Toronto - October 5, 2016 -
Reliant Gold Corp. ('Reliant Gold' or the 'Corporation') (TSX VENTURE: RNG) is pleased to announce that it has completed a summer 2016 surface sampling program at its East Bay Property, located in the McVicar Lake area of northwestern Ontario, Canada.
I. PROPERTY DESCRIPTION
The East Bay Property, comprised of 56 mineral claim units totalling 896 hectares (the 'Property'), is located approximately 90 kilometres west of Pickle Lake, Ontario and 130 kilometres southwest of Goldcorp Inc.'s Musselwhite Gold Mine.
As shown in the map below, the Property is the site of three historical zones of gold occurrences:
(1) the Altered Zone; (2) the North Flexure Zone; and (3) the Apple Island Zone. In addition, the Property hosts a historical copper-nickel occurrence enriched in the platinum group metals known as the Hoey Syndicate Occurrence. All four of these occurrences on the Property are registered in the Ontario Ministry of Northern Development and Mines ('MNDM'), Mineral Deposit Inventory ('MDI') database.
A. The Altered Zone and the North Flexure Zone Occurrences
The Altered Zone Occurrence and the North Flexure Zone Occurrence on the Property were described in a report dated January 31, 2004, filed with the MNDM and entitled 'Report on the 2003 Overburden Stripping, Geological Mapping and Sampling Program conducted on the McVicar Lake Property, Patricia Mining Division, Northwestern Ontario' (the 'McKay Report') and prepared for Continuum Resources Ltd. and Prospector Consolidated Resources Inc. by D.B. McKay, M.Sc., P.Geo. of Eveleigh Geological Consulting, describes the previous work performed on the property and surrounding area and results thereof. The McKay Report was filed on SEDAR by Continuum Resources Ltd. on February 16, 2004. The McKay Report lists a total of thirteen significant gold bearing intersections on the East Bay Property's Altered Zone and North Flexure Zone from previous diamond drilling programs conducted between 1984 and 2003. Please refer to the Corporation's March 16, 2015 press release for a summary table presenting the historical thirteen gold bearing intersections. Please note that the nature of the geological setting of the mineralized bodies results in highly variable shapes and orientations of the zones and, as a result, no estimation of the true width of the intersections can be provided for these results at this stage.
B. The Apple Island Zone and the Hoey Syndicate Copper (Cu) - Nickel (Ni) Occurrences
The Apple Island Zone Occurrence, located on an island in McVicar Lake, is described in a report by R.G. Bonner, dated November 30, 1991 and titled: 'Report of Field Activities McVicar Lake Property (1446)', that was filed with the MNDM for assessment purposes (the 'Bonner Report'). The Bonner Report describes the Apple Island Zone as a part of, and an extension to the Altered Zone.
The Hoey Syndicate Cu-Ni Occurrence is described in (i) a report filed for assessment purposes with the MNDM titled: 'Report on the geological and geophysical surveys of the McVicar Lake Group for Hoey Syndicate', dated April 1972, by Chet Idziszek (the 'Idziszek Report'), and (ii) an Ontario ministry publication: 'Report of Activities 1990', Resident Geologists, Ontario Geological Survey Miscellaneous Paper 152, 1992, edited by K.G. Fenwick, J.W. Newsome, and A.E. Pitts (the 'Fenwick et al. Report'). The Hoey Syndicate Occurrence is described as consisting of disseminated to stringer chalcopyrite and pyrrhotite, up to several percent, in gabbro including values of Platinum (Pt) and Palladium (Pd).
The exploration results summarized in the McKay Report, Bonner Report, Idziszek Report and Fenwick et al. Report, respectively, are historical in nature and were, in some cases, compiled by previous operators, in part, prior to the implementation of National Instrument 43-101 and are noted for reference purposes only. Because these results were compiled by previous operators, Reliant Gold and its independent Qualified Person, Mr. Rick Risto, M.Sc., P.Geo., Senior Associate Geologist of Watts, Griffis and McOuat Limited, have not verified them as yet and they should not be relied upon.
