VANCOUVER, British Columbia, June 16, 2021 (GLOBE NEWSWIRE) — C2C Gold Corp. (CSE: CTOC) (the “Company” or “C2C”) is pleased to announce the acquisition of a 100% interest in the Rocky Pond and Burnt Lake gold properties located 70 km northeast of the Company’s Badger, Millertown, and Barrens Lake projects in the Central Newfoundland Gold Belt. Historical quartz vein samples from the Rocky Pond Gold occurrence contained up to 51.8 g/t gold, with abundant arsenic. Rocky Pond is adjacent to and on trend with New Found Gold’s land package hosting the Queensway discovery.
Rocky Pond and Burnt Lake Acquisition Highlights:
- 100% interest in three mineral licenses (27 claims) covering the Rocky Pond gold occurrence;
- Rocky Pond has similar mineralization to New Found Gold’s Queensway discovery, including quartz veins with stibnite, arsenopyrite, pyrite, and up to 51.8 g/t gold in historical rock samples.
- 100% interest in one mineral license (4 claims) covering the Burnt Lake gold occurrence with up to 270 ppb gold from quartz veins.
For more information and to view C2C project maps including the newly acquired properties visit: https://bit.ly/3xrGXTz
The Rocky Pond and Burnt Lake gold occurrences are targeted for surface exploration in C2C’s 2021 field program. Acquisition of the Rocky Pond and Burnt Lake mineral licenses increases the Company’s land position in the Central Newfoundland Gold Belt to 4,664 claims (1,166 sq km).
Rocky Pond Project
The Rocky Pond property is easily accessible via the Trans Canada Highway and forest access roads. The property has seen sparse exploration since the discovery in 1998 of two structurally controlled quartz veins containing stibnite, pyrite, and arsenopyrite. Rock samples collected at this time returned up to 52.8 g/t gold and abundant arsenic. It was reported that the veins may continue for at least 100 m along strike.
Rubicon Minerals Corporation conducted a short program of prospecting, rock sampling and trenching in 2003, and exposed a quartz vein up to 1 m wide containing arsenopyrite clots and local pyrite. Rock samples from outcrop returned 74 and 110 ppb gold and 535 and 507 ppm arsenic. The project is underlain by Ordovician siliciclastic rocks.
C2C plans to integrate the vendor’s data into the company’s regional dataset and conduct an exploration program as part of its 2021 exploration season.
Burnt Lake Project
The Burnt Lake property is located 35 km north of the town of Gander. A forest access road provides entry to the property, which is underlain by Ordovician siliciclastic rocks. According to historical records grab rock samples from quartz veins within a gabbro sill intruding black shale returned up to 270 ppb gold. Assessment report records also document the recovery of numerous fine grained delicate gold grains from a till sample. The till sample was collected from the trench that exposed the mineralized quartz vein; the exposed mineralization was not thought to be the source of the gold.
The historical exploration data and analytical results reported in this news release were compiled from publicly available assessment reports and other data filed with the Department of Energy, Industry, and Technology, Government of Newfoundland and Labrador. Neither C2C Gold or a qualified person has verified the historical sampling and analytical data in this news release.
Terms of the Agreement
The Company has entered into an Agreement with the vendor for 100% ownership of the Rocky Brook and Burnt Lake mineral licenses in exchange for $70,000 cash and the issuance of 700,000 common shares upon signing. The vendor retains a 2% net smelter return royalty of which C2C can purchase 1% at any time for $1,500,000. The purchase agreement is subject to exchange approval.
C2C Gold – Newfoundland Properties
C2C Gold’s main project areas cover more than 1,160 km² along and between the RIL and the Valentine Lake shear zone in the Central Gold Belt of Newfoundland. The Company’s prospective holdings extend for more than 100 km along the Central Gold Belt; a northeast trending structural zone extending across Newfoundland. Regionally extensive fault zones are deep crustal sutures which localize deformation and fluid flow and host orogenic-style gold bearing quartz veins and stockwork zones.
Companies working on active gold projects within this belt and the broader Exploits Subzone have noted the similarity in geological setting and character with both the Abitibi greenstone belts in Ontario and Quebec, Canada and the Bendigo-Fosterville gold deposits in Australia. Regionally, till and lake sediment sampling programs by the Newfoundland and Labrador Geological Survey defined northeast trending clusters of gold-in-till anomalies south of the RIL.
C2C Gold is focusing on testing the correlation between anomalous gold-in-till samples and underlying structural features shown on historical geophysical surveys. A comprehensive program of deeper soil sampling over the most promising areas will target potential buried gold mineralization. There are numerous gold-in-till anomalies throughout the C2C property holdings.
Newfoundland Projects – Regional Overview
Newfoundland has long been known to have a large number of gold occurrences with relatively little modern exploration. Historical production from the Hope Brook, Nugget Pond, and Point Rousse projects have been typical of the island’s mines with relatively modest production from high grade deposits. More recently important significant drill intersections such as those announced by New Found Gold Corp. and those contributing to the growing resource at Marathon Gold Corp’s Valentine Deposit have raised the status of the area to that of a premier gold exploration jurisdiction. These continued positive results have led to a dramatic increase in exploration activity giving rise to a modern-day gold rush throughout.
Technical information in this news release has been approved by Lori Walton, P.Geo., CEO and Director and a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
C2C Gold Corp.
C2C is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The Company holds the Badger, Millertown, and Barrens Lake projects, which cumulatively cover an area of more than 1,160 km² with road access and proximity to communities and power lines. C2C also holds a portfolio of projects within the prolific White Gold and Klondike districts in Canada’s Yukon.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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