VANCOUVER, March 2, 2017 /CNW/ - Intact Gold Corp. (TSX-V: ITG) (FSE: 1A5) (the "Company" or "Intact Gold"), announces the company has commenced drilling on the Belleterre Project in western Quebec.
The planned 1000m winter drill program is designed to test continuity and follow up on promising results from exploration programs by previous operators. The first three holes target previously untested northeast trending gold-in-soil anomalies coincident with conductors and magnetic anomalies. The next four holes are designed to test the extension of a gold-bearing structure drilled in 2010-2011 by Exploration Aurtois. Two shafts were sunk on this structure in the 1940's and the area remains open along strike. The last two holes are designed to step out 1996 and 1999 drilling which intersected gold bearing quartz veins along a northeast trending structure.
About the Belleterre Project
The Project comprises 42 claims previously referred to as the Belletere Extrême-Est, Guillet, and Ortona blocks covering an area of approximately 1,700 hectares. The Project covers part of a greenstone belt measuring 50 kilometres by 10 kilometres and is located fewer than two kilometres from the past producing Belleterre Mine. Previous work on the Project dates back to 1934 and consists of 567 drill holes totalling 65,800m and a bulk sample taken in 2005/2006 from the Lake Expanse gold zone which returned 11,539 tonnes of 3.28 grams per tonne gold (Thebérge 2014).
In 2007, an estimate of Mineral Resources was produced in the same area of the bulk sample and results were as follows*:
- Measured: 19,487 tonnes of 2.16 g/t Au
- Indicated: 301,463 tonnes of 2.66 g/t Au
- Inferred: 76,570 tonnes of 2.31 g/t Au
* Details of the historic resource are summarized from:
Kelly, D., Gagnon, Y., May 25 2007. Évaluation des Ressources Projet Lake Expanse Propriété Guillet Canton Guillet prepared for Vantex Resources Ltd.
The assumptions and parameters used to estimate the Mineral Resources are described as follows:
- The database used was comprised of diamond drill holes and channel samples.
- Interpretations of a low grade and high grade zone were prepared on cross section and then transcribed to 5m spaced level plans.
- Mineral resources were estimated using polygonal methods on 10 level plans for the upper 50m and on 6 NS sections below that.
- A cut-off of 1 g/t Au and a minimum true thickness of 2.5 m was applied.
- Sample grade was capped at 1 oz/t.
- Grade was projected a maximum distance of 15 m from drill intersections
- Tonnage and grades did not take into account external dilution, except from stockpiled material which was added to the in situ Mineral Resources.
- The Mineral Resources were classified as Measured, Indicated and Inferred.
- Measured – from surface channel samples
- Indicated – from drill hole samples
- Inferred – not described
- Stockpiled material was classified as Measured
The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Intact Gold is not treating the historical estimate as current mineral resources or mineral reserves.
Thebérge, D. (P. Geo.), 2014. NI 43-101 Technical Report Pertaining to the Belleterre Properties Ortona, Guillet and Belleterre Extrême-Est Belleterre prepared for Vantex Resources Ltd.
Terrence Coyle, P.Geo, a qualified person as defined in NI 43-101, has reviewed and approved the contents of this press release. The contained information regarding the resource is historic in nature and has not been confirmed.
ON BEHALF OF THE BOARD OF DIRECTORS OF INTACT GOLD CORP.
Per: Anthony Jackson, President and CEO
Disclaimer for Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" occur. Forward-looking information in this press release includes, but is not limited to, statements regarding expectations of management regarding the acquisition of the Property. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, the risks that the Company may not have the funds necessary to make its payments pursuant to the Agreement, that the TSX-V may not approve the transaction, and other factors beyond the control of the Company. Except as required by law, the Company expressly disclaims any obligation, and does not intend, to update any forward-looking information in this news release.
The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimate as current resources and Intact Gold is not treating the historical estimate as current mineral resources.
Neither 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 Intact Gold Corp
For further information: please contact the Company at 604-283-1722.