September 19, 2024 8:00 AM EDT | Source: Northstar Gold Corp.
Vancouver, British Columbia–(Newsfile Corp. – September 19, 2024) – Northstar Gold Corp. (CSE: NSG) (“Northstar” or the “Company”), is pleased to announce the signing of a non-binding memorandum of understanding (“MOU”) with China-based Hunan Nonferrous Geological Exploration Institution Pvt. Ltd. (“Hunan Nonferrous”), a subsidiary of the Remote Sensing Geological Survey and Monitor Institute of Hunan Province (RSGSMI). The MOU grants Hunan Nonferrous the opportunity to explore and develop a near-surface NI43-101 gold mineral resource at Northstar’s 100%-owned Miller Copper-Gold Property (the “Property” or “Project”), located 18 kilometers southeast of Kirkland Lake, Ontario. This will be achieved by diamond drilling up to 10,000 meters, allowing Hunan Nonferrous to earn a negotiated interest in the resultant NI43-101 gold resource.
Early this month, Northstar provided Hunan Nonferrous access to the Company’s Miller Property gold exploration database by way of confidentiality agreement (“CA”), for due diligence purposes. Hunan Nonferrous has since formally accepted an invitation letter from Northstar and has assigned a team of specialists to mobilize to Canada to conduct due diligence site inspections of Northstar’s New Liskeard and Earlton, Ontario offices, core shack facilities and nearby Miller Copper Gold Property in early October, at its own expense. Immediately following these site visits, Northstar and Hunan Nonferrous will enter good faith negotiations to finalize the Project’s earn-in terms, scope, and timeline, with the goal of formalizing a binding “Cooperative Agreement” for the development of the gold mineral resource at the Miller Copper-Gold Property.
“This is a milestone development for Northstar,” states Northstar President and CEO Brian Fowler. “Hunan Nonferrous’ intentions are to earn an interest in Northstar’s Miller Alkalic Intrusive Complex, bulk tonnage gold-telluride mineralizing system centred over the near-surface Allied Gold Zone, by undertaking a substantial expansion diamond drill program. This drilling will provide for an inaugural NI43-101 mineral resource estimate, supplementing SRK Canada’s 2022 Exploration Target Study that defined an upper range exceeding 500,000 oz of near-surface gold averaging 2.04 g/t gold at the Allied Gold Zone – Please see Northstar News Release dated July 26, 2022.”
Fowler added, “The MOU with Hunan Nonferrous significantly enhances Northstar’s prospects to advance and develop the Allied Gold Zone, along with other gold exploration targets within the Miller Alkalic Intrusive Complex, through collaboration with a senior partner.”
Allied Gold Zone
Since going public by IPO in late 2020, Northstar has spent over $5.6 million in exploration at Miller, resulting in the discovery of a series of broad, near-surface, shallow dipping sheeted quartz-gold-telluride vein structures in the Allied Syenite (Allied Gold Zone or AGZ) and Planet Syenites, returning numerous 70 – 750 gold gram/metre drill hole intercepts. Drilling to date at the AGZ has returned near-surface gold intercepts that include 6.6 g/t Au over 117.0 metres, 4.0 g/t Au over 50.6 metres, 1.4 g/t Au over 118.5 metres, and 1.2 g/t Au over 107.3 metres. Step out AGZ drilling in 2021 intersected peripheral steeply dipping copper-gold bearing structures (CG1 and CG2 Zones) returning intercepts that include 9.41 g/t Au, 1.03% Cu over 3.0m. The AGZ shares numerous compelling similarities to Agnico Eagle’s nearby Upper Beaver Deposit, currently in the pre-development stage.
In April, 2022, as a precursor to a Mineral Resource Estimate and for reporting purposes, the Company commissioned Ronacher Mackenzie Geoscience and SRK Consulting (Canada) to conduct an Exploration Target Study of the Miller Property Allied Gold Zone and No. 1 Vein. An upper range exceeding 500,000 ounces of gold averaging 2.04 g/t Au has been referenced in this study. Reported results (Northstar News Release dated July 26, 2022) verify the significance, size and gold grade potential of the Allied gold mineralizing system. Results provide the Company and investors a fact-based conceptual tonnage and gold grade range for the Allied Syenite Gold Zone, and basis for continued expansion drilling and mineral resource development. Northstar is focused on seeking a senior gold exploration partner to conduct Allied Gold Zone lateral and depth expansion diamond drilling and development on the Miller Property.
