Gossan Resources Announces Results of Geochemical Sampling Program at its Gander Property, Newfoundland

July 27, 2023 7:00 AM EDT | Source: Gossan Resources Limited

Winnipeg, Manitoba--(Newsfile Corp. - July 27, 2023) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) (XETRA: GSR) (the "Company" or "Gossan") is pleased to announce the results of its initial till sampling survey on the Gander Property (the "Property") near Gander, Newfoundland.

Notable Results from This Survey

  • The till survey shows the presence of anomalous Gold Au-in-till throughout the property, with concentrations in the south, north and central areas. These results align well with historical geochemical sampling. Of particular interest is the occurrence of very significant values of up to 466 ppb (0.47g/t), surrounding a topographical high area in the central part of the property. A large area of anomalous Bismuth (associated with some gold deposits) peripheral to the topographic high is also of interest. This region will be targeted for further gold exploration.
  • The central and southern area of the property, near the western property boundary continues to generate interest due to elevated levels of Arsenic (As), Copper (Cu), Antimony (Sb) and other metals. The area is in close proximity to the major tectonic fault boundary (GRUB-Line), and to New Found Gold's Queensway Property.
  • In the southwestern parts of the Property, near Gander Lake, anomalous Nickel (Ni), Cobalt (Co) and Chromium (Cr) in till are believed to be associated with underlying ultramafic and mafic rocks. This area will be targeted in the future for nickel copper-platinum group element mineralization.
  • The Property also displays anomalous localized occurrences of Silver (Ag) and Zinc (Zn) in till.

Samuel Pelaez, the Company's President, and CEO stated: "I am excited to report that the areas with greatest prospectivity have delivered notable results. The elevated levels of gold and other metals correlate well with structural, topographic, and geophysical features on the property. These results suggest that there is potential for gold accumulation in several regions of the property. Our exploration targets could have potential to transform the current development scenarios for the greater Gander area. A new work program is being planned to follow up on these areas of interest."

Geochemical Survey Summary

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Figure 1: Overview of all till sample locations within the Gander property.

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The till sampling survey took place from November to December 2022 and the results were submitted to Gossan throughout Q2 2023. The main objective of the survey was to execute the recommendations of a previous investigation and identify anomalous patterns of gold (Au) and other indicator elements in the till deposits on the property.

The till sampling survey collected 1377 till samples (1469 samples were originally planned) on a 500x100m grid covering the entire property. Some areas of greater interest were sampled more densely, as evidenced on Figure 1. 65 of the 1377 samples were QAQC samples (CRM's and field duplicates). Samples were collected using Dutch soil augers at a depth of approximately 50cm, with each sample weighing approximately 2kg. Various geological and geographical features were recorded at each sampling point. Existing Lidar datasets for the property were used in the planning and execution of the survey.

All till samples collected were analyzed by ALS Laboratories in Vancouver, BC, using a single aqua regia digestion with an ICP-MS finish (Method: AuMe-TL43).

The results of the till survey will be combined with the various structural and geophysical features identified during the MPASS magnetic, radiometric and VLF geophysical surveys conducted in 2022. Results of all current and planned work will guide Gossan's future drilling programs.

Gold-in-Tills Target Areas

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Figure 2: Gold in till samples. Yellow ovals show areas with gold anomalies of interest.

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The central area, together with smaller areas in the north and south of the property are of particular interest due to elevated levels of gold (Au), arsenic (As), copper (Cu), and antimony (Sb). These elevated levels occur in proximity to the major tectonic boundary known as the Gander Ultramafic Belt Line, or "GRUB-Line" (e.g., Figure 5).

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Figure 3: Arsenic in till samples.

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Historically, gold mineralization has been associated with the GRUB-Line near the property, and the gold-in-till and arsenic-in-till responses correlate well with historic gold mapping. It is necessary to further investigate and assess these elevated levels within the project's geological framework to determine their prospectivity. Further investigation is needed to determine which of these samples may be a result of secondary transport.

Nickel-in-Tills Area

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Figure 4: Nickel in till samples.

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In the southwestern parts of the property, near Gander Lake, an ultramafic and mafic package has been identified. Nickel (Ni), cobalt (Co), and chromium (Cr) anomalous values in till sample are observed. This area will be targeted in the future for nickel copper-platinum group element mineralization.

Compilation of Geophysical Anomalies and Geochemical Results

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Figure 5: Compilation map showing geochemical and geophysical responses generated on the Gander property from the 2022 MPASS geophysical and 2022/2023 till surveys.

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Gossan is pleased with the encouraging initial results of our systematic approach to exploring the Gander property. The correlation of geochemical, geophysical, structural, and topographical features has allowed the company to identify target areas for further exploration. Gossan will develop additional work programs and aims to deliver well defined drill targets in the future.

About the Gander Property:

The Company's wholly-owned Gander Property consists of 8,875 hectares and is immediately adjacent to the Queensway Property along the Central Newfoundland Gold Belt owned by New Found Gold. The Company also holds title to the 975-hectare Weir Pond Property which lies 25 km north of Gander, and to the 1,050-hectare Island Pond Property which lies 48 km north of Gander. The properties straddle a major geological contact between the Dunnage and Gander Zones.

Qualified Person:

The technical content of this release has been reviewed and approved by Hamid Mumin, Ph.D., P.Eng., P.Geo., a Director of the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.

About Gossan Resources:

Gossan Resources Limited holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The Company's focus is to advance exploration and drilling of its Glitter Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company is also advancing its Gander Gold Property in Newfoundland. The company also holds a broadly diversified portfolio of multi-element properties, prospective for hosting gold, base metals and platinum group elements, as well as specialty "green-battery metals", nickel, cobalt, vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds advance and production royalty interests in a high-purity silica sand deposit. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and currently has 66,801,471 Common Shares outstanding.

For further information, please bookmark www.gossan.ca or contact:

Samuel Pelaez, President & CEO
Gossan Resources Limited
Tel: (202) 677-8513
E-Mail: info@gossan.ca

Kathy Ringland, Office Manager
Tel: (204) 943-1990

Cautionary Statement on Forward -Looking Information

Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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