II. DESCRIPTION OF THE SUMMER 2016 SURFACE SAMPLING PROGRAM
Reliant Gold completed a nine-day summer 2016 surface sampling program (the '2016 Program') at its Property in order to evaluate the potential and prospectivity of the Property for gold mineralization. The 2016 Program was carried out on behalf of the Corporation by Bjorkman Prospecting, an award winning, multi-generational family of prospectors and geologists from the Thunder Bay, Ontario area. Bjorkman Prospecting provides a number of different services to mineral exploration companies, such as claim staking, surface and soil sampling, and the preparation of assessment reports. The founder of Bjorkman Prospecting, Mr. Karl Bjorkman, has worked as a licensed prospector since 1990. At the Prospectors and Developers Association of Canada ('PDAC') Convention, held in Toronto during March 2016, the Bjorkman family received the 'Special Achievement Award'.
The 2016 Program was carried out by a two-person team led by Ms. Ruth Bjorkman. Ms. Bjorkman has a decade of experience in surveying, sampling and prospecting and she holds a Honours Bachelor of Science degree in Geology from Lakehead University, in Thunder Bay, Ontario.
Approximately $26,000 was allocated towards the 2016 Program to carry out a program of prospecting and surface sampling at Reliant Gold's Property during this past summer. Expenditures that were made during the 2016 Program, and that are deemed to be eligible for assessment credits by the MNDM, are expected to be credited towards the annual fees necessary to renew the mineral claims underlying the Property and to keep them in good standing for another year.
The purpose of the 2016 Program was to evaluate historical gold showings and locate historical drill collars in the vicinity of the Altered and North Flexure Zones of the Property, and identify new targets for follow-up exploration work. The 2016 Program focused on proving historically reported gold values along the west-North-west trending fault system and finding new targets. Historical areas covered by the prospecting team were the Altered Zone and areas historically stripped along it; east of the Altered Zone where two faults are interpreted to intersect; the shoreline between the Altered Zone and the North Flexure Zone; the North Flexure Zone; the Apple Island and Apple Island South zones; and the Hoey Syndicate Occurrence. Low water levels gave shoreline prospecting an advantage by exposing angular boulders which are usually underwater.
A total of 125 grab samples (including a commercial set of standards and blanks for quality assurance/quality control) were collected and then delivered by the prospecting team directly to Accurassay Laboratories, located in Thunder Bay, Ontario, for assaying and testing for the following metals: gold (Au), Copper (Cu), Nickel (Ni), Platinum (Pt) and Palladium (Pd). Accurassay Laboratories is an ISO - 17025 accredited laboratory providing high-quality mineral analysis to mining and mineral exploration companies for more than 35 years. A gold standard and blank were inserted with every batch of 30 samples submitted for mineral analysis.
Results of the assaying and testing of the samples collected at the Property are now being reviewed by the Corporation's independent geological consultant and Qualified Person, Mr. Rick Risto, M.Sc., P.Geo., Senior Associate Geologist of Watts, Griffis and McOuat Limited, and will be announced shortly.
Mr. Rick Risto, M.Sc., P.Geo., Senior Associate Geologist of Watts, Griffis and McOuat Limited ('WGM'), and a Qualified Person as defined by National Instrument NI 43-101 ('NI 43-101'), supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Both Mr. Risto and WGM are independent of Reliant Gold.
ABOUT RELIANT GOLD
Reliant Gold is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant Gold currently holds a 100% interest in the East Bay Property, comprised of 56 mineral claim units totalling 896 hectares in the McVicar Lake area, located approximately 90 kilometres west of Pickle Lake, Ontario, and 130 kilometres southwest of Goldcorp Inc.'s Musselwhite Gold Mine.
The common shares of Reliant Gold trade on the TSX Venture Exchange under the stock symbol
″RNG″. The Corporation has 22,945,169 common shares issued and outstanding.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute 'forward-looking' statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Reliant Gold or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words 'estimate', 'believe', 'anticipate', 'intend', 'expect', 'plan', 'may', 'should', 'will', the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Reliant Gold with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading 'Risk Factors', in Reliant Gold's prospectus and in other continuous disclosure documents that are filed by Reliant Gold from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Reliant Gold, its prospects and the risks and uncertainties relating to Reliant Gold and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Reliant Gold to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Reliant Gold cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. Reliant Gold does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
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.
CONTACT INFORMATION
Kabir Ahmed
Chairman, President, CEO and Director Reliant Gold Corp.
Email: [email protected]
Tel: (416) 820-4107