Ready Set Gold Reports Remaining 7 Holes from Its Phase 1 Program at Northshore Gold Project

·13 min read
  • Intersects 80.00m @ 1.08 g/t Au including 11.15m @ 3.50 g/t Au

  • Intersects 2.00m @ 27.32 g/t Au

Toronto, Ontario--(Newsfile Corp. - May 5, 2021) - Ready Set Gold Corp. (CSE: RDY) (FSE: 0MZ) (OTC PINK: RDYFF) ("Ready Set Gold" or the "Company") is pleased to announce the remaining (7) seven drill holes from its recently completed 13-hole, 2,900 metre, Phase 1 diamond drilling program at its 100%-owned flagship Northshore Gold project, located in the Schreiber-Hemlo greenstone belt in Ontario.

Highlights:

  • All seven holes have intersected gold mineralization within the A, B and C zones in areas with limited historical drilling.

  • Hole RSG-21-068 - intersected 80.00 metres (m) of 1.08 grams per tonne (g/t) gold (Au) - including 11.15m @ 3.50 g/t Au hosting a higher-grade interval of 5.00m @ 7.25 g/t Au

  • Hole RSG-21-069 - intersected 86.50m of 0.89 g/t Au - including 10.5m @ 3.02 g/t Au

  • Hole RSG-21-070 - intersected 2.00m @ 27.32 g/t Au

  • Current results provide further confirmation of Ready Set Gold's new geological model for the Northshore project which has re-defined the overall geometry and orientation of the gold zones and increased the exploration potential along strike and to depth. Phase 1 drillhole orientation has also aided in understanding the structural controls on higher-grade mineralization within each of the zones. These structural controls will be evaluated further during near term exploration field programs and used to help design the Phase 2 program.

  • Phase 1 intersected gold mineralization in all 13 drill holes and in targeted areas with low, historic drill density, or no drilling.

  • The Northshore project remains underexplored with only ~5% of the area systematically evaluated. Additionally, the depth potential of the gold mineralized zones remains untested with the deepest drill intercepts at 250-300m. The Company believes that the Northshore property shows excellent potential at depth including the potential for high-grade gold zones.

Intersection Highlights Table:

Hole ID

From

To

Length (m)

Au (g/t)

Zone

RSG-21-065

115.70

124.95

9.25

1.38

B

RSG-21-066

154.60

156.10

1.50

1.07

B

RSG-21-068

24.00

104.00

80.00

1.08

A

including

24.00

32.00

8.00

2.66

and including

61.50

104.00

42.50

1.21

and including

92.85

104.00

11.15

3.54

and including

92.85

97.85

5.00

7.25

RSG-21-069

115.50

202.00

86.50

0.89

A

including

115.50

158.00

42.50

1.19

and including

115.50

126.00

10.50

3.02

and including

120.00

126.00

6.00

4.71

and including

189.00

202.00

13.00

1.39

RSG-21-070

54.00

57.00

3.00

1.19

A

and

130.00

132.00

2.00

27.32

RSG-21-071

64.50

68.00

3.50

1.29

B

and

159.00

162.00

3.00

1.62

and

214.00

221.45

7.45

0.83

RSG-21-072

82.00

86.00

4.00

0.88

C

and

96.00

96.60

0.60

7.31

and

109.70

110.00

0.30

15.81

*Lengths reported are drill-core lengths, as insufficient drilling has been completed to determine true-widths at this time. All grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine cap levels for higher-grade intersects.

