NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Vancouver, B.C. – March 28, 2023 – Snowline Gold Corp. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that it has completed its non-brokered private placement of 3,941,048 flow-through common shares of the Company (the “FT Shares”) at a price of C$4.862 per FT Share for aggregate gross proceeds of C$19,161,375.38 (the “Offering”) and strategic investment by B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) (“B2Gold”) announced on March 14, 2023.
The Offering was structured as a charity donation arrangement pursuant to which B2Gold acquired 3,941,048 common shares of the Company. The common shares purchased by B2Gold, combined with 3,000,000 common shares of the Company recently acquired by B2Gold on the open market, represent a total position of approximately 5.0% of the issued and outstanding common shares of the Company upon completion of the Offering. Concurrently with the closing of the Offering, the Company and B2Gold entered into an investor rights agreement pursuant to which B2Gold has been granted a right to maintain its pro rata interest in the Company in connection with future equity financings.
The gross proceeds from the issue and sale of the FT Shares will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties, which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2023.
All securities issued in connection with the Offering are subject to a hold period of four months and one day from the closing of the Offering, in accordance with applicable Canadian securities laws, expiring on July 29, 2023.
No finder’s fees have been nor will be paid in connection with the Offering.
The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox Mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
This news release contains certain forward-looking statements, including statements regarding the granting of a right to B2Gold to maintain its pro rata interest in the Company, the anticipated use of proceeds from the Offering and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company’s plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
Vancouver, B.C. – March 14, 2023 – Snowline Gold Corp. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce that B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) (“B2Gold”) has agreed to complete a strategic investment into the Company. B2Gold will be the purchaser of common shares of the Company on the back end of an initial non-brokered flow-through private placement arranged by Snowline. Pursuant to the initial non-brokered private placement, up to 3,941,048 flow-through common shares of the Company (the “FT Shares”) will be issued at a price of C$4.862 per FT Share for aggregate gross proceeds to the Company of up to C$19,161,375 (the “Offering”).
“We are excited to welcome B2Gold as a growth-focused, long-term, value-driven investor,” said Scott Berdahl, CEO & Director of Snowline. “B2Gold is a major global gold producer with a strong track record of growth built on a demonstrated commitment to communities, sustainable mining and employee safety. Their interest in Snowline is a sound endorsement of the company we are building along with the quality and geological potential of our assets.”
Clive Johnson, President & CEO of B2Gold added, “We’d like to commend the Snowline Exploration and Management teams for their strong exploration work conducted thus far across their large mineral tenure in the Selwyn Basin. Their highly prospective land portfolio boasts district-scale, untapped greenfield potential, and we believe their Valley Discovery to be one of the more significant discoveries in Canada in recent history. We have great respect for what Snowline has achieved and look forward to following the progress of their exceptional team moving forward.”
The gross proceeds from the issue and sale of the FT Shares will be used to support advancement of exploration on the Company’s Yukon Territory mineral properties, which will qualify as “Canadian Exploration Expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares with an effective date no later than December 31, 2023.
The common shares to be purchased by B2Gold on the back end of the private placement, combined with 3,000,000 common shares of the Company recently acquired by B2Gold on the open market, will represent a total position of approximately 5.0% of the issued and outstanding common shares of the Company upon completion of the Offering. B2Gold will be granted a right to maintain their pro rata ownership of up to 5.0% in connection with future equity financings as well as following the exercise of convertible securities of the Company.
It is expected that the closing of the Offering will occur on or about March 28, 2023, and closing is subject to the satisfaction of certain conditions, including receipt of acceptance of the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.
The securities issued under the Offering have not been and will not be registered under the U.S.Securities Act of 1933, as amended, and were not to be offered or sold in the United States absentregistration or an applicable exemption from the registration requirements. This news release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securitiesin the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox Mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
This news release contains certain forward-looking statements, including statements regarding the anticipated use of proceeds from the Offering, the Company having a highly prospective land portfolio boasting district-scale, untapped greenfield potential, and B2Gold’s belief that the Company’s Valley Discovery is one of the more significant discoveries in Canada in recent history, the granting of certain rights to B2Gold to maintain their pro rata ownership interest in the Company, the expected timing for closing of the Offering and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company’s plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Hole V-22-030 returned 1.06 g/t Au over 161.0 m within broader 282.5 m mineralized interval averaging 0.73 g/t Au, adding width to southeast extension of near-surface, well mineralized corridor at Valley
Hole ends in mineralization, with final 66.0 m of hole averaging 1.46 g/t Au and final 21.0 m averaging 1.93 g/t Au
Localized gold intersections at Gracie target (4 km east of Valley) confirm a second reduced-intrusion gold system to be targeted in phase 2 drilling in 2023.
Vancouver, B.C., March 7, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (US OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary assay results from its 2022 drilling programs at its Rogue Project in Canada’s Yukon Territory. Hole V-22-030, drilled on the southeastern margin of Valley’s central mineralized zone, returned 1.06 g/t Au over 161.0 m before ending in strong mineralization (Tables 1 and 2). The result adds scale and tonnage to the southeastern side of this near-surface, well mineralized zone. In addition, results from phase 1 drilling at the Gracie confirm the existence of a second reduced intrusion-related gold system, with a high correlation between gold, bismuth and tellurium values in sheeted quartz veins. Phase 1 results will be used to guide a targeted phase 2 drill program at Gracie in 2023.
Table 1 – Preliminary highlight summary of Snowline’s latest assay results. *Interval widths reported; true widths of the system are not yet known.
“Today’s results continue to highlight and build on the prospectivity of our Rogue Project,” said Scott Berdahl, CEO & Director of Snowline. “A single season of drilling has transformed our Valley Zone from an interesting exploration target to a pre-resource gold project noteworthy on a global scale, redefining the deposit model far beyond what are traditionally low grade, heap-leach systems. The consistency of strong grades and the size of Valley make it easy to understand, translating to lower exploration costs required for delineation, and in the future, lower costs for any potential economic operation. Our results from Gracie demonstrate that Valley is not a one-off—Snowline’s Rogue Project is prospective for multiple gold systems of this scale and intensity. We are excited to resume exploration in 2023 with the dual goals of further advancing Valley and locating additional gold systems just like it.”
