TORONTO, Sept. 13,
2022 /CNW/ - Mistango River Resources Inc.
("Mistango" or the "Company") (CSE: MIS) is pleased to announce
that it has agreed to purchase a 100% interest in the Goldie
Project ("Goldie") from a private arm's length company. Goldie
straddles the Trans-Canada highway, 50KM west of Thunder Bay and is accessed by forestry
roads.
Historical work on the property has demonstrated that
significant gold mineralized zones exist within the property. More
than 4,000 meters of diamond drilling was completed on various
programs dating back to 2006 and covered a gold-bearing
structure with over 2km of strike.
Recent grab samples have identified an area of sub-crop, angular
boulders returning grades of 24.9gpt and 31.3gpt 150m south of the last completed historical drill
campaign.
"The structure of interest on the Goldie project is a shallow
dipping flat laying zone that's close to surface and has been
drilled over a fairly broad strike length with a mineralized
corridor being open in multiple directions. We plan to compile and
model the current drill results, then look to expand quickly upon
the mineralized interpretation with a drill program in 2022," said
Stephen Stewart, Mistango's
Chairman.
Goldie is within the Shebandowan Greenstone Belt and covers a
17km of strike on the Shebandowan Structural Zone which also hosts
Goldshore Resources Inc's (TSXV: GSHR) low-grade high-tonnage Moss
Lake gold deposit, 50 km to the west. Goldie is also adjacent to
Delta Resources Limited (TSXV: DLTA) Delta 1 Gold Property.
Click Here for Map of Goldie Gold
Project
Near Term Drilling Plans for
Goldie
Mistango is planning and permitting a diamond drilling program
to extend the known mineralization along with other untested
geophysical anomalies. Further details on this drill program will
follow with the program expected to begin fall, with its completion
of the program before the end of the year.
Previous Results
Initial drilling at Goldie in 2007 demonstrated a robust gold
zone on the property. This non-outcropping, near-surface discovery
extends across the property and appears to have hundreds of meters
of strike based on IP data. Additionally, the depth potential is
untested since all the drilling has only tested the property to
approximately 120 metres of true vertical depth. (click here to see
results)
The anomalies and trends at this property are associated with
historic diamond drill intercepts and surface gold showings located
over a 3 km strike length of favourable geology.
The previous drilling near the anomaly had intersected many
near-surface gold intercepts, such as drill hole GLD 07-10, which
yielded 1.56 g/t Au over 11.1 meters and 1.91 g/t Au over 9.1
meters. Additionally, drill hole GLD07-24 intersected 8.95 g/t Au
over 2m, 1.73 g/t Au over 14.5 meters
and 1.68 g/t over 5.7 meters.
Goldie's Geology
All sediments generally trend in an East-West direction and have
a near vertical dip. These sediments are dominated by arkoses,
quartzite, conglomerates and greywackes in that order of abundance,
quite different from the sub-surface lithologies revealed by
drilling. Very little of the intense shearing, brecciation and
often pervasive alteration of these sediments is shown by any
outcropping. Furthermore, the igneous rocks have a mundane
appearance radically different from their drill core analogues.
This discrepancy can be explained simply from the different
locations of the drill holes relative to the exposed
bedrock-virtually all of the drilling occurred in topographically
lower areas.
Terms for Acquisition
2.4 Million shares of Mistango have earned it a 100% interest in
the Goldie Property. The Vendors will retain a 2% NSR, of which 50%
can be repurchased at any time for $1
million.
QP Statement
The technical information in this news release has been reviewed
and approved by Jared Beebe, P.Geo.
and géo., a Qualified Person as defined in "National Instrument
43-101, Standards of Disclosure for Mineral Projects." In addition,
the vendor analyzed the mineralized intervals reported in this news
release. Although all the certificates are available for the
reported intersections, Mistango is only considering these results
to indicate the presence of significant mineralization and will
implement a comprehensive QAQC program in its sampling
programs.
About Mistango River Resources
Inc.
Mistango is a Canadian-based exploration and development company
focused on its Kirkland Lake West
and Omega projects in the Kirkland
Lake District of Ontario's
Abitibi Greenstone Belt. The Company is listed on the Canadian
Securities Exchange (CSE) under the symbol MIS.
Agnico Eagle Mines Limited (TSX: AEM) holds an option to acquire
up to a 75% interest in Mistango's Kirkland
West and Omega projects (the "Projects") in exchange for
spending $60 million on the
Projects.
Neither Canadian Securities Exchange nor its Regulation
Services Provider accept responsibility for the adequacy or
accuracy of this release. Certain information in this press release
may contain forward-looking statements. This information is based
on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Mistango assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Mistango. Additional information identifying risks
and uncertainties is contained in filings by Mistango with Canadian
securities regulators, which filings are available under the
Mistango profile at www.sedar.com.
For the latest updates, please contact or follow us on Twitter
@mistango
www.mistango.com
SOURCE Mistango River Resources Inc.