79 North discovers two new cases of gold with Rock Chip

TORONTO, June 1, 2022 (GLOBE NEWSWIRE) — 79North Inc. is pleased. (CSE: JQ; OTCQB: SVNTF; FRA: 6120) (“79North” or “Company”) announces the discovery of two new gold discoveries in the Witlage area of ​​the Nassau Gold Project (Fig. 1). The newly discovered sixth locus is located 900 m south of the Witlage and consists of quartz vein deposits in argillite with samples containing up to 7.39 grams of gold per ton. The newly discovered Marinara gold deposit is located in an area where hollow vertical stem drill holes were drilled in 2016 (by another company) containing unnatural gold. Rock flake samples contain up to 3.44 grams of gold per ton. Continuous sampling of the recently discovered Ziti presence and the northwest extension of the Witlage shear zone continues to yield good results with rock chip samples containing up to 8.33 and 3.89 grams of gold per ton, respectively. For the context of these typical grades, the grade of the Newmont Merian mine, 20 kilometers northeast of the Nassau Concession, is about 1.2 grams of gold per ton.

John North, President and CEO, commented, “Once again, the good people in the field doing survey mapping and sampling have discovered new surface gold occurrences that are potential drilling targets for an ongoing drilling program. The success rate in finding new surface gold repeats in the Witlage area is Something very remarkable and underscores the fact that the presence of primary gold is part of a large mineral system that has been dumping gold into the countless placers in the area that have been mined by artisans for a century.”

The presence of gold Fellini – a new discovery
The presence of velin gold is a stock of quartz veins in variable argillite. At this time, we are not sure how the occurrence of gold relates to the Witlage and Ziti gold areas, however it has been added to the list of drilling targets for the current Phase II drilling program in progress. Selected specimens of fellini gold are listed in the table below.

The results of sampling the presence of the newly discovered Fellini gold

a sample gold zone Writes a description AU ppm (g/t)
59775 Fellini rock chip Bleached saprolite rock wall hosting quartz stock 2.26
59776 Fellini rock chip Smoked quartz vein 20 cm with small pyrite cans 3.34
59777 Fellini rock chip Saprolite wall rock changed to vein quartz, flinted and bleached 7.39
59778 Fellini rock chip Quartz veinlets in the sheared host rock between 2 quartz veins 0.89
59779 Fellini rock chip 20 cm quartz vein inside whitened laminated slate 2.06
59780 Fellini rock chip Fragmented and chipped rock with iron oxide plate, slightly silicic 0.55
59781 Fellini rock chip Deep purple saprolite with quartz veinlets and iron oxides after pyrite 0.67
59782 Fellini rock chip Quartz veins inside the changing saprolite with the change of magnetite – goethite 1.03

The presence of marinara gold – a new discovery
In May 2022, local prospectors took us to a place on Mount Nassau 5 km south of the Whitlag Gold District where they drilled vertical shafts into some quartz veins about 7 years ago. The area was densely forested, but we were able to find one of the shafts and sample the shale from the shaft and 10cm quartz vein in an excavator track near the shaft. We have always been interested in this field and we have always had a goal box for the future exploration of the area. In 2016, a former company conducted a program of sampling a 55-hole vertically hollow stem drill bit, 1,379 meters long in this region and several drilling holes intersecting with gold mineralization in saprolite, the best result being 1.34ppm of gold above 8.0 meters (at hole MNA-12). This is the first time that gold has been documented on the rocky surface in this area. Selected samples of marinara gold abundance are listed in the table below.

Surface sampling results for the presence of newly discovered marinara gold

a sample gold zone Writes a description AU ppm (g/t)
59882 marinara rock chip Quartz vein from the vertical column inside the extremely fine-grained dark purple saprolite 0.62
59884 marinara rock chip 10cm of quartz vein inside purple saprolite clay stone 3.44

Continuing sampling of newly discovered oily gold
The company continued prospecting and sampling of argillite sandstone contact in an oily structure. The most recent results indicate that the contact between argilite and sandstone was filtered with secondary pyrite in both rocks. Four holes (about 400 meters) of drilling are planned to test for the presence of oily gold. Drilling is expected to be completed in June as part of the second phase of drilling for the high-grade Witlage target. Selected samples of oily presence of gold are listed in the table below.

