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Upside Gold Corp. (“Upside” or the “Company”) (CSE: UG) (FSE: 47I) (OTCQB: UGODF) has signed a Letter of Intent (“LOI”) with a local prospector to acquire seven mineral claims totaling approximately 273 hectares located on the northwest side of the Company’s Kena Gold-Copper Property (“Kena” or the “Property”) in southeastern British Columbia.
The proposed acquisition is intended to strengthen the continuity of the Kena land package by bringing together adjacent ground along a prospective trend. The claims cover historically mineralized areas and are intended to support the Company’s strategy of building scale across the Kena system.
The claims encompass the original six reverted Crown grants that formed the historic Venus-Juno Group. Past production from the Venus-Juno Group is reported at approximately 5,411 tonnes grading an average of 19.8 g/t gold and 17.7 g/t silver, with minor copper and lead, during the first half of the 20th century. Upside says this history supports the presence of mineralization within the broader district and reinforces exploration potential in a largely under-explored portion of the property.
Upside reports that the claims are underlain by altered mafic volcanic rocks of the Elise Formation adjacent to the Nelson granodiorite intrusion, described as the same regional geological setting that hosts gold and copper mineralization at Kena.
Mineralization on the newly acquired claims is described as quartz veins and stringers containing pyrite, galena, sphalerite, and copper sulphides, consistent with mineralization styles observed elsewhere across the Kena Property.
The Company plans to conduct a systematic surface evaluation program to assess the extent and continuity of gold-silver mineralization across the newly acquired claims and to determine their potential contribution to the broader Kena exploration model.
The information in the press release has been reviewed and approved by Trevor Boyd, P.Geo., Vice President, Exploration of the Company, and a Qualified Person for the technical information under NI 43-101 standards.
Upside Gold Corp. is a Canadian gold-copper exploration company that has entered into an option agreement to acquire a 100% interest in the Kena Gold-Copper Project in southeastern British Columbia, approximately 7 kilometres southwest of Nelson. The Kena Project consists of 198 mineral claims covering 10,114.8 hectares, together with 11 crown grants covering approximately 92 hectares.
Upside says the Kena Project hosts a historical gold resource comprising an Indicated Mineral Resource of 32,146,000 tonnes at an average grade of 0.544 g/t Au for 0.561 million ounces of gold, and an Inferred Mineral Resource of 177,507,000 tonnes at an average grade of 0.486 g/t Au for 2.77 million ounces of gold. The historical resource estimate is disclosed in the technical report titled “NI 43-101 Resource Estimate for the Kena and Daylight Properties” prepared by Sue Bird, P.Eng. of Moose Mountain Technical Services, dated May 3, 2021, and filed on SEDAR on behalf of West Mining Corp.
Upside notes that a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources, and the Company is not treating the historical estimate as current mineral resources. The historical estimate is provided for information purposes only and should not be relied upon. The Company states that additional drilling is required to upgrade the historical estimate as current mineral resources.
Upside also includes the following key assumptions and parameters referenced in the Bird 2021 report: resources reported using the 2014 CIM Definition Standards and estimated using the 2019 CIM Best Practices Guidelines; mineral resources not classified as mineral reserves do not have demonstrated economic viability; the historical mineral resource is confined by a “reasonable prospects of eventual economic extraction” pit using US $2,000/oz Au at a currency exchange rate of 0.77 US$ per $CDN, 99.95% payable Au, $4.30/oz Au offsite costs, a 3% NSR royalty, and an 88% metallurgical recovery for gold; pit slope angles assumed at 45º; and specific gravity assigned as 2.8 based on sg measurements in the Kena deposit.
The release includes forward-looking information involving known and unknown risks and uncertainties, including statements about future plans, objectives, or goals. Upside says undue reliance should not be placed on such information, which applies as of the date of the news release, and that no assurance can be given that events will occur in the disclosed time frames or at all. Upside disclaims any intention or obligation to update or revise forward-looking information except as required by law.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the news release.
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