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TORONTO, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Sandy Lake Gold Inc. (“Sandy Lake” or the “Company“) (TSXV:SLAU) announces an update of exploration work in the Sandy Lake Gold District (SLGD) and changes to the Board of Directors.
The Company has recently completed a ground magnetic survey on portions of the Weebigee area, in the western part of the SLGD. The recently completed project consisted of ground magnetics over 375 line km. at the NW Arm and Stain River prospects. Results from this survey are currently being analysed and interpreted to assist in the identification of areas of follow up drilling.
The NW Arm area was the subject of a 2,000 m diamond drilling program in 2014. This program encountered significant gold intersections in several of the drill holes, including hole BK14-16 (8.59 g/t over 6.83 m) and BK 14-18 (23.15 g/t over 3.97 m) (see Goldeye Explorations Inc. March 17, 2014 press release available at SEDAR www.sedar.com).
Sandy Lake Gold’s current holdings encompass approximately 50 km of banded iron formation structure which the Company believes to be highly prospective for gold mineralization. The Company’s geological and economic models are based on Goldcorp’s Musslewhite Mine located 200 km south-east of the project. The Musslewhite Mine is a bulk mineable underground mine which has historical production of 4.4 M oz/Au and currently hosts total reserves of 3.3 M oz/Au. @ grade of 5.92 g/t.
Changes to Board of Directors
The Company also wishes to announce the retirement of Alex Po as a non-executive director and the addition of Michael (Mike) J. Desmeules to the board of directors. Mr. Po has served as director to Sandy Lake Gold since its inception in July 2016; and the predecessor GPM Metals since 2004. Mr. Po was also instrumental in the exploration and development of the Guyana Goldfield, 4.5m oz/Au Aurora Mine from 1997 until 2012. We wish to thank Mr. Po for his valued input and contributions over the past 15 years and wish him well in his retirement.
The Company welcomes the addition of Mike Desmeules as a non-executive director. Mike is a second generation Red Lake, Ontario prospector and explorationist. His 40 year career has covered all aspects of Logistical, Technical and First Nation relationships in Northwest Ontario mineral exploration. Mike’s lifelong experience and knowledge of Northwest Ontario will be a valuable addition as this project moves forward.
The Company also wishes to acknowledge and thank the First Nation Communities located on Big Sandy and Sandy Lake for their assistance in local employment and cooperation; and in accessing their Traditional Territories.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
For further information, please contact:
Daniel Noone,
Interim Chief Executive Officer,
(416) 628-5904
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of Sandy Lake Gold which have been used to develop such statements and/or information but which may prove to be incorrect. Although Sandy Lake Gold believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as Sandy Lake Gold can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; Sandy Lake Gold’s future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Sandy Lake Gold has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of Sandy Lake Gold to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which Sandy Lake Gold has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which Sandy Lake Gold has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and Sandy Lake Gold’s dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in Sandy Lake Gold’s public disclosure documents, (including, without limitation, those risks identified in this news release and Sandy Lake Gold’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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 and / or accuracy of this release.