Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - GOLD HUNTER RESOURCES INC. (CSE: HUNT) (OTC Pink: GHREF) (the "Company" or "Gold Hunter"), a Canadian exploration company focused on the acquisition, exploration, and development of precious and base metal projects, is pleased to announce its strategic exploration plans for the newly consolidated Great Northern Project in Newfoundland, Canada.
Strategic Exploration and Data Integration
Gold Hunter is consolidating and integrating geological data from partner organizations and individuals, government archives, and newly acquired information. The Company has engaged the expertise of Magna Terra Minerals Inc. technical team and Mercator Geological Services of Nova Scotia, both known for their extensive knowledge and track records in the region. Mercator Geological Services will complete an NI 43-101 report of the combined project and establish a robust geological database for the entire district.
Potential and Initial Exploration
The Company anticipates the detailed database of the district's geological information to be compiled in the coming weeks. Investors can anticipate a full website update along with new investor tools following that. Gold Hunter will commence planning its initial exploration program on this newly consolidated land package, which includes already-defined drill targets in multiple areas, allowing for the commencement of drilling this summer.
Gold Hunter's Consolidated Gold District: The Great Northern Project in Newfoundland, Canada
Gold Hunter's President & CEO, Sean A. Kingsley, stated, "We are excited to develop the Great Northern Project together with mutual partners. This represents a significant opportunity for Gold Hunter and its shareholders and stakeholders to explore a growing gold district in Newfoundland. Magna Terra has advanced the Great Northern - Viking Project to this pivotal stage, and with our consolidation of the Doucer's Valley Fault, we are well-positioned to unlock the potential of the area. We aim to release our initial NI 43-101 report, followed by our strategic exploration program plan for the Great Northern Project shortly."
About the Great Northern Project
The Great Northern Project is situated near Sops Arm, Pollard's Point, and Jackson's Arm, Newfoundland and Labrador. The Project encompasses a 40 km section of the Doucers Valley Fault, a key geological feature known to host numerous gold occurrences, including the Thor and Rattling Brook Deposits, historic Browning Mine and at least twelve mineralized trends throughout the project area. Gold mineralization is hosted in various lithologies, from Precambrian or Ordovician granites to younger volcanic and sedimentary rocks, typically found along splays off the Doucers Valley Fault.
The Doucers Valley Fault extends from Ireland to New Brunswick and plays a crucial role in the region's geology. This fault system, part of a larger network associated with the closing of the Iapetus Ocean, has influenced mineralization patterns across Newfoundland. Multiple reactivation phases of the fault have contributed to the region's rich mineral deposits, including those on the Great Northern Project.
Figure 1: Map of the consolidated Great Northern Project, including the historic Rattling Brook deposit, the Thor Deposit, Browning Mine, and other mineral claims in the district.
Newfoundland and Labrador are top-tier jurisdictions for exploration and development, ranked 9th out of 86 global jurisdictions for investment attractiveness by the Fraser Institute's Annual Survey of Mining Companies, 2023. The province's rich prospecting history and existing mineral resources offer a promising foundation for further exploration.
Infrastructure and Accessibility
The projects are located in a mining-friendly jurisdiction with excellent infrastructure.
Accessible year-round, supported by local communities such as Sop's Arm, Pollard's Point, and Jackson's Arm.
Existing infrastructure facilitates exploration and any potential future operations.
Newfoundland hosts a trained workforce, with easy access to consultants and service providers through Gold Hunter's extensive network and over 20 years of experience in the province.
Early settlers established mining communities in the region, creating a long-standing, supportive environment for mining activities.
The local communities are known for their strong backing of mining operations, owing to the rich history of mining in northwestern Newfoundland, which dates back over a century.
Early 20th-century mining operations helped shape the economy and infrastructure of the area, making it a stable and welcoming region for new mining ventures.
In Other News
The Company has elected to solely focus on the Great Northern Project and has decided to relinquish its Cameron Lake East project. Gold Hunter has returned its 100% interest in the project to EMX Royalty Corp. for zero consideration, ensuring that EMX Royalty Corp. will keep the project in good standing.
Qualified Person
This news release has been reviewed and approved by Rory Kutluoglu, B.Sc., P.Geo., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
About Gold Hunter Resources Inc.
Gold Hunter Resources Inc. is a Canadian exploration company specializing in the acquisition, exploration, and development of precious and base metal projects in Newfoundland and Labrador. In April 2024, the Company finalized a pivotal share purchase and sale agreement with FireFly Metals Ltd., resulting in FireFly acquiring Gold Hunter's subsidiary in exchange for 30,290,624 common shares of FireFly Metals, closing value at $18.28 million, today's value approximately $23 million. A substantial 82.84% of these shares were directly distributed to Gold Hunter shareholders as a dividend, significantly enhancing shareholder value.
In May 2024, Gold Hunter executed several strategic agreements to consolidate an underdeveloped gold district in Newfoundland. This strategic consolidation aligns with the Company's vision to continuously build shareholder value by capitalizing on high-potential, underexplored mineral assets.
Gold Hunter Resources prides itself on a focused and expert-led approach, leveraging extensive geological data, a seasoned technical team, and comprehensive market insights to drive successful exploration and development. The Company is determined to deliver strong returns to shareholders through its strategic initiatives and disciplined operational execution.
On Behalf of the Board of Directors, GOLD HUNTER RESOURCES INC.
Neither the CSE nor its Regulation Services Provider (as defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements and information within the meaning of applicable Canadian securities laws. These statements relate to future events or performance and reflect the Company's current expectations or beliefs regarding future events. Forward-looking statements can generally be identified using forward-looking terminology such as "intends," "believes," "anticipates," "may," "could," "should," "would," or similar expressions. These statements are made as of the date of this news release and include statements regarding plans, estimates, and expectations concerning the benefits of the strategic transactions described herein, the successful integration of newly acquired assets, the exercise of options, and the exploration and development potential of the acquired mineral claims.
In making these forward-looking statements, the Company has applied several material assumptions, including that the Company will achieve the anticipated benefits from the transactions, successfully integrate the acquired assets, exercise the options in full, and continue the effective exploration of the projects and surrounding mineral claims.
Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, other factors may cause results to differ from those anticipated. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements and information. The Company does not undertake to update any forward-looking statements or information except in accordance with applicable securities laws.
