Vancouver, B.C., July 25, 2019. Northstar Gold Corp. (“Northstar” or “the Company”), a private gold exploration resource company focused on exploration, development and acquisition of quality properties in the prolific Abitibi Greenstone Belt in northeastern Ontario, provides the following Miller Gold Property exploration update.
This month Northstar commenced the initial stages of a $1.1M Phase I exploration program on the Miller Gold Property that will entail surface stripping, mapping, sampling, 3D I.P, magnetic and gravity geophysical surveys and 3,000 metres of diamond drilling. It is expected that following the completion of the Initial Public Offering (IPO), as highlighted below, the exploration program will begin in earnest in mid-August, with drilling targeted in early September. Drilling will be divided equally between confirming and enlarging the historic Miller-Independence Mine gold estimate to NI 43-101 Mineral Resource Estimate standards, and testing at least 6 other near surface, high-grade vein and intrusion-hosted bulk tonnage gold targets centred by the Allied, Planet and Meilleur Syenite Intrusive Stocks.
On July 2nd and July 16th, 2019, the Company received 3-year permits from the Ontario Ministry of Mines for surface stripping and diamond drilling, respectively, on the Miller Gold Property. The Company is permitted to conduct 9,000 m2 of surface stripping to provide for geological mapping and sampling. Surface stripping has proven to be very effective in defining new mineralized zones on the Property as overburden is generally thin, and will commence mid-August. The Company has also commenced cutting 40 km of line to provide for 3D IP, gravity and ground magnetic geophysical surveys, which are expected to commence in mid-August.
Initial Public Offering
The Company is currently working to complete an IPO. The Offering is co-lead by Canaccord Genuity and Haywood Securities and priced at $0.30 per share. Investors wishing to participate should contact their broker to reflect an interest, or for more information contact the Company directly. The IPO is expected to close imminently, at which time the Company will list its securities for trading on the Canadian Stock Exchange.
The Miller Gold Property – Overview
The Company’s key asset is the historic Miller Gold Property, situated 18 km southeast of Kirkland Lake Gold’s Macassa South Mine Complex (SMC) (2.2M oz gold current reserve @ 21.9 g/t Au and 1M oz current resource @ 17.1 g/t Au) in northeastern Ontario. The Property is centred on the historic Boston Creek Gold Camp and was the focus of a number of shallow mining ventures, including the Miller-Independence Mine during the early 1900’s. The Miller Gold Property has only been partially explored near surface and shares a number of important geological similarities with Kirkland Lake Gold’s SMC, including the timing and character of mineralization, and Eldorado Gold’s nearby Lamaque Project in Quebec.
Northstar acquired the Miller Gold Property by staking in 2012 and since that time has spent $2M on ground geophysics, surface stripping, geological mapping, sampling, bulk sampling and surface drilling on the Property. This work partially validated a near-surface, 270,000 ounce historic gold estimate, averaging 11.5 g/t Au, at the historic Miller-Independence Mine*.
*Ontario Ministry of Northern Development and Mines Assessment report # OM87-6-L-239: AFRI file 32D04SW0265 “Mining and Geological Report on the 1987 Nortek Exploration Program” by Gordon B. French, President of French & Associates Inc., Highway 112, Tarzwell, Ontario.
The Company recently received a NI 43-101 Technical Report for the Miller Gold Property that recommends a 2-Phase, $2.2M exploration program designed to take the Property to the Mineral Resource stage.
Mr. Brian P. Fowler, P.Geo., CEO of Northstar Gold Corp. and a ‘Qualified Person’ (Q.P.) as defined under Canadian National Instrument NI 43-101 has prepared and reviewed technical aspects of this news release. A Qualified Person has not done sufficient work to classify these historical estimates as current mineral resources and the Company is not treating these historical estimates as current mineral resources. These historical estimates cannot be fully verified. These values cannot and should not be relied upon, are only referred to herein as an indication of previously defined gold mineralization. In order to verify these estimates and to upgrade to NI 43-101 compliant categories, the historical areas would need to be at least partially re-drilled with updated sampling procedures put in place.
About Northstar Gold Corp.
Northstar has operated for the past 10 years as a private company focused primarily on gold exploration in the prolific Kirkland Lake District in northeastern Ontario (>24.5M oz gold produced from 7 mines since 1915). During this time, the Company raised nearly $10 million to acquire and advance 3-100% owned gold and base-metal properties in the Kirkland Lake region. Prior to the IPO, in early 2019 the Company consolidated its share structure, augmented and restructured the Board of Directors and Management Group with a number of highly experienced and accomplished mining, exploration, corporate development and investment banking professionals and raised $650,000 by way of Private Placement to provide for on-going exploration, the IPO and a public listing on the CSE.
For additional information on the Company and our Initial Public Offering, please visit the Company website at www.northstargoldmining.com. Please click here to view the Company’s investor presentation, fact sheet, Miller Gold Property NI 43-101 Technical Report and Long Form Prospectus.
On behalf of the Board of Directors, For further information, please contact:
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Northstar Goldcorp. which may cause actual results, performance or achievements of Northstar Goldcorp to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.