VANCOUVER, BC -- (Newsfile – June 1, 2021) Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) is pleased to report it has signed a letter of intent (“LOI”) to acquire up to 75% of the Handcamp Gold & Silver Property located in the Buchans-Roberts Arm Volcanic Belt, Central Newfoundland (the “Handcamp Property”).
“We are most pleased with the opportunity to acquire such an excellent district scale project – excellent in its geological and geophysical attributes but also in its significant size,’ commented Stephen Wilkinson, President and CEO. “The Handcamp Property contains many mineral occurrences hosting gold and silver plus polymetallic volcanogenic sulphide zones. All of the main occurrences are only partially delineated and remain open for the Gold’n Future’s teams to advance.”
Highlights of the Handcamp Property:
- District-sized mineral project encompassing 16,375 hectares (“ha”),
- Comprising the initial 355 mining claims to which 300 claims were added through staking for a contiguous land holding over 32 kilometres of the volcanic belt,
- Surface grab samples taken in 1989 with gold values ranging up to 74 grams per tonne gold (“g/t Au”) and silver values up to 587 grams per tonne silver (“g/t Ag”)
- Surface grab samples taken in 2011 with gold values up to 82 g/t Au, 94 g/t Au, and 158 g/t Au,
- Gold zone diamond drill intersections of 6.3 g/t Au and 111.6 g/t Ag over 1.9 metres (“m”), including 10.8 g/t Au and 222.4 g/t Ag over 0.9 m within a wider interval grading 3.1 g/t Au and 42.6 g/t Ag over 5.9 m; and,
- Base metal/sulphide zone drill intersections with assays of up to 2.35% Zn, 1.61% Pb, 0.06% Cu, 13.37 g/t Ag and 2.18 g/t Au over 1.5m.
The Handcamp Property
The Handcamp Property is located in central Newfoundland, 13km south of the town of South Brook and approximately 1km east of the Trans-Canada Highway (Figure One). The Handcamp Property covers much of the northern part of the central Buchans‒Roberts Arm belt that is well known as the host of several past producing mining operations including the famous and rich Buchans polymetallic mine located approximately 80 km south west of the Handcamp Property. From 1928 until its closure in 1984 the Buchans mine is reported to have produced 16.2 million tonnes with average grades of 14.51% zinc, 7.65% lead, 1.33% copper, 126 g/t Ag, and 1.37 g/t Au.
Also in the central Buchans-Roberts Arm belt and approximately 2km south of the Handcamp Property boundary, the Gullbridge deposit was discovered in 1905 along the western shore of Great Gull Lake. The Gullbridge deposit went into production in 1967 and operations ceased in 1972. Three million tonnes averaging 1.1% copper had been produced. Zinc, gold and silver were reportedly present in the sulphide mineralization but were not recovered.
The major occurrence at the Handcamp Property is a rusty weathering, structurally bound, linear altered and gossan zone up to 50m wide, mapped for 1.2km along strike and drilled to a vertical depth of up to 190m. The mineralization is hosted within mafic volcanic rocks and associated iron formation. The zone dips steeply to the west. Reportedly, the bulk of the mineralized zone is the intensely altered to quartz‒muscovite (± fuchsite) ‒pyrite‒magnetite. Mineralization consists of pyrite, chalcopyrite, sphalerite, minor galena and gold.
Terms of the Acquisition
Gold’n Futures will have the exclusive right and option to acquire a 75% interest in the Property within the 3-year period by issuing shares to the optionor subject to regulatory approval as follows:
- 500,000 Payment Shares upon execution of the Definitive Agreement;
- 500,000 Payment Shares upon the first anniversary of the execution of the Definitive Agreement;
- 1,500,000 Payment Shares upon the second anniversary of the execution of the Definitive Agreement;
- 2,500,000 Payment Shares upon the third anniversary of the execution of the Definitive Agreement.
The Company has also agreed to participate in a private placement financing of the optionor, anticipated to close on June 30, 2021 (the “Offering”). Gold’n Futures shall purchase 600,000 shares of optionor at a price of $0.25 per share. The total gross proceeds of the Offering will be no less than $500,000.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company advancing its flagship Hercules Gold Project. The Hercules Gold Project is a well-known high-grade gold project, located 120 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District in the heart of the Beardmore – Geraldton gold mining camp. The Hercules Gold Project lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon in the west, a distance of about 130 kilometres. It comprises 475 contiguous claim cells (10,052 ha) of which 95% of the property is effectively unexplored. To date, the work completed on the Hercules Gold Project forms an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and, historical drilling totalling in the order of 537 holes – all of which is being remodeled for planning of the 2021 exploration program. The historical resource estimate (see Cautionary Note) for the Hercules Gold Project was completed in 2010 and comprised an uncapped Indicated Resource of 231,800 tonnes containing 111,450 ounces of gold and an uncapped Inferred Resource of 761,300 tonnes containing 101,050 ounces of gold.
Gold’n Futures’ other advanced gold asset is the Brady Gold Property that consists of an advanced project within a 950 ha claim group in the highly prospective Gander Zone of the central region of Newfoundland. The Brady’s Reid Gold Zone is an intrusion-hosted deposit that is only partially drill-tested and remains open on strike and at depth. The historical resource estimated for Reid Gold Zone in 2011 produced an Inferred Resource of 9,750,000 tonnes hosting 173,000 ounces of gold (see the Cautionary Note).
For more information, please visit our website at: www.goldnfuturesmineralcorp.com.
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The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
Cautionary Note: The Company refers to the historical resource estimates associated with the Hercules Gold Project, the Brady Gold Property and the Handcamp Property (the “Historical Estimates”). The Historical Estimates are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. The Company is not treating the historical estimate as a current NI 43-101-compliant mineral resource estimate. Accordingly, this historical estimate should not be relied upon. Establishing a current mineral resource estimate on the Hercules Gold Project , the Brady Gold Property and the Handcamp Property will require further evaluation, which the Company and its consultants intend to complete in due course.