Gossan Acquires Additional Properties in the Gander Goldbelt

November 30, 2020 9:45 AM EST | Source: Gossan Resources Limited

Winnipeg, Manitoba--(Newsfile Corp. - November 30, 2020) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) (Xetra: GSR) has expanded its Gander Gold Property in Gander NL by acquiring an additional license extending the Property to the south, out over Gander Lake. The new 1900-hectare license provides a contiguous extension of the geological and structural zones of interest along the Gander River Complex (formerly the GRUB Line). It encompasses a number of assumed faults that trend southward off the shoreline into Gander Lake from the existing properties held by Gossan and New Found Gold Corp.

Two additional properties were acquired north of the Gander Gold Property, also along the Gander River Complex. The 975-hectare Weir Pond Property is located 25 km north of Gander, southwest of Weir Pond. The 1,050-hectare Island Pond Property is located 48 km north of Gander, southwest of Island Pond. Both properties are situated within the structural corridor of interest to Gossan and are accessible off of Route 330 on Forest Resource roads, logging and other trails.

The geological setting of the land acquisitions is similar to the Gander Gold Property. The properties straddle a major geological contact between the Dunnage and Gander Zones within the Appalachian orogeny where crustal thickening occurred. Gold in the district is believed to be caused by deformation and plutonism associated with the orogenic events. (See NR-20-05 dated September 1, 2020)

The Company has received an initial exploration permit for the Gander Gold Property and is proceeding with a field program including: prospecting, orientation geochemical surveys of both soils and vegetation, and high-resolution drone magnetic geophysical surveys.

Douglas Reeson, President of Gossan stated, "We have expanded our new gold initiative with additional prospective gold properties in Newfoundland located near the recent high-grade gold discovery by New Found Gold and are encouraged by the commencement of our exploration programs."

Management cautions that mineralization hosted on adjacent and/or nearby properties in proximity to the company's properties is not necessarily indicative to the presence of mineralization that may be hosted on the company's property.

Hamid Mumin, Ph.D., P.Geo., a Gossan Director, is the Company's Qualified Person and he has reviewed and approved the technical information of the mineral properties in this news release.

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Gossan Property Holdings in the Gander Goldbelt NL

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Gossan Resources Limited continues to seek new financeable resource projects in Newfoundland, Manitoba, Ontario, and throughout North America. The Company is launching a new gold initiative with the acquisition of the 9,050-hectare Gander Gold Property in Newfoundland which was recently expanded to 10,950 hectares, and now, the 975-hectare Weir Pond and 1,050-hectare Island Pond Properties. The Company holds 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 advance and production royalty interests in a silica sand deposit. All of Gossan's mineral exploration and development properties are located in Manitoba, Northwestern Ontario and now, Newfoundland. The Company's most recent 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 40,008,900 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 visit 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

James Doyle
Generic Capital
Tel: 647-988-8757

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