Goldseek announces visual observations from central Beschefer borehole

Strong points:

  • Visual observations on approximately 1,245 meters of drilling carried out on 5 holes

  • The targeted B14 gold-bearing shear zone has been intercepted in all holes drilled to date ranging from 12 to 31 meters in thickness

  • Initial tests have been delivered to the lab, with weekly batches expected for the remainder of the program

March 29, 2022 – TheNewswire – London, OntarioGoldseek Resources Inc. (CSE: GSK) (ESF: 4KG) (“Goldseek” or the “Company“) is pleased to announce an update to its currently ongoing 4,000 meter drill program at Beschefer, which began in mid-February. The company has completed drilling of the central shallow and deep zones and is drilling now the East Zone The Beschefer project is located approximately 30 kilometers southwest of the Fenelon gold project of Wallbridge Mining Company Limited (“Wallbridge”).rd, 2021, the Company entered into an option agreement on the Beschefer project to gain 100% over 4 years from Wallbridge (see press release of March 3, 2021).

All holes intersected the B14 gold shear zone between 150 and 250 meters depth using varying spacing between historical holes and newly drilled targets. The objective of this program is to validate the high-grade intervals obtained historically, to drill definition on the gold-bearing zones and to target the expansion of the modeled lenses.

Goldseek President and CEO Jon Deluce said, “We are pleased to achieve targeted mineralization in all holes, which demonstrates the continuity of the gold system. The accumulation of consistent observed results combined with the success of our 2021 program supports our view that the project is near resource.

Samples have started flowing into the lab and the first batches will be released in April. Drilling will soon be complete and, upon the release of results, we will finalize plans for a follow-up summer drilling program. »


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Visual Interception Highlights:

The gold-bearing B14 shear zone intercepted by holes BE-22-15, 18A, 19, 20 and 28 is a zone 12 to 31 meters thick Moderately dipping ductile shear zone and associated faults. The interpretation indicates a dip of 30 to 60 degrees to the southeast. The structure is known to host strong alteration and disseminated pyrite mineralization. These holes intersected the targeted structure between 150 and 250 meters vertical depth. For this program, our secondary objective is to examine the hanging wall for geological elements of the volcanic sequence associated with a copper mineralized system.

The alteration and mineralized system are multiphase and vary from hole to hole, taking the form of heterogeneous banding affected by late tectonic fracturing and brecciation. Generally, shear signs coincide with strong chlorite and carbonate alteration. Sericite, ankerite and ubiquitous feldspathization occur at the core of the structure divided into metric lenses intercalated with chlorite-sericite intervals.

The sulphide mineralization is composed of a different generation of pyrite in association with secondary magnetite and local chalcopyrite. The volume of pyrite varies continuously over the structures, anywhere between 3% and 10% locally, correlated with shear deformation.

The following observations were made as indications of the B14 gold zone, but they do not correlate with gold grades at this stage. The boreholes can be summarized according to a north-east progression:

BE-22-15: Observations show that this hole corresponds to the westward transition in an intrusive environment. In the hanging wall of the gold zone, a porphyritic diorite affected by fracturing, quartz-sericite alteration and quartz-filled stockwork was intersected from surface up to 220 meters (m), while structure B14 was observed over 16.2 m, from 257.8 to 274 m.

BE-22-18A: A strongly sericite altered sequence of intermediate and felsic volcanic rocks was encountered, locally hosting copper sulphide stringers and veins over metric intervals. The B14 structure was intercepted over 31 meters from 190 to 221.25m, generally pyritized, locally affected by strong tectonic brecciation containing finely crystallized pyrite.

BE-22-28: The B14 structure was observed over 12.5 meters. Within this zone, strong albite-carbonate-sericite alteration associated with tectonic brecciation and pyritization was observed over approximately five meters towards the footwall.

BE-22-19 & BE-22-20: This sequence covered a dip length ranging from 100 to 150 meters vertically on the section bordering the Central Shallow Zone to the northeast. These holes are testing the potential for gold grade enhancement around BE-21-04 and extending the mineralization to the east. Structure B14 was intersected with thicknesses of 24.1 m and 11.8 m, respectively.

March 2022, Central Shallow Zone, B14 Structure Description

HRD

From_m

To M

Width_m

Comments

BE-21-15

52.4

219.2

166.8

Star: porphyritic diorite cut by felsic dykes and quartz stockwork veins, locally affected by quartz-sericite alteration over a few meters with traces of pyrite.

257.8

274

16.2

1% disseminated pyrite in the foliation over the entire interval

Heterogeneous chlorite-carbonate alteration. Rich in iron oxide: magnetite heddles with hematite replacement bands.

BE-21-18

119

126

7

Suspended wall: 5 to 10% chalcopyrite in a quartz-chlorite stringer. Hosted in strong sericite alteration observed over a strike length of 50 metres.

190.0

221.25

31.25

1-3% pyrite, disseminated over entire interval

Strong invasive sericite-feldspar-carbonate and breccia alteration over 7 meters, from 204 to 211m.

BE-21-19

183.5

207.6

24.1

1-10% locally disseminated and stringer pyrite over 19.7 meters associated with magnetite including an interval of strong sericite-carbonate brecciated alteration over 6.7 m

BE-21-20

166.2

178.0

11.8

Weakly pyritized from 169.6 m with traces of chalcopyrite and magnetite, including 10% pyrite over 3.65 meters in a strong carbonate-albite matrix.

BE-21-28

212

224.5

12.5

1 to 5% finely disseminated pyrite over a continuous 5 meter interval from 217 to 222m. Hosted in a strongly altered albite-carbonate-sericite tectonic breccia.

About the Beschefer project:

  • Advanced gold exploration project with significant near-term resource potential

  • Located in a favorable orogenic setting 45 km northeast of the Casa Berardi mine and 30 km southwest of Wallbridge’s Fenelon gold project.

  • Highlights of the best intersections include 4.92 g/t gold over 28.65 meters in hole BE-21-02 (including 11.39 g/t over 9.1 m), 55.63 g/t gold over 5.57 meters in hole BE13-038 (including 224 g/t over 1.23 m; 13.95 g/t over 0.68 m and 13.70 g/t over 0.73 m), 13.07 g/t gold over 8.75 meters in hole B12-014 (including 58.5 g/t over 1.5 m), 3.56 g/t gold over 28.4 meters in hole B14-006 (including 7.42 g/t over 5.5 m), and 10.28 g/t gold over 8.00 meters in hole B14-35 (including 86.74 g/t over 0.60m). The true width in these sections varies between 89% and 99% of the intercepted width.

  • Mineralization shows high-grade gold-bearing structures hosted in a lower-grade envelope, highlighting regional potential along previously defined shear zones on the property.

Qualified person

This press release was prepared by Martin Demers, P.Geo,ogq No 770, who is a qualified person as defined by National Instrument 43-101, and who has ensured the execution of this program and reviewed and approved the technical information provided in this press release.

About Goldseek Resources Inc.

Goldseek Resources Inc. is a Canadian exploration company with a portfolio of assets in Ontario and Quebec, Canada. By identifying six projects at world-class mine sites, Goldseek is poised to create shareholder value through rigorous exploration and development on these properties. Our mission is to find the next major discovery in the Urban Barry, Quevillon, Val D’Or and Detour Gold Trend mining camps in Quebec and Hemlo in Ontario.

ON BEHALF OF COUNCIL

Jonathon Deluce

Chief Executive Officer

Phone: 226-271-5170

For more information please contact:

Goldseek Resources Inc.

E-mail: gol[email protected]

The reader is invited to visit the Goldseek website https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

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