicating that more robust zones of alteration and mineralization exist. Overall, three primary factors appear to be associated with localizing mineralization in the NW Zone:
1.) Host rock,
2.) pre-mineral ductile deformation, and
3.) brittle, likely syn-mineral, faulting.
While mineralization can occur over the trend in any of the host rocks, the primary focus of exploration should be along interpreted brittle structures within the felsic gneiss and/or contact with the amphibolite. The Ballarat property has strong potential to host significant gold mineralization. It sources, and is adjacent to, four placer bearing creeks: Ballarat, Kirkman, Thistle & Barker. The property is cut by regional scale structures and has evidence of multiple ductile-brittle deformation events. It is underlain by chemically reactive and/or brittle host rocks with robust geochemical anomalies.
While the results of 2016 exploration activities weren't significant (in a market sense), they were positive. At the Northwest Zone, results indicate the potential for km-scale mineralized structures that are untested (despite historic diamond drilling in the area) and warrant follow-up drilling. At the East Zone, RAB drilling intersected significant zones of alteration, albeit at low grades, adjacent to a regional scale fault, and there are indications of at least two hydrothermal events. This is important because it demonstrates that there were active gold-bearing, hydrothermal system(s) in the area. The Skye zone is a new discovery at surface that was missed during historic exploration efforts on the property. It is open for expansion along strike and warrants drill testing. There are also new anomalies identified from reconnaissance soils that warrant follow-up grid sampling and prospecting.
A further 146 mineral claims were staked by the Company south of, and contiguous with, the existing claims; the property now consists of 346 claims covering approximately 69 sq. km (6,900 ha). Little information is available from this area. The access road planned for Goldcorp's Coffee deposit will pass through the eastern half of these claims (Link 1 below).
Specific recommendations for continued exploration on the Ballarat property include: additional grid and reconnaissance soil samples, additional IP-Resistivity surveys, additional geologic mapping and prospecting and initial RAB drilling on the Northwest and Skye Zones.
"During 2016, GroundTruth Exploration Inc. management were able to identify several targets of merit for gold exploration on Ballarat, and to increase the size of the Stakeholder land position by more than 42%. The White Gold District remains one of the world's premiere locations for gold exploration. Stakeholder is positioned in proximity to much larger companies (Link 2 below) that have already identified the significant economic potential of the district, manifesting their interest by way of acquisitions and joint venture agreements. Ballarat Creek has been a prolific and rewarding placer gold producer, yielding in excess of 104,000 oz. of historical gold production, and we are looking forward to the 2017 exploration season." -- Christopher Berlet, President and CEO.
Links to recently updated maps on Stakeholder website:
Link 1 Ballarat Property Including New Claims & Proposed Coffee Road Jan, 2017
http://stakeholdergold.com/wp-content/uploads/2016/04/CLAIM-LOCATIONS-BALLARAT-copy.jpg
Link 2 Major Claim Holders & Deposits of the White Gold District, Yukon Territory Jan, 2017
http://stakeholdergold.com/wp-content/uploads/2016/04/WHITE-GOLD-DISTRICT-CLAIMS-JANUARY-2017.png
John Nebocat, P.Eng is a Qualified Person under NI 43-101 and has reviewed and approved the technical portions of this news release.
About Stakeholder Gold Corporation
Stakeholder Gold Corp. is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of Stakeholder is to explore and develop the Ballarat Gold Property in the White Gold District of the Yukon Territory.
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.
For more Stakeholder Gold Corp. information, please contact
Christopher J. Berlet, CFA
President & CEO
416 525-6869
cberlet@stakeholdergold.com
Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Company's annual financial statements and MD&A.