TORONTO, Nov. 28, 2017 (GLOBE NEWSWIRE) -- Reliant Gold Corp. ("Reliant Gold" or the "Corporation") (TSX VENTURE:RNG) is pleased to announce that the Summer 2017 Surface Sampling Program (″2017 Program″), recently completed at its East Bay Property, has delivered encouraging results at its Apple Island and Altered Zone showings of up to 9.2 g/t Gold (Au). The 2017 Program was carried out on behalf of the Corporation by consulting geologist Trevor Boyd, P.Geo.
Reliant Gold’s East Bay Property is located in the McVicar Lake area in northwestern Ontario (the “Property”). The Property, comprised of 56 mineral claim units totalling 896 hectares, is situated approximately 90 kilometres west of Pickle Lake, Ontario and 130 kilometres southwest of Goldcorp Inc.’s Musselwhite Gold Mine. The Property is the site of three historical zones of gold occurrences: (1) the Altered Zone; (2) the North Flexure Zone; and (3) the Apple Island Zone. In addition, the Property hosts a historical copper-nickel occurrence enriched in the platinum group metals known as the Hoey Syndicate Occurrence. All four of these occurrences on the Property are registered in the Ontario Ministry of Northern Development and Mines (“MNDM”), Mineral Deposit Inventory (“MDI”) database.
QUALITY ASSURANCE - QUALITY CONTROL (″QA/QC″) PROTOCOL
During the course of the 2017 Program, a total of 35 grab, chip and drill core samples were collected by Trevor Boyd and then shipped by a bonded carrier directly to the Activation Laboratories facility located in Thunder Bay, Ontario for assaying and testing for gold. Activation Laboratories is an ISO – 17025 accredited laboratory providing high-quality mineral analysis. A gold standard and blank inserted with the batch performed satisfactorily.
HIGHLIGHTS OF THE 2017 PROGRAM RESULTS
Assays and Examination of the Apple Island and Altered Zones
- Apple Island Zone: surface chip sampling reported gold assays of 0.95 g/t Au over 1.5 metres across the zone with adjacent grab samples carrying up to 9.2 g/t Au. The east-west trending zone has never been drilled and remains open along strike in both directions into overburden or into McVicar Lake.
- Altered Zone: On-site review, examination and sampling of the exposed stripped area of the Altered Zone and associated historic drilling set-ups confirmed that the zone trends along strike to the east southeast and dips shallowly with a westerly rake, plunging directly to the north. The zone remains open in all three directions.
- 14 collected samples of historical drill core stored at the Altered Zone generally returned low values ranging up to 0.35 g/t Au.
Trevor Boyd, P.Geo., a Qualified Person as defined by National Instrument NI 43-101 (“NI 43-101”) directly visited and sampled the East Bay Property, and supervised the preparation of the technical information contained in this press release in compliance with NI 43-101. Trevor Boyd is an independent consultant for Reliant Gold. Trevor Boyd is of the opinion that the results of this program support the historical information available with respect to the East Bay Property and is not aware of any reason to doubt the legitimacy of the results herein disclosed.
ABOUT RELIANT GOLD
Reliant Gold is a junior mineral exploration company engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant Gold currently holds a 100% interest in the East Bay Property, comprised of 56 mineral claim units totalling 896 hectares in the McVicar Lake area, located approximately 90 kilometres west of Pickle Lake, Ontario, and 130 kilometres southwest of Goldcorp Inc.’s Musselwhite Gold Mine.
In addition, Reliant Gold holds a one-percent (1%) royalty on the net smelter returns from the future production and sale of minerals from Borden Lake South (the “NSR”), with Goldcorp Inc. having the right, at any time, to purchase fifty percent (50%) of the NSR from Reliant Gold by making a cash payment of $500,000 (plus any applicable taxes) to Reliant Gold, and a right of first refusal in favour of Goldcorp Inc. with respect to any future transfers of the NSR by Reliant.
The common shares of Reliant Gold trade on the TSX Venture Exchange under the stock symbol ″RNG″. The Corporation has 23,245,169 common shares issued and outstanding.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Reliant Gold or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Reliant Gold with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in Reliant Gold’s prospectus and in other continuous disclosure documents that are filed by Reliant Gold from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Reliant Gold, its prospects and the risks and uncertainties relating to Reliant Gold and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Reliant Gold to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Reliant Gold cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. Reliant Gold does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the 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 release.
CONTACT INFORMATION
Kabir Ahmed
Chairman, President, CEO and Director
Reliant Gold Corp.
Email: info@reliantgold.com
Tel: (416) 820-4107