Gold’n Futures signs definitive option agreement to acquire up to 90 % of Hercules Gold Project
TORONTO, Oct. 26, 2020 (GLOBE NEWSWIRE) -- GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF), (the "Company”), is pleased to announce that it has entered
into a definitive option agreement with Argonaut Gold Inc. (“Argonaut”) to acquire up to a 90% interest in the Hercules – Elmhirst property (the “Property”)
located 200 kilometers northeast of Thunder Bay, Ontario in the townships of Elmhirst and Rickaby, within the Thunder Bay North Mining District (the “Option Agreement”). A copy of
the Option Agreement is available on the Company’s SEDAR profile at www.sedar.com. The Property lies within an Archean greenstone belt that extends from the Longlac area in the east to Lake Nipigon
in the west, a distance of 130 kilometers. The Property consists of 393 contiguous claim cells totaling approximately 8,740 hectares.
Commented Theo van der Linde, interim CEO of the Company, “We are excited to begin work on the Property as we believe previous exploration programs simply scratched the surface. We plan on an extensive data compilation and exploration program to properly evaluate and demonstrate the viability of the project. The Property has an exciting history which can be viewed online, as it was selected by the Northwestern Ontario Prospectors Association as the discovery of the year in 2008. To date, the work completed on the Property forms an extensive database including grab samples; channel samples; a variety of geophysical surveys; and, a drill hole database that includes historic drilling of 497 holes totaling 106,931 meters. More than 2,000 grab and channel samples were collected from the Property. In the last two field seasons, more than 150,000 m2 of trenches were developed. Metallurgical test results, in 2009, by SGS Lakefield of 94 kg of sample material concluded that 'cyanidation of gravity tails yielded an excellent response with greater than 99% of the gold being recovered/extracted in the gravity and cyanidation flow sheet.'”
In May 2010, Watts, Griffis and McOuat Limited ("WGM") was retained by Kodiak Exploration Limited ("Kodiak"), the former owners of the Property, who produced a National Instrument 43-101 Mineral Resource (the “Mineral Resource Report”), currently classified as a “historical estimate,” for the Hercules Property.
- Direct road access and large continuous land package
o in close proximity (~70 km) to Greenstone Gold Mines Hardrock Deposit (4.2 Moz)
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