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Gander Gold Exploration Update

VANCOUVER, BC / ACCESSWIRE / July 4, 2024 / Gander Gold Corp. ("Gander" or the "Company") (CSE:GAND)(OTCQB:GANDF), is pleased to provide an exploration update on its Gander North Project in Newfoundland where 28 rotary air blast ("RAB") drill holes, an exploration tool designed to prioritize first-ever diamond drilling targets, were completed in 2023.

Highlights:

  • Anomalous to significant gold mineralization was encountered in eight (8) of 11 RAB holes completed on the western side of Gander North with five (5) of these holes also intersecting mafic-ultramafic rock associated with the GRUB Line;

  • Anomalous mineralization was encountered in 14 of the 17 RAB holes completed on the eastern side of Gander North;

  • This initial round of RAB drilling on each side of Gander North tested only five (5) of 14 large soil geochemistry anomalies identified at this large-scale project to date;

  • Results warrant additional follow-up exploration at these 5 anomalies ahead of potential diamond drilling;

  • An exploration plan for the remaining 9 large soil geochemistry anomalies is being finalized.

Mr. Mark Scott, Gander President and CEO, commented: "The immense size of the grassroots Gander North Project requires a very systematic approach to determine initial diamond drilling targets with the highest probability for success. We're very pleased with these early results, especially on the western side of Gander North where very anomalous gold mineralization was encountered at depth and along strike of the Jonathan's Third Pond Copper Showing.

"With Gander North still at a very promising early stage, and some breakthroughs at Lizard Pond and Thwart Island, and Mount Peyton and Cape Ray II yet to be RAB-tested, we have much to look forward to in terms of discovery potential across one of the largest overall land packages in Newfoundland that still awaits initial diamond drilling," Mark Scott concluded.

Gander Gold completed a total of 34 RAB drill holes across its Newfoundland properties in 2023 including three (3) at Lizard Pond (Gander South) where diamond drill targets have been outlined after 1 RAB hole cut 13.7 metres grading 1.06 g/t Au starting from surface (refer to Nov. 30, 2023 news release).

Refer to Figures 1 & 2 and Tables 1 & 2, below, for Gander North RAB drill hole locations and summary of results.

Figure 1 - "GNO Series" RAB Drill Holes - Gander North Project (Western Side)

Figure 2 - "GNE Series" RAB Drill Holes - Gander North Project (Eastern Side)

Table 1 - Gander North Project 2023 RAB Drill Results

Drillhole ID

From (m)

To (m)

Width (m)*

Au (ppb)**

Cu (ppm)

