Beauce Gold Fields (Champs D’Or en Beauce) (BGF) (TSX
Venture: ¨BGF¨) is pleased to announce that two trenches
excavated on the Rang Chaussgross section of company’s
St-Simon-Les-Mine property located in the Beauce region of Quebec
has cut into a faulted geological structure. This confirms the
presence of a major geological fault previously inferred by
geophysical surveys conducted in 2017 and 2018. Of interest,
one of the trenches exposed a 19th century placer gold mining
shaft.
Patrick Levasseur, President and CEO of Beauce Gold Fields,
said, " It’s astonishing that for an area that witnessed important
historical placer gold mining, the underlying geology was largely
unknown. Confirming the existence of the fault line first
indicated by geophysics, along with the surrounding mineralized
rock, is a major geological discovery.” Mr. Levasseur added: “This
corroborates our extensive use of modern geophysics that we believe
narrows our exploration efforts to find the bedrock source of the
gold-bearing placers of Saint-Simon-les-Mines."
Image 1: Trench 10005
- https://www.globenewswire.com/NewsRoom/AttachmentNg/1e2480f0-90d6-449d-8a95-4dbfa715a992
Trenches cuts into
major fault line confirming its existence
Under the supervision of Dr Marc
Richer-LaFlèche, Ph.D. Geo of INRS, 13 trenches were excavated and
3 outcrops were stripped immediately north and south of the
historical placer gold deposit. The purpose of the trenching was to
expose the bedrock to document the presence of an inferred fault
first detected with audiomagnetotelluric (AMT) geophysical surveys
and to locate potentially mineralized zones that may explain the
presence of placer gold in the Gilbert River basin and to locate
its hard rock source.
The trenches also validated an electrical
resistivity and high resolution induced polarization survey also
conducted by Dr Richer-LaFlèche of INRS in 2014. The excavated
trenches and stripping corroborated the results of the 2014
geophysical survey. Induced polarization anomalies correspond to
volcanoclastites finely mineralized with pyrite and sometimes to
black pyritic shales. Excavation of Trench 10008 shows the presence
of faulted contact between volcaniclastic (south) and sedimentary
(north) rocks. The faulted contact corresponds to a 35 cm thick
zone of non-cohesive materials rich in quartz fragments. The
volcaniclastic rocks, present south of the fault, are highly
fractured. This structure, dipping to the south, could correspond
to the fault detected by the AMT survey of 2017. On the edge of the
fault, the volcanoclasites are extremely altered by the injection
of veins of quartz-iron carbonates associated with a variable
proportion of sulphides. The zone of quartz-carbonate veins has a
thickness of 2.5 to 3m. This zone is observed in trenches 10008 and
10009. Fault material was bulked sampled and channel rock samples
were sent to a laboratory for the analysis of gold and for other
gold indicator minerals.
Figure 2: Location map of trenches
- https://www.globenewswire.com/NewsRoom/AttachmentNg/f68780cf-86bc-4a35-b014-0e57384bd9ee
Exposed 19th century mining shafts is
an attestation to the gold interest in the area
The excavation of trench 10009 exposed a 19th
century placer mining shaft. Field observations have
discovered six more shafts in the surrounding area. A
Quebec Ministry of Mines 1898 report (J. Obalski) reported that lot
17 of the Chaussegross concession, which corresponds to the sector
currently explored, belonged to miners Glover & Fry in
1870. No additional historical accounts were provided.
The hard manual labor and capital required back then to dig shafts
is an attestation to the gold interest in the area. In
the 1960s, 150 meters to the south and to the east, the placer gold
channel was industrially mined via a Yuba dredging operation.
Robert Gagnon, P. Geo., a qualified person as
defined by NI 43-101, has reviewed and approved the technical
information presented in this release.
The Company closed a private placement of 28,500
units ("Unit") at $0.10 per Unit for a gross proceeds of
$28,500. Each Unit is comprised of one (1) common share and
one (1) common share purchase warrant of the Company. Each Warrant
will entitle the Subscribers to purchase one common share of the
capital stock of the Company at an exercise price of $ 0.15 for a
period of 24 months from the date of closing of the placement. Each
share issued pursuant to the placement will have a mandatory four
(4) month and one (1) day holding period from the date of closing
of the placement. The Company will use the proceeds from the
private placement for general corporate purposes.
Mr. Lam Chan Tho, Director of BGF has
subscribed for 100,000 Units. Following the completion of the
Private Placement, Mr. Lam Chan Tho will own or exercise control or
direction over, directly or indirectly, a number of Common Shares,
representing approximately 3% of the issued and outstanding Common
Shares of the Company.
The participation of Mr. Lam Chan Tho, in
the Private Placement constitutes a "related party transaction"
within the meaning of Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI 61-101") and
Policy 5.9 - Protection of Minority Security Holders in Special
Transactions of the Exchange. In connection with this related party
transaction, the Company is relying on the formal valuation and
minority approval exemptions of respectively subsection 5.5(a) and
5.7(1)(a) of MI 61-101 as the fair market value of the portion of
the Private Placement subscribed by Mr. Lam Chan Tho does not
exceed 25% of the Company's market capitalization. The Board of
directors of the Company has approved the Private Placement,
including the participation of Mr. Lam Chan Tho therein, with Mr.
Lam Chan Tho abstaining with respect to his participation.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company
focused on placer to hard rock exploration in the Beauce region of
Southern Quebec. The Company’s flagship property is the
St-Simon-les-Mines Gold project, a unique, historically significant
gold property located in the municipality of Saint-Simon-les-Mines.
Comprising of a block of 152 claims as well as 7 real estate lots,
the project area hosts a six kilometre long unconsolidated
gold-bearing sedimentary unit (a lower saprolite and an upper brown
diamictite). Textural observations (angularity) of gold nuggets
suggest a relatively proximal source and therefore a short
transport distance. The gold in saprolite indicates a close
proximity to a bedrock source of gold, providing possible further
exploration discoveries. The property was host to Canada’s
first gold rush before the one in the Yukon Klondike. It
hosts some of the largest historical placer gold mines in Eastern
North America that were active from 1860s to the 1960s (see HPQ
SEDAR-filed July 4 2018 43-101 report).
Beauce Gold Fields website
www.beaucegold.com
BGF Presentation:
http://beaucegold.com/wp-content/uploads/2019/04/BGF-Presentation-20191.pdf
Disclaimers:
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation and assumptions, and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding mineral exploration. Such statements reflect
the current views of the Company with respect to future events and
are subject to certain risks and uncertainties and other risks
detailed from time-to-time in the Company's on-going filings with
the securities regulatory authorities, which filings can be found
at www.sedar.com. Actual results, events, and performance may
differ materially. Readers are cautioned not to place undue
reliance on these forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements either as a result of new information,
future events or otherwise, except as required by applicable
securities laws.
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 further information
contact
Patrick Levasseur, President and CEO Tel: (514)
262-9239 Bernard J. Tourillon, Chairman and COO Tel (514) 907-1011
www.beaucegold.com
Shares outstanding:
20,449,166
Beauce Gold Fields (TSXV:BGF)
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