October 15, 2021 – TheNewswire - DAMARA GOLD CORP. (TSXV:DMR) (OTC:SLMZF) (“Damara” or the “Company”) is pleased to announce it has completed a Phase II soil sampling program and commenced mechanized trenching on its Placer Mountain Project (“Placer Mountain” or the “Property”) located south of Princeton, British Columbia.
The Phase II exploration program consisted of the collection of 660 soil samples on a 25m x 25m grid and was directed at infilling and extending a large new gold-in-soil anomaly located 2.5 kilometers northeast of the Main Vein. During the program, soil samplers identified abundant sulfide-mineralized and oxidized quartz-limonite vein float and granodiorite float within the new anomaly, along a short logging road that cuts a portion of the anomaly. The area is underlain by a granodiorite intrusion, which is a different geology to the volcanics which host the Main Vein. The soils along the short logging road are a gossanous bright orange colour which suggests the presence of oxidized sulfides. The trenching is focused along this stretch of road, with the aim of uncovering the source of the quartz-sulfide-limonite float boulders and a possible orientation of any underlying veins. Photographs of the rock samples collected within the new anomaly, as well as a separate multi-element anomaly to the northwest which is underlain by pyritic black shales can be found at the following link:
2021 Drill Program Planning
The aim of the trenching program will be to help locate several planned drill holes to test the new gold-in-soil anomaly. The upcoming drill program, which is expected to commence in November, will test at least 4 separate target areas, including extensions of the Main Vein in both directions, the parallel SGH gold anomaly, and the new soil anomaly discussed above.
Larry Nagy, CEO, commented “We are very pleased with the progress the Company has made on Placer Mountain this season and are looking forward to our upcoming drill program. In addition to testing the Main Vein along strike in both directions, this summer’s field work has generated two additional high-quality targets, both of which we are very excited to test as well. The Property’s location allows for late season drilling with results throughout the winter months, which will allow an early start to drilling the following field season.”
Dr. Gerald G. Carlson, PhD, PEng, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this report.
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored gold properties worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
Larry Nagy, Chief Executive Officer
For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Chief Executive Officer or
Chief Financial Officer
Disclaimer for Forward-Looking Information
This news release contains statements that constitute "forward-looking Information", as such term is used in applicable Canadian securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF DAMARA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE DAMARA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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