High-Grade VMS Copper at the Miller Copper-Gold Property: the Historic High-Grade Cam Copper Mine and the Boston Creek Copper Belt
On November 23rd, 2023 Northstar announced results from a 720 metre, 4-hole diamond drill program completed on the historic high-grade Cam Copper Mine, located 2.5 kilometres southwest of the Allied Gold Zone and also on Northstar’s 100%-owned Miller Property. The Company reported all drill holes intersected lenses of Cu-rich volcanogenic massive sulphides, including massive and stringer chalcopyrite in drill hole CC03-23 grading 14.8% Cu over 2.45m from 116.55m to 119m in Zone 2 (See Northstar News Release dated November 23, 2023). These results suggest Zone 2 is thickening in a southeast and down-plunge direction. Zones 1, 3 and 4 also remain open along strike and at depth.
Northstar exploration confirms Cam Copper is centred on a newly recognized high-grade “Besshi-type” volcanogenic massive sulphide (VMS) copper system situated at the northwest end of a 0.9 km long southeast trending belt of VMS horizons on the Miller Copper-Gold Property. Besshi-type VMS deposits are an important global source of base metals, simplistically characterized as vented, broad sheet-like layers of magnetite, iron-copper-lead-zinc-arsenic sulphides, cobalt, sulphosalts, silver and possibly gold deposited on an ancient sea floor, hosted in volcano-sedimentary rock packages.
Northstar’s Cam Copper Mine is the southernmost of 3 road accessible, historic shaft mines and small-scale past producers of high-grade ‘direct shipping’ copper ore over a 4-kilometre segment of the historic Boston Creek Copper Trend. In May 2024, Northstar consolidated these 3 mines and mineralized VMS extensions by signing Letters of Intent with owners of the neighboring and adjacent Boston Creek Mines to the northwest and Philip Property to the southeast. Northstar is positioning to drill test a newly defined, 350 metre, 200 Siemens surface EM conductor south of Cam Copper Mine and is in advanced discussions with a potential partner that specializes in surgical rotary drill hole mining of Boston Creek Copper-style direct shipping, high-grade, steeply dipping mineralized horizons.
About Northstar
Northstar’s primary exploration focus is to advance and expand the near-surface, Allied Gold Zone bulk-tonnage gold-telluride deposit and more recently discovered VMS copper mineral deposits on the Company’s flagship, 100%-owned Miller Copper-Gold Property, situated 18 km southeast of Kirkland Lake, Ontario. The Company’s strategy is to develop a material (+1M ounce gold / high-grade copper) mineral resource base to either supplement a nearby mining operation or support stand-alone mining operations at the Property.
Northstar’s 3 additional 100%-owned exploration projects in northern Ontario, include the recently acquired 1,150 ha Rosegrove Property situated 0.5 km from the Miller Property, the 4,650 ha Bryce Gold Property (includes the recently optioned Britcanna Lease), an intrusive-gold / PME VMS project located along the projected east extension of the Ridout Break, and the recently expanded Temagami-Milestone Cu-Ni-Co Critical Minerals Property located in Strathcona Township. Northstar is seeking exploration partners to advance all 3 properties.
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Cautionary Note Regarding Forward-Looking Statements
All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, disclosure regarding the completion of the Offering and potential gross proceeds to be raised pursuant thereto, the receipt of all applicable regulatory approvals, the prospective nature of the Company’s property interests, exploration plans and expected results, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; planned use of proceeds, expenditures and budgets and the execution thereof. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of management, the receipt of applicable regulatory approvals. availability of financing, the assumed long-term price of gold, that the current exploration and other objectives concerning its mineral projects can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; the continuity of the price of gold and other metals, economic and political conditions and operations; the prospective nature of the Company’s properties, availability of financing, and that general business and economic conditions will not change in a materially adverse manner.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NSG to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties related to the completion of the Offering as presently proposed or at all, the failure to obtain all applicable regulatory approvals; actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents, labour issues and other risks of the mining industry; delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties are not, and should not be construed as being, exhaustive.
Although NSG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward-looking statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and NSG assume no obligation to update any forward-looking statements, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223820
SOURCE: Northstar Gold Corp.
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