VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2013) - Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to provide an exploration program update for its Pen Gold Project, approximately 75 km southwest of Timmins, Ontario. The summer mapping and prospecting program was completed last week.
The majority of the field work has focused on the northern portion of the Pen Gold Project to expand on previous prospecting by Rio Tinto and to meet the expenditure obligations under our share purchase agreement.
Highlights of the work to date include:
- 37.6 g/t sample taken at the Nib Yellowknife Area, 2 km southwest of the Talc Mine Area, confirms the potential for a new target location.
- The Westgate anomalous trend has been extended to a distance of 3.5 km.
- The Porphyry Hill Area anomalous trend appears to be 1.5 km long.
- Geochemist Dr. Tim Barrett has completed an initial review of data. We have commenced further work to test for possible Volcanogenic Massive Sulphide (VMS) mineralization, initially identified in drill hole PG13-110.
Links to Appendices:
Appendix 1 - Maps of 2013 sample locations and 2013 an 2010 geochemical anomalies: http://media3.marketwire.com/docs/RA1.pdf.
Appendix 2 - Sampling results, see Appendix 1 for map of anomalies: http://media3.marketwire.com/docs/RA2.pdf.
Appendix 3 - Nib Yellowknife Area: http://media3.marketwire.com/docs/RA3.pdf.
Appendix 4 - New Hydro Line Area: http://media3.marketwire.com/docs/RA4.pdf.
See Appendix 1 for sample location map and Appendix 2 for sample results table
- Approximately 4,100 hectares, or approximately 25%, of the Pen Gold Project's 16,000 hectare property has now been covered by mapping and prospecting crews. More than 90% of the assays have been returned.
- 43 samples reported grades greater than 50 ppb gold. Highest values are 37.6 g/t from the Nib Yellowknife Area and 4.89 g/t from a sub-outcrop west of the Westgate Area.
- The Nib Yellowknife Area, 2 km southwest of the Talc Mine Area, was identified initially in our data compilation work. Eighteen anomalous values were returned from the Nib Yellowknife stripped area reconfirming the anomalous values found by Steetley Industries Limited (Steetley) in the 1980s. This includes a 37.6 g/t sample taken close to the location of a grab sample taken by Steetley that returned 1.3 oz/t from a narrow east-west structure. (See Appendix 3 for more details on the Nib Yellowknife Area.)
- Three new anomalous gold values were returned from east of the Westgate Area ("Eastgate"), where a grab sample assayed 1.2 g/t, potentially extending the zone another 1,000 m to the east. Anomalous gold values from grab sampling have now been returned over a distance of 2.5 km along this ridge of altered mafic volcanics with quartz veining and sulphides. Another grab sample from sub-outcrop, taken earlier this summer, returned a value of 4.89 g/t gold from a similar style of mineralization another 1 km west along this trend, possibly extending the mineralization for a total length of 3.5 km. The area where this sub-crop sample was taken was re-examined without finding the source of the anomalous assay, although similar veining is located nearby.
- The Porphyry Hill Area, which returned a grab assay value of 4.41 g/t gold in 2010 and four anomalous assays earlier in the summer, was followed up by further prospecting and sampling. This sampling returned three additional anomalous values from sheared and altered porphyry. The trend appears to be 1.5 km long.
- In the process of preparing ground for a new hydro line for Imerys, north of the Talc Mine Area, outcrops of sediment and porphyry with quartz veining were uncovered. Grab samples were taken at a few locations with some anomalous values returned. The area will be washed and channel sampled within the next few weeks. See Appendix 4 for an example of the veining at the new hydro line area.
- Dr. Tim Barrett has completed a site visit and preliminary analysis of the data from the holes around PG13-110 and has recommended that a few more samples to be analyzed for geochemical signatures to determine rock types. He has also recommended petrography of the core from drill hole PG130110 to determine if the sulphides present are depositional or replacement in nature. The results of his findings will be used to determine the next steps in exploring this zone as a potential VMS target.
Planned Work Programs for Remainder of 2013:
- Data compilation and interpretation of the work from previous work and this field program will be used to generate new maps and prospective targets for further exploration along the known trends as well as new areas.
- Weather permitting, the hydro line area will be washed and channel sampled, and a number of other targeted areas will be chosen for overburden stripping and channel sampling.
- An airborne magnetic and EM survey is being considered for late fall/early winter to cover the Pen Gold North area to bring geophysical coverage up to the same standard as Pen Gold South. This data will be used to interpolate geology where other geological/geochemical methods cannot be used due to lack of rock exposure.
About Rapier Gold Inc.
- Rapier was listed on the TSX.V on March 8, 2013 and currently has 23,917,838 shares issued.
- Rapier's activities are solely focused on exploring the Pen Gold Project which comprises 16,448 hectares (approximately 160 sq km), 75 km southwest of Timmins, Ontario, in close proximity to the western extension of the Porcupine-Destor Deformation (Fault) Zone, one of the most productive gold structures in the world.
- AuRico Gold Inc. owns 19.9% of Rapier Gold.
Quality Assurance - Quality Control ("QA/QC")
Industry best practices are followed on the project including the routine insertion of blank and standard samples in all grab samples. The samples are submitted directly to Actlabs in Timmins for preparation and analysis. Gold analyses are conducted on 1 assay-ton aliquots, using fire assay methods with an atomic absorption finish for samples grading up to 5 g/t Au and with a gravimetric finish for samples above that level.
Gary Wong, P.Eng., Vice-President Exploration of the Company, and a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration activities, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.