Vancouver - (April 14, 2020) - Solstice Gold Corporation (TSXV:SGC) (“Solstice”, the “Company”, “its”, “we” or “our”) is pleased to announce that the Company has completed and filed a new NI 43-101 Technical Report (“Technical Report”) on the Company's 866 km2 KGP Gold Project (the “Project”). The Project is 26 km northeast of Rankin Inlet, Nunavut and is only 15 km from Agnico Eagle’s Meliadine Gold Mine. The purpose of the report was to update considerable technical information generated since 2018.
The report titled "TECHNICAL REPORT ON THE KGP PROJECT, KIVALLIQ REGION, EASTERN NUNAVUT TERRITORY, CANADA", dated March 17, 2020 (the "Report"), was completed by Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd, under the supervision of Paul Chamois M.Sc.(A), P.Geo., a qualified person under National Instrument 43-101. The KGP Report is available for viewing on the Solstice website at www.solsticegold.com and the SEDAR profile for Solstice Gold Corporation at www.sedar.com.
- The Technical Report concludes "RPA is of the opinion that KGP is a very attractive, early stage exploration project with good potential to host significant gold mineralization and warrants a continued systematic exploration effort including a significant drilling component."
- RPA recommends a Phase I exploration program and budget which consist of additional geological mapping and till sampling as well as a 6,000 metre reverse circulation (RC) drilling program to test additional high priority targets.
- Contingent on the results of the Phase I program, RPA recommends a Phase II exploration program and budget which consists of continued geological mapping and detailed till sampling, induced polarization (IP) surveying in areas where appropriate, including the Midway and Qaiqtuq target areas, preliminary testing of high priority areas with additional RC drilling, and diamond drilling to follow up on significant RC drilling results.
Executive Chairman David Adamson stated “We view this new Technical Report as a positive validation of our systematic exploration strategy and modelling to date on the KGP. The Technical Report outlines numerous drill-ready targets and we invite shareholders and interested parties to review the report to best understand the progress we have made to date.”
It is important to note that all our main target areas, covering ~375 km2, require no expenditures to keep these in good standing for well over six years and have no underlying costs. This is because we ensured that work since 2018 in multiple areas satisfied work requirements and protected our key targets against future unforeseen events.
Given the current market environment we are looking at ways to manage costs. By mutual agreement, Ian Russell P.Geo. will step down as VP Exploration effective today but will continue consulting to the Company on an as needed basis. Ian has played an important role in advancing the project and we look forward to his continuing role. The exploration function will be handled by Senior Geological Consultant Sandy Barham M.Sc. and David Adamson Ph.D. Management has already been working on a reduced salary basis since November 2019 as part of our cost management program.
Solstice is a gold-focussed exploration company engaged in the exploration of its 866 km2 (100%) district scale KGP and certain other rights covering an adjacent 683 km2, all with no underlying option or earn in payments. KGP is located in Nunavut, Canada only 26 km from Rankin Inlet and only 15 km from the Meliadine gold mine owned by Agnico Eagle Mines Ltd. Solstice has 69.5 million shares outstanding.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold and the KGP please see our Corporate Presentation available at www.solsticegold.com.
Neither 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.
Paul Chamois M.Sc.(A), P.Geo. is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical content of this news release.
On Behalf of Solstice Gold Corp.
David Adamson, PhD
For further information please visit our website at www.solsticegold.com or contact:
Marty Tunney, PEng
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) relating but not limited to the Company’s expectations, intentions, plans and beliefs. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. FLS in this news release also include, but are not limited to, the extent and timing of described programs and ground work, such as rock sampling, drilling, geophysics, mapping, till sampling and analysis. Geological interpretations are FLS and are subject to change based on additional data and/or further analysis. FLS in this news release include comparison with certain geological features at an adjacent development property. There can be no guarantee that continued exploration at the KGP, which is at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its project in lieu of the pandemic and the risk of future lack of access to the project as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. While the Company believes the boulders are sourced locally for the reasons outlined in this news release, there can be no certainty that their source is local, or that it will be located on Solstice claims. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties. Past performance is no guarantee of future performance and all investors are urged to consult their investment professionals before making an investment decision.