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

RSG-21-065

479956

5401379

265

355

-55

RSG-21-066

479825

5401458

275

0

-50

RSG-21-068

479826

5401310

255

350

-50

RSG-21-069

479826

5401310

256

350

-63

RSG-21-070

479745

5401288

256

350

-58

RSG-21-071

479919

5401384

266

0

-63

RSG-21-072

480199

5401476

292

170

-55

*UTM NAD 83 Zone 16 coordinate system

Interpretation:

Holes RSG-21-068 and RSG-21-069 were drilled to crosscut the gold-bearing zones in Zone A in a manner that conforms with the new geological model as illustrated in Figure 1. Both holes intersected significant widths of higher-grade gold mineralization, which indicates the potential of higher-grade, continuous zones within Zone A that were not properly interpreted with historical drilling. Historical drilling for the most part, was oriented sub-parallel to these zones and only targeted one vein orientation. The results of both holes will aid in better understanding how to grow Zone A at depth and along strike.

RSG-21-065, 066 and 071 were all drilled in a south to north direction into the B Zone Structure and are continuing to give the Company confidence in the continuity of this newly modeled northwest-southeast Zone. Further systematic summer/fall field work will help to continue to understand the structural controls on high-grade gold mineralization within Zone B. RSG-21-066 was a 70m step-out to the northwest along the B-zone in an area with no historical drilling and intersected gold-bearing prospective rock.

RSG-21-070 was drilled into an area of gold mineralization with limited exploration on the southwest edge of Zone A, where historical drilling intersected anomalous gold mineralization. The hole was designed to confirm historical results and intersected a high-grade gold-structure. This is interpreted to open up a new potential high-grade area within Zone A.

RSG-21-072 was drilled into the newly interpreted C-zone which has limited historical drilling. The holes intersected several horizons of high-grade and anomalous gold-mineralization within strongly altered and fractured host rock with intense quartz veining. Further surface work this summer/fall is planned on this area to better understand structural controls on high-grade mineralization as well as strike potential.

Brad Lazich, VP of Exploration comments; "These drill results, in addition to those previously reported, continue to increase our confidence in the results of the historical drilling and our new geological model. The information that is provided by the Phase I drill program will now be used to help plan a systematic surface exploration program. This will aid us in developing the Phase II drill program, which will continue testing the different zones along strike and at depth."

Christian Scovenna, CEO & Director comments; "We are extremely happy to report that all holes drilled in Ready Set Gold's first drilling campaign encountered gold mineralization. The intersecting of broad intervals of gold mineralization hosting higher-grade structures is showing us that our understanding of Northshore and our new geological model is certainly progressing in the right direction. What is also greatly exciting for Ready Set Gold and our shareholders, is that our modelling indicates that the mineralization may be open along strike and at depth. By considering a different model of mineralization than previous operators of the project we have potentially unlocked the door to a regionally significant deposit. As very little of the historic drilling has occurred below 250m at Northshore and along strike in our modeled mineralized zones we look forward to completing the next phase of surface exploration and plan for drilling that we hope will continue to expand the known zones and potentially identify new ones."

Phase 1 Summary and Northshore Summer/Fall Programs:

With the Phase 1 maiden drill program now complete the company is planning a systematic surface exploration program at Northshore, which will commence once ground conditions improve. The results of Phase 1 drilling have helped the company establish a new geological model for Northshore, confirmed areas of low drill density within the historic resource estimate and have proven the continuity of the newly modeled zones. These results along with the planned near-term exploration program will aid in designing a Phase II drill program to target growth of each zone along strike and at depth focusing on areas that host higher-grade potential. The near-term surface exploration program will consist of more detailed lithological and structural mapping, sampling, and trenching at targeted areas. The objective of the surface program will be to continue to develop the geological model at Northshore and gain an even better understanding of the structural controls on higher-grade within each of the zones. The company is expecting to release a market update with further details on the objectives and deliverables for said program in the near-term.



Figure 1 - Exploration plan map of Northshore with reported results

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7393/82921_cb1cd48d645c184a_002full.jpg



Figure 2 - Cross-Section A-B showing reported results.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7393/82921_cb1cd48d645c184a_003full.jpg

Targets:

As a result of Ready Set Gold's new geological model for Northshore the Afric zone has now been divided into Zones A, B and C. This interpretation better fits the modelled lithological and structural controls on the gold mineralization at Afric and will aid the company in growing the resource. Therefore, going forward, we will refer to Zones A, B, C, Gino and Main Vein as the gold bearing zones at Northshore.

