Gossan Resources Commences Field Work at its Gander Gold Property and Plans Drill Program for its Glitter VMS Property

September 22, 2021 2:56 PM EDT | Source: Gossan Resources Limited

Winnipeg, Manitoba--(Newsfile Corp. - September 22, 2021) - Gossan Resources Limited (TSXV: GSS) (FSE: GSR) (the "Company" or "Gossan") announces its work plans for its Gander Gold Property, NL, and its Glitter Property, in the Sturgeon Lake VMS Camp in Northwestern Ontario. 

Gander Gold Property: Prospecting and Sampling

The Company's wholly-owned Gander Gold Property consists of 9,400 hectares and is 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.

The Company has contracted a LiDAR survey including ortho-imagery across 9,500 hectares of its total Gander property holdings, covering the majority of its claims. This program is ongoing and the Company expects the results will assist in better in planning ground surveys. The Company expects to receive the results of this survey in the month of October. The survey's output will be used in conjunction with existing geophysical and airborne mag data, as well as previous work to finalize planning and execute a sampling program across a large portion of the land package.

The sampling program will consist of approximately 1,200 to 1,500 samples on wide spaced NNW-SSE grids lines testing the main GRUB line structure, and adjacent areas including historic and unverified gold showings. The Company will also sample outcrops. Gossan has been in contact with a specialized contractor and the work program has been added to the queue to be performed as the contractor's prior commitments are completed. The Company expects that the results of these programs will serve to define high prospectivity areas for detailed subsequent exploration.

The Company has received exploration permits for all of its Newfoundland Properties that are valid until mid-May, 2022.

Glitter Property, Sturgeon Lake Mining Camp: Gravity Surveys and Diamond Drilling

Gossan's 4,500-hectare Glitter Property lies within the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt in northwestern Ontario. The property is directly along strike and to the east of 6 Volcanogenic Massive Sulfide (VMS) deposits that were mined between 1970 and 1991 with aggregate production of approximately 18.7 million tonnes with typical grades of 8.0% zinc, 1.1% copper, 0.8% lead, 120 g/t silver and 0.5 g/t gold (Franklin et al - 1995).

Gossan has contracted an additional gravity survey to expand the area coverage of the 2018 gravity survey, which has shown large gravity anomalies which are coincident and overlapping with sulphide bearing VTEM conductor anomalies. The survey will extend the coverage area to the North, Northeast and West of Glitter Lake, where the previous survey ended in a significant gravity anomaly. The survey will consist of approximately 525 gravity stations covering approximately 25-line kilometers.

The Company is also finalizing the planning for a diamond drilling program of up to 4,000 meters in up to 15 drill holes to test a series of prospective drill targets. The targets are defined by the coincidence of prospective geology with strong VTEM geophysical conductors, multiple geochemical indicators, and large gravity targets. Previous drilling indicates these target horizons are associated with stringer to massive sulphide mineralization, and extensive VMS-type hydrothermal alteration. It is anticipated that the holes will target varying depths from 100 to 400m in depth.

The Company submitted a Request for Tender for drill contractors and expects to finalize an agreement in short order. The Company anticipates it could begin drilling as early as December depending on the availability of drill crews and the ground conditions for access after the freeze-up.

In January 2021, Gossan received an all-season permit to conduct drill programs at the Glitter Property with up to 20 drill pad locations, valid for three years.

Gossan's Glitter Property was previously referred to as the Sturgeon Lake 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.

Other Projects

Gossan continues to look for joint venture partners for, or purchasers of Gossan's other properties, and other means of generating cash flow, such as royalty income. The Company may initiate active exploration activities at any of its other properties at any time. Please refer to Gossan's website for information about these other projects.

About Gossan Resources:
Gossan Resources Limited holds mineral exploration and development properties located in Manitoba, Northwestern Ontario and Newfoundland. The Company's focus is the exploration of its drill-ready Glitter Property, located in the zinc-copper-silver rich polymetallic Sturgeon Lake Greenstone Belt of Northwestern Ontario. The Company also holds a gold initiative with the Gander Gold Property in Newfoundland as well as a broadly diversified portfolio of multi-element properties. These properties are 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 57,930,400 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97319.