Gossan Resources Provides Corporate Update and Grant of Stock Options

Winnipeg, Manitoba--(Newsfile Corp. - November 19, 2019) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) provides a corporate update for the Central Canada Mining and Exploration Conference and announces the grant of 320,000 incentive stock options to officers and directors of the Company.

Gossan holds a significant production royalty on 9 quarry leases at the permitted Wanipigow Silica Sand Project, which is located near Seymourville, MB and is owned and operated by Canadian Premium Sand Inc. CPS has advised of its intention to update its Preliminary Feasibility Study with the goal of materially reducing the project's capital costs. CPS is working with a third party project advisor with extensive operating experience. CPS has also launched a sales channel initiative towards establishing the company as a frac sand supplier to the Canadian market. The first frac sand shipment has been made, sourced from an operating mine in Wisconsin. For additional information go to www.canadianpremiumsand.com.

A new drill target report has been completed for the zinc-copper-silver-rich polymetallic Sturgeon Lake Property incorporating the results of preliminary drilling conducted in the winter of 2018 and a subsequent gravity survey. Further west, within the Sturgeon Lake mining camp, ODIN Metals Ltd. (Australia), with Glencore as operator, is conducting a 15 hole 7,700m drill program. Results for only one hole, which encountered significant widths of high-grade zinc, have been released. For additional information go to www.odinmetals.com.au.

Three officers and directors were granted a total of 320,000 stock options exercisable at $0.06 per share with expiry dates of March 21, 2023 and September 21, 2024. This grant of options was awarded after the close on November 18, 2019; is in compliance with the terms of the Company's Stock Option Plan; and remains subject to the acceptance of the TSX Venture Exchange.

Gossan Resources Limited has a broadly diversified portfolio of multi-element properties prospective for hosting base metals and platinum group elements, as well as specialty "green-battery metals", vanadium, titanium, tantalum, lithium and chromium. Gossan also has a deposit of high-purity, magnesium-rich dolomite, and holds a $100,000-per-annum advance and production royalty interest in a frac sand deposit. All of Gossan's mineral exploration and development properties are located in Manitoba and Northwestern Ontario. The Company's main focus is the exploration of its Sturgeon Lake Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr &Xetra Exchanges and currently has 33,630,400 common shares outstanding.

Neither 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.

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

Douglas Reeson, Chairman & CEO
Gossan Resources Limited
Tel: (416) 533-9664
E-Mail: info@gossan.ca

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49877

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