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AMQ.CN ·

Goldseek Resources Acquires the Southern Arm Property on the Detour Gold Trend

Mergers & Acquisitions Property Options & Staking

April 22, 2020 – TheNewswire – London, Ontario – Abitibi Metals Corp. (CSE:GSK) (CNSX:GSK.CN) (“Goldseek” or the “Company”) is pleased to announce the acquisition of the Southern Arm Property (the “Property”) by direct staking. The Brouillan-Fenelon volcanic belt has significant potential for gold and base metals. Property highlights include:

  • 3,300+ hectares of Abitibi Greenstone
  • VTEM target identified
  • Historical drilling intersected disseminated Au-Cu-Zn sulfides
  • 10km south of Wallbridge Mining’s Fenelon Project
  • Borders Probe Metals, Midland Exploration and Great Thunder Gold

Goldseek’s President & CEO Jon Deluce states, “We are very excited to announce the acquisition of the Southern Arm Property. Through an assessment of the area ahead of the staking rush, we were able to directly stake this property at no dilution to shareholders. We believe the property is well-positioned and has the potential to take part in the discoveries made on the Detour Gold Trend. We look forward to completing a thorough assessment of the property and presenting a workplan in a subsequent news release.”

The Property

The Property is made up of 62 claims that were acquired by direct staking. They cover approximately 3,300+ hectares (33 km2). Access to the property is by Road 810 and by logging roads. It covers the Brouillan-Matagami belt, which consists of undifferentiated volcanic rocks.

Regional Potential

The past year has been instrumental for Wallbridge Mining and its Fenelon Gold Project. Last December, they reported drill intercepts grading of up to 22.73 g/t Au over 48.01 meters (Wallbridge Dec 3, 2019 press release) and a successful 33,233 tonnes at 18.49 g/t Au bulk sample result. During 2019, Wallbridge drilled 75,000m and plans to increase to 100,000 – 120,000m of drilling throughout 2020 in anticipation of their maiden-resource calculation.

The B26 Zone (SOQUEM) is located approximately 18km SW of the Property. “A resource estimate was completed in March 2018. The indicated resources of the polymetallic deposit are estimated to be 6.97 Mt at 1.32% Cu, 1.80% Zn, 0.60 g/t Au and 43 g/t Ag, and the inferred resources stand at 4.41 Mt at 2.03% Cu, 0.22% Zn, 1.07 g/t Au and 9 g/t Ag. Favorable horizons elsewhere on the property remain untested.” (Source: SOQUEM’s web site) Recent drill holes returned up to 9.96% Zn, 82.19g/t Ag and 0.83g/t Au over 6.2m (Hole 1274-02-73); 4.56% Cu and 2.09g/t Au over 15m (Hole 1274-14-208) and Hole 1274-14-180 returned 30.3m at 1.98% Cu and 0.35g/t Au (2). Soquem is actively working on this property.

The Selbay Mine located approximately 18km SW produced 56,529,682 tons at 38.11g/t Ag, 0.56g/t Au, 0.87% Cu and 1.85% Zn (MRN, 2001; DV 2001-01).

The Bapst Fault runs NW-SE through the Property. Close-by is the SG3-1 silver showing located 3.5km NW of the property on the Bapst Fault. The showing returned 5.6g/t Ag over 1.4m and 5.0g/t Ag over 1.0m in drill holes(12). It consisted of disseminated pyrite hosted in brecciated and sheared dacite.

The Sondage 92-BA-A-01 drill hole is located 2km SE of the property. It consists of volcanic massive sulfides and returned 0.19% Zn, 3.3g/t Ag over 6.6m, including 0.90% Zn and 5.2g/t Ag over 0.5m(3). It consisted of disseminated to massive sulfides (pyrite, pyrrhotite, sphalerite, galena) hosted in felsic to intermediary volcanic rocks.

On Probe’s property located on Goldseek’s south border, there are strong grab samples and drill results as seen below:

(Source: Guay & Riopel, 2012)

Cautionary Statements: The mineralization from the various showings, deposits and mines reported in this press release are not necessarily indicative of any potential mineralization present on the Property. Since no significant work has been conducted on the Property, the exact nature of the inferred mineralization, structures or lithology is unknown.

Historical Work on the Property

Numerous EM anomalies have been reported over the Bapst Fault(17). Public reporting indicates that conductor anomalies are located on the property(16), such as VTEM targets(6). The major anomalous zones are oriented NW-SE and have associations with the magnetic anomalies. According to the detailed resistivity depth imaging, the top of the EM response sources varies in depth from about 50m-500m deep.

