November 12, 2020 – Taurus Gold Corp. (“Taurus” or the “Company”) is pleased to announce the completion of the 2020 diamond drilling program on the Company’s Charlotte gold-silver property, located 60 kilometres west of Carmacks, Yukon Territory, Canada. The program consisted of 2,347.1 metres of diamond drilling (HQ size) in eleven holes on the Flex gold-silver zone, with hole depths ranging from 161.5 metres to 274.4 metres. A 2020 drill hole location map is available at www.taurusgold.ca.
The Charlotte property lies in the Dawson Range portion of the Tintina Gold Belt. The region is characterized by gold veins and breccia, as well as copper-gold porphyry mineralization. The 2,217.8 hectare (approximately 23 km2) Charlotte property is adjacent to Rockhaven Resources’ Klaza project. In July 2020, Rockhaven released a positive Preliminary Economic Assessment for Klaza based on open pit and underground Indicated Resources of 4.5 million tonnes grading 4.8 grams/tonne gold and 98 grams/tonne silver and Inferred Resources of 5.7 million tonnes grading 2.8 grams/tonne gold and 76 grams/tonne silver. Other active mineral projects in the Dawson Range area include Triumph Gold’s Freegold project and Granite Creek Copper’s drill program on the copper-gold Stu project.
The Charlotte property is underlain by Devonian and older metaplutonic, metasedimentary, and metavolcanic rocks. Middle Cretaceous granodiorite and quartz-feldspar porphyry of the Dawson Range phase of the Whitehorse Plutonic Suite, and middle Cretaceous andesite of the Mt. Nansen Group volcanic suite variably intrude the host rocks. There are several historical mineralized zones of interest, including the Huestis, Webber, and Flex precious metal vein systems in the southern part of the Charlotte property. A large stock of Late Cretaceous Casino Porphyry Suite located in the northwest part of the property hosts underexplored copper-molybdenum-gold mineralization.
Flex Zone
The gold-silver Flex zone, located on an all-season access road, was last drilled in 2012 (1883.46 metres of diamond drilling in six holes). The Flex zone, delineated over a northwest-trending strike length of 550 metres, contains at least three mineralized zones. The mineralized zones are structurally controlled anastomosing 5 centimetres to 1.1 metre thick quartz veins comprised of pyrite, arsenopyrite, and variable amounts of sphalerite, galena, and other silver-bearing minerals. The 2012 drill program expanded the known extent of the Flex zone to the west, south, at depth and down-plunge and showed that the mineralized areas retained their grade tenor and widths at depth. Silicification of the wallrock extends high-grade gold and silver widths up to seven metres.
2020 Drill Program
The program’s objective was to expand the Flex zone and test the down-plunge extent of the known high-grade mineralization. Results from the 2020 drill program, combined with previous drill campaigns in 2010, 2011, 2012 and historical drilling, will inform the calculation of a resource estimate prepared in accordance with National Instrument 43-101.
COVID-19 safety protocols were followed during the drill program. Drill core cutting and logging are complete, and the camp is demobilized. Rigorous field procedures were followed to ensure QA/QC measures, including routinely inserting one of up to five different Certified Reference Materials and duplicates (quarter core). QA/QC samples were systematically inserted in the sample stream, generally on the basis of one control sample per twenty field samples. Downhole directional surveys were taken at an average of 30 to 50 metres. Samples were transported by bonded courier to the MSA analytical laboratory in Langley City, British Columbia. Sample results are pending. The company does not expect final results for up to six to eight weeks, depending on laboratory capacity.
The following table lists the specifications of the 2020 Charlotte property drill program.
|
Hole ID |
Easting |
Northing |
Elevation |
Length (metres) |
Azimuth |
Dip |
|
DDH-20-281 |
386626 |
6881897 |
1330.7 |
247.6 |
078 |
-64 |
|
DDH-20-282 |
386687 |
6881860 |
1323.5 |
176.2 |
078 |
-60 |
|
DDH-20-283 |
386618 |
6881869 |
1326.9 |
234.5 |
078 |
-70 |
|
DDH-20-284 |
386694 |
6881809 |
1306.0 |
179.9 |
078 |
-63 |
|
DDH-20-285 |
386663 |
6881775 |
1295.7 |
219.5 |
078 |
-63 |
|
DDH-20-286 |
386576 |
6881820 |
1298.2 |
274.4 |
078 |
-66 |
|
DDH-20-287 |
386624 |
6881804 |
1304.1 |
243.9 |
078 |
-68 |
|
DDH-20-288 |
386779 |
6881710 |
1289.5 |
192.0 |
078 |
-69 |
|
DDH-20-289 |
386794 |
6881662 |
1280.0 |
161.5 |
078 |
-54 |
|
DDH-20-290 |
386764 |
6881679 |
1286.0 |
219.5 |
078 |
-54 |
|
DDH-20-291 |
386843 |
6881586 |
1286.0 |
198.1 |
078 |
-56 |
|
TOTAL |
2347.1 |
The technical information in this news release has been approved by Ken MacDonald, P. Geo. who is an independent “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The drill program was managed by Coast Mountain Geological Ltd., based in Vancouver, British Columbia, and the drilling contractor is Full Force Diamond Drilling Ltd., based in Smithers and Peachland, British Columbia. The Charlotte project is in Little Salmon Carmacks First Nation Traditional Territory. The company wishes to thank the drilling contractor, geological consultants, local Yukon suppliers and service providers, Little Salmon Carmacks First Nation, government officials, and all others involved for enabling the safe and productive completion of the program.
Taurus Gold Corp. is a private mineral exploration company with the Charlotte gold-silver project as its primary focus. The company entered into an option agreement to acquire a 100% interest in the Charlotte property from 1011308 BC Ltd. Under the terms of the agreement, Taurus has an option to acquire a 100% interest in the property by paying CND $250,000, issuing 40 million shares, carrying out $6 million in exploration expenditures, and completing a preliminary economic assessment over a six-year period and dependent on certain milestones. The Charlotte property will be subject to a 3% net smelter returns (NSR) royalty to two individuals (each owning 1.5%), which may be reduced to a 1.0% NSR for each vendor upon payment of CDN $1.5 million.
The company intends to integrate the 2020 drill program results, and the first modern Flex zone mineral resources estimate with the Charlotte property’s extensive historical database. This initial work will serve as the foundation for expanding known mineralized zones and evaluating under-explored areas for new mineralized zones. For further information, please see www.taurusgold.ca or contact info@taurusgold.ca
Lori Walton
Chief Executive Officer