Comment

GNORAB23-001

0.00

13.72

13.72

-

Anomalous Au, Ag, As, Sb, Te

GNORAB23-001

22.86

42.67

19.81

91.62

Including

32.00

36.58

4.58

188.33

GNORAB23-002

0.00

9.14

9.14

150.5

Anomalous Ag, As, Sb

Including

3.05

7.62

4.57

271.00

Anomalous Ag, As, Sb

GNORAB23-003

10.69

15.24

4.55

15.67

640.33

Anomalous Ag, Te

GNORAB23-004

6.10

18.29

12.19

17.06

259.49

Anomalous Ag, Te

GNORAB23-005

6.10

9.14

3.04

26.00

Anomalous Ag, Bi, Cu, Mo, Pb, Te

GNORAB23-005

41.15

57.91

16.76

-

Anomalous Ag, As, Bi, Mo, Pb, Te

GNORAB23-006

56.39

65.53

9.14

-

Anomalous Ag, Bi, Mo, Pb, Te

GNORAB23-007

9.14

39.62

30.48

16.28

511.95

Anomalous Ag, Te

GNORAB23-007

56.39

65.53

9.14

-

465.33

Anomalous Ag, Te

GNORAB23-008

24.38

39.62

15.24

-

484.10

Anomalous Ag, Bi, Mo, Pb, Te

GNORAB23-009

4.57

12.19

7.62

98.20

576.62

Anomalous Ag, Bi, Mo, Te

Including

10.67

12.19

1.52

452.00

838.00

GNORAB23-009

51.82

64.00

12.18

-

-

Anomalous Hg, W

GNORAB23-010

25.91

39.62

13.71

187.61

609.82

Anomalous Ag, Bi, Te

Including

25.91

30.48

4.57

512.33

700.67

Anomalous Ag, Bi, Te

GNORAB23-011

No significant results

GNERAB23-001

0.00

16.76

16.76

Anomalous Au (up to 14ppb), Ag, As, Bi, Mo, Sb, Te

GNERAB23-001

53.34

56.38

3.04

Anomalous Au (8ppb), Ag, Bi, Te

GNERAB23-002

36.58

38.10

1.52

Anomalous Au (12ppb), Te

GNERAB23-003

24.38

36.58

12.20

Anomalous Ag, As, Bi, Au below detection limit

GNERAB23-004

0.00

3.05

3.05

Anomalous As, Sb, Au below detection limit

GNERAB23-005

0.00

7.62

7.62

Anomalous As, Sb Au below detection limit

GNERAB23-006

0.00

4.57

4.57

Anomalous As, Bi, Sb, Te, Au (up to 5ppb)

GNERAB23-007

18.29

22.86

4.57

Anomalous Au (up to 6ppb)

GNERAB23-008

0.00

3.05

3.05

Anomalous As, Sb, Au below detection limit

GNERAB23-009

0.00

1.52

1.52

Anomalous Ag, As, Bi, Cu (1794ppm) Sb, Te, Au (5ppb)

GNERAB23-010

0.00

3.05

3.05

Anomalous Ag, Bi, Cu, Hg, Pb (>1000ppm), Sb, W

GNERAB23-011

No significant results

GNERAB23-012

No significant results

GNERAB23-013

0.00

1.52

1.52

Anomalous Au (7ppb), As, Sb, Te

GNERAB23-013

6.10

9.14

3.04

Anomalous Au (up to 6ppb), Ag, Bi, Te

GNERAB23-013

39.62

51.82

12.20

Anomalous Au (up to 6ppb), Ag, As, Bi, Te

GNERAB23-014

0.00

1.52

1.52

Anomalous As, Sb, Au below detection limit

GNERAB23-014

15.24

16.76

1.52

Anomalous Au (9ppb)

GNERAB23-014

35.02

53.34

18.32

Anomalous Au (up to 10ppb), Ag, As, Bi, Te

GNERAB23-015

No significant results

GNERAB23-016

3.05

7.62

4.57

Anomalous Ag, As, Bi, Pb, Te, Au below detection limit

GNERAB23-016

39.62

48.77

9.15

Anomalous Au (up to 15ppb), Ag, As, Bi, Pb, Sb, Te

GNERAB23-017

7.62

9.14

1.52

Anomalous Ag, As, Bi, Mo, Pb, Sb, Te, Au below detection limit

*Drill hole intercepts are drill hole lengths - true widths unknown at this time

- refers to below detection limits for Au

**Note 1000ppb equals 1 gram per tonne

Table - 2: Gander North Project RAB Drill Hole Locations

Drillhole ID

Easting*

Northing

Azimuth (°)

Dip (°)

Total Depth (m)