"A" Zone - hosts a wide, potentially open pit target, with pervasive gold mineralization over significant widths with multiple higher grade-lenses. The zone is characterized by brittle-ductile shearing hosting pervasive quartz-carbonate veining with sulphide mineralization in stock-work veins, disseminated in host lithologies, and in shear-extensional and extensional quartz veins. The A zone has only previously been explored to approximately 200-250m depth and is also believed to be open along strike for more than 1km in both directions.

"B" Zone - a newly modelled zone that is geologically similar to Zone A (wide, lower grade gold zones hosting higher grade lenses within the broader envelope). The B Zone is 150m north of the A Zone and is interpreted as a parallel structure with a generally east-west strike. The zone is characterized by areas of intense alteration and brittle-ductile shearing defined by pervasive quartz-carbonate veining which hosts sulphide mineralization disseminated in host lithologies and in shear-extensional and extensional quartz veins. The zone remains underexplored and is believed to remain open along strike for more than 1km in both directions.

Additional Zones to be Explored: At least three gold bearing zones to the north of the A and B zones remain underexplored. The C, Gino and Main zones are modelled to be sub-parallel to the A and B zones and have the potential to significantly increase the scope of the Northshore project.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility in Schreiber, Ontario. All samples are cut in half using a diamond saw and shipped to SGS in Sudbury, Ontario for sample preparation. All samples are analysed for gold by SGS using standard Fire-Assay AA techniques. Samples identified with visible gold are also analyzed with up to 1kg metallic screen fire assay. Certified standards and blanks are inserted routinely as part of Ready Set Gold's quality assurance/quality control (QA/QC) program. No QA/QC issues were noted in the results referenced in this release.

Qualified Person and NI-43-101 Disclosure

Brad Lazich, P.Geo. (ON), VP Exploration of Ready Set Gold Corp, and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the disclosed data and has approved the scientific and technical disclosure in this news release.

About Ready Set Gold Corporation

Ready Set Gold Corp. is a precious metals exploration company listed on the Canadian Securities Exchange under symbol RDY and the Bourse Frankfurt Exchange as 0MZ. The Company has consolidated and now owns a 100% interest in the Northshore Gold Property, located in the Schreiber-Hemlo Greenstone Belt near Thunder Bay, Ontario which is prospective for gold and silver mineralization. The Company also owns a 100% interest in two separate claim blocks totaling 4,453 hectares known as the Hemlo Eastern Flanks Project. The Company also holds an option to acquire a 100% undivided interest in a continuous claim block totaling 1,634 hectares comprising the Emmons Peak Project located 50 km south of Dryden, Ontario that is near the Treasury Metals Goliath and Goldlund advanced gold development projects.

On Behalf of the Board of Directors,

READY SET GOLD Corporation

"Christian Scovenna"
Chief Executive Officer & Director

Email: info@readysetgoldcorp.com
CEO Direct Line: +1 (416) 453-4708

For further information please contact:

Investor Relations
Sean Kingsley - Vice President Corporate Communications Tel: +1 (604) 440-8474

Email: skingsley@readysetgoldcorp.com
www.readysetgoldcorp.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements" within the meaning of Canadian Securities laws, including that statements related to exploration potential and timing for the remaining assay results. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Ready Set Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release including that the Company will complete the drilling program and on the timeline as anticipated by management and that information will allow Ready Set Gold to gain more confidence in its geological model and to design additional drill programs. Although Ready Set Gold believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; future legislative and regulatory developments in the mining sector; the Company's ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of Ready Set Gold to implement its business strategies; competition; the Company will not complete the remainder of the Phase 1 drilling program on the timeline as anticipated by management or at all and other assumptions, risks and uncertainties.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that is incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82921

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