Boreal Gold: Exploration Focusing on Copper and Gold
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Flin Flon, Manitoba – TheNewswire - February 4, 2025 – Boreal Gold Inc (CSE:BGLD) (the “Company”) wishes to provide an overview of the Company, recently listed on December 17, 2024. The Company is composed of seasoned explorationist and proven discoverers who bring a wealth of experience and expertise to an area that has a proven track record for discovery. Since 2022, the Company has acquired two large properties, one each in Manitoba and Saskatchewan and raised almost $2 million to explore these properties to develop drill targets prior to listing. The Company, over 2022 and 2023, was focussed on exploring through airborne EM surveys, mapping and prospecting the Fay Lake property NE of Flin Flon, Manitoba, strategically positioned between Hudbay's Vamp Lake Deposit and Minnova's Puffy Lake Gold mine. In Saskatchewan, Boreal completed similar work over the Melgurd Lake Property, just north of the Shotts Lake Copper Deposit in the Flin Flon Volcanic assemblage that host the Foran's large developing McIlvenna deposit further south.
Work completed to date includes complete airborne coverage with magnetic and electromagnetic surveys over both the Fay and Melgurd properties. Boreal has received an in-depth report on the Airborne survey by Ross Groom out of Toronto. To set the basis for more advanced exploration with drilling, extensive mapping and prospecting has been carried over the most promising portions of the property that contain Volcanic Massive Sulphide (VMS) mineralization of copper, zinc and gold. Exploration of the gold structures on the Fay Lake property are similar in mineralogy to Puffy Lake Mine and will begin this summer. Follow up ground magnetic and EM surveys were completed over the main VMS horizon in 2024 outlining a number of drill targets.
With the increase demand for critical minerals such as copper, Boreal plans to focus its efforts where high-grade copper was obtained in grab samples from trenches on the property with the idea of drill testing areas of high copper and gold concentration. Gold is now reaching all time highs of over $2,800 US per ounce or over $4,000 Canadian per ounce.
East of the Redwin shaft on the Fay Lake property, which was initially worked and discovered from 1928-1931, high values of copper were sampled in an old trench and a quartz vein sample collected 30m north of this trench from another trench assayed very high in gold. These selected grab samples collected during the summer of 2023 returned the following assays;
Sample |
Rock Name |
Au |
Ag |
Cu |
Zn |
298691 |
Massive Sulphides |
2270 ppb |
9.2 g/t |
1.12% |
0.14% |
298692 |
Massive Sulphides |
319 ppb |
16.0 g/t |
1.24% |
0.56% |
298693 |
Quartz Vein |
146.9 g/t |
6.4 g/t |
679 ppm |
47 ppm |
Drilling is planned for this area where it appears that gold veins cross cut VMS massive sulphide type mineralization. Mapping indicates that Redwin massive sulphide horizon which is 3.5 km long fold back on itself to the south creating an additional 3 km to explore and drill test. New discoveries were made in the summer of 2024, including new gossans on the southern horizon, and a completely separate horizon of massive sulphides known as the Sunrise Horizon located NE of the main workings immediately west of the rail line.
Another area of interest for gold exploration on the Fay Lake Property is the Fay showing located east of the railroad tracks. A sample collected in 2021, after a preliminary review, returned the following assay: sample 27309 assayed 14.33 g/t gold, 65.8 g/t silver, 0.14% copper and 0.23% zinc. Boreal, this summer, will focus on this structure which is similar to the mineralization of Puffy Lake Mine in more detail with detailed geological mapping, prospecting and additional sampling along with additional line cutting to search for the strike extension to the East for this gold enriched shear zone.
On the far eastern portion of the Fay Lake property, Boreal plans to prospect and sample the Jasper mineral occurrence on Koscielny Lake where mineralization contains values of up to 11.81 g/t Au (0.38 oz/ton Au) over 1 m. Visible gold was noted in some of the historic “e” sized drill core.
This winter follow up ground magnetic and Horizon Loop EM geophysical surveys are planned to cover those areas not previous covered in 2024 over Airborne conductors.
