Gold Stock News: Gold'n Futures (CSE: FUTR) Reports Cumulative Gold Resources and Statement of Share Valuation for Recent Option Agreement
Vancouver, British Columbia - October 24, 2023 (Newsfile Corp.) (Investorideas.com Newswire) GOLD'N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M) (OTC PINK: GFTRF) (the "Company" or "Gold'n Futures") is pleased to report its aggregated gold resources for its projects resulting from recent acquisitions and exploration and development activities.
Highlights of Gold'n Futures Acquisitions:
- Gold'n Futures has achieved five strategic acquisitions through property option deals.
- The Company is reporting aggregate historical gold resources comprising;
- Indicated - 11.4 million tonnes containing approximately 308,000 ounces ("oz"),
- Inferred - 49.1 million tonnes containing approximately 844,000 oz.
- Costs for acquiring resources are a fraction of costs of exploration and discovery.
Since its inception in August, 2020, the Company has been an active acquirer. The Hercules project in Ontario was its first option deal that in October 2020 brought the renown Golden Mile vein together with several other gold vein structures to Gold'n Futures. Also in October, 2020, the Company's second acquisition was the Brady property with its Reid gold deposit and a subsequent later agreement in May 2021 expanded the Brady property. Recently, the option agreements for the Huxter Lane licenses and the New Licenses completed the Company's objective for the gaining the Mosquito Hill gold deposit and led to the creation of Gold'n Futures Brady-Huxter project.
Stephen Wilkinson, CEO of Gold'n Futures commented,
"Gold'n Futures made the strategic decision to prioritize achieving value expansion through acquisition of solid historical mineral resources when market pricing of gold resources looked to be at all-time lows. The case in point is the multi-staged assembly of our Brady-Huxter Project in Newfoundland that is the result of patiently advancing option deals over a period of many months. We believe that other such value-accretive acquisitions could be available, and Gold'n Futures stands ready to move on such deals."
The Hercules property and the Brady-Huxter property host significant historical gold resources, summarized in Table One. The mineral resources of the Hercules are mainly contained in the famous high-grade Golden Mile vein. In addition, there are several other veins on the property in close proximity to the Golden Mile that contribute to the mineral resource estimate. However, all of the gold veins of the Hercules project are far from fully explored and are open on strike and to depth. Gold'n Futures has completed a new Mineral Resource Estimate ("MRE") based upon its recent exploration programs coupled with all of the previous work. The new MRE requires completion of a QAQC program that is scheduled to be done in 2024 and it will be announced on completion of the QAQC.
The two gold deposits within the Brady-Huxter Project are large porphyry intrusions that are variably quartz veined and pyrite enriched. Collectively, the gold mineralization represents bulk mining targets that are far from totally delineated but show an overall tonnage of approximately 60 million tonnes. Most of this tonnage is drilled to a depth of only 250 meters and the gold zones remain open on strike and to depth.
Gold'n Futures intends to plan drill campaigns for each of the Hercules and Brady-Huxter projects that will be focused on expanding the historical tonnages and adding potentially mineable ounces. Our Management team believes that this is the most effective next step to growing our Company's value in favor of our shareholders.
Table One: Summary of the Company's historical gold resources. The resources will be the subject of development work for increases in future programs.
Cautionary Note: The Company refers to the historical resource estimates associated with the Hercules Property and the Brady-Huxter Gold Project including the Reid gold deposit and the Mosquito Hill deposit. These historical estimates are based on prior data and reports obtained and prepared by previous operators, and information provided by governmental authorities. A Qualified Person on the behalf of the Company has not done sufficient work to verify the classification of the mineral resource estimates in accordance with current CIM categories. Gold'n Futures is not treating the historical estimates as a current NI 43-101-compliant mineral resource estimate. Accordingly, the historical estimates should not be relied upon. Establishing current mineral resource estimates will require further evaluation, which the Company intends to complete in due course.
Share Pricing for the Recent Option Agreements
Gold'n Futures announced on October 16, 2023 the option agreement for a portion of the Mosquito Hill gold deposit that was not included in its previous acquisitions and that is now part of the Brady-Huxter Project. Upon the signing of the definitive agreement for this acquisition, Gold'n Futures will issue 1.5 million common shares to the vendors. The Canadian Securities Exchange has requested clarification on the pricing of the payment shares. It is the practice of the Company that shares issued for option payments will be priced at the market on the date of issuance. For this option agreement, the definitive agreement is expected to be signed and the abovementioned shares issued on or before December 14, 2023.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI 43-101 regulations and is a director of the Company.
About Gold'n Futures Mineral Corp.
Gold'n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC PINK: GFTRF) is a mineral exploration company with two advanced Canadian gold projects. The Hercules Gold Project is 195 km northeast of Thunder Bay, Ontario in the Beardmore - Geraldton gold mining camp. It is 54 km north west of Equinox Gold's Greenstone gold mine that reportedly boasts 5.5 million ounces of Proven and Probable Reserves (https://www.equinoxgold.com/growth-projects/greenstone-project/). The Hercules Property consists of 425 contiguous claims (11,370 ha). From the historical and its current work, the Company has built a comprehensive database and model and is preparing a new Mineral Resource Estimate based upon current and historical drilling totalling the order of 537 holes comprising 114,000 m of core.
The Brady-Huxter Gold Project is in Central Newfoundland, 50 km southeast of the town of Gander. The Brady-Huxter property consists of nine mineral licenses, which cover 2,350 ha and contains two large porphyry-hosted gold deposits, the Reid and Mosquito Hill. These deposits have a combined drill-defined historical resource estimate of 59.5 million tonnes containing 938,753 oz of indicated and inferred gold mineralization (see Gold'n Futures news of October 16, 2023).
Gold'n Futures is conducting programs to expand its gold resources and to develop viable gold mining operations through the application of extensive geological experience and knowledge combined with advanced technologies and computer modeling.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
President and CEO,
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the trading of the Company's common shares on the Canadian Securities Exchange, future capital expenditures, anticipated content, commencement, and cost of exploration programs in respect of the Company's projects and mineral properties, anticipated exploration program results from exploration activities, resources and/or reserves on the Company's projects and mineral properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration of the Company's properties, that the COVID-19 global pandemic will not affect the ability of the Company to conduct the exploration program on the Hercules Gold Project, the availability of financing on suitable terms, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company's option to acquire the Hercules Gold Project, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, the Company's limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.
Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by metal prices and exchange rate assumptions; changes in local interpretations of mineralization geometry and continuity; changes to grade capping, density and domain assignments; changes to geotechnical, mining and metallurgical recovery assumptions; ability to maintain environmental and other regulatory permits; and ability to maintain the social license to operate. The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing, or other relevant issues. Mineral Resources are classified according to Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (2014) and CIM Best Practices (2019). The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and cannot be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
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