Calgary, Alberta--(Newsfile Corp. - September 20, 2022) - Silk Road Energy Inc. (TSXV: SLK), doing business under the name of Record Gold, reports that it has begun preparing its exploration program for the Grenfell gold property in Kirkland Lake, Ontario.
Record Gold is presently gathering data from its partner, Pelangio Exploration Inc, from which it is earning an 80 percent interest in the property by spending $2 million on exploration work during the next five years and by making a one-time cash payment.
Record Gold reports that it is studying historical exploration work as well as meeting with Pelangio management to work on a plan forward. "This is a good target for gold," said Michael Judson, Chairman and CEO of Record Gold. "Good geological theory backed up with good drilling results."
The following results are paraphrased from Pelangio's news release dated March 9, 2020: drill hole JS2005 assayed 314 grams per tonne of gold over 1.74 metres (uncut). Hole JS2004 assayed 2.5 grams per tonne gold over 26 meters.
Pelangio drilled eight holes in 2020 to evaluate two separate targets; the No. 1 and No. 6 veins (vein-zones) located near the historical shaft and another target called the southwest (SW) zone.
Six drill holes: JS2001 through JS2006, at two separate drill sites, were drilled near historical surface workings and a mining shaft. Two holes were drilled on the SW Zone.
Drill holes JS2004 to JS2005 on the No. 6 vein (structure) intersected broad, near-surface gold-bearing zones with shorter intercepts of high-grade gold mineralization.
The extent and shape of the gold-bearing zone at depth and along strike is not yet well understood as a result of very limited and shallow drilling. Further drilling is required to determine the extent of mineralization along strike and at depth.
Particular attention will be paid to locate potential ore-zone in the area southeast of the present mine workings where a single surface hole in 2013 on the No. 6 vein (structure) assayed 19.5 grams per tonne gold over one meter in association with a broad strongly anomalous geophysical zone over 10 meters wide. (Reference: SGX Drill Report by J.K.Filo, 2013)
The Grenfell property is comprised of 38 mining cells and 8 leased claims covering an area of approximately 6.7 square kilometres and is located 10 kilometres northwest of the Town of Kirkland Lake, Ontario.
For more details on assay results, please see the September, 7, 2022 news release.
The company reports closing an additional tranche of its previously announced financing, raising proceeds of $60,000 by issuing 1,000,000 common shares at $0.06 per share and 1,000,000 common share purchase warrants exercisable at $0.12 per share for one year. Dr. Paul Craig, a Director of the company, was the single subscriber in this private placement. No finder's fee is payable. The company reports that, following this financing, it will have 29,076,104 shares outstanding. This financing is subject to TSX Venture Exchange, regulatory and board approvals.
Qualified Person:
Edward Procyshyn, Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
For more information please contact:
Michael C. Judson, Chairman & CEO
Silk Road Energy Inc. (doing business under the name Record Gold)
T. +1-514-865-5496
Website: www.recordgoldcorp.com
Cautionary Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. 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 in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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