September 20, 2022 — Silk Road Energy Inc. (SLK-V), 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, P.Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.