Figure 1 – 2021 and 2022 drilling at the Valley Zone, showing analytical results (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.Figure 2 – Cross-section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom).
HOLE V-22-030
Hole V-22-030 was collared within the Valley intrusion, to the east of the known near-surface well-mineralized corridor. The hole was a 301 m step-back along section to the northeast from the collar site for V-22-026 (289.7 m @ 0.90 g/t Au including 189.2 m @ 1.25 g/t Au from surface, see Snowline news release dated January 18, 2023), and located 126 m from the nearest hole (V-22-027).
The hole encountered increasingly abundant sheeted quartz veins and trace visible gold as it progressed, returning 1.06 g/t Au over its final 161.0 m from 246.0 m downhole within a broader interval averaging 0.73 g/t Au over 282.5 m from 124.5 m downhole (Tables 1 and 2). The hole was terminated for technical reasons and ended in mineralization. The final 66.0 m averaged 1.46 g/t Au, while the final 21.0 m averaged 1.93 g/t Au.
As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).
Figure 3 – Plan map of Gracie area drilling, showing downhole analytical results for gold along with 2022 surface grab samples (to 12.3 g/t Au, elsewhere at Gracie to 13.5 g/t Au) along with quartz veins mapped on surface. A dominant NW-SE, vertically oriented sheeted vein array is parallel to those at Valley and appears to correspond to vein hosted gold mineralization encountered in drilling at Gracie.
GRACIE
Gracie is a separate reduced-intrusion related gold system (RIRGS) located roughly 4-5 km east of the Valley discovery. Unlike Valley, where the mineralized intrusion is exposed on surface, the causative intrusion at Gracie does not daylight. This presents an attractive exploration target, as the highest gold grades in RIRGS systems are commonly found near the top of a given intrusion. Thus, at Gracie, the strongest part of the gold system is likely to be intact.
Phase 1 drilling at Gracie successfully confirms the presence of a RIRGS. Of the five holes drilled in 2022 (2,152 m total), four intersected zones of high-temperature alteration known as hornfels, indicative of a nearby intrusion. Each of these four holes also encountered trace instances of visible gold associated with bismuth and tellurium minerals in sheeted quartz veins oriented parallel to those at Valley, albeit at low overall vein densities. Geochemical correlations at Gracie in phase 1 drilling are further diagnostic confirmation of RIRGS mineralization. G-22-004, for example, returned 19.45 g/t Au over 0.9 m downhole width, with strong bismuth and tellurium values (378 ppm and 43.1 ppm respectively) and very low arsenic (3.92 ppm), suggesting proximity to a heat source.
Phase 2 drilling is planned at Gracie for 2023, with the objective of intersecting arrays of high-density sheeted quartz vein mineralization within the Gracie intrusion. Multi-element analytical results from the phase 1 program will be used alongside mineralogical observations to identify possible vectors towards the Gracie intrusion.
Table 2 – Summary of mineralization in current holes. Holes denoted by “V” are from the Valley target, holes denoted by “G” are from Gracie. *Interval widths reported; true widths of the system are not yet known, with different vein generations, orientations and grade distributions within given intervals through the bulk tonnage gold target at Valley.
QA/QC
On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon. Sample preparation was completed at different facilities in Whitehorse, Sudbury, ON, Thunder Bay, ON and Langley, BC with analyses completed in Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).
Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.
Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.
ABOUT ROGUE
Rogue’s Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 4 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Vice President of Exploration for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Vancouver, B.C., March 6, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce the appointment of Thomas Branson, M.Sc., P.Geo., to the role of Vice President of Exploration. Mr. Branson served as Snowline’s Exploration Manager in 2022, playing a key role on Snowline’s team during a transformative year for the Company that included initial delineation of the large, near-surface, and unusually high-grade bulk tonnage Valley gold discovery on Snowline’s Rogue Project in Canada’s Yukon Territory.
Prior to joining Snowline, Mr. Branson spent 15 years as an exploration geologist, gaining extensive experience in the Yukon and British Columbia, from greenfields exploration through to feasibility studies. He has been involved with organization and management of over 190,000 cumulative metres of exploration and resource drilling on programs in the Wernecke Mountains and Wolverine mine in Yukon, Mount Milligan, Kemess and Scottie Gold mines in BC and elsewhere. His role with Snowline bridges operational and technical aspects of exploration, discovery, team building and project advancement. Mr. Branson earned a B.Sc. in Earth and Ocean Science from the University of British Columbia and an M.Sc. in Exploration Geology from Rhodes University in South Africa. He is a licensed Professional Geologist with Engineers and Geoscientists British Columbia.
“I am excited at the potential for our growing team to continue making game-changing discoveries as we evaluate and explore our land package, roughly equal in size to one quarter of BC’s Golden Triangle, selectively acquired,” said Mr. Branson, referring to the Company’s >280,000 ha land position in the Yukon. “The many prospective targets within Snowline’s Selwyn Basin project areas point to an emerging gold district. Valley and Jupiter appear to be the tip of the iceberg, and with two years now under our belt, we are poised to take advantage of a unique opportunity in the exploration space.”
Other recent internal appointments include Sergio Gamonal to Chief Geologist, Steve Rennalls to Director of Operations, and Stephanie Hansen to Director of Marketing and IR.
“Snowline’s rapid growth trajectory over the past year is as much a testament to the strength of our team as it is to the quality of our exploration targets,” added Scott Berdahl, CEO & Director of Snowline. “We are fortunate to have Thomas Branson, with his broad skillset and exploration mindset, as a key player helping to drive Snowline’s advancement. We are similarly fortunate at the talent that Snowline’s discoveries have attracted, as we continue to build out our team and ramp up our efforts towards making additional discoveries.”
