Hanstone Gold Provides Update On Its Doc and Snip North Properties
VANCOUVER, BC – October 19, 2021 – Hanstone Gold Corp. (TSXV: HANS) (FSE: HGO) ("Hanstone" or the "Company"), is pleased to provide an update on its Doc and Snip North Properties located in Northern BC, located within the prolific mineralized region known as the Golden Triangle.
A grab sample from 2020 on the Q19 mineralized quartz vein on the DOC Property returned a significant gold assay of 212 g/t Au. During the 2021 drill season, two small diameter, shallow core holes were drilled on the Q19 vein with a portable backpack drill. These near surface holes returned gold grades of 12 g/t Au in one hole and 10 g/t Au in the other over approximately one meter of core length.
A one tonne bulk sample of the Q19 vein system has been conducted on this mineralized vein system. The data from this sampling is expected to result in a more representative quantification of the gold content of the system within the sampled areas and will add additional confidence to future estimates of potential resources. An additional one tonne bulk sample was also conducted on the TRJC vein, a similar vein system to the Q19 system on the DOC Property.
Bulk sampling and metallurgical analysis are used to assist companies in determining the feasibility of mining a prospective deposit. It is an effective tool for de-risking an exploration project and is expected to assist in moving project towards initial NI 43-101 compliant resource estimations.
The bulk of the assay results from the HQ core drilling program conducted on the DOC Property in the summer of this year remain pending.
A number of project initiatives are planned for both properties moving forward, including:
DOC PROPERTY
Processing and shipment of two, 1 tonne bulk samples collected on the DOC property during the 2021 field season on the Q19 and TRJC vein systems is underway. Bulk samples are to be crushed and milled to -150 mesh size fraction, with 5 samples each for assay to be retrieved from each bulk sample for analysis. The remainder of the bulk sample crush will be reserved for potential metallurgical testing.
An additional 100 tonne bulk sampling program is also being considered for the 2022 exploration season on the Q19 and other Doc vein systems. Existing underground workings on the Doc Property are also high priority targets for the proposed 2022 bulk sampling project.
SNIP NORTH PROPERTY:
As announced on October 5 of this year, Hanstone contracted Axiom Exploration Group Ltd. for the collection and processing of airborne magnetic data over the Company’s Snip North Project proximal to the Snip Mine in British Columbia. This survey is intended to delineate magnetic low anomalies for future ground evaluation of potential gold mineralization. On the Doc Property, magnetic lows are known to be coincidental with verified mineralized targets.
The airborne magnetic survey will provide high resolution tri-axial array magnetic gradient results expected to be followed up in the 2022 field season. Hanstone will use the data to evaluate any coincidental gossanous zones, and to compare with other nearby prospective areas with the same signature. The Company will also use this information to explore and evaluate nearby historical showings on the Snip North property.
Ray Marks, President and Chief Executive Officer of the Company, stated:
“The 2021 exploration season has been a challenging and exciting one for Hanstone. Management is looking forward to the results of the 2021 drill program and bulk sampling assays to assist in the definition of additional targets on its DOC and Snip North Properties located in the Golden Triangle of Northern BC. We are confident that data generated from this year’s exploration and drilling season will greatly assist the Company in moving its properties forward with the goal of defining their potential to host viable mineral resources.”
About Hanstone Gold
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
For Further Information Contact:
Carrie Howes, Director of Communications, +1-(778)-551-8488, carrie@hanstonegold.com
Or visit the Company’s website at www.hanstonegold.com
Cautionary Statement Regarding Forward Looking Information:
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances, and achievements of Hanstone to differ materially from any projections of results, performances, and achievements of Hanstone expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that future assay results will not confirm previous results, imprecision of mineral resource estimates, the uncertainty of commodity prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, or other approvals
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information because of new information or events except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
