THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

 

Toronto, Ontario – TheNewswire – March 11, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to provide additional historical information on its newly announced option (the “Option”) of a 100% interest in the Gold Rush property (the “Gold Rush Property” or the “Property”), located approximately 30 kilometres (“km”) west of Timmins, Ontario (see press release dated February 12, 2025). The Property consists of two main zones (North Shaft and North Vein) containing the bulk of previous exploration. Drill results and surface sampling was completed by Sanatna Resources Inc. and the claim holders of the Property from 2020 to 2024.

 

North Shaft Zone

Fifty (50) grab and chip samples1 were taken from the immediate shaft area, muck piles near the shaft, and 400 m south of the shaft and up to 650 m NNW of the shaft. Eleven samples returned > 1 g/t Au, with high values of 4.93, 8.88 and 27.3 g/t Au reported. The other 39 samples returned from Trace to 0.884 ppm Au, with about 1/3 returning > 0.5 g/t Au.

 

Drilling

Hole number	Hole Length (m)	Depth of Mineralization (m)	Width (m)2	Au (g/t)	Ag (g/t)
NS-21-01	123	52.5-57.5	5	0.10	0.52
NS-21-02	144	53-54	1	0.67	3.40
		71-77	6	0.33	1.38
NS-21-03	119	36-38	2	0.33	2.65
		47-50	3	0.50	2.70
NS-21-04	117	63-68	5	1.28	7.73
NS-21-05	120	53-54	1	0.29	1.60
		54-55	1	2.08	11.50
		57-60	3	1.02	5.07
NS-21-06	103	64-66	2	0.57	4.15
		68-70	2	0.33	2.05
NS-21-07	165	104-106	2	0.25	1.15
		108-113	5	0.79	3.73

 

North Vein Zone

Twenty-eight (28) grab samples1 were taken, targeting three areas, the vein, an area west of the creek, and an additional spot about 450 m north of the main showing. Gold assays ranged from trace to 11.2 g/t Au, with 7 samples exceeding 1 g/t Au.

Drilling

Hole number	Hole Length (m)	Depth of Mineralization (m)	Width (m)2	Au (g/t)	Ag (g/t)
NV-21-01	158	No Significant results
NV-21-02	93	No Significant results
NV-21-03	129	51-53	2	2.22	2.45
NV-21-04	180	No Significant results

 

Errol Farr, Loyalist’s President & Chief Executive Officer, commented, “We are very excited by the anticipated acquisition of the Gold Rush and Loveland Property, which management considers to be highly prospective. Upon closing of the property acquisitions and concurrent financing (see press releases dated February 12, 2025 and February 27, 2025), the Company will consolidate its understanding of this property with the goal of designing its first exploration program.”

 

Gold Rush Property

The Gold Rush Property is located within the “Timmins Gold Camp” and consists of 41 contiguous mining claims located in Turnbull Township, approximately 30 kms west of Timmins, Ontario. It is accessible with roads running through the Property.

 

The Gold Rush Property is part of a geological region called the Kamiskotia Gabbroic Complex. The geology of the property consists of gabbro, pyroxenite, granodiorite, diorite, intermediate porphyry, felsic intrusive, rhyolites, granite. The mineralized plumbing system on the property is structurally controlled by East-West and Northwest trending faults that appear to splay off the regional North-South trending fault. Most gold deposits in the Timmins gold camp have an association to felsic intrusions producing large mineralized systems.

 

Gold and silver mineralization on the Gold Rush Property is found in the form of fine and coarse grained pyrite and pyrrhotite within shears associated with brecciated quartz, carbonate, ankerite, sericite, silicification and chlorite alteration associated with faulting.

 

Martel Pits, Massive Sulphide Pits, Three Mile, and Northwest Pits are additional prospects on the property identified by the Optionor.

