Drilling Expected to Start January 2013
VANCOUVER, Nov. 8, 2012 /CNW/ - Great Northern Gold Exploration Corporation, ("Great Northern Gold" or the "Company") announced today that it is updating its exploration program to include approximately 2,000 metres of drilling on the Wekusko Gold Property expected to commence in January 2013.
The exploration budget set out in the Company's prospectus dated September 13, 2012 and filed on SEDAR remains unchanged but has been re-allocated based on analysis of new mobile metal ion ("MMI") geochemistry data coupled with previous geological and geophysical work completed on the Wekusko Gold Property. The Company now has data from 1,645 MMI geochemical samples on three grids. Prior to the drill program, the Company will conduct infill MMI geochemistry to further refine drill targets.
The drilling program of approximately 2,000 metres is expected to comprise about 20 to 30 drill holes. Approximately two drill holes are planned to test gold targets on the Elizabeth - Dauphin MMI grid, located approximately 2 kilometres northeast of the past producing Rex-Laguna gold mine. The remainder of the drill program will test numerous gold targets on the one kilometre by three kilometre (1km x 3km) McCafferty Grid. The McCafferty gold-bearing quartz vein is exposed on the grid in a series of trenches and two shafts over a strike length of 350 metres. To date a 1,145 MMI soil sample survey has been completed and was successful in locating the McCafferty vein, identifying a number of new anomalies trending parallel or sub-parallel to the McCafferty vein, and a number of additional multi-line, multi-element anomalies. All drill targets are selected based on multidisciplinary techniques including geological mapping, MMI geochemistry, and access to data from previous work including ground and airborne EM geophysics.
The Company's drill program is targeting the potential for larger tonnage epigenetic mesothermal gold deposits located in shear zones below the glacial till cover. The winter program allows for lower drilling costs as equipment and supplies can be transported across the frozen Wekusko Lake to the Wekusko Gold Property, instead of being mobilized by helicopter to the site.
"After further analysis of all the data, we are confident that the best way to add value to the Wekusko Gold Property is by drill testing the strong MMI geochemical anomalies associated with the McCafferty vein and adjacent shear zone structures," said Mr. Kim Oishi, President and CEO of Great Northern Gold. "We are very pleased that we can take advantage of winter conditions to mobilize from the mining town of Snow Lake, the home of the New Britannia Mine that produced some 1.5 million ounces of gold."
As set out in the Company's NI 43-101 Technical Report dated May 12, 2012 and filed on SEDAR, the Wekusko Gold Property hosts historic and recent discoveries of moderate to high grade gold mineralization in near surface quartz veins. Prospecting and geochemical work north of the high grade Ferro and Rex Laguna trending belts indicate potential for Snow Lake/Britannia type of larger tonnage, lower grade deposits. To date the New Britannia deposit has produced 1,428,290 ounces of gold recovered from 12,124,449 tons milled for a recovery grade of 0.117 oz/ton.
Daniel Ziehlke, VP of Exploration for Great Northern Gold, is the Company's Qualified Person under the definition of NI-43-101, and has reviewed this press release for accuracy and compliance with NI 43-101. Information relating to adjacent properties has not been verified by Great Northern Gold and is not necessarily indicative of the mineralization on the Wekusko Gold Property. The Wekusko Gold Property is an early-stage mineral property and does not contain a resource defined by NI 43-101.
About Mobile Metal Ion (MMI™) Geochemistry
MMI geochemistry technology is owned by SGS (www.sgs.com/geochem), a leading inspection, verification, testing and certification company. According to SGS, Mobile Metal Ion (MMI™) geochemistry is a proven advanced geochemical exploration technique known to find mineral deposits. It is especially well suited for deeply buried mineral deposits. MMI measures metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand and so on. These mobile metal ions are released from mineralized material and travel upward toward the surface. Using careful soil sampling strategies, sophisticated chemical ligands and ultra sensitive instrumentation, SGS is able to measure these ions. After interpretation, MMI data can indicate anomalous areas. Please see the SGS website www.sgs.com/geochem for more details and case studies.
About Great Northern Gold Exploration Corporation
Great Northern Gold is a gold exploration company operating in Northern Canada and has an option to earn a 100% undivided interest in the property known as the Wekusko Property located 23 kilometres southeast of Snow Lake, Manitoba and comprising 55 mineral claims totaling approximately 8,880 hectares. Great Northern Gold has also entered into a Property Option Agreement to earn a 100% undivided interest in the property known as the Ferro Mine Property located 23 kilometres southeast of Snow Lake, Manitoba and east of Wekusko Lake, Manitoba.
Number of common shares outstanding: 22,220,867
Number of fully diluted shares outstanding: 24,507,533
STATEMENTS IN THIS PRESS RELEASE REGARDING THE COMPANY'S BUSINESS WHICH ARE NOT HISTORICAL FACTS ARE "FORWARD-LOOKING STATEMENTS" THAT INVOLVE RISKS AND UNCERTAINTIES, SUCH AS ESTIMATES AND STATEMENTS THAT DESCRIBE THE COMPANY'S FUTURE PLANS, OBJECTIVES OR GOALS, INCLUDING WORDS TO THE EFFECT THAT THE COMPANY OR MANAGEMENT EXPECTS A STATED CONDITION OR RESULT TO OCCUR. SINCE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE EVENTS AND CONDITIONS, BY THEIR VERY NATURE, THEY INVOLVE INHERENT RISKS AND UNCERTAINTIES. ACTUAL RESULTS IN EACH CASE COULD DIFFER MATERIALLY FROM THOSE CURRENTLY ANTICIPATED IN SUCH STATEMENTS. THE COMPANY DOES NOT ASSUME ANY OBLIGATION TO UPDATE OR REVISE EVENTS OR CIRCUMSTANCES UNLESS 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.
SOURCE: Great Northern Gold Exploration Corporation
For further information:
Kim Oishi, CEO
Great Northern Gold Exploration Corporation
T: (604) 683-8393