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 1 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Vice President of Exploration for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Hole V-22-029 returned 1.26 g/t Au over 558.7 m from surface, including 2.04 g/t Au over 202.0 m in 207 m step-back from previous highlight hole V-22-010
Longest mineralized intersection to date at Valley, expands width of central high-grade zone significantly to the north and demonstrates strong continuity to depth
Assays still pending for 3 holes drilled at Rogue in 2022, along with surface results from various targets and properties in Snowline’s portfolio.
Vancouver, B.C., February 24, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (US OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary assay results from its 2022 drilling programs at its Rogue Project in Canada’s Yukon Territory. Hole V-22-029 intersected sheeted quartz vein mineralization within the Valley intrusion averaging 1.26 g/t Au over 558.7 m from surface, including 2.04 g/t Au over 202.0 m, with additional mineralization at depth (Tables 1 and 2). The hole was collared at a 207 m step-back perpendicular to strike from V-22-010 (318.8 m @ 2.55 g/t Au from surface) to test the local width of Valley’s near-surface, well mineralized corridor and the continuity of mineralization to depth.
Table 1 – Preliminary highlight summary of Snowline’s latest assay results. *Interval widths reported; true widths of the system are not yet known.
“V-22-029 exceeded our expectations, intersecting strong mineralization much higher in the hole than we originally anticipated and continuing to significant depth,” said Scott Berdahl, CEO & Director of Snowline. “It’s the longest continuously mineralized interval we’ve drilled at Valley to date, and like many of Valley’s best holes the interval begins at bedrock surface. For perspective, I invite anybody visiting Toronto for PDAC to look at the CN Tower, which stands 553.3 m tall, just shy of the length of this mineralized interval. The scale, grade and continuity of the gold system at Valley continue to impress us, and we look forward to additional results.”
Figure 1 – 2021 and 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.Figure 2 – Cross-section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-029 curves into the page at depth such that the bottom of the hole is roughly 100 m behind section.Table 2 – Summary of mineralization in current holes. Gold intervals are typically long and relatively continuous, with little influence on overall interval grade from unusually high samples evidenced by strong “remainder” assays and strong values after capping assays at 10 g/t Au. *Interval widths reported; true widths of the system are not yet known, with different vein generations, orientations and grade distributions within given intervals through the bulk tonnage gold target.
HOLE V-22-029
Hole V-22-029 was collared within the Valley intrusion and to the north of the known near-surface well-mineralized corridor. The hole was a 207 m step-back along section to the northeast from the collar site for V-22-010 (318.8 m @ 2.55 g/t Au including 108.0 m @ 4.14 g/t Au from surface, see Snowline news release dated October 12, 2022), designed to test the local width of the array of steeply dipping, northwest-striking mineralized quartz veins. Additional mineralized holes V-22-005, 006, 007, 015 and 020 are located between 167 and 177 m from the collar site to the west, south and east (Figure 1), and V-22-033 was collared from the same drill pad.
The hole encountered abundant sheeted quartz veins with trace visible gold, returning 1.26 g/t Au over 558.7 m from bedrock surface at approximately 4.4 m downhole depth, including a higher-grade interval of 2.04 g/t Au over 202.0 m from 90.0 m downhole. Below this, a second zone of mineralization, averaging 0.81 g/t Au over 58.5 m from 630.5 m downhole, was encountered where the drill hole leaves the intrusion at approximately 662.3 m depth. Two 0.5 m intervals of unusually high grade mineralization were intersected at 508.5 m and 646.5 m downhole (69.50 g/t Au and 38.60 g/t Au respectively). These correspond to observations of unusually large (5 to 10 mm scale) bismuth and tellurium minerals in tight spatial association with clusters of trace visible gold.
The hole extends the known width of near surface, >1 gram per tonne gold mineralization at Valley, and demonstrates continuity of mineralization to depths greater than 400 m below surface.
As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).
Figure 3 – Quartz vein mineralization in V-22-029, from 127.7 m to 152.7 m downhole. The hole encountered high density quartz veining father to the northeast than expected, locally expanding the width of the high-density central vein corridor. Instances of visible gold are marked by orange flags above core. The interval, previously shown in a September 20, 2022 News Release by the Company, averaged 1.47 g/t Au.
QA/QC
On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon. Sample preparation was completed at different facilities in Whitehorse, Sudbury, ON, Thunder Bay, ON and Langley, BC with analyses completed in Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).
Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.
Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.
ABOUT ROGUE
Rogue’s Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 4 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Vancouver, B.C., February 22, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce the appointment of Calum Morrison to the Board of Directors as an independent director.
Calum Morrison is a mining finance professional with nearly two decades of experience in business development, mergers and acquisitions, corporate strategy and capital markets.
Most recently, Mr. Morrison was the Vice President of Business Development and CFO of Great Bear Resources Ltd., and the President and CEO of Great Bear Royalties Corp. In February 2022, Kinross Gold Corp. purchased Great Bear Resources Ltd. for $1.8 billion and in September 2022 Great Bear Royalties Corp. was purchased by Royal Gold Inc. for $200 million.
Mr. Morrison previously spent several years as a senior member of Teck Resources Limited’s Corporate Development team that provided financial and technical expertise to the evaluation of mining projects around the world, including acquisitions, joint ventures, due diligence and various strategic initiatives. He also has direct capital markets experience acquired with past investment banking roles at major investment firms.
He holds a Bachelor of Science degree from Dalhousie University, and is a Chartered Financial Analyst and a Chartered Professional Accountant.
“I’m excited to be joining the Snowline Gold team and look forward to contributing to the further discovery and development of an exceptional new gold district.” commented Mr. Morrison. “Through my recent experience with Great Bear, I have seen how stakeholders can benefit from combining geologic endowment and geoscience excellence with a strong team to advance an early-stage discovery. Snowline is uniquely positioned to advance through to the next stages of asset development.”