MMDF update
Boreal Gold is also pleased to announce that the final disbursement from the MMDF (Manitoba Mineral Development Fund) for last year’s grant of $64,650.00 will be processed. Boreal Gold has also applied for a $300,000.00 grant from the MMDF for the 2025 year of exploration work on the Fay Lake Property. Previously Boreal received a grant of $184,650.00 for the 2024 field season and $300,000.00 for the 2023 field season. This support from the Manitoba Mineral Development Fund was instrumental in helping Boreal Gold get listed on the CSE Exchange by providing assistance in the form of exploration funds for a junior exploration company exploring for critical minerals in Manitoba.
Boreal Gold has also obtained $20,000 through the exercise of warrants from an existing shareholder.
Properties
Fay Lake Property
The Fay Lake Property consists of 17 contiguous claims comprising of 2719 ha. lies 25km Northeast of Flin Flon, Manitoba. It is contiguous to the south of Hudbay Minerals Vamp Lake Cu-Zn-Au VMS property and also contiguous to the northeast, with the former Puffy Lake Gold mine. Fay Lake contains approximately 5 km of mapped VMS horizons similar to Vamp Lake. Separately, west of the rail line, a 9 km shear structure, presently known to contain similar mineralization as the Puffy Lake Gold deposit with samples assaying up to 14.33 g/t Au.
Melgurd Property
The Melgurd property consisting of 11 mineral claims totalling 7411 ha., lies Northwest of Flin Fon Manitoba just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan. Boreal’s airborne magnetic and EM survey shows both EM conductors and gradient magnetic trends of the Shott Lake horizon continuing north onto the Melgurd property in the area of a felsic volcanic package. Prospecting and mapping in the summer and fall of 2023 and 2024 have outlined an area of significant garnet and anthophyllite alteration, locally this alteration is associated with gossans.
Previous work
Fay Lake
The attraction of the property has been the high gold content of the Redwin massive sulphides.
During the period 1932–the Fay Lake Mining Syndicate delivered three shipments of sulphide ore to Hudson Bay Mining and Smelting, from the shaft area and nearby trenches. The three shipments of ore are as follows (Letter from A. Kauffman, Chief Geologist HBM&S, 1949). HBED was not interested because of the low copper values and gold was then only $25/oz.
• November 24, 1932: 42.6 tonnes (14.6 g/t Au; 50 g/t Ag; 0.20% Cu)
• January 12, 1933: 40.0 tonnes (15.7 g/t Au; 7.9 g/t Ag; 0.65% Cu)
• January 25, 1933: 147 tonnes (4.5 g/t Au; 4.5 g/t Ag; 0.51% Cu)
During this period the Syndicate excavated numerous trenches and two shafts and carried out a drill program in the main showing area however results from this program are not recorded. Various drill programs ensued along the extent of the 5 km horizon verified massive sulphides.
Melgurd Property
On the Melgurd Property in Saskatchewan, continued line cutting, detailed geological mapping, prospecting and sampling will continue in prospective areas while continuing to ground truth airborne anomalies obtained from the 2022 TDEM airborne survey. Boreal has successfully been granted a TMEI (Targeted Mineral Exploration Incentive) grant for drilling on the Melgurd Property where 25% of drilling expenditures are reimbursed up to a cap of $150,000. Boreal Gold has also applied to have last year’s work permit extended for an extra 2 years to fulfill its proposed work commitment.
Qualified Person
Stephen L. Masson, M.Sc., P.Geo. is the “Qualified Person” as defined by NI 43-101 for these projects, has reviewed and approved the technical disclosure contained in this news release.
About Boreal Gold Inc
Boreal Gold Inc. is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwest Manitoba and northeast Saskatchewan, Canada. All of the Issuer’s properties are currently at the exploration stage. The Issuer has assembled a portfolio of base metal and precious metal prospects in strategic locations in the Provinces of Manitoba and Saskatchewan.
Boreal Gold Inc
“signed”
Richard Masson
President & CEO
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.