TORONTO, June 20, 2024 /CNW/ – 1911 Gold Corporation (“1911 Gold” or the “Company”) (TSXV: AUMB) (OTC: AUMBF) is pleased to provide an update on the strategic plans for the advancement of the True North Mine, including 43-101 mineral resource estimate update, located within the prolific Rice Lake property in southeastern Manitoba, Canada.
Project Update
- Resource Model Quality: 1911 Gold has completed a thorough review of the current Mineral Resource geological model, underscoring the robustness of the geological interpretation.
- Drill Hole Data Review: The Company conducted a comprehensive analysis of the True North drill hole data, pinpointing areas requiring additional information while verifying the integrity and accuracy of the data.
- Mineral Resource Estimate: The validation of the current Mineral Resource Estimate assures the ability to replicate the tonnages, grades, and contained ounces.
- Near Mine Geology and Structural Controls: Confirmation of major regional structures within the mafic lithological units establishes the primary gold mineralization controls at True North, crucial for future target generation.
- Manitoba Mineral Development Fund (“MMDF”) Grant: Approval of $180,986 in funding from the MMDF showcases the support for resource development in Manitoba.
Additional Insight: By confirming the geological model’s integrity and identifying regional structures critical for gold mineralization, 1911 Gold is well-positioned to optimize exploration efforts and enhance resource estimates.
Forward Plans
- Resource Model Update and Database Review: The Company aims to efficiently update all geological wireframes and evaluate the project database by the end of June to bolster the updated Mineral Resource Estimate.
- Mineral Resource Estimate Update: Engagement of Lions Gate Geological Consulting to complete the Mineral Resource Update by early August 2024.
- True North Mineral Resource Extensions: Exploration to identify potential target areas for expanding the mineral resource inventory.
- New True North Drill Targets: Generation of new targets for gold mineralization in favorable geological settings near the True North Mine.
- Regional Drill Target Review: Definition of priority drill-ready targets within the Rice Lake Greenstone Belt following the updated Mineral Resource Estimate.
- Resource Growth: Emphasis on exploration for substantial resource expansion throughout 2024.
- Economic Analysis: Initiation of preliminary mine planning work and re-start analysis post new Mineral Resource Estimate completion.
Mineral Resource Estimate Update
The current NI 43-101 underground Mineral Resource Estimate for the True North Mine contains indicated and inferred categories totaling 2.01 million tonnes @ 7.41 grams per tonne Gold and 3.59Mt @ 5.79 g/t Au, respectively.
Additional Insight: 1911 Gold’s meticulous updating of geological wireframes and validation of drill database guarantees accurate and informed Mineral Resource Estimates, setting the stage for exploration expansion.
Database Review
The Company plans to utilize a comprehensive drill hole database, including historical high-grade gold mineralization in the True North Mine area, to identify potential extensions beyond the current resource for future exploration.
Additional Insight: Leveraging the wealth of data available, 1911 Gold is poised to identify new drill targets and maximize the potential of the True North Mine area for continued resource growth.
Forward Plans
Anticipating the restart of the True North gold mine by late 2026, 1911 Gold will focus on a preliminary mine plan post-Mineral Resource update, detailing key milestones and operational costs.
Manitoba Mineral Development Fund Grant
The receipt of $180,986 from the Manitoba Mineral Development Fund underscores the province’s commitment to supporting the True North Resource Project.
About 1911 Gold Corporation
1911 Gold is a junior explorer with significant holdings in Manitoba and Ontario, focusing on organic growth and strategic acquisitions in North America.
Qualified Person Statement
The Company’s exploration efforts are overseen by Mr. Michele Della Libera, a seasoned industry professional and Qualified Person as defined under National Instrument 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
1911 Gold cautions that forward-looking statements are subject to inherent risks and uncertainties that could impact future results and operations.
SOURCE 1911 Gold Corporation
