VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 16, 2015) – Rapier Gold Inc. (TSX VENTURE:RPR) (the “Company”) announces two significant assay results from grab samples taken from a large outcrop at the Talc Mine Area of the Pen Gold Project.
- Imerys, the operator of the talc mine, recently pre-stripped an outcrop exposure between the mill and the talc mine pit (“Fox Outcrop”). The Fox Outcrop is a previously known occurrence of an intensely carbonatized ultramafic rock typically associated with gold deposits in the Porcupine Gold Camp (“Carb Rock”) which is cross-cut extensively by numerous quartz vein sets. This additional exposure has revealed more quartz veining than expected and sulphide mineralization has been observed.
- The Company mapped the Fox Outcrop and took 30 grab samples, with the two most significant being: Sample 1027160 with 13.6 g/t and Sample 1027166 with 7.13 g/t. Refer to Appendix A.
- Sample 1027160 occurs above the high grade intersection in PG13-108 which intersected 13.0 g/t gold over 4.3 m (“New Vein”) at a vertical depth of 150 m. This vein appears to be the up-dip projection of the New Vein, based on the limited geological information currently available.
- As previous announced, the Company is planning approximately four drill holes to test above and below PG13-108. The drilling will test the hypothesis of a sub-vertical vein/vein set, dipping to the north.
- Further grab sampling is being carried out on the Fox Outcrop, followed by blast hole assays, prior to the area being mined, and all material stockpiled for further sampling. Refer to Appendix B & C.
- The Company has flown a drone photographic survey over a large area of the Talc Mine Area, including the Fox Outcrop and the results are being integrated into our database. We believe this is one of the first occurrences of drone mapping used for detailed geological mapping.
- A drone photographic survey has also been flown over the Nib Yellowknife area (SW of the Talc Mine Area) and mapping is continuing in the area.
Pen Gold Project Summary
- The Company’s activities are exclusively focused on exploring the Pen Gold Project, comprising approximately 16,400 hectares (approximately 160 sq km) located on Highway 101, 75 km southwest of Timmins, Ontario. Appendix D. The project is approximately 45 km southeast of Lake Shore Gold’s Timmins West Mine and the newly discovered 144 Exploration Area.
- Lake Shore Gold are conducting an extensive exploration program on 144 Exploration Area, which is outlined in a very comprehensive section of the company’s website: http://www.lsgold.com/Mines-Projects-Properties/Review-of-Properties/Timmins-West-complex/144-Gap-Zone-Discovery/default.aspx
- Pen Gold Project is located approximately 85 km northeast of Goldcorp’s Borden Gold Project. Goldcorp acquired this project in the takeover of Probe Mines, on March 13 2015, for $526 million. Goldcorp are actively advancing the Borden Gold Project as a source of ore for the 11,000 tpd Dome Mill, located 160 km away in Timmins. Appendix D shows the locations of the 144 and Borden projects in relation to Pen Gold Project.
- Pen Gold Project appears to be on the western extension of the Porcupine-Destor Fault Zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada. The Timmins Camp has produced approximately 72.5 million ounces to date.
Gary Wong, P.Eng., Vice-President Exploration of the Company, a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Neither the 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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including the Company’s planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management’s expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company’s exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
|1027157||418558||5338439||400||sugary grey quartz veining in carb rock; abundant black tourmaline; 1m west of nose of talc carbonate; 1-2% pyrite+pyrrhotite||Talc Mine stripped area; north end of pit|
|1027160||418512||5338410||13.6||> 5000||white quartz veining in talc carbonate near contact with carb rock; talc carbonate-iron carbonate inclusions and bands; trace fine needles of black tourmaline||Talc Mine stripped area; north end of pit|
|1027166||418543||5338465||7.13||> 5000||fuchsitic carb rock; 5% irregular grey quartz veining; 10% fine-to coarse-grained pyrrhotite||Talc Mine stripped area; north end of pit|
|1027167||418543||5338465||882||fuchsitic carb rock; abundant black tourmaline; 10-15% fine-to coarse-grained pyrite||Talc Mine stripped area; north end of pit|
|1027169||418543||5338465||278||fuchsitic carb rock; minor quartz; 10-15% fine-grained disseminated pyrite||Talc Mine stripped area; north end of pit|
|1027181||418546||5338471||2040||rusty gossan in carb rock; 10% medium-to coarse-grained pyrite||Talc Mine stripped area; north end of pit|
|1027182||418545||5338471||326||silicified rusty gossan in carb rock; 5% dark grey quartz veining; abundant black tourmaline; 2-5% pyrite; trace chalcopyrite||Talc Mine stripped area; north end of pit|
|1027183||418545||5338471||2800||silicified rusty gossan in carb rock; 10-20% dark grey quartz veining; 5-10% pyrite+chalcopyrite in veining and wall rock||Talc Mine stripped area; north end of pit|
Quality Assurance – Quality Control (“QA/QC”)
Industry best practices are followed on the project including the routine insertion of blank and standard samples in all grab samples. The samples are submitted directly to Actlabs in Timmins for preparation and analysis. Gold analyses are conducted on 1 assay-ton aliquots, using fire assay methods with an atomic absorption finish up to 5 g/t Au and with a gravimetric finish above.
To view Appendixes B-D, click on the following link: http://media3.marketwire.com/docs/1028770m.pdf
President & CEO