Solstice acquires Red Lake Extension project
Solstice Gold Corporation has announced they have entered into an option agreement to acquire a 100% interest in the Red Lake Extension project consisting of 10 claims located in the northern part of the Red Lake Gold District. Solstice acquired the Project, from Gravel Ridge Resources Ltd, based on our interpretation that the RLX covers approximately 14 km of strike length of a prominent geological structure which corresponds to the surface expression of a deep structure recently identified, using historical seismic surveys by Ministry of Northern Development and Mines (MNDM) geologists, as the third major structure in the district*. According to the MNDM, the other two major structures correlate with the important gold deposits of the Red Lake Gold Camp, the Red Lake Gold Complex (Evolution Mining) and LP fault of the Dixie project (Great Bear Resources).
“Having spent over 16 years of my career successfully exploring the Red Lake Gold Camp, it is an area that I and the Solstice team know very well and is truly prolific. It has repeatedly shown that there are gold deposits waiting to be found by strong technical teams who are capable of correctly interpreting complex geology. The Red Lake Extension project covers a key portion of a major structure in the Red Lake camp whose potential importance has only recently been revealed through updated geological interpretations. Based on my long experience in the Red Lake Camp this area is a compelling exploration target.
The addition of the Red Lake Extension project gives Solstice a second top-tier exploration asset that will allow the Company to explore in two of the world’s top gold jurisdictions year-round. With our 866 km² drill-ready KGP Project adjacent to the Meliadine deposit (2P: 4.07MM oz / 6.1 g/t, M&I: 2.80 MM oz / 3.52 g/t, Inf: 2.63 MM oz / 5.60 g/t)** in Nunavut and now 14 km of prospective strike in one of the most prolific Gold Districts in North America, Solstice has a unique value proposition vs our $8MM market cap today. With our proven exploration team and the financial backing of our experienced board with strong insider ownership of almost 33%, Solstice is well positioned for exploration success and significant value creation for our shareholders,” stated Chairman David Adamson.
During his successful 16 years of exploration in the Red Lake camp, David Adamson was a co-award winner for the discovery of Battle North Gold Corporation’s Bateman Gold deposit*** and was instrumental in the acquisition of many of the Red Lake district properties in the Battle North portfolio.
This new Red Lake Project comprises approximately 33 km² and covers the interpreted extension of the Red Lake Greenstone Belt. Mapping by Ontario government geologists indicates the Project is underlain by greenstone and based on a 2008 government airborne survey****, is associated with extensive (139) conductors. It is accessible from the town of Red Lake year-round via an arterial road and then by logging roads and bush trails. There are currently two mines and operating mills and a third project in feasibility located within 60 km radius of the Red Lake Extension Property; Evolution Mining’s Red Lake Complex and Pure Gold Mining’s Madsen Mine which was just recently put into production along with Battle North’s Bateman Project and Mill which is expected to be producing first gold in 2022. These three mills within trucking distance would improve the economics of any potential discovery. In addition, only 12 km to the south along the same structure Evolution Mining and Pacton Gold Inc. are drilling off mineralized zones on their joint venture, the Sidace Lake gold project.
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