Eleven holes were drilled on the property from 1993 to 1995, mainly to test magnetic anomalies. Most of them intersected disseminated Au-Cu-Zn sulfides (pyrrhotite, chalcopyrite, pyrite)(9-13) but returned low values of these metals. Mineralization appears to be located in an exhalite horizon or dacitic/basaltic rocks.

A full review of the historical work conducted on the Property will be done, including the review of historical results from drill holes and statistical treatment of the available geochemical data.

Qualified Person

This press release was prepared by Pierre-Alexandre Pelletier, P.Geo.OGQ, and Steven Lauzier, P.Geo,OGQ both of whom are qualified persons as defined under National Instrument 43-101, and have reviewed and approved the geological information provided in this news release.

About Abitibi Metals Corp.

Abitibi Metals Corp. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying three projects in world-class mining locations, Goldseek is poised to deliver shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the mining camps of Urban Barry and Detour Gold Trend in Quebec and the Hemlo Gold Camp in Ontario.

ON BEHALF OF THE BOARD

Jon Deluce

Chief Executive Officer

Telephone: 647-549-7257

For more information, please contact:

Abitibi Metals Corp.

E-mail: [email protected]

The reader is invited to visit Goldseek’s web site https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

References:

  1. Adam, D, 1997: Rapport d’une Campagne de forage, Propriete B26. Les Metaux Billiton Canada Inc, GM 57187.
  2. Beaudin, A., Perreault, S., 2017: Rapport de la campagne de sondages hiver-ete 2014, B26-Brouillan (1274-1). SOQUEM Inc, GM 70058.
  3. Berthelot, P., De Corta, H., 1992: Campagne de sondages au diamaant, Propriete Bapst-A. SEREM Quebec Inc, GM 51585.
  4. Boileau, P., Turcotte, R., 1993: Leve Pulse-EM en Forage, Propriete Bapst A. SEREM Quebec Inc., GM 52294.
  5. Boileau, P., Turcotte, R., 1993b: Leve Pulse-EM en Forage, Propriete Gaudet A. SEREM Quebec Inc., GM 52292.
  6.  Boivin, M., 2017: Report on a helicopter-borne versatile time domain electromagnetic and horizontal magnetic gradiometer geophysical survey, Adam project. Exploration Midland Inc., GM 70148.
  7. Bouillon, J.J., De Cabissole, B., 1999: Journal de Sondage, Propriete SG3F. Les Metaux Billiton Canada Inc, GM 56580.
  8. Brousseau, K., Carrier, A., Pelletier, C., Theberge, L., Tremblay, D., Canova, E., Chalifoux, S., 2006: 2005-2006 Winter Diamond Drilling Program, Fenelon Property. American Bonanza Gold Corporation, GM 62991.
  9. De Corta, H., 1993: Campagne de Forage, Propriete Bapst A. SEREM Quebec Inc, GM 52295.
  10. De Corta, H., 1993b: Campagne de Forage, Propriete Gaudet A. SEREM Quebec Inc, GM 52293.
  11. De Corta, H., 1994: Campagne de Forage, Propriete Gaudet A, Hiver 1994. SEREM Gatro Canada Inc, GM 52502.
  12. Guay, M., Riopel., J., 2012: Rapport d’une campagne de prospection et de cartographie 2010, Propriete Sicotte.Adventure Gold Inc, GM 66731.
  13. Mercier, D., De Corta, H., De Cabissole, B., 1996: Rapport d’une Campagne de Forage, Propriete SG3. Les Metaux Billiton Canada Inc, GM 54389.
  14. Mercier, D., 1999: Rapport d’une Campagne de Forage Propriete SG3. . Les Metaux Billiton Canada Inc, GM 58364.
  15. MERN, 1999: Report on Mineral Exploration Activities in Quebec 1999. Ministere des Ressources Naturelles, DV 2000-02.
  16. Midland Exploration, 2018. Adam Au-Cu-Zn Project presentation. https://www.midlandexploration.com/wp-content/uploads/2019/02/Adam-Website-December-2018-EN-1.pdf
  17. Mines Virginia, 2008: Cartes Geophysiques couleurs -32E14. Mines D’Or Virginia Inc. & Noranda Exploration, DP 2008.25.
  18. Richard, P-L., Turcotte, B., Jalbert, C., 2016: Technical Report and Mineral Resource Estimate for the Fenelon Mine Property. InnovExplo Inc for Wallbridge Mining Company Ltd.
  19. Wallbridge Mining, December 3rd, 2019 Press Release, Website accessed March 2020 (https://www.wallbridgemining.com).

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