Jon North, CEO of 12 Exploration Inc. (CSE: TWLV)
(“
12Ex”) operating through its wholly owned
subsidiary 79North Ltd. (“
79North”) is pleased to
announce that gold exploration has commenced at the Nassau gold
project in the Republic of Suriname. The Nassau gold project is a
20,000- hectare under explored property located 20 kilometres south
of Newmont Corporation’s Merian gold mine and 60 kilometres east of
Iamgold Corporation’s Rosebel gold mine. The Nassau project shares
the same stratigraphy and structures as both the Rosebel and Merian
gold mines and contains three large placer gold deposits plus an
area of high grade surface rock samples that surround a central
plateau where gold has been mined from alluvium for at least a
century.
2020 Preliminary Exploration Program
Includes:
- 86 kilometers of baseline and cross
line geological mapping, prospecting, and geochemical surveying
covering approximately 900 hectares across four target areas
- 1,500 metres of auger drilling at
the Marinara target with additional drilling on three targets to be
evaluated pending geochemical survey results
- A LiDAR (“Light Detection and
Ranging”) survey employing an airborne laser transmitter and
receiver) covering the entire Nassau property
- Diamond drilling to quickly follow
up on targets generated by preliminary exploration.
“We have narrowed down four exploration targets
at Nassau to focus initial exploration on gold deposit-sized
geologic, geochemical, and geophysical anomalies. Our job as
explorers is to define quality gold exploration targets within the
regional setting of gold deposits in Suriname, and it has been
relatively easy to do this with so much prospective geology at the
Nassau gold project,” stated Jon North, Ph.D., P.Geo., Chief
Executive Officer. “Such a large property in such highly
prospective terrane will undoubtedly reveal additional targets as
we commence exploration and complete a property-wide LiDAR survey
and we look forward to reporting our progress in future press
releases.”
About the Nassau ProjectThe
Nassau gold project consists of two mineral exploitation
concessions in the Sipaliwini District of northern Suriname with a
combined area of approximately 200 square kilometres. The project
is located 20 kilometres south of Newmont Corporation’s Merian gold
mine and 60 kilometres east of the of Iamgold Corporation’s Rosebel
gold mine. The underlying geology of the Nassau project shares the
same stratigraphy and structures as both the Rosebel and Merian
gold mines and is also on the same structure of the Sabajo gold
deposit which is a satellite deposit of the Merian gold mine. Gold
bearing structures in northern Suriname commonly trend northwest
and the Nassau project is strategically located to capture both
gold-bearing stratigraphy and northwest-trending structures (see
Exhibit 1). The Nassau project has three large placer gold deposits
that surround a central plateau where gold has been mined from
alluvium for at least a century. In addition, surface rock samples
with multi-gram gold concentrations have been exposed in the
workings of informal miners.
The current phase of exploration at Nassau will
be concentrated on four northwest-trending structures defined by
gold-bearing surface rock samples, concentrated placer gold mining
of gold-bearing alluvium, and other northwest trending structures
(see Exhibit 2).
Marinara TargetThe Marinara
Target (Exhibit 2) is the probable source of gold in the vast
Witlage, Bamboo, and Bowl gold placers that have been mined for
over a century by informal miners. The target is on a
northwest-trending structure that captures the Sabajo gold deposit
25 kilometres to the northwest and the Rosebel gold deposit 60
kilometres to the west. Widely spaced, hollow stem auger drill
holes drilled in 2015 and subsequent geologic mapping, defined a
prospective stratigraphic horizon which is believed to control much
of the gold concentrations at the Rosebel gold mine. Gold
mineralization also has been documented along this horizon on the
Nassau property in the Witlage Target.
An exploration grid consisting of 23 kilometers
of baseline and cross lines, covering 2 square kilometres, or 200
hectares, is planned for this target and an orientation geochemical
survey to determine the most appropriate method of gold analysis
will be completed in conjunction with a power auger drilling
campaign. It is anticipated that approximately 1,500 metres of
auger drilling will be completed at this target. Geochemical
anomalies would be quickly followed up with diamond drilling.
Pici TargetThe Pici Target
(Exhibit 2) is on the northeast edge of the Witlage gold placer,
the largest placer gold deposit on the property. In 2018,
prospectors establishing an access trail discovered a boulder field
of quartz veins with anomalous gold in rock samples. The quartz
boulders are secondary silica alteration, a good indication of
prospective hydrothermal alteration that may be associated with
bedrock gold mineralization and thought to be the source of gold in
nearby placer gold deposits. The size of the boulder field is at
least tens of metres in diameter but has yet to be defined and
properly sampled by a geologist. An exploration grid consisting of
23 kilometres of baseline and cross lines, covering an area of 2
square kilometers or 200 hectares, will be completed and followed
up by geological mapping and auger sampling. Geochemical anomalies
would quickly be followed up with diamond drilling.
