GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC:
GFTRF), (the "
Company”), is pleased to
announce that it has executed a Purchase and Sale Agreement with
United Gold Inc. (“
United Gold”) to acquire a 100%
interest in the Brady Gold Project (the
“
Property”) located in the south central
Newfoundland gold belt and approximately 80 km southwest of the New
Found Gold Corp. - Queensway gold project (the
“
PSA”). A copy of the PSA is available on the
Company’s SEDAR profile at www.sedar.com.
Historical Estimate
The following historical data and associated
resource estimate is based on prior data and reports obtained and
prepared by previous operators, and information provided by
governmental authorities.
(i) |
a qualified person has not done sufficient work to classify the
historical estimate as current mineral resources or mineral
reserves. |
|
|
(ii) |
the issuer is not treating the historical estimate as current
mineral resources or mineral reserves. |
Establishing a current mineral resource estimate
on the Property will require further evaluation, which the Company
and its consultants intend to complete in due course.
Exploration History
From 2003 to 2013 a total of 6,353.56 meters of
diamond drilling in 30 holes had been completed on the Property,
including 5,436.46 meters of diamond drilling (24 holes) which
targeted the Reid Zone. In late 2009, a seven hole, 1,200 meter
drill program expanded the area of known gold mineralization at the
Reid Zone. The drill program (holes BO-09-16 to BO-09-22) focused
on the Reid Zone to the north, west and south of the historical
drilling, with most holes spaced 50 meters from the pre-existing
holes. Drill intercepts included (BO-09-17) which returned from
102.50m - 119.30m,16.80 meters of 1.02 g/t, and from 133.05m -
153.50 m, 20.45 meters of 1.27 g/t Au which included a higher grade
intercept from 147.75m - 153.50m, 5.75 meters of 3.89 g/t Au. The
Reid Zone remains open to depth and along strike with gold
mineralization starting near surface.
In March, 2011, a second phase of drilling on
the Property designed to expand the known mineralization and to
gain additional information to update the initial resource estimate
on the Reid Zone. The program delivered the highest grades to date
highlighted by: BO-11-24 which intersected from 29.94m – 61.00m,
36.06 meters grading 1.15 g/t Au and from 84.0m – 103.98m, 19.98
meters grading 1.05 g/t Au; hole BO-11-25 which intersected from
307.55m – 333.00m, 25.45 meters grading 1.48 g/t Au including a
section from 317.10m – 324.980m, 7.80 meters grading 3.62 g/t
Au.
A resource estimate for the Reid Zone was
prepared in September 2012 and currently would be regarded as a
historical estimate, as referenced above.
The historical estimate at 0.3 g/t Au cut off,
produced 9.57 million tonnes averaging 0.56 g/t Au classified as
Inferred for a rounded total of 173,000 ounces of gold. The deposit
remains open down dip and along strike therefore considerable
additional drilling is required to substantially expand the
zone.
The above resource was based on 21 holes
totalling 4,699 meters and 1,486 samples. A mineralized grade shell
typical of porphyry mineralization was constructed on a 0.10 g/t
cut-off. Five-meter composites were utilized and outlier high grade
gold values were capped. Grade continuity was established by using
semi-variograms and bulk density of 2.80 was used from 55 core
samples of the Reid zone. Grader blocks of 20 x 20 x 5 meters in
dimension were generated by Ordinary Kriging. From various cut-off
grades for an open pit operation a 0.3 g/t cut-of was highlighted
in the Giourx 2013 report which is cited in this press release.
The Reid Zone shares similarities to a
relatively new type of gold deposit called Intrusion- Related Gold
Systems (IRGS), first defined in 1999 (McCoy, 1999). Several
well-known examples of this type of deposit are found in the
Tintina Gold Belt in Alaska and the Yukon Territory and include the
Fort Knox, Donlin Creek and Brewery Creek deposits. A comparison of
these deposits and the Property shows many similarities such as a
complex tectonic terrane comprised of deformed shelf sequences and
their proximity to major terrane bounding structures. The host
felsic to intermediate porphyritic intrusions contain quartz veins,
arsenopyrite and black shale rafts, which are also common features
between the three deposit areas. The host lithology to the
intrusions, the alteration and the vein style and mineralogy (with
the exception of lack of stibnite mineralization) are also
similar.
The Reid mineralization is a much older (488 Ma)
system than the Cretaceous Cordilleran examples. The comparison
between these deposits suggests that the Property has the potential
to host significant intrusion hosted, open pit mineable gold
deposits similar in size and grade to that of the Fort Knox deposit
(252 MT @ 0.47 g/t Au –Kinross Gold website). Giroux, G.H., P.Eng.
and Froude, T., P.Geo.. 2013, Form 43-101F, Technical Report for
the Reid Zone Resource Estimate, Brady Project. p12-13.
Terms of PSA
Pursuant to the PSA, the Company will acquire
the Property upon the issuance of 6,000,000 common shares of the
Company, and by granting the royalty to United Gold in the form
agreed upon and attached to the PSA.
The Company will also pay a finder’s fee to
qualified parties in connection with the acquisition of the
Property.
Qualified Person
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 consultant 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 focused
on acquiring prospective precious metals properties with the
objective of making new discoveries in established gold camps in
Canada.
On behalf of the Board of Directors
For further information
Theo van der Linde, Director & interim CEOPhone:
604-687-2038www.goldnfuturesmineralcorp.com
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. The Company disclaims any intention or
obligation to revise or update such statements.
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