Sassy Resources (CSE:SASY, OTCQB:SSYRF) Corporation said it has identified a new regional gold trend in the Gander gold belt of Newfoundland.
Initial soil geochemistry results received from additional areas of the Gander North project suggest the presence of “previously unrecognized large regional structures” with potential to continue along a northeast trend for more than 40 kilometres, Sassy told investors.
Assay results highlighted several northeast and east-northeast trending gold-in-soil anomalies in multiple zones covering the northern, central and southern portions of Gander North, the company said.
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What’s more, clusters of high-grade gold results for soils include 58 samples assaying between 50 parts per billion (ppb) gold (Au) and 756.1 ppb, which Sassy said are considered “highly anomalous” for Newfoundland. Results also included 23 samples of greater than 107.3 ppb Au.
Shawn Ryan, the famed prospector and Sassy’s technical advisor, called the first pass soil results “exceptional” for the province.
Ryan told investors the results demonstrate that the magnetic target, which spans 38 kilometres by 10 kilometres, represents either completely new regional structures just 25 kilometres east of the Appleton trend that hosts the New Found Gold and Labrador Gold discoveries, or inboard sub structures 12 kilometres east of the Gander River Ultramafic Belt.
“Either scenario means Gander North is prime hunting ground for new high-grade discoveries in the Central Newfoundland Gold Belt, another example of the island's vast under-explored potential for new deposits,” Ryan said in a statement.
"Gander North consists mainly of the first exploration claims ever staked on this target, covering a distinct district scale regional NNE regional magnetic anomaly. Overlying this feature were anomalous gold-in-till samples from the Newfoundland till survey. Now we have a massive amount of fresh data that puts Sassy (and Gander Gold) on the path to discovery."
Update on Gander Gold spinout
"With eight projects covering 2,257 square kilometres, Sassy controls one of the largest claim positions in Newfoundland,” CEO Mark Scott added. “Early success at Gander North, Mt. Peyton and Sassy's other Newfoundland projects bodes very well for Sassy's Gander Gold spinout."
Sassy also provided an update on the planned spinout. The date of record for the Gander Gold share distribution to Sassy shareholders is February 1, 2022.
Based on the current Sassy share structure, the distribution of 8,8333,333 Gander Gold shares represents a ratio of one Gander share for approximately every 5.8 Sassy shares owned. The final ratio for the distribution of Gander Gold shares will be determined by the number of Sassy shares issued and outstanding as of the date of record.
Contact Angela at angela@proactiveinvestors.com
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