Vancouver, British Columbia–(Newsfile Corp. – August 4, 2020) – Eclipse Gold Mining Corporation (TSXV: EGLD) (OTC Pink: EGLPF) (“Eclipse” or “the Company”) is pleased to report it has initiated a helicopter-supported geophysical survey to explore the scale of the mineralizing system at its Hercules gold project in Nevada’s Walker Lane trend.
Electromagnetic (resistivity and conductivity), magnetic, and radiometric data will be collected for the entire Hercules property, with approximately 2,200 line kilometers planned. Previous work indicated a potential correlation between resistivity and gold mineralization on the property. The survey is being conducted by Geotech Ltd of Aurora, ON.
The goal of the geophysical survey is to assess property-wide exploration potential at Hercules and generate a prioritized list of targets for further drilling programs. The Company has created an 85-square-kilometer district-scale land package, through claims and ownership consolidation, that is known to host a low-sulphidation epithermal gold-silver system of undefined size.
Recent drilling by the Company highlighted the strength and continuity of the mineralized system at Hercules, intersecting broad intervals of near-surface oxide gold-silver mineralization in all target areas tested to date, some greater than 50 meters (See June 10, 2020 news release).
Results from a recent ground IP survey identified a new ‘Hercules Structural Zone’, a potential feeder structure, that extends more than 2,000 meters along strike, and remains open for expansion (See July 21, 2020 press release).
“Work to date by the Company has been systematically exploring the Hercules Gold Project,” stated Michael Allen, President and CEO of Eclipse Gold, “We have now established that Hercules hosts a large scale, epithermal gold system whose value is only now beginning to be unlocked. Our next phase of work is to assess the full scale of the system and vector in on potentially higher-grade zones.”
The Company expect results of the airborne geophysical survey in mid-August and will add to our growing understanding of the project as we plan our next round of drilling.
About Eclipse Gold Mining
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada’s Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The Company brings together a team with collective funding of over $2 billion in both strong and weak markets, and a track record of at least nine successful buyouts/exits.
Qualified Person
Dr. Warwick Board, P.Geo., Vice President of Exploration for Eclipse Gold Mining Corporation, and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Allen
President, CEO and Director
CORPORATE INQUIRIES:
Dylan Berg, VP Investor Relations
Company Website: www.eclipsegoldmining.com
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Email: info@eclipsegoldmining.com
TSXV: EGLD | OTC: EGLPF | Frankfurt: F3J | ISIN: CA27888R1001 | WKN: A2PYV4
Forward looking and other cautionary statements
This press release includes “forward-looking information” that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding listing of the Company’s common shares on the TSXV are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include the acceptance of the Offering by the TSXV; regulatory actions; general market conditions (including equity, commodity, foreign exchange and interest rate); increased funding costs and market volatility due to market illiquidity and competition for funding; operational outcomes (including technology and infrastructure); insurance; environmental conditions; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful development and exploration of its owned and optioned properties; the ability to implement business strategies and pursue business opportunities; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; the occurrence of natural and unnatural catastrophic events and claims resulting from such events; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, nonessential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, and supply chains, and a deterioration of general economic conditions including a possible national or global recession. Such forward-looking information reflects the Company’s views with respect to future events and is subject to further risks, uncertainties and assumptions, including those set out in the Company’s final prospectus dated February 6, 2020 and the final prospectus dated June 29, 2020 and filed under the Company’s profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60919