Snowline Chair Craig Hart added that Mr. Morrison will bring valuable experience, skill sets and new perspectives to the Board with his wealth of corporate development, financial and M&A expertise. “Calum is a great addition for Snowline, not only does he bring his enthusiasm and strategic planning skills to the team, but he has first-hand experience in maximizing shareholder value for a resource company at our stage of growth.”
The Company has granted 500,000 incentive stock options to Mr. Morrison. The options are exercisable for one share each at $2.17 per share for a period of five years and are subject to the terms of the Company’s Stock Option Plan. Options are subject to vesting provisions of 20% every six months from the date of the grant.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with an eight-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Hole V-22-028 returned 1.40 g/t Au over 363.5 m from surface, including 2.03 g/t Au over 129.9 m and 2.15 g/t Au over 42.3 m from its Valley Zone
Additional results extend known strike length of potentially economic gold grades along mineralized corridor to 720 m (open) and delineate gold-bearing quartz vein arrays along relatively underexplored eastern boundary of the Valley intrusion
Assays still pending for 7 of 32 holes (3,474 m, or 26% of 13,320 m) drilled at Valley and Gracie in 2022.
Vancouver, B.C., February 3, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon. Notably, hole V-22-028 intersected a zone of sheeted quartz vein mineralization within the Valley intrusion averaging 1.40 g/t Au across 363.5 m from surface, including zones of 2.03 g/t Au over 129.9 m and 2.15 g/t Au over 42.3 m, with additional mineralization at depth (Tables 1 and 2). The hole was collared 121 m from the nearest hole (V-22-014; 285.2 m @ 1.45 g/t Au) and drilled northeast, demonstrating continuity of mineralization within Valley’s near-surface mineralized corridor. Assays remain pending for 26% (3,474 m) of the 2022 Rogue drill program.
Table 1 – Preliminary highlight summary of Snowline’s latest assay results. *Interval widths reported; true widths of the system are not yet known.
“We are continually impressed not only by the scale but by the continuity of gold mineralization at Valley,” said Scott Berdahl, CEO & Director of Snowline. “Today’s results build on earlier holes, with V-22-028 adding significant tonnage with strong gold grades. The hole demonstrates a wide breadth to the mineralized zone and grade continuity between previous holes. In addition, promising mineralization seen in V-22-019 shows potential for the near-surface higher grades to continue to the southeast, while V-22-020 shows widespread mineralization within the Valley intrusion beyond the main gold zones known to us at present. We look forward to receiving additional assays from the 2022 season as we gear up for an exciting exploration program in 2023.”
Figure 1 – 2021 and 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.Figure 2 – Cross-section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-028 is collared towards the southeast of the cross-section slice and runs 30-60 m in front of the other holes as shown. Views look northwest.Table 2 – Summary of mineralization in current holes. Gold intervals are typically long and relatively continuous, with little influence on overall interval grade from unusually high samples evidenced by strong “remainder” assays and strong values after capping assays at 10 g/t Au. *Interval widths reported; true widths of the system are not yet known, with different vein generations, orientations and grade distributions within given intervals through the bulk tonnage gold target.
HOLE V-22-028
Hole V-22-028 was collared near the western margin of the Valley intrusion, 121 m from the collar site for V-22-014 (285.2 m @ 1.45 g/t Au including 128.2 m @ 2.48 g/t Au, see Snowline news release dated November 15, 2022), and drilled towards the northeast into the intrusion. The hole encountered abundant sheeted quartz veins with trace visible gold, returning 1.40 g/t Au over 363.5 m from bedrock surface at approximately 17.0 m depth, including higher grade intervals of 2.15 g/t Au over 42.3 m from 45.0 m and 2.03 g/t Au over 129.9 m from 141.3 m.
The hole extends the known width of near-surface, >1 gram per tonne gold mineralization at Valley, and demonstrates continuity of mineralization between previous holes V-22-014 and V-22-007 (410.0 m @ 1.89 g/t Au including 146.0 m @ 3.24 g/t Au, see Snowline news release dated November 15, 2022) along the western edge of the highest-grade zone of the Valley gold system encountered to date.
As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).
HOLE V-22-019
Hole V-22-019 was collared in the Valley intrusion as a step-out along strike of the well-mineralized corridor, roughly 178 m from previous hole V-22-026 (289.7 m @ 0.90 g/t Au including 189.2 m @ 1.25 g/t Au, see Snowline news release dated January 18, 2023). The hole encountered widespread low to moderate density of quartz veins hosting gold mineralization, with five instances of trace visible gold noted during logging. Two primary mineralized intervals returned 0.39 g/t Au over 16.0 m from 71.5 m downhole and 0.37 g/t Au over 201.5 m from 127.0 m downhole, extending the northwest-southeast strike length of potentially economic grades at Valley to 720 m. The system remains open. Given the depth of the observed intervals and the tendency elsewhere along the trend for higher grades near surface, the ground above and around this intersection is considered by the company to be highly prospective. Drilling planned for 2023 will test shallower parts of this area.
From bedrock surface at 19.9 m downhole depth to the bottom of consistent mineralization at 390.1 m downhole depth, including barren intervals within, V-22-019 averaged 0.29 g/t Au over 370.2 m.
HOLE V-22-020
Hole V-22-020 was collared in the Valley intrusion at the pad site of V-22-015 (442.0 m @ 0.65 g/t Au including 170.0 m @ 1.18 g/t Au, see Snowline news release dated December 22, 2022), but drilled at the opposite azimuth, towards the northeast. The hole encountered a low to moderate density of quartz veins dipping to the northeast, generally at low angles to the core axis. The top 443.5 m of the hole averaged 0.25 g/t Au from bedrock surface at 7.5 m, with generally consistent gold mineralization. As with previous hole V-22-006 (Figure 1), zones of increased grade continuity occur towards the northeastern margin of the Valley intrusion, suggesting the possibility of additional grade-controlling features in this lightly explored part of the system. The hole did not exit the intrusion by its end at 500 m downhole depth.
