Geophysical Survey Initiated by Eclipse Gold Mining at Hercules Gold Project, Lyon County, Nevada

Summary:

  • Recent drilling by the Company returned potentially economic gold values including 89.92m of 0.65 g/t Au and 12.51 g/t Ag.
  • Gold mineralization appears to be associated with veining and intense silicification of the host rock at Hercules.
  • Zones of silicification should be highly resistive and therefore mappable by Induced Polarization (IP) geophysics.
  • An IP survey was conducted over the main Hercules targets in Q2, 2020. Final results are expected in mid-July.

Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - Eclipse Gold Mining Corporation (TSXV: EGLD) (OTC Pink: EGLPF) ("Eclipse" or "the Company") is pleased to report it has completed an induced polarization (IP) survey at the Hercules Gold Project located in Lyon County, Nevada. The survey was completed by Zonge International Inc. of Reno, Nevada, and covered approximately 2.8 square kilometers of the Hercules Gold Project. Data processing is currently in progress and we anticipate the final results by mid-July.

Recent drilling identified several open-ended targets, including the Hercules target where hole H20010 returned 89.92 meters of 0.65 g/t Au and 12.51 g/t Ag, and the southern end of the Cliffs target where hole H20009 returned 74.68 meters of 0.54 g/t Au and 4.78 g/t Ag (for further information refer to the Company's June 10, 2020 news release).

"Our recent drilling suggests that the mineralization at the Hercules Gold Project is open for expansion both along strike and at depth." stated Michael G. Allen, President and CEO of Eclipse Gold, "It is anticipated that the IP survey will allow us to map out resistive zones associated with areas of known mineralization, as well as in untested areas. This technique should also allow for the delineation of potential feeder structures and zones of disseminated mineralization."

The Company is investigating initiating a property wide geophysical survey to properly articulate the scale of the mineralizing system at the Hercules Gold Project. Geophysical data will be incorporated into the Company's geological model and used to target the next phase of drilling, expected to launch in late summer.

About Eclipse Gold Mining

Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada's Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The Company brings together a team with collective funding of over $2 billion in both strong and weak markets, and a track record of at least nine successful buyouts/exits.

Qualified Person

Dr. Warwick Board, P.Geo., Vice President of Exploration for Eclipse Gold Mining Corporation, and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael G. Allen
President, CEO and Director

CORPORATE INQUIRIES:
Dylan Berg, VP Investor Relations
Company Website: www.eclipsegoldmining.com
+1 (844) 427-6453 Toll Free
+1 (778) 945-3949 Direct
Email: info@eclipsegoldmining.com

TSXV: EGLD | OTC:EGLPF | ISIN: CA27888R1001 | WKN: A2PYV4

Forward looking and other cautionary statements

Neither the 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.

This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company's common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions and general business conditions. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's final prospectus dated February 6, 2020, and the final prospectus dated June 29, 2020 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59382

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