Vancouver, British Columbia – July 6, 2021: C2C Gold Corp. (CSE:CTOC; OTCQB:CTCGF) (the “Company” or “C2C”) is pleased to announce the completion of the Phase One soil sampling program at its Barrens Lake property located in the Central Newfoundland Gold Belt and has now commenced work on its Millertown project. C2C also announces the acquisition of two non-contiguous infill mineral licenses (7 claims and 11 claims) situated within the Barrens Lake property area.
Highlights of the new Barrens Lake area acquisitions:
- The two new mining licenses cover highly prospective ground in the south part of the Barrens Lake project area where the C2C field crew focused its soil sampling efforts.
- Soil grids were completed in the high priority Quinn Lake and Barren Lake areas where historical gold-in-till samples coincide with regional northeast trending tight folds and thrust faults.
- The Company now controls one of the largest mineral exploration land packages in the Central Newfoundland Gold Belt, covering a total of 1,170 sq km (4,682 claims).
“We are pleased with these new acquisitions which infill key high-priority target areas within our Barrens Lake property and target a highly anomalous gold-in-till area that coincides with compelling structural features. The field season is well underway with the completion of the Phase One Barrens Lake property soil grids and the start of fieldwork on our Millertown project. We thank our field crews and local supply and service providers for their support.” said Lori Walton, Chief Executive Officer.
To view maps showing the new licences please visit https://bit.ly/3pV9jT8. Also available for viewing are compilation maps of the Barrens Lake property area showing historical till sampling and drill collars overlying bedrock geology, structure, and magnetic surveys.
Terms of the Agreement
The Company has entered into an Agreement with the vendor for 100% ownership of the two mineral licenses in exchange for $20,000 cash and the issuance of 200,000 common shares upon signing. The vendor retains a 2% net smelter return royalty of which C2C can purchase 1% at any time for $1,000,000. The purchase agreement is subject to exchange approval.
Barrens Lake Soil Sampling Program
A total of 2,848 soil samples were collected by locally-hired and highly trained field technicians under the supervision of GroundTruth Exploration. GroundTruth Exploration completed several soil sample grids over one of C2C’s highest priority target areas, based on geochemistry, lithology, structural geology, airborne geophysics and ease of access. Government till sampling results in the south Barrens Lake property area show fourteen till samples with greater than 12 ppb gold in the area around Barren Lake and the north shore of Quinn Lake. In 2016 Torq Resources Inc. collected 182 till samples in the same area and outlined numerous gold-in-till anomalies in two main clusters. Of particular interest is the strong correlation between the gold-in-till anomalies and regional northeast trending structures as shown on government geological maps and airborne magnetic surveys.
The Barrens Lake property is underlain by Early Cambrian to Late Ordovician Victoria Lake Supergroup consisting of calc-alkalic volcanic rocks that are intercalated with and overlain by volcanogenic sandstone and shale overlain by Caradocian graphitic shales. The area is characterised by extensive and numerous bogs with continuous till cover. Results from the Company’s Phase One fieldwork will target potential buried gold mineralization.
C2C Gold – Newfoundland Properties
C2C Gold’s project areas cover more than 1,170 km² along and between the Red Indian Line (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, 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 1,170 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.
For additional information:
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.