QA/QC
On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon. Sample preparation was completed at different facilities in Whitehorse, Sudbury, ON, Thunder Bay, ON and Langley, BC with analyses completed in Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).
Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.
Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.
ABOUT ROGUE
Rogue’s Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 3 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Hole V-22-026 returned 1.25 g/t Au over 189.2 m from surface within a broader mineralized interval averaging 0.90 g/t Au over 289.7 m in 170 m step-out
Hole V-22-027 returned 1.01 g/t Au over 250.0 m, within a broader mineralized interval averaging 0.69 g/t Au over 481.5 m
Results extend strike length of the mineralized core of the Valley intrusion to southeast, adding significant tonnage to known mineralization
Metallurgical testing of Valley drill core set to advance understanding of gold recovery and project economics
Assays still pending for 13 of 32 holes (6,003 m of 13,320 m) drilled at Valley and Gracie in 2022
Vancouver, B.C., January 18, 2023: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon, and the commencement of metallurgical testing. Holes V-22-026 and V-22-027, drilled to the southeast of previously announced holes V-22-014 (285.2 m @ 1.45 g/t Au) and V-22-007 (410.0 m @ 1.89 g/t Au), extend the strike length of the near-surface, well-mineralized corridor at Valley by 172 m to at least 550 m (open). V-22-027 returned the longest mineralized intersection seen at Valley to date, with potential for higher grades immediately above this hole based on nearby results. Assays remain pending for 6,003 m of the 2022 Rogue drill program.
Table 1 – Preliminary highlight summary of Snowline’s latest assay results. *Interval widths reported; true widths of the system are not yet known. **Results still pending for bottom 126.0 m of this hole.
“Each round of Valley drill results has increased not just to the known extent of mineralization at the target, but to our understanding of its geology and the geometry of its highest-grade zones,” said Scott Berdahl, CEO & Director of Snowline. “The most robust and consistent mineralization we have seen so far at Valley begins in a broad zone at surface, lending itself to promising potential economics for the project, and reducing the drill metres required to advance the discovery. We eagerly await remaining 2022 drill assay results that will shed additional light on this substantial gold discovery. Our current metallurgical program will provide additional value in outlining gold recoverability, an important milestone as the project moves forward.”
Figure 1 – 2021 and 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.Figure 2 – Cross section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-026 is the southeasternmost drill hole to hit a broad zone of >1 g/t Au mineralization, extending the known strike length of the bulk tonnage gold system to >0.5km. Views look northwest.Figure 3 – Cross section B, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-027 was drilled to intersect the mineralized system at depth before grade distributions were known and may have cut under the highest-grade zone locally. Nonetheless, it encountered robust mineralization along most of its length. Views look northwest.Table 2 – Summary of mineralization in current holes. G-22-002 is the first result from the Gracie target. The hole was called short of its target due to difficult drilling conditions and low levels of alteration. This hole was the only hole at Gracie not to encounter at least one trace instance of visible gold. *Interval widths reported; true widths of the system are not yet known. **Results still pending for bottom 126.0 m of this hole.
HOLE V-22-026
Hole V-22-026 was collared within the Valley intrusion, along strike with the intrusion’s well-mineralized corridor and 172 m from the collar site for V-22-014 (285.2 m @ 1.45 g/t Au including 128.2 m @ 2.48 g/t Au, see Snowline news release dated November 15, 2022). The hole encountered moderate to dense quartz veins and abundant visible gold in its upper sections, returning 1.25 g/t Au over 189.2 m from bedrock surface at 10.8 m depth, within a broader interval returning 0.90 g/t Au over 289.7 m. The hole cut through the western margin of the intrusion and entered lightly mineralized (generally <0.1 g/t Au, with local hits up to 0.34 g/t Au over 1.5 m) hornfels at 314.8 m downhole.
The hole extends the known strike length of broad, near-surface, gram to multiple gram per tonne gold mineralization at Valley to >550 m from mineralization encountered in 2021 drilling. This zone of mineralization remains open in multiple directions.
As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).
HOLE V-22-027
Hole V-22-027 was collared in the Valley intrusion as a step back to the northeast to test the well-mineralized central corridor between holes V-22-014 and V-22-026 at depth. The hole encountered widespread light to dense quartz vein mineralization from surface bearing bismuthinite and visible gold, before exiting the western boundary of the intrusion into hornfels at 594 m downhole depth.
Analytical results for the top 551 m of 677 m total have been received at this time. Local zones of up to 1.90 g/t Au over 51.0 m (from 268.5 m downhole) were encountered, within a wide zone of moderate to strong mineralization averaging 1.01 g/t Au across 250.0 m from 102.0 m downhole. More broadly, mineralization at grades >0.1 g/t Au is nearly continuous from 11.5 m to 493.0 m downhole, averaging 0.69 g/t Au over the 481.5 m interval and making for the longest continuously mineralized intersection (no gaps >4.5 m at <0.1 g/t Au) at the bulk tonnage Valley deposit to date. Local zones of mineralization occur below this interval, and the company awaits analytical results for the final 126 m of the hole.
Results from surrounding holes, including V-22-007 and V-22-014, suggest that the trace of V-22-027 would have passed underneath the southwestern extension of the near-surface, multiple-gram-per-tonne gold zone encountered in those holes. Drilling in 2023 will test shallower parts of this area.
METALLURGICAL TESTING
Figure 4 – Reflected light micrograph of abundant gold grains in V-22-007 at 269.8 m downhole. Gold occurs primarily in its native form, as fine grains along grain boundaries near small clusters of sulphides minerals in quartz veins. Snowline has initiated metallurgical testing of the Valley gold system to determine recovery parameters and processing options. Scale bar (bottom right) shows 100 microns, or 0.1 mm. Py=Pyrite (FeS2), Cpy=Chalcopyrite (CuFeS2), Gn=Galena (PbS), Hed=Hedleyite (Bi7Te3), Lil=Lillianite (Pb3Bi2S6).
