BOREAL GOLD: EXPLORATION FOCUSING ON COPPER AND GOLD

Boreal Gold Inc. has provided an overview of the company, recently listed on Dec. 17, 2024. The company is composed of seasoned explorationist and proven discoverers who bring a wealth of experience and expertise to an area that has a proven record for discovery. Since 2022, the company has acquired two large properties, one each in Manitoba and Saskatchewan, and raised almost $2-million to explore these properties to develop drill targets prior to listing. The company, over 2022 and 2023, was focused on exploring through airborne electromagnetic surveys, mapping and prospecting the Fay Lake property northeast of Flin Flon, Man., strategically positioned between Hudbay’s Vamp Lake deposit and Minnova’s Puffy Lake gold mine. In Saskatchewan, Boreal completed similar work over the Melgurd Lake property, just north of the Shotts Lake copper deposit in the Flin Flon volcanic assemblage that hosts the Foran’s large developing McIlvenna deposit farther south.

Work completed to date includes complete airborne coverage with magnetic and electromagnetic surveys over both the Fay and Melgurd properties. Boreal has received an in-depth report on the airborne survey by Ross Groom out of Toronto. To set the basis for more advanced exploration with drilling, extensive mapping and prospecting have been carried over the most promising portions of the property that contain volcanic massive sulphide mineralization of copper, zinc and gold. Exploration of the gold structures on the Fay Lake property has shown the structures are similar in mineralogy to the Puffy Lake mine and will begin this summer. Follow-up ground magnetic and EM surveys were completed over the main VMS horizon in 2024 outlining a number of drill targets.

With the increased demand for critical minerals such as copper, Boreal plans to focus its efforts where high-grade copper was obtained in grab samples from trenches on the property with the idea of drill testing areas of high copper and gold concentration. Gold is reaching all-time highs of over $2,800 (U.S.) per ounce or over $4,000 (Canadian) per ounce.

East of the Redwin shaft on the Fay Lake property, which was initially worked and discovered from 1928 to 1931, high values of copper were sampled in an old trench, and a quartz vein sample, collected 30 metres north of this trench from another trench, assayed very high in gold. These selected grab samples collected during the summer of 2023 returned the following assays.

Sample   Rock name           Au          Ag         Cu        Zn    

298691   Massive sulphides   2,270 ppb   9.2 g/t    1.12%     0.14% 
298692   Massive sulphides   319 ppb     16.0 g/t   1.24%     0.56% 
298693   Quartz vein         146.9 g/t   6.4 g/t    679 ppm   47 ppm

Drilling is planned for this area, where it appears that gold veins crosscut VMS massive sulphide type mineralization. Mapping indicates that the Redwin massive sulphide horizon, which is 3.5 kilometres long, folds back on itself to the south creating an additional three km to explore and drill test. New discoveries were made in the summer of 2024, including new gossans on the southern horizon, and a completely separate horizon of massive sulphides known as the Sunrise Horizon is located northeast of the main workings immediately west of the rail line.

Another area of interest for gold exploration on the Fay Lake property is the Fay showing located east of the railway tracks. A sample collected in 2021, after a preliminary review, returned the following assay: sample 27309 assayed 14.33 grams per tonne gold, 65.8 g/t silver, 0.14 per cent copper and 0.23 per cent zinc. Boreal, this summer, will focus on this structure, which is similar to the mineralization of the Puffy Lake mine, in more detail with detailed geological mapping, prospecting and additional sampling, along with additional line cutting to search for the strike extension to the east for this gold-enriched shear zone.

On the far eastern portion of the Fay Lake property, Boreal plans to prospect and sample the Jasper mineral occurrence on Koscielny Lake, where mineralization contains values of up to 11.81 g/t Au (0.38 ounce per ton Au) over one metre. Visible gold was noted in some of the historic e-sized drill core.

This winter, follow-up ground magnetic and horizon loop EM geophysical surveys are planned to cover those areas not previous covered in 2024 over airborne conductors.

Manitoba Mineral Development Fund update

Boreal Gold is also pleased to announce that the final disbursement from the MMDF for past year’s grant of $64,650 will be processed. Boreal Gold has also applied for a $300,000 grant from the MMDF for the 2025 year of exploration work on the Fay Lake property. Previously, Boreal received a grant of $184,650 for the 2024 field season and $300,000 for the 2023 field season. This support from the Manitoba Mineral Development Fund was instrumental in helping Boreal Gold get listed on the Canadian Securities Exchange by providing assistance in the form of exploration funds for a junior exploration company exploring for critical minerals in Manitoba.

Boreal Gold has also obtained $20,000 through the exercise of warrants from an existing shareholder.

Properties

Fay Lake property

The Fay Lake property consists of 17 contiguous claims comprising 2,719 hectares and lies 25 km northeast of Flin Flon, Man. It is contiguous to the south of Hudbay Minerals’ Vamp Lake copper-zinc-gold VMS property and also contiguous to the northeast, with the former Puffy Lake gold mine. Fay Lake contains approximately five km of mapped VMS horizons similar to Vamp Lake.

Separately, west of the rail line, a nine-kilometre shear structure, currently known to contain similar mineralization as the Puffy Lake gold deposit, had samples assaying up to 14.33 g/t Au.

Melgurd property

The Melgurd property consists of 11 mineral claims totalling 7,411 hectares and lies northwest of Flin Flon, Man., just north of the Shotts Lake copper-zinc VMS deposit in Saskatchewan. Boreal’s airborne magnetic and EM survey shows both EM conductors and gradient magnetic trends of the Shott Lake horizon continuing north onto the Melgurd property in the area of a felsic volcanic package. Prospecting and mapping in the summer and fall of 2023 and 2024 have outlined an area of significant garnet and anthophyllite alteration. Locally, this alteration is associated with gossans.

Previous work

Fay Lake

The attraction of the property has been the high gold content of the Redwin massive sulphides.

During 1932, the Fay Lake mining syndicate delivered three shipments of sulphide ore to Hudson Bay Mining and Smelting from the shaft area and nearby trenches. The three shipments of ore are as follows (letter from A. Kauffman, chief geologist HBM&S, 1949). HBED was not interested because of the low copper values, and gold was then only $25 per oz:

  • Nov. 24, 1932: 42.6 tonnes (14.6 g/t gold; 50 g/t silver; and 0.20 per cent Cu);
  • Jan. 12, 1933: 40.0 tonnes (15.7 g/t Au; 7.9 g/t Ag; and 0.65 per cent Cu);
  • Jan. 25, 1933: 147 tonnes (4.5 g/t Au; 4.5 g/t Ag; and 0.51 per cent Cu).

During this period, the syndicate excavated numerous trenches and two shafts, and carried out a drill program in the main showing area; however, results from this program are not recorded. Various drill programs ensued along the extent of the five-kilometre horizon-verified massive sulphides.

Melgurd property

On the Melgurd property in Saskatchewan, continued line cutting, detailed geological mapping, prospecting and sampling will continue in prospective areas while continuing to ground truth airborne anomalies obtained from the 2022 TDEM airborne survey. Boreal has been granted a TMEI (targeted mineral exploration incentive) grant for drilling on the Melgurd property where 25 per cent of drilling expenditures are reimbursed up to a cap of $150,000. Boreal Gold has also applied to have last year’s work permit extended for an extra two years to fulfill its proposed work commitment.