Solstice Gold Announces Results from 2020 exploration

-Three extensive bedrock source areas for gold-bearing boulders identified-

VANCOUVER, British Columbia, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Solstice Gold Corporation (TSXV:SGC) (“Solstice”, the “Company”, “its”, “we” or “our”) is pleased to announce that the Company has completed its summer 2020 field program at its 886 km² KGP project, located only 26 km from Rankin Inlet, Nunavut and within seven km of the low cost Meliadine gold mine owned by Agnico Eagle Mines Ltd which began gold production in 2019*. Mapping and sampling on the KGP were carried out within a large, 40 km² area of gold-bearing boulders to identify potential source areas as drill targets.

“With this new, focused work we have identified likely bedrock sources within this very extensive, gold-bearing boulder field. Collectively, we now have five well-constrained drill-ready target areas, which are up to 5km long and large enough to host significant potential gold deposits. “In our view, the KGP occupies the eastern extension of the emerging Meliadine Gold District but, unlike many of the gold belts elsewhere in Canada, it is virtually unexplored. Through our extensive land holdings, we offer unrivalled exposure to exploration in this politically safe, high geological potential region” stated David Adamson, Chairman.

Results are summarized below:

Three well-defined areas of proximal gold-bearing boulders have been identified which point to a local bedrock source. These are the EWIF, South and QIF targets (Figure 1). Collectively, gold values range from less than detection to 66.7 g/t gold (Figure 1). Summary statistics of boulder field samples are provided in Table 1 along with data for specific targets areas described in this release. Auriferous boulders are predominantly chert-magnetite-grunerite iron formation and are associated with 2 – 20% pyrrhotite, pyrite and/or arsenopyrite. Quartz veins are often present in the iron formation boulders but many are just sulphidic.

• EWIF is a 4.5 km long east-west oriented iron formation bounded by major faults and defined by local boulder trains and subcrop (shallow, buried outcrop). EWIF is interpreted to be a meta-sedimentary structural panel between granitic rocks to the north and a diverse package of gneisses with supracrustal lenses to the south. Arsenopyrite- bearing iron formation boulders and subcrop along the trend of the iron formation are consistently auriferous with gold values from this target of 7.0 g/t Au in 2020 sampling (see Table 1) and up to 34.9 g/t Au further down ice. This target is untested by drilling.
• The Southern Target is marked by auriferous samples collected north (i.e., up ice direction) of the EWIF and must therefore have a separate source. Gold-bearing boulders in this area are also angular and abundant. It is likely that this target extends eastwards beneath the southern part of Enterprise Lake. This target is untested by drilling.
• The QIF target is an area of mineralized iron formation boulders and subcrop which define a proximal bedrock source striking towards Enterprise Lake. Maximum gold values in this area are 54.9 g/t Au (6.2 g/t Au in 2020 sampling further east).
• The South and QIF target areas trend towards Enterprise Lake. Well developed electromagnetic anomalies in this area (Figure 1) comprise two additional extensive target areas.

The targets flank and wrap around the margin of a large, variably deformed two-mica granite. In addition to presenting a permissive structural setting around its margins, the granite may be more directly associated with the mineralization since some samples from it are weakly anomalous in gold (<200ppb Au). Internally, the two-mica granite contains well developed faults up to 50m wide which are weakly to moderately conductive and which form secondary drill targets.