VANCOUVER, British Columbia, May 05, 2022 (GLOBE NEWSWIRE) — Hanstone Gold Corp. (TSX.V: HANS) (“Hanstone” or the “Company”) is pleased to provide a summary of the results from the Triaxial Magnetic Survey on both its flagship Doc Property and the Snip North Property located within British Columbia’s prolific mining district known as the Golden Triangle.
The 2022 Doc Property Magnetic Survey was able to verify anomalies previously discovered in the 2020 UAV magnetic survey (drone survey) and revealed additional areas of interest on the Quinn Eskay, the Globe area and the highly prospective Florence vein. The magnetic survey also outlined a much larger folding event, to the east of the Doc vein system, and it appears that the known veins on the property are associated with the fold limbs.
Previous samples taken from the Quinn Eskay area have returned high copper values up to 4.8% (January 2020, NI 43-101 Technical Report). Management has long suspected this may be a sign of a porphyry located on the Doc property. The Triaxial Magnetic Survey results appear to support this theory. To delineate the suspected porphyry targets on the property, several areas are targeted for further evaluation through mapping, prospecting, and a proposed Induced Polarization (IP) survey leading to a targeted drill program.
The Snip North Magnetic Survey was flown across the western side of the property which coincided with areas of interest outlined by the multispectral satellite survey analysis conducted in 2020.
Several new target areas have been identified where analysis indicates hydrothermal alteration coincident with multiple magnetic highs. These areas are often associated with mineralization and are considered high value target areas for future evaluation.
Andre Douchane, Chairman of the Board, commented: “Management is very pleased that the results from the triaxial magnetic survey both support and confirm the results from the previous UAV magnetic survey, and identified multiple previously unknown target areas. Management is also excited that the Snip North magnetic survey results have outlined significant hydrothermally altered targets on the western side of the property. The results of the various geophysical surveys combined with high-grade surface showings indicates potential for a significant source of mineralization on the Doc Property. Management is currently planning a proposed 2022 drill program to cover as many of the attractive drill targets as possible while keeping the focus on locating the main source of the Doc property mineralization.”
About Hanstone Gold:
Hanstone is a precious and base metals explorer with its current focus on the Doc and Snip North Projects optimally located in the heart of the prolific mineralized area of British Columbia known as the Golden Triangle. The Golden Triangle is an area which hosts numerous producing and past-producing mines and several large deposits that are approaching potential development. The Company holds a 100% earn in option in the 1,704-hectare Doc Project and owns a 100% interest in the 3,336-hectare Snip North Project. Hanstone has a highly experienced team of industry professionals with a successful track record in the discovery of gold deposits and in developing mineral exploration projects through discovery to production.
Ray Marks, Chief Executive Officer
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Cautionary Statement Regarding Forward Looking Information:
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events, or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about Hanstone’s business and the industry and markets in which it operates and will operate. Forward-looking information and statements are made based upon numerous assumptions, including among others, the results of planned exploration activities are as anticipated, the price of gold, the cost of planned exploration activities, that financing will be available if needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct Hanstone’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.