14 July 2020
Solstice Gold Corp. is pleased to announce that we have received a travel exemption from the Office of the Chief Public Health Officer of Nunavut which will allow Solstice staff to enter Nunavut and for the purposes of carrying out a summer exploration program (the “Program”) on our 100% owned KGP gold project located 15 km from the Meliadine gold mine owned by Agnico Eagle Mines Ltd. The Program will focus on advancing our flagship QEA target area which has demonstrated strong gold numbers to date, additional targets may also be evaluated, time permitting.
“Solstice recently recruited three new board members with strong pedigrees in mining and capital markets who all made substantial investments in the company. Management and board members now own 34% of the company and are fully aligned with shareholders in seeking to create significant shareholder value compared to our current market capitalization of only $8.5MM, while ensuring we maintain a low corporate burn rate. As a result of the injection of an additional $1.2MM, the company currently is well capitalized and expects to have approximately $1.4MM in cash following the completion of the summer field program outlined in this press release. We are eager to commence our summer field program to further expand targets beyond more than 20 existing drill-ready targets in what we consider an emerging new gold district” stated David Adamson, Chairman.
Exploration Program – QEA target area
Expansion of the QEA target area, which is recommended for drilling in our recently filed NI 43-101 technical report “Technical Report on the KGP Project, Kivalliq Region, Eastern Nunavut Territory, Canada” dated March 17, 2020, will be the initial focus of exploration in summer 2020. The area is defined by a 7 km x 5 km gold in boulder field containing several hundred mineralized boulders including up to 66.6 g/t gold (see Figure 1 for a map showing the distribution of gold rich boulders). Gold is also present in situ up to 8.8 g/t. The area is divided into three targets, Qaiqtuq, Enterprise and Arrow, each of which has distinct characteristics. (See Table 1 below for summary statistics of gold samples from boulder and outcrop grabs from the QEA.)