TORONTO, ONTARIO--(Marketwired - Aug. 13, 2014) - Greenland Resources Inc. ("Greenland Resources" or the "Company") is pleased to announce the filing of a technical report entitled, "A 43-101 Technical Report on the Storø Gold Project, Greenland" dated July 30, 2014, by Mr. Johan Bradley, FGS, CGeol, EurGeol, Principal Geologist at SRK Consulting (Sweden) AB. The technical report has been filed on SEDAR.
In the report, SRK presents the compiled data from current and previously-completed mapping, rock- and sediment-sampling, geophysical surveying, mineral processing, metallurgical testing and diamond drilling at the Storø Gold Project, including 86 drill holes totalling 15,375 m drilled since 1995. SRK concludes that gold mineralisation with economically interesting grades occurs within the Storø licence area that warrant further work.
SRK has endorsed the Company's proposed initial exploration budget of USD $2,000,000 for the 2014 and 2015 field seasons, which includes 2,000 m of shallow-hole infill drilling in the Main Zone area to allow for generation of a Mineral Resource estimate ("MRE"), as well as undertaking a Preliminary Economic Assessment ("PEA") using the results of the MRE as a basis to assess the potential of mining near-surface mineralisation at Storø by open pit methods; as well as further drilling to explore the downward extension of the NE plunging Main Zone mineralization. SRK considers the QAQC data supporting the project to be acceptable.
Dr. Ruben Shiffman, Chairman stated: "We are continuously working on paths that aim to increase shareholders value. We have initiated an engineering study to assess the cost of a small scale near-term open pit mine as a preliminary step towards a PEA. Also, we aim to drill the extension of the downward-plunging structure to increase our resource. So far, we have received positive interest from investors to finance our project."
About the Storø Gold Project
The Storø Gold Project is located in the Nuuk Fjord area of southwest Greenland, some 40 km northeast of the capital city of Nuuk (Godthab). The Storø exploration licence is held by Copenhagen Minerals Inc., a wholly owned subsidiary of Greenland Resources and comprises a total area of 49 km2. Since 1995, a total of 86 drill holes totaling 15,375 meters have been drilled by previous owners. The Storø Gold Project is located nearby the publicly traded companies "Hudson Resources' (TSX VENTURE:HUD), London Mining's (AIM:LOND) and North American Nickel (TSX VENTURE:NAN).
The gold prospects in the Nuuk Fjord area are located in the strongly deformed and metamorphosed rocks of Archean age. The area is an extension of the North American Craton and is suggested to correlate with the Nain Region in Labrador, Canada. At the Storø Gold Project there are two levels of mineralization, the Main Zone and the BD Zone. Both zones are situated within the Qingaaq Mountain and are up to 12m thick with 10-50m wide low grade alteration halos. The main focus of Greenland Resources's exploration is the Qingaaq Mountain area in the southwest of the licence. The Main Zone occurs in an antiformal fold in the upper amphibolite unit and consists of auriferous quartz veins in garnet and biotite alteration zones up to 50m thick. Surface rock grab samples have returned up to 82.3 g/t Au (Sample RGC106916) in this area with common visible gold in both surface and drill core samples. The Main Zone has been traced to 150 m below the surface in drill holes and gold grades in drill samples range up to 52g/t Au over 2m (DDH05-05 47m-49m). The BD Zone occurs lower, on the contact between biotite-sillimanite-garnet gneiss and the upper amphibolites and gold occurs mainly in quartz-veined, arsenopyrite-bearing zones along the contact and in both rock types up to 20m away from the contact. Gold grades in drill core samples range up to 15 g/t Au over 10m (DDH 10-54 39m-49m). The BD zone has been followed along strike for 700-800 m with channel samples that returned up to 22g/t Au over a true width of 1.8m (Sample RCH213061). The mineralization has been traced to nearby Aappalaartoq Mountain situated 4 km to the NE from Qingaaq Mountain. On Aappalaartoq surface samples return up to 25.6 g/t Au (RGB212942) in situ and 46.4 g/t in scree (SCS111358).
Selected intercepts of the auriferous zones below Qingaaq Mountain comprise but are not limited to: 20m of 6.3g/t Au (DH95-03); 12m of 4.2g/t Au (DH05-01); 23.9m of 6.4g/t Au (DH05-05); 12.1m of 5.6g/t Au (DH06-32); 28.8M of 6.74g/t Au (DH10-54). True width is likely to be less than the apparent intercept depending on the orientation of the mineralized structures. Au grade = weighted average (total length*total grade/total length).
Mr. Johan Bradley, FGS, CGeol, EurGeol, Principal Geologist at SRK Consulting (Sweden) AB and a Qualified Person under National Instrument 43-101 has approved the technical information in this press release.
About Greenland Resources
Greenland Resources is a Canadian public company regulated by the Ontario Securities Commission, focused on the acquisition, exploration and development of properties for the mining of gold and other minerals in Greenland. The main exploration project is the Storø Gold Project, a high grade gold deposit owned 100% by Greenland Resources. With offices in Toronto and in Copenhagen, Greenland Resources is led by a management team with over 25 years of exploration and mining experience. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, the availability of financing, the timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates including the costs of operations in remote mountainous environments, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.