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Company Re-Brands as Record Gold Corp
Calgary, Alberta–(Newsfile Corp. – August 10, 2022) – Silk Road Energy Inc. SLK, the "Company" doing business under the name of "Record Gold", reports it has acquired new gold exploration properties in the Kirkland Lake Mining camp in Ontario consisting of eleven claim cells known as Kenogami East.
The new name, Record Gold, reflects the company's transition to a TSX Venture Exchange Tier 2 Mining Issuer, and is to be ratified as the official, legal name of the corporation at the company's upcoming AGM, this fall.
Kenogami East is located at the eastern margin of the company's Grenfell-Four Nations gold property and 8.5 kilometres west of Agnico Eagle's Macassa Mine. (see April 19, 2022 news release). Kenogami East is adjacent to and in some cases overlaps the company's Grenfell-Four-Nations property.
The Company acquired the property by issuing one million of its shares and by agreeing to make a cash payment in twenty-four months of $50,000.
"What our work has revealed so far is that Kenogami East and our Grenfell-Four-Nations properties are situated in an area that is highly prospective for significant gold mineralization," said Michael C. Judson, Chairman and CEO of Record Gold. "Prospecting there is challenging: out-crop in the region is scarce and mineralized zones are complex. Yet, there are widespread occurrences of gold-bearing zones with good grades and widths coupled with the occasional high-grade lodes."
"The style of gold mineralization found on Kenogami East closely resembles the gold mineral- ization on which gold mines were built in the Larder-Victoria Lake and Val d'Or mining camps," said Judson. "There has been a substantial amount of work completed in the area and this is reflected in the excerpts of historical geological reports paraphrased below. What seems to have been missing is an accurate understanding of the structure of the mineralization and the absence of any drilling to depths greater than 150 metres."
The following geological data is paraphrased from historical geological reports filed with the Ontario's Government and is not considered 43-101 compliant:
Exploration activities at Kenogami East started in 1917 and identified a gold- bearing zone with an average width of 2.5 metres and 91 metre strike length. Reported assays averaged 7.55 grams per tonne in quartz and quartz-pyrite veins. A shaft was sunk to 7.6 metres to mine the vein. No records from this mining activity are available. During the 1927 to 1928 the shaft was deepened to 164 metres and included production drifts at the two upper levels (the 25 level and 125 level) and exploration drifts at the lower three drifts (the 250 level, 375 level and 500 level drifts).
During 1933 to1934, surface mapping, stripping and trenching along with the development of additional underground exploration drifts and drilling were undertaken to trace the extensions of the veining system. During 1963 to 1965, 12 drill holes for a total of 2,026 metres were completed on the property to test the down-dip extension of the surface veins.
Drilling in the vicinity of the Grenfell-Four Nations shaft confirmed the presence of a shear zone in the vicinity but the geometry of the zone did not correlate with the shear zone exposed at the 500-foot level. Other structures were noted in the remaining drill-core but these could not be spatially correlated to the vein structures mapped at surface.
Later it was found that most of the 1960's drill holes were not correctly located relative to the sampled trenches. More importantly, it was discovered that the east-northeast trending veins were not vertical as previously inferred from surface data but dipped 70-80 degrees to the south. As a consequence, these drill holes stopped short and did not intersect nor test the gold-bearing veins exposed in trenches at the surface.
The gold-bearing vein zone underlying the property consists of several sub-parallel lenticular grey quartz and less commonly quartz-carbonate veins. These mineralized zones contain assay values averaging 7.5 to 8.6 grams per tonne over widths averaging 2.5 metres.
Gold values occur both "within well-developed quartz veins and within the altered, quartz- stringered wall rocks" (P.T. George 1986). Mineralized zones vary from half a metre to three metres in width. The altered host rock adjacent to the vein structures vary in width from 1.5 to 6 metres.
It has been reported by P.T. George (1986) that veins discovered to date, contained "significant gold mineralization" averaging 7.6 grams per tonne over average width of 2.5 metres" and it "would be feasible to mine economically" if a "sufficient tonnage of material" were to be established.
Furthermore, he concluded that the results from exploration drilling to date failed to test mineralization at depths below 100 meters due to mislocation of drill holes and incorrect interpretation of structures controlling the vein development.
Field sampling and the drill results, however, were successful at verifying the 1930's trenched assay data and "have demonstrated that the target vein zone has potential for significant vertical continuity" (P.T. George 1986).
Anconia Resources Corp. again in 2014 re-examined the various mineralized zones exposed in trenches and took grab-samples from the different vein systems. Assay results based on these samples confirmed earlier results with grades up to 18.80 grams per tonne.
Similarly to the west on the Grenfell-Four Nations gold property several mineralized zones have been mapped and explored with widths that range from less than1 metre to 2 to 5 metres and strike lengths varying from approximately 10 metres up to 100 metres. Although most gold assay values across these mineralized zones are modest (0.05 to 2 grams per tonne), they are extensive.
At the south-western margin of the property, for example, grab samples taken from a trenched vein yielded assays "ranging up to 95 grams per tonne and channel samples assaying 8.7 grams per tonne over average widths of 0.8 metres and over a strike length of 60 metres" (F.R. Ploeger 1997).
These veins closely resemble those discovered on the Kenogami East property. These trenched showings also have average grades that could be economically viable if these zones can be extended into mineralizing centers. The company reports that it is closing its previously announced financing, raising proceeds of $29,000 by issuing 483,333 common shares at $0.06 per share and 483,333 share purchase warrants exercisable at $0.12 per share for one year. No finder's fee is payable. The company reports that, following this financing, it will have 28,076,104 shares outstanding. This financing is subject to TSX Venture Exchange, regulatory and board approvals.
For more information please contact:
Michael C. Judson, Chairman & CEO,
Record Gold Corp.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133397
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