| Source: Solstice Gold Corp. Solstice Gold Corp.
Vancouver, British Columbia, CANADA
VANCOUVER, British Columbia, Nov. 14, 2022 (GLOBE NEWSWIRE) — Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to provide an update on the Company’s royalty and property portfolio with assets located in Ontario and Quebec. The portfolio was acquired in October 2021 as part of the Company’s strategy of value creation for shareholders, to decrease the Company’s financial risk and to potentially generate funding for our exploration activities at our core properties. The potential undiscounted cash inflows from option payments could result in up to approximately $2.0 million over the next 22 months and may partially offset certain corporate costs over that timeframe.
In addition, the Company added the 13.6 km2 Pringle South property which increases our Red Lake Extension (RLX) land position and extends the theatre of our exploration further to the northwest.
Mike Timmins, Solstice CEO stated, “Our extensive, cash generating gold and battery metal portfolio has continued to deliver value to Solstice shareholders as we’ve harvested approximately $2.3 million of cash and share payments since its acquisition and added three new stand-alone exploration stage royalties bringing our total number of royalties held to 11. In addition, expected future cash inflows of over $2 million from the portfolio further highlight the upside of this acquisition. The company continues to work on plans to generate additional value by the potential monetization of certain larger asset packages. Finally, we’ve reacquired Pringle South which expands to our 100% owned Red Lake property and adds 4.6 km of favourable structure to explore.”
Since the acquisition in October 2021:
Portfolio Asset Summary
Pringle South Property Adds Scale and Upside to RLX
The Pringle South property is contiguous to the north and extends our RLX project where first phase diamond drilling has just been completed. Pringle South includes the extension of the Red Lake Greenstone Belt volcanics and controlled by a major crustal fault/shear (Figure 1). Regional till sampling by Agnico Eagle Mines Limited in 2008 identify several gold-in-till anomalies over the property (Figure 1).
Figure 1. Location of Pringle South and the northern part of Solstice’s RLX project. Base map is OGS 1VD total field magnetics, Solstice SkyTEM 1VD magnetics over RLX project area. Agnico Eagle till data from filed assessment work excludes one outlier sample identified in the original report. Gold showings from Ontario filed assessment reports by Dome Exploration (1980).
About Solstice Gold Corp.
Solstice is an exploration company with quality, district-scale gold projects in established mining regions of Canada. Our 194 km2 Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red Lake Camp in Ontario and approximately 45 km from the Red Lake Mine Complex owned by Evolution Mining. The Company is funded for phase one drilling at RLX. Our newly formed 322 km2 Atikokan Gold Project is approximately 23km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited and is fully funded for a robust field program in 2022. Our Qaiqtuq Gold Project which covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 high grade gold boulder field, is fully permitted and hosts multiple drill-ready targets. Qaiqtuq is located in Nunavut, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine Gold Mine owned by Agnico Eagle Mines Limited. An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October 2021. Over $2 million in value and three new royalties have been generated since the acquisition.
Solstice is committed to responsible exploration and development in the communities in which we work. For more details on our core properties or the recently acquired royalty and property portfolio, please see visit our website at www.solsticegold.com.
David Adamson was a co-award winner for the discovery of Battle North Gold Corporation’s Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.
Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
On Behalf of Solstice Gold Corp.
Mike Timmins, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
Forward-Looking Statements and Additional Cautionary Language
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the ability of the portfolio to continue to fund certain areas of our business and the Company’s plans to potentially monetize certain asset packages and leverage its assets in Ontario. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. There is also no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, unforeseen delays related to drilling, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required TSXV approval related to financing and our projects, governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.