Initial metallurgical testing of drill core from the Valley gold system is set to begin following shipping of sample material to a third-party lab. The metallurgy program will see 10 continuous composite samples of approximately 10 kg each—representing different parts of and different gold grades within the Valley intrusion—undergo head analysis, bottle roll tests and rougher flotation tests to establish potential gold recoveries for the system and relative suitability of certain potential means of ore processing.
Overall sulphur content of mineralization in Valley is low, typically <0.5% in well-mineralized zones. This, along with the distribution of abundant visible gold, is encouraging from a metallurgical perspective. Comparisons to gold systems with similar styles of mineralization, including Kinross’s Ft Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon, provide further evidence that good recoveries and favourable metallurgy are likely at Valley. Each mineral system is unique, however, and thus for greater certainty, the Company is undertaking the present study.
QA/QC
On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).
Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.
Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.
ABOUT ROGUE
Rogue’s Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 5 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Scott Berdahl CEO & Director
For further information, please contact: Snowline Gold Corp. +1 778 650 5485 info@snowlinegold.com
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Vancouver, B.C., December 29, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (US OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to reflect on its trajectory over the past 12 months. With a substantial drill discovery at the Valley gold target on the Rogue Project and a $25.2 M financing completed, 2022 was a transformative year for Snowline. The Company was founded less than two years ago to explore a previously unrecognized gold district in Canada’s Yukon. Multiple drill discoveries in this short window have led to substantial value creation, while validating and underscoring the broader exploration potential of Snowline’s target rich >280,000 ha land position in the prolific Selwyn Basin.
Snowline’s top 5 highlights from 2022:
Discovery: Drilled 318.8 m of 2.55 g/t Aufrom surface among other widely spaced highlight holes at Valley, revealing a substantial and unusually high-grade reduced intrusion-related gold system (RIRGS). 5,080 m of analytical results from the 2022 Valley drill campaign are still pending
Community: Established a green energy partnership with Nacho Nyak Dun Development Corporation, providing Snowline’s main camp with a 27-kW solar power facility, reducing emissions, reducing costs, and building ties with First Nations and Yukon businesses
Growth: Recruited a strong in-house exploration and management team, with breadth and depth of experience paralleled by few companies in the junior mining space
Strength: Closed a non-brokered, $25.2 M financing, allowing Snowline to ramp up scale and pace of exploration mid-season. Snowline will enter 2023 with a treasury of $22.3 M, allowing for aggressive exploration through 2023 and beyond
Performance: 311% appreciation in share priceto date from January 1, 2022, ranking Snowline among the top exploration and mining companies globally for share price performance in 2022 and rewarding its discovery-focused approach. For the second straight year, SGD has seen triple digit returns (133% in 2021).
“In an otherwise difficult market, our efforts to build Snowline as a company and to rapidly advance our projects in an underexplored district demonstrate the value of discovery,” said Scott Berdahl, CEO & Director of Snowline. “Valley is unique in that at such an early stage, it ticks many of the boxes required of an economic gold discovery. It has scale, it has large zones of consistent mineralization with good gold grades, it has a favourable geometry, and its strongest grades—up to 4.1 g/t Au over 108.0 m—begin at surface. When we launched Snowline to explore an apparently unrecognized gold district, it’s exactly the sort of discovery we were hoping to make. The existence of Valley has strong positive implications for the potential of our other targets in the district, where we are just scratching the surface. As we look ahead to 2023, I would like to thank our investors, our strong shareholders, our team, and the many partners and supporters who have contributed to making Snowline a success.”
Additional exploration highlights from 2022 include:
Construction of 50-person “Forks” camp and adjacent 1,000 m airstrip in central location between Valley and Jupiter discoveries, efficiently servicing the Company’s Rogue, Einarson, Ursa and Cynthia projects
Acquisition of Golden Olyproject, including seven intrusions similar in age to Valley and prospective for Valley-style RIRGS gold mineralization, along with a diverse package of additional Selwyn Basin gold prospects
Significant asset expansion through staking using our proprietary regional database and in-field knowledge of regional geology and mineralization to strategically expand our claim position by 2.7x (including acquisitions) to >280,000 ha
Commencement of environmental survey work at Valley including monthly water quality monitoring, hydrology, pre-disturbance botanical inventories and wildlife surveying, providing a baseline of knowledge for future advanced stage permitting
Visible gold in Phase I drilling at Gracie, a buried intrusion 4 km east of Valley, putting Snowline 3 for 3 on discovery of visible gold in its drill programs, each on never-before-drill-tested targets. Assays for all five holes at Gracie (2,152 m) are pending
Advancement of all Yukon projects, with extensive geological, geophysical and geochemical surface programs moving new targets towards drill readiness across Snowline’s extensive Yukon exploration portfolio.
Figure 1 – Solar panels in position at Snowline’s newly built Forks Camp. Designed by Solvest Inc. the hybrid-solar generator system is among the first of its kind to be used to power a remote exploration camp in Canada.Figure 2 – Yukon Ministers Ranj Pillai (Economic Development, left) and John Streicker (Energy, Mines and Resources, second from left) discuss Valley drill core at the Forks Camp, with Snowline Chair Dr. Craig Hart (right) and CEO Scott Berdahl (second from right) in late September 2022.Figure 3 – Plan map of the Valley intrusion (pink) showing drill results received to date. Strong results from widely spaced drill holes indicate the presence of a large, consistent, and unusually high-grade reduced intrusion-related gold system. More than 5,000 m of drill results are still pending for the Valley target and are expected for Q1 2023.
2023 EXPLORATION PLANS
With a strong treasury and 3 diamond drills parked on site at Valley, Snowline is looking forward to another highly active exploration season in 2023. Through the year, the Company will adhere to its commitment to safe, environmentally sound, and socially responsible exploration, building on its economic engagement within the Yukon and further strengthening lines of communication and consultation with First Nations and Yukon communities.
