MONTREAL, May 13, 2020 (GLOBE NEWSWIRE) -- Beauce Gold Fields (Champs D’Or en Beauce) (TSX Venture: ¨BGF¨), (“BGF”), is pleased to announce the company will commence its spring exploration program in the western section (Rang de Léry) of the BGF property in the town of St-Simon-Les-Mines located in the Beauce region of southern Quebec later this month. The Rang de Léry area holds the confluence of the Gilbert River and the Giroux creek, site of intense 19th & 20th century placer gold mining operations and site of the largest reported gold nuggets in Canada.
Patrick Levasseur, President and CEO of Beauce Gold Fields said, "We are excited to get back to work on the property now that the COVID-19 exploration restriction has been lifted. We plan to test promising IP anomalies by trenching down to possible outcrops and follow-up that with exploratory drill holes." Mr. Levasseur further stated: "It has taken BGF a number of years to piece together this large land package. Now that it is assembled, we have commenced exploration and already have received encouraging results. We can now start to focus on finding the source.”
RANG DE LÉRY, GIROUX CREEK AREA
During November and December of 2019, the Company completed an outcrop sampling and structural geology program and three additional geoelectric induced polarization (IP) survey lines (BGF press release January 3th 2020) in the western section (Rang de Léry) of the BGF property. The IP results, from lines crossing the Gilbert River, suggest the presence of a structural discontinuity interpreted as south-westerly extension of the major fault that strikes through the property (Fig. 1). Notably, the historical placer gold channel and mining shafts that produced the largest gold nuggets in Canadian mining history (50oz to 71oz) follow the trend of the structure. Induced polarization anomalies (IP-III, IP-IV and IP-V) suggest the presence of disseminated sulphide mineralisation in folded volcaniclastic rocks and massive sandstones located on a 400m long section from 500 to 900 m along Line 2 crossing the Gilbert river (Figures 1 & 2).
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/357b0f4b-486e-42ea-83ff-45f0fd8a4865
Figure 1. 2D inversion model of the electrical resistivity and electrical chargeability (induced polarisation) data of Line 2 intersecting the Gilbert river in the sector of the confluence with the Giroux creek. The strong IP anomalies coincide with folded rocks near the river (IP-III, IP-IV, IP-V). Refer also to Figure 2.
The presumed sulphide mineralisation may be associated with the presence of gold mineralization in the bedrock similar to the visible gold extracted from quartz-rich volcaniclastic rocks associated with the exposed fault line at the Poulin trench located 1.5 km east of Giroux Creek (BGF press release January 3th 2020). A quartz veined rock outcrop on eastern bank of Ruisseau Giroux in the area surrounded by 19th century placer gold mining shafts returned 124 ppb Au with anomalous arsenic (As), a well-known gold pathfinder metal (Sample 6007-b) (Figure 3).
IP data will allow the Company to identify potentially mineralized bedrock buried under glacial till overburden that can be excavated for channel sampling and / or provide target data for subsequent diamond drill programs.
Marc Richer-LaFlèche, Ph.D. Geo., a qualified person as defined by NI 43-101, has reviewed and approved the technical information presented in this release.
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/9f1f24f6-a4f2-45e5-99e1-f09d886eecb0
Figure 2: Giroux Creek 19th Century Mine Shafts and rock outcrop near the Gilbert river line 2 intersection
Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/4048342e-286a-408a-9344-a987f0a4cc01
Figure 3. Quartz veins with sulfides from sample 6007b. Giroux Creek area.
About Beauce Gold Fields
Beauce Gold Fields is a gold exploration company focused on placer to hard rock exploration in the Beauce region of Southern Quebec. The Company’s flagship property is the St-Simon-les-Mines Gold project site of Canada’s first gold rush which pre-dates the Yukon Klondike. The Beauce region hosted some of the largest historical placer gold mines in Eastern North America that were active from 1860s to the 1960s. It produced the largest gold nuggets in Canadian mining history (50oz to 71oz).
Comprising 152 contiguous claims and 7 real estate lots, the project area contains a six-kilometer-long placer channel consisting of an unconsolidated gold-bearing auriferous unit of a lower saprolite and an upper brown diamictite. The Company has calculated a Gold Exploration Target for the entire historical placer channel ranges between 61,000 ounces (2,200,000 m3 @ 0.87g Au/m3) and 366,000 ounces* (2,200,000 m3 @ 5.22 g Au/m3). Source: Beauce July 4th 2018 [43-101 Report].
The Company has identified a major Fault Line that coincides with an interpreted fault structure across the property. Evidence suggests the erosion of the Fault Line as a probable source of the historical placer gold channel.
Beauce Gold Fields website www.beaucegold.com
Disclaimers:
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding mineral exploration. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as 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 or accuracy of this release.
For further information contact
Patrick Levasseur, President and CEO Tel: (514) 262-9239
Bernard J. Tourillon, Chairman and COO Tel (514) 907-1011
www.beaucegold.com
Shares outstanding: 20,974,166