Results of new samples from the presence of newly discovered oily gold

a sample gold zone Writes a description AU ppm (g/t)
59843 oil rock chip Sandstone near contact with argilite 0.66
59844 oil rock chip A geochemical sample of a variety of high silicon argilite mineral rocks 0.96
59846 oil rock chip polished clay stone 2.16
59859 oil rock chip arcose polished 0.62
59860 oil rock chip chlorite clay 2.90
59,866 oil rock chip Polished clay stone with 5% pyrite 1.16
59873 oil rock chip polished argilite 8.33
59876 oil rock chip polished clay stone 0.49

Additional sampling results from the northwest extension of the Witlage Shear
Additional sampling of rock chips has been completed along the Witlage corridor as local miners made new exposures to the northwest extension of the shear zone. High quality quartz veins and stock work were sampled and reported in advance (May 24, 2022). Selected specimens from the northwest extension of the Witlage Gold Zone are listed in the table below. Drilling has begun in this area (Hole NP-22-05) and no less than five holes will be drilled along a strike length of 200 metres. The total known strike length of the Witlage Gold Zone is 500 metres.

Results of new sampling from the northwestern extension of Al-Dahab and Yitlag area

a sample gold zone Writes a description AU ppm (g/t)
59904 Witlage rock chip 3 cm fractured quartz vein in reddish-brown granulated claystone 3.89
59905 Witlage rock chip Broken quartz veinlet in very fine flinted reddish brown claystone 1.80
59907 Witlage rock chip 10cm Orange to White Mottled Clay Broken Quartz Sweat 0.88
59908 Witlage rock chip 10cm quartz veins reddish white slate mottled quartz vein 0.61
59911 Witlage rock chip 10cm of quartz vein broken in very fine mottled clay 0.72

Update on the second stage of drilling
The second phase of drilling on the Nassau project began on May 9, 2022, and nearly 400 meters of drilling in 4 holes have so far been completed. Drilling around the former high-grade intersections of the Phase 1 program was completed in 2021, and drilling is now testing the Northwest Witlage Extension and the area with the above surface results. The results of the first five drilling are expected to be announced in the next few weeks.

About 79North Inc.
79North is led by a team with extensive mineral exploration experience and a proven track record of discoveries and exits in South America and the world. 79North currently has an indirect interest in mining concessions in northern Suriname and aims to become the first major exploration company in this area to be explored in the prolific Guiana Shield. Northern 79’s growing portfolio of high-quality targets that have not undergone modern exploration or drilling has a long history of artisanal mining and is strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration and development of real estate mining for gold and other minerals. 79 North has 91,547,241 ordinary shares issued and outstanding and 145,759,276 ordinary shares on a fully diluted basis.

Qualified Person Statement – The scientific and technical information in this news release was moderated, reviewed, and approved by John North, B.G., who is the Chairman, President, and CEO of 79 North and an eligible person within the meaning of National Instrument 43-101.

Please refer to the 79North Technical Report “NI-43-101 TECHNICAL REPORT – NASSAU GOLD EXPLORATION PROJECT, SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA” dated May 14, 2020 for more details. The technical report is available as 79North’s SEDAR file at www.SEDAR.com.

More information
For more information please visit www.79North.ca or contact: John North, President and CEO
phone: (416) 786-6348
E-mail: [email protected]

Cautionary note regarding forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation, including information relating to the Nassau Gold Exploration Program. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections at the date of this press release. Any statement that includes discussions regarding predictions, expectations, beliefs, plans, expectations, objectives, assumptions, events, or future performance (often but not always using phrases such as “expect,” “do not expect,” “expect,” “expect,” or Do not anticipate,” “plan,” “budget,” “scheduled,” “forecast,” “estimate,” “believe,” “intend,” or variations of these words and phrases, or imply that certain actions, events or results “may “could,” “will,” “may,” or “will” be taken to occur or come true) are not statements of historical facts and may be forward-looking statements. Forward-looking statements are necessarily based on various estimates and assumptions that, although considered reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied. forward-looking statements. These factors include, but are not limited to, general business, economic, competitive, political and social uncertainties, including those related to Covid-19; and delays or failures in receiving approvals from the Board of Directors, shareholders or regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those projected in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, 79North assumes no obligation to update forward-looking statements of beliefs, opinions, expectations or other factors, if they change, except as required by law.

Illustration 1. Geological map with suggested sampling and drilling holes for the Witlage, Ziti and Filini gold deposits Available in https://www.globenewswire.com/NewsRoom/AttachmentNg/0d6b6da4-a199-4d43-b280-48c0ae71b85f

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