Carbonara TargetThis is an area
of recent placer mining that started a few years ago in the
northeast part of the project (Exhibit 2). The geologic ingredients
are a northwest-trending positive topographic anomaly (possibly
silica alteration) with a coincident magnetic anomaly. Placer gold
mining is following northeast-trending structures draining off the
northwest-trending topographic/magnetic anomaly suggesting a
dominant northwest structure with conjugate northeast structure
which is an ideal setting for gold deposits in Suriname. A
prospector made a short reconnaissance visit to the southeast end
of the target in 2018 and collected 19 rock samples which contained
up to 130 ppb gold. An exploration grid consisting of 40 kilometres
of baseline and cross lines, covering an area of 3 square
kilometres or 300 hectares, will be established and followed up by
geological mapping and auger sampling supervised by a
geologist. Geochemical anomalies would quickly be followed up
with diamond drilling.
Witlage TargetThe Witlage
Target (Exhibit 2) is an area of about 200 hectares where bedrock
has been exposed by informal gold miners and where numerous rock
samples contain more than 1 gram gold per tonne (Exhibit 2). The
highest grade rock sample of a quartz vein in the area is 49.8
grams gold per tonne. New exposures of bedrock from informal mining
will be mapped and sampled in detail and then an exploration grid
will be established for auger sampling, trenching, and diamond
drilling.
LiDAR SurveyA LiDAR (“Light
Detection and Ranging”) survey, employing an airborne laser
transmitter and receiver has been commissioned to cover the entire
property. It is expected that the LiDAR survey of the Nassau gold
project will commence on or about September 1, 2020, such that
these data will be merged and interpreted at the same time the data
is being collected at the Marinara, Pici, Witlage, and Carbonara
targets. It is also anticipated that the LiDAR survey will define
new targets for exploration.
About 12 Exploration12
Exploration, through its wholly owned subsidiary 79North, is led by
a team with extensive mineral exploration expertise and a track
record of discoveries and exits in South America and globally.
79North currently holds an indirect interest in mineral concessions
in northern Suriname and aims to become the premier junior
exploration company in this under explored district of the prolific
Guiana Shield. 79North’s growing portfolio of high-quality targets
which have not undergone modern exploration or drilling have a long
history of artisanal mining and are strategically located in close
proximity to modern gold mines operated by major mining companies.
12 Exploration is a mineral exploration company focused on the
acquisition, exploration, and development of properties for the
mining of gold and other minerals. 12 Exploration has 85,878,941
common shares issued and outstanding and 140,823,931 common shares
on a fully diluted basis.
Summary for non-technical
readersThe Nassau gold project in Suriname covers an area
of approximately 200 square kilometers (20,000 hectares, or 50,000
acres). Exploring such a large area requires that “targets” are
developed by combining layers of geological, geochemical, and
geophysical information to reduce the search area from such a large
area, which is much larger than a typical gold deposit, to specific
targets that are the size of a gold deposit, which is a few hundred
hectares or a few hundred acres. The four targets described herein
cover about 900 hectares which is 5% of the total project area.
Statement of the Qualified
personInformation in this press release has been reviewed
and approved by Jon North, P.Geo., who is 12 Exploration’s
Chairman, President, and CEO and a Qualified Person within the
meaning of National Instrument 43-101.
Please refer to the technical report of 79North entitled
“NI-43-101 TECHNICAL REPORT – NASSAU GOLD EXPLORATION PROJECT,
SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA” dated effective May
14, 2020 for further details. The technical report is available in
12 Exploration’s SEDAR profile at www.SEDAR.com.
Further Information
For further information please visit www.79North.ca or
contact:Jon North, President and Chief Executive Officer |
Telephone: |
|
(416) 786-6348 |
Email: |
|
jon@79north.cainfo@79North.ca |
|
|
|
Note about Covid-19 in
SurinameAs in many countries, Suriname is currently
experiencing land border and airspace closures as well as other
restrictions on movement and activity because of the Covid-19
pandemic. However, local workers including gold exploration workers
and gold mining workers, are permitted to travel and work within
Suriname. The Company is following the direction of the Government
of Suriname and will modify and adjust its activity to comply with
all requirements of the Government of Suriname as the situation
develops and changes. The Covid-19 policy of the Company is
published on the Company website at
https://79north.ca/wp-content/uploads/2020/07/79North-policy-on-Covid-19.pdf.
Cautionary Note Regarding
Forward-Looking InformationThis news release contains
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking statements”) within the meaning of
the applicable Canadian securities legislation, including
information with respect to the exploration program at the Nassau
gold project. 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” 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.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political, and
social uncertainties; and the delay or failure to receive board,
shareholder, or regulatory approvals. 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, 12Ex and
79North assume no obligation to update the forward- looking
statements of beliefs, opinions, projections, or other factors,
should they change, except as required by law.
NEITHER THE CSE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE CSE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Exhibit 1Geological context and
location of the Nassau gold project relative to the Rosebel and
Merian gold deposits, Suriname is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e6da72f-7775-478b-8bdb-987601117eb3.
Exhibit 2Location of
exploration targets of the Nassau gold project, Suriname is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1ff7cdbb-6d31-4389-8c35-a1afdd3bb246.
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