The scale and nature of the 2023 program will be finalized following receipt and interpretation of remaining drill results from Valley and Gracie on the Rogue project, alongside analytical results from surface programs across Snowline’s portfolio. The Company expects to drill a significant amount at Valley in 2023 to expand, delineate and de-risk the discovery while collecting data useful to resource estimation. At the same time, the Company intends to drill multiple additional targets, using 2022 Phase I drill results from Gracie to vector towards a mineralized intrusive source to that anomaly, and performing first-pass drilling on new targets with the goal of making substantial additional discoveries.
Initial metallurgical testing of Valley material will commence in Q1 2023. The Company is also exploring options to streamline sample processing for analytical results, to avoid the long wait times for analytical results experienced in 2022.
STOCK OPTIONS
In addition, the Company announces that the Board of Directors of the Company has granted a total of 2,350,000 incentive stock options to various employees, consultants, directors, and officers of the Company. The options are exercisable for one share each at $2.88 per share for a period of five years and are subject to the terms of the Company’s Stock Option Plan. Options are subject to vesting provisions of 20% every six months from the date of the grant.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >280,000 ha. The Company is exploring its flagship >137,000 ha Rogue and Einarson gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 4 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs. Staking in the latter part of 2022 brings the total area to >280,000 ha.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
ON BEHALF OF THE BOARD
Scott Berdahl
CEO & Director
For further information, please contact: Snowline Gold Corp. +1 778 650 5485 info@snowlinegold.com
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Hole V-22-032 returned 1.76 g/t Au over 207.0 m within a broader mineralized interval averaging 1.32 g/t Au over 338.0 m
Hole V-22-015 returned 1.18 g/t Au over 170.0 m, within a broader mineralized interval averaging 0.65 g/t Au over 442.0 m in 182 m step-back across system width
Results further demonstrate scale and strong continuity within unusually high-grade reduced intrusion-related gold system
Assays still pending for 17 of 32 holes (7,232 m of 13,320 m) drilled at Valley and Gracie in 2022
Vancouver, B.C., December 22, 2022: SNOWLINE GOLD CORP. (CSE: SGD) (OTCQB: SNWGF) (the “Company” or “Snowline”) is pleased to announce additional preliminary assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon. Notably, hole V-22-032 intersected a zone of sheeted quartz vein mineralization within the Valley intrusion averaging 1.72 g/t Au over 207.0 m within a broader mineralized zone averaging 1.32 g/t Au over 338.0 m (Tables 1 and 2). The entire hole, including barren sections, averaged 0.93 g/t Au across 532.7 m, ending in mineralized rock. The hole was collared 166 m from any other hole and drilled northeast to test the system between previously announced V-22-005 (192.0 m @ 1.52 g/t Au) and V-22-010 (318.8 m @ 2.5 g/t Au).
Table 1 – Preliminary highlight summary of Snowline’s latest assay results. *Interval widths reported; true widths of the system are not yet known. The geometry of the mineralized zone is not determined by any individual vein nor structure and depends instead on the broader geometries of various vein arrays.
“The latest results from Valley continue to demonstrate substantial scale and strong grades for a reduced intrusion-related gold system,” said Scott Berdahl, CEO & Director of Snowline. “Holes V-22-015 and 032 add considerably to the known tonnage of well-mineralized rock in Valley’s central zone. The shape, the size, and the distribution of grades that we’re seeing at Valley—with many of the highest grades encountered to date starting at surface—bode very well for the potential economics of the discovery. We eagerly await remaining 2022 assay results and their contributions to our understanding of this large mineralized system, with more than 5,000 m still to come at Valley and all five holes (>2,000 m) still pending from our nearby Gracie target.”
Figure 1 – 2021 and 2022 drilling at the Valley Zone, showing assays received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). Visual results indicate the presence of a large central zone within the broader Valley intrusion bearing higher vein densities. Initial analytical results for this zone consistently carry unusually high grades for a reduced intrusion-related gold system.Figure 2 – Cross section A, showing results received (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-033 expands the known width of the mineralized zone locally to >300m. While broad zones of continuous mineralization were not encountered at depth in this location, local intervals were. The deepest >1 g/t Au assay ran 1.2 g/t Au over 1.5 m from 672.5 m downhole. Views look northwest.Figure 3 – Cross section B, showing results received to date (top) and vein densities alongside instances of visible gold observed during logging (bottom). V-22-015 was drilled to test the relatively high-grade mineralization encountered in V-22-014 and V-22-007 across a wider width and at depth.Views look northwest.Table 2 – Summary of mineralization in current holes. Several zones of higher grades are present but capping these at 10 g/t Au shows that the intervals are carried by robust mineralization along large zones within these higher-grade holes. *Interval widths reported; true widths of the system are not yet known.
HOLE V-22-032
Hole V-22-032 was collared in hornfels sedimentary rock west of the Valley intrusion, and drilled northeast, roughly perpendicular to the general southwest orientation of most drill holes to date at Valley. On crossing into the intrusion at 91.6 m downhole, it averaged 1.32 g/t Au over the subsequent 338.0 m, with a general increase in grades towards a gradational boundary between intrusive phases encountered at 341.5 m downhole. The 100.5 m above this boundary averaged 2.03 g/t Au, including a 20 m stretch near the boundary averaging 4.19 g/t Au.
The hole demonstrates further continuity of near-surface, gram to multiple gram per tonne gold mineralization encountered in previous holes at Valley. The darker, porphyritic phase of the intrusion below the boundary may be a driver for higher grades in the lighter, medium-grained granodiorite above.
As with previous holes at Valley, gold grades are carried across broad intervals, and they are not heavily affected by local high-grade (>10 g/t Au) intersections (Table 2).
