VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / St. Anthony Gold Corp. (“St. Anthony” or the “Company”) (CSE: STAG) (Frankfurt: M1N) (OTC PINK: MTEHF) is pleased to share 2021 highlights on the Company’s two properties in northern Ontario, one of Canada’s most prolific mining jurisdictions.
“Exploration activities throughout 2021 have been difficult due to the restrictions of Covid-19, nevertheless the Company has completed 50% of the Phase 1 drilling on the St. Anthony gold property with exceptional VG showings in all drill holes, as previously announced in our press releases. Magabra Resources, the Operator and his team on the property have done a tremendous job, no matter what the tough times. The company and Magabra will move forward with the next Phase 2 drilling program in 2022 with the goal of increasing the 30% stake in the gold claims to 65%. The Company also acquired a 50% interest in 2021 in the Panama Lake property from Benton Resources from our first exploration drilling program. Attention immediately turned to the Company’s adjacent claims at Panama Lake when Kenoraland Minerals Ltd. However, Kinross Gold Corporation’s December 8, 2021 offer to acquire 100% of Great Bear Resources Ltd. for $ 1.8 billion again generated a lot of interest. ion to the prolific Canadian mining jurisdiction of northwestern Ontario where the two St. Anthony Gold Corp. Finally, we closed the year with our annual general meeting and all the resolutions were approved and our board is pursuing its objectives of creating value for our shareholders. 2022 is shaping up to be our best year yet! “concluded Peter Wilson, CEO of St. Anthony Gold Corp.
St. Anthony Gold Claims New data compilation further improves mineral potential
The company and Magabra Resources have completed a compilation of historical production from the Ontario Ministry of Mines annual publications which indicates that significant resources (non-43-101 compliant) have been described but have never been mined. between 1905 and 1941 on its St. Anthony Gold Mine property. In addition, a recent publication from the Metal Earth Project, under the direction of the Mineral Exploration Research Center at Laurentian University, provided structural information on NE trending mineralization associated with the St. Anthony mine.
“These new data continue to confirm our baseline scenario for the St. Anthony gold mine property – that there is a significant orebody that has not been discovered and developed. I believe the improved results our geological team is developing will make St. Anthony one of the top projects in Ontario. We are ready to complete the 5,000m Phase 1 drilling program and look forward to moving to the next 10,000m immediately with financial support from St. Anthony Gold Corp. and Peter, ”said Perry Heatherington, CEO, Magabra Resources.
A review of the history of the Ontario Ministry of Mines is currently under further review. Based on these reports, it appears that a “historic resource” was blocked (1905-1941) but was never exploited. For example, the 1940 ODM annual report indicates that 70,000 tonnes of ore were defined and mined in 1941. Another 140,000 tonnes of probable ore were defined but not processed (shutdown in January 1942).
Former operator Aubet Resources had access to the plans and section of the St. Anthony mine and concluded: “If conditions above the 750 ft level persist to depth, and do not There is no technical data available to support or deny this premise, it is possible that approximately 250,000 tonnes of ore grading 0.20+ oz Au / tonne will exist in the mine up to the 1000 level. feet. In addition, there is no apparent reason why the mineralized system should not extend below a depth of 1000 feet.
The new geological publication, number MERC-ME-2021-62, released in July 2021, highlighted the importance of late structural events, as they can provide information on regional exploration targets for precious metals in areas of shear. These may be of significant importance to the NE trending mineralization associated with the Couture Zone corridor and the parallel Lucky Bones corridor, which has their lithological and structural implications.
Update on Interest Earned from 50% of Lake Panama Property
The Company entered into an option agreement with Benton Resources Inc. in 2019 in which the Company had the option to acquire up to 100% interest in the Benton Panama Lake gold project located in the Red mining district. Lake, Ontario, near the recent and significant Dixie gold discovery by Great Bear Resources Ltd. St. Anthony can acquire a 100% interest in the property through a three-step process by making various cash (or stock) payments and work commitment obligations. The Company has earned its initial 50% interest and made the required payment of $ 100,000 (in cash or shares) by issuing to Benton 808,375 common shares of St. Anthony which will vest at the 50% ownership level. Exploration on the property in fall 2019 and summer 2020 qualified the Company for the work commitment and obligations to Benton in the signed option agreement. The Company has the option of owning the remainder of the property or 100% ownership of all of the Lake Panama property, subject to a 2% royalty under standard industry terms.
Allen J. Raoul received his B.Sc. in Geology from Mount Allison University, Sackville, New Brunswick, and is a registered professional geologist in Ontario and a Qualified Person under NI 43-101. It has reviewed and approved the technical content of this press release
About St. Anthony Gold Corp.
St. Anthony Gold Corp., a Canada-based mining exploration company, is focused on identifying and advancing high value mineral properties.
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