Karus Gold Corp. announces that detailed interpretation of the 2020 drill program validates the Company’s exploration thesis that structural controls generate repeating higher-grade gold vein corridors within the previously defined Upper and Lower zones at the FG Gold Project FG Gold is part of the Company’s 1,000 square kilometer South Cariboo Gold District in British Columbia (Figure 1).
Karus Gold CEO Andrew Kaip comments, “Results from the 2020 drilling program have set the stage for a 15,000 m drill program in 2021 to: 1) validate our understanding of the controls for high-grade gold mineralization; 2) further step out drilling to expand known corridors; and 3) to discover new corridors of high-grade gold mineralization below and along strike of historical drilling.”
FG Gold Structural Controls
Following a review of previously released drill results from the 2020 drill program conducted by KORE Mining Ltd., the technical team at Karus Gold has an increased confidence in the structural controls of higher-grade gold mineralization. The salient features of these high-grade gold corridors are outlined below.
Given an enhanced understanding of the orientation of these high-grade gold corridors the Company believes that intercept below define newly discovered high-grade gold corridors, the dimensions of which will be fully evaluated through further confirmation drilling.
A plan map of the drill collars and traces is included in Figure 2, including the location of the cross sections in Figures 4 and 5, which show the above-mentioned intercepts related to the development of high-grade gold corridors.
Table of Significant Drill Results that Outline Higher-Grade Gold Corridors
|Drill Hole||Zone||From||To||Length1,2||Gold Grade3|
The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The eastward emplacement of the Intermontane Belt onto the Omineca Belt along the Eureka Thrust Fault caused widespread regional metamorphism and structural deformation of both Belts. The regional scale, northwest trending, shallowly plunging, Eureka Syncline is the dominant resulting structure in the project area. Rocks in the core of the Eureka Syncline are comprised of basalt, augite porphyry flows, tuffs and volcanic breccias metamorphosed to a low grade; they are structurally emplaced onto metavolcanic and sedimentary rocks of the Quesnel Terrane. The Quesnel Terrane is recognized for its prevalence of copper, gold and molybdenum mines and showings such as those at Highland Valley, Boss Mountain, QR and Mount Polley.
The FG Gold Project is centrally located over the Eureka Syncline, strategically encompassing two limbs and the hinge zone of a gold-bearing meta-sedimentary rock unit of the Quesnel Terrane. FG Gold hosts an orogenic gold project on the northeast limb of the Eureka syncline. The gold-bearing rock, a ‘knotted’ phyllite, is the host rock for gold mineralization and has been traced for over the 3.5 km strike length by shallow drilling (see Figure 2). Past drilling averages only 93 m deep into a moderately dipping sedimentary host rock. Mineralization is open at depth and along almost the entire trend.
Surface mapping, surface geochemistry and geophysical inversion of airborne electromagnetic data suggests the knotted phyllite has a strike length of over 20 km with potentially thickened regions occurring in the Eureka Syncline hinge zone. Figure 3 is a regional view to the northwest of the host rock potential of the Eureka syncline and that extends through Eureka Ridge and highlighting the tens of kilometers of exploration potential relative to the area of historical drilling.
The FG Gold Project consists of 35 claims, totaling 13,008 hectares, in the eastern Cariboo region of central British Columbia, approximately 100 km east of Williams Lake. The project is at low elevation and accessible by forestry roads. The Project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered in 2018.
FG Gold is part of Karus Gold’s 1,000 km2 South Cariboo Gold District which hosts 110 km of the Eureka thrust structural trend that drives gold mineralization in the District. The Trend is highly prospective for orogenic gold deposits, some of largest in the world, and includes the Company’s Gold Creek Project. The Cariboo region is accessible with local power, well developed road network and skilled local labour from multiple current and past operating mines.
More information on the NI 43-101 technical report dated December 16, 2020 “Technical Report on the South Cariboo Gold Property” filed under Karus Gold’s Profile on SEDAR at www.sedar.com and on Karus Gold’s website at www.karusgold.com.
About Karus Gold
Karus Gold is 100% owner of the 1,000 km2 South Caribou Gold District that includes the drill-stage FG Gold and Gold Creek projects in British Columbia. Karus Gold is supported by strategic investors Eric Sprott; and insiders, together with the management and Board, own approximately 59% of the basic shares outstanding.
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We acknowledge the [financial] support of the Government of Canada.