GNORAB23-001

681770.4

5440527.8

300

-55

64.0

GNORAB23-002

681720.1

5440553.0

300

-55

59.4

GNORAB23-003

681832.3

5440756.9

120

-55

65.5

GNORAB23-004

681780.7

5440787.9

120

-55

65.5

GNORAB23-005

681116.4

5440252.0

300

-55

65.5

GNORAB23-006

681059.6

5440282.6

300

-55

65.5

GNORAB23-007

681798.4

5441703.6

300

-55

64.0

GNORAB23-008

682369.2

5437738.6

120

-60

65.5

GNORAB23-009

682323.5

5437946.1

120

-60

64.0

GNORAB23-010

682328.9

5437982.0

120

-60

65.5

GNORAB23-011

680252.0

5439256.0

300

-55

18.3

GNERAB23-001

686601.82

5424913.85

100

-60

65.5

GNERAB23-002

686568.37

5424568.48

100

-60

65.5

GNERAB23-003

689382.26

5427810.49

100

-60

50.3

GNERAB23-004

689647.86

5428278.5

100

-60

65.5

GNERAB23-005

689801.18

5428361.52

100

-60

61.0

GNERAB23-006

689283.54

5427963.22

100

-60

65.5

GNERAB23-007

689336.17

5427886.87

100

-60

65.5

GNERAB23-008

689231.32

5428065.73

100

-60

48.8

GNERAB23-009

690595.29

5436911.59

90

-60

35.1

GNERAB23-010

690545.44

5436775.51

90

-60

65.5

GNERAB23-011

690792.97

5432556.91

310

-60

65.5

GNERAB23-012

691136.52

5430746.42

90

-60

19.8

GNERAB23-013

691136.52

5430746.42

270

-60

65.5

GNERAB23-014

691747.00

5430904.59

270

-60

65.5

GNERAB23-015

691412.42

5429872.63

270

-60

38.1

GNERAB23-016

690198.15

5434405.66

310

-55

64.0

GNERAB23-017

689672.26

5433799.87

130

-60

65.5

*Easting and Northing in NAD83 (Zone 21N)

Quality Assurance/Quality Control

Gander Gold Corporation contracted the services of GroundTruth Exploration to conduct and manage the 2023 RAB drill program in Newfoundland. RAB drilling produces rock chip samples. A representative sample for each 5-foot (1.52m) interval of drilling was collected for analyses. Once sorted and logged, all samples were shipped to SGS Canada's prep facility in Grand Falls, NL, and final analyses were performed at SGS in Burnaby, B.C. At SGS in Grand Falls, NL, individual samples were dried, crushed and pulverized (PRP89). Analyses at SGS Burnaby consisted of a 30g Au Fire Assay (GE_FAA30V5), and a 25g sample was analysed for 49 elements by 2 Acid Leach with an ICP-MS finish (GE_ARM3V25). SGS Canada is a certified laboratory independent of Gander Gold Corporation. As part of the sampling protocol a QAQC program was adhered to and included the insertion of industry approved standards, blanks, and the insertion of field duplicates. Alternating standards, blanks and field duplicates were part of the sampling stream and amounted to six QA/QC samples per 100 samples collected.

Qualified Person

The technical information in this news release has been reviewed and approved by Ian Fraser, P.Geo., Vice- President of Exploration for Gander Gold Corp. Mr. Fraser is the Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

Acknowledgment

Gander Gold acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.

About Gander Gold Corporation

Gander Gold is "All Newfoundland, All the Time". The Company is one of the island's largest claimholders targeting new high-grade gold discoveries with a current focus on the large Gander North, Mount Peyton and BLT (Botwood-Laurenceton-Thwart Island) projects where there has been very promising early exploration success. Other opportunities advancing through the pipeline are Cape Ray II, Carmanville, Gander South, Little River and Hermitage.

Contact Info:

Mark Scott
Chief Executive Officer & Director
info@gandergold.com

Terry Bramhall
Gander Gold - Corporate Communications
1.604.833.6999 (mobile)
1.604.675.9985 (office)
terry.bramhall@gandergold.com

Caution Regarding Forward Looking Statements

Investors are cautioned that, except for statements of historical fact, certain information contained in this document includes "forward looking information," with respect to a performance expectation for Gander Gold Corp. Such forward looking statements are based on current expectations, estimates and projections formulated using assumptions believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. Such factors include, without limitation, fluctuations in foreign exchange markets, the price of commodities in both the cash market and futures market, changes in legislation, taxation, controls and regulation of national and local governments and political and economic developments in Canada and other countries where Gander carries out or may carry out business in the future, the availability of future business opportunities and the ability to successfully integrate acquisitions or operational difficulties related to technical activities of mining and reclamation, the speculative nature of exploration and development of mineral deposits, including risks obtaining necessary licenses and permits, reducing the quantity or grade of reserves, adverse changes in credit ratings, and the challenge of title. The Company does not undertake an obligation to update publicly or revise forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Some of the results reported are historical and may not have been verified by the Company.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: Gander Gold Corp.



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