Figure 4 – Intrusive phase boundary in V-22-032, from 325.5 m to 351.7 m downhole, showing heavily veined, medium grained granodiorite above roughly 341.5 m downhole, and a darker, fine-grained porphyritic phase of the intrusion below. The polyphase nature of the intrusion is thought to be a factor in the dense veining and unusually high gold grades encountered at Valley.
HOLE V-22-015
Hole V-22-015 was collared in the Valley intrusion on section with V-22-007 (410.0 m @ 1.89 g/t Au including 146.0 m @ 3.24 g/t Au) and V-22-014 (285.2 m @ 1.45 g/t Au including 128.2 m @ 2.48 g/t Au, see Snowline news release dated November 15, 2022), stepped back roughly 182 m from V-22-007 to better test the width and depth of the system. V-22-015 encountered its highest grades within the upper two thirds of the hole. A broad zone of high quartz vein density encountered lower in the hole (Figure 3) loosely correlates with zones of the same darker, porphyritic phase of the intrusion seen in V-22-032. The abrupt decrease in vein density at the intrusive phase boundary observed in that hole is thus not present in V-22-015. Instead, a decrease in the regularity of bismuthinite and visible gold in the lower parts of V-22-015 compared to veins seen roughly 200 m vertically above in V-22-007 appears to correspond to a decrease in gold values.
ABOUT ROGUE
Rogue’s Valley Zone is a newly discovered, bulk tonnage style, reduced intrusion-related gold system (RIRGS), with geological similarities to multi-million-ounce deposits currently in production like Kinross’s Fort Knox Mine in Alaska and Victoria Gold’s Eagle Mine in the Yukon. Early drill results demonstrate unusually high gold grades for such a system present near surface across intersections of hundreds of metres. Gold is associated with bismuthinite and telluride minerals hosted in sheeted quartz vein arrays along the margins of and within a one-kilometer-scale, mid-Cretaceous aged Mayo-series intrusion. Valley is an early-stage exploration project without a resource estimate, and while initial results are encouraging, the presence or absence of an economically viable orebody cannot be determined until significant additional work is completed.
The Rogue Project area hosts multiple intrusions similar to Valley along with widespread gold anomalism in stream sediment, soil and rock samples. Elsewhere, RIRGS deposits are known to occur in clusters. The Rogue Project is thus considered by the Company to have district-scale potential for additional reduced intrusion-related gold systems.
UPDATE ON PENDING ANALYTICAL RESULTS
The long processing times for analytical results are understood to be due to operational constraints and high sample volumes at the Whitehorse sample preparation facility. To help manage this backlog, ALS Laboratories has sent various Snowline sample batches to Langley, BC, Sudbury, ON and Thunder Bay, ON. The Company expects this to decrease turnaround time for analytical results on the remaining 17 holes drilled at Rogue in 2022. As evidenced by the available results for late-season holes like V-22-032, this process also randomizes the expected order of receipt of remaining analytical results.
QA/QC
On receipt from the drill site, Valley’s NQ2-sized drill core was systematically logged for geological attributes, photographed and sampled at Snowline’s 2022 field camp. Sample lengths as small as 0.5 m were used to isolate features of interest, otherwise a default 1.5 m downhole sample length was used. Core was cut in half lengthwise along a pre-determined line, with one half (same half, consistently) collected for analysis and one half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Snowline personnel at regular intervals into the sample stream. Bagged samples were sealed with security tags to ensure integrity during transport. They were delivered by expeditor and by Snowline personnel to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref 4028 for its laboratory analysis. Samples were crushed by ALS to >70% passing below 2 mm and split using a riffle splitter. 250 g splits were pulverized to >85% passing below 75 microns. A four-acid digest with an inductively coupled plasma mass spectroscopy (ICP-MS) finish was used for 48-element analysis on 0.25 g sample pulps (ALS code: ME-MS61L). All samples were analysed for gold content by fire assay with an atomic absorption spectroscopy (AAS) finish on 30 g samples (ALS code: Au-AA23). Any sample returning >10 g/t Au was reanalysed by fire assay with a gravimetric finish on a 30 g sample (ALS code: Au-GRA21).
Samples with visible gold and other samples returning >2.0 g/t Au by fire assay, along with a set of randomly selected samples, will undergo further processing, analysing the screen rejects to determine whether the screening process could introduce a sampling bias in current results by excluding coarse gold from analysis, resulting in an under-reporting of true grades. Other biases are also possible.
Results reported herein are considered preliminary following receipt of a low but expected percentage of abnormal assays from standard and blank samples inserted by the Company into the Valley sample stream. (Standard samples are prepared by a third-party laboratory to have known quantities of gold, and blank samples are known to contain very limited concentrations of gold.) Reanalysis of samples run along with these reference materials will provide greater certainty in the final assay numbers. These results will be reported if a material difference is identified between the current assays and the re-run sample batches. Based on the widespread and relatively consistent mineralization throughout mineralized zones, however, the Company does not believe that the re-analysis of this relatively small number of samples will have a significant impact on the preliminary mineralized intervals reported herein.
ABOUT SNOWLINE GOLD CORP.
Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seventeen-project portfolio covering >254,000 ha. The Company is exploring its flagship >111,000 ha Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline’s project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross’ Fort Knox mine, Newmont’s Coffee deposit, and Victoria Gold’s Eagle Mine. The Company’s first-mover land position and extensive database provide a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.
Figure 5 – Project location map for Snowline Gold’s eastern Selwyn Basin properties. The Valley and Gracie Zones on the Rogue are the sites of Snowline’s 2022 drill programs.
QUALIFIED PERSON
Information in this release has been prepared under supervision of and approved by Thomas K. Branson, M.Sc., P. Geo., Exploration Manager for Snowline and a Qualified Person for the purposes of National Instrument 43-101.
This news release contains certain forward-looking statements, including statements about the Company’s drill program, results, implied significance of visual inspection of drill core, and surface work and plans for exploring and expanding a new greenfield, district-scale gold system. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company’s plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