 

Drill hole details

Hole number	Azimuth	Dip	Core size	Length	Surveyed UTM (E)	Surveyed UTM (E)	Surveyed elevation
NS-21-01	215	-43.2	NQ	123	448697	5369994	291
NS-21-02	217	-65.0	NQ	144	448698	5369993	292
NS-21-03	215	-45.3	NQ	119	448661	5370018	289
NS-21-04	215	-70.9	NQ	117	448661	5370018	289
NS-21-05	213	-45.4	NQ	120	448745	5369969	289
NS-21-06	214	-75.1	NQ	103	448745	5369968	289
NS-21-07	222	-64.4	NQ	165	448719	5370021	292
NV-21-01	175	-45.2	NQ	158	448461	5371068	275
NV-21-02	175	-60.7	NQ	93	448460	5371068	275
NV-21-03	231	-45.0	NQ	129	448457	5371071	275
NV-21-04	175	-46.0	NQ	180	448593	5371053	276

 

Historical Gold Rush Property Highlights:

1. Location. 30 km west of Timmins, Ontario, located within the Timmins Gold Camp. 

2. Historical drilling. 15 completed drill holes with best assay 2.08 g/t Au and 11.5 g/t Ag over 1 m. 

3. Accessibility. Road access trails. Property less than 30 km drive from Timmins, Ontario. 

4. Environmental, social concerns. No lakes, homes, camps, surface rights owners nearby. 

5. Three high priority prospects, North Shaft Zone, North Vein Area Mid Point Area. Additional property prospects merit future exploration. 

6. Size. 41 contiguous cell, composing an aggregate size of approximately 2026 acres. 

7. Potential for future growth, additional gold-silver mineralization and property expansion. 

8. Attractive geological location for additional discoveries such as Cu, Zn, Ni, PGE etc. 

9. Assessment reserve. Approximately $513,000 worth of credits in reserve to distribute across the 41 mining cells. 

 

Technical information disclosed in this press release has been taken from the “Report on CSMAR Surveys at the Gold Rush Project Timmins, Ontario by Clearview Geophysics Inc.” dated January 3, 2021, “Sanatana Resources Inc. Assessment Report – Prospecting, Geophysics, Stripping, Till Sampling and Drilling” dated January 26, 2022, and by the Optionor.

 

Promissory Notes

The Company also announces its intention to execute up to $100,000 in promissory notes (the “Notes”) with existing shareholders and associates of the Company. The Notes will carry a 20% commitment fee plus 10% interest. Interest will commence on the earlier of one year from the date of issuance of the Notes or following the closing of the Company’s Financing (the “Closing”). It is the intention of the Company to repay the Notes on Closing.

 

Qualified Person

Stephen Balch, P.Geo., independent director of Loyalist, who is a “Qualified Person” as defined by NI 43-101, has reviewed and approved the technical contents of this press release.

 

Drilling data disclosed in this news release relates to historical drilling results. The Company has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. The Company considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company’s current and future exploration work includes verification of the historical data through drilling.

 

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) have reviewed or accept responsibility for the adequacy or accuracy of this release.

 

About Loyalist Exploration Limited

Loyalist Exploration Limited is a mineral exploration company concentrating on acquiring, exploring, and developing quality mineral properties in Canada. The Company is currently focused on completing the  acquisition of the Loveland nickel/copper/gold property and the Gold Rush gold/silver property, both located in the Timmins, Ontario mining district.

 

For further information please visit the Company's website at loyalistexp.ca or contact:

Loyalist Exploration Limited

 

Errol Farr, President and CEO

Email: efarr001@icloud.com

Tel: 647-296-1270

 

This News Release includes certain "forward‐looking statements" which are not comprised of historical facts. Forward‐looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward‐looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward‐looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward‐looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward‐looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, the Company’s completion of the acquisition of the Gold Rush and Loveland properties, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions, as well as the anticipated size of the Offering, the Offering price, the anticipated closing date and the completion of the Offering, the anticipated use of the net proceeds from the Offering and the receipt of all necessary approvals. Factors that could cause actual results to differ materially from such forward‐looking information include, but are not limited to the Company’s inability to complete the financings necessary to complete the acquisitions of the Gold Rush and Loveland properties, the Company’s inability to complete the acquisitions of the Gold Rush and Loveland properties on the timelines anticipated or at all, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward‐looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward‐looking information, whether as a result of new information, future events or otherwise, other than as required by law.

 

1 Grab and chip samples, by their nature, are selective samples and the assay results may not necessarily represent true underlying mineralization.

2 True widths are unknown at this time