Savvy investors know that when opportunity knocks, you should open the door. And it’s a rare find – even in an accelerating metals & mining market – to find a junior mineral exploration company with such a wide portfolio of world-class, yet undervalued, properties in some of the world’s most mining-friendly jurisdictions.
Enter Golden Pursuit Resources Ltd. (GDP) (TSX-V.GDP, OTC: FPVTF, Forum) a company with a principal focus is the acquisition, exploration, and development of mineral properties in North America – primarily in near Yellowknife Canada’s Northwest Territories and the State of Nevada – two of the world’s most mining-friendly jurisdictions. GDP is guided by an exceptional and experienced management and technical team focused on establishing a project generator located in the historic gold camp in Nevada. The seasoned and forward-thinking management team capitalized by being contrarian on the downturn in the mining sector to identify and acquire undervalued projects to further improve the value of the company.
Golden Pursuit’s primary focus is the exploration for precious metals in Nevada. Presently, the company is planning to actively explore its wide range of properties while dedicating a significant number of mineral resources to the Steven Basin and Black Point project with plans to conduct geophysics and development of drilling programs at both properties.
In November 2021, the company finalized a round of financing to undertake an advanced exploration program for an extended period to capitalize on its strategic portfolio of claims to increase shareholder value with the desire to discover a resource at Gordon Lake in the NWT and to solidify the company as a strategic project generator in Nevada.
In the News
Exploration update from Golden Pursuit Resources’ South Gordon Lake Project:
On June 28th, Golden Pursuit filed a major report indicating that it had completed a work program consisting of sampling, line-cutting, permitting, and geophysical surveys (magnetometer and IP) undertaken at the South Gordon Lake Project in the NWT. This work is summarized in a new NI 43-101 report which will be posted on Sedar and on the company’s website at www.goldpursuit.ca.
South Gordon Lake Project Highlights:
- The exploration program through 2021 allowed for the relocation of many of the quartz veins and breccia zones to be revisited and resampled along with new zones being recognized. Sampling has shown that historical assays have been confirmed with a significant number of 2-4 g/t, up to 30-40 g/t, Au samples with one value at the Lynx Zone returning an astounding assay of 6,190 g/t Au.
- Work in Lynx and Lynk Bay area during the 2021 field season resulted in the collection of numerous high-grade rock samples from the Lynk area, mostly taken from historic trenches in this area. Two rock samples collected from one trench exceeded 1,000 g/t Au, along with several other high-grade rock samples.
- The induced polarization surveys have documented strong resistivity and chargeability zones associated with the Kidney Pond Zone. The resistive responses are associated with the intense silicification. The chargeability zones are attributed to the disseminated mineralization and the graphitic zones associated with the carbonaceous siltstones which are key to the deposition of the gold in the quartz breccias.
- Successful negotiations with permits and access agreement established over key prospects at Gordon Lake including ten primary occurrences of gold mineralization; Burnt Island, Goodrock, Storm, Camlaren, Daf, Kidney Pond, Myrt – WT, Murray Lake, the May showing on the Nickerson lease and the CZone on the Vaydik lease. These are the individual properties that make up the South Gordon Lake property.
- Golden Pursuit completed a LiDAR survey in August of 2021. A three-week prospecting and sampling program, obtaining 202 rock samples, was completed in the late summer and early fall of 2021. That program was immediately followed up with 1,120 line kilometers of magnetic surveying (1,030 km of snowmachine-towed and 90 kilometres of walk mag) and over 10 kilometers of induced polarization surveying.
Brian McClay, President and Chief Executive Officer of Golden Pursuit commented:
“Golden Pursuit has for the first time in history consolidated the ownership of all known historical producers and advanced projects in the South Gordon Lake district under one corporate owner and has completed the first serious exploration effort since the early 1990s. Our field geologists have identified multiple sets of quartz veins and breccia zones at key prospects containing gold grades hosted by turbidite formations and we look forward to further developing these assay results in the near term.”
About the Projects
The Gordon Lake Property (NWT)
The company’s flagship South Gordon Lake Property comprises ten historical occurrences of high-grade gold in quartz veins. The current mineral tenure comprises four (4) historical mining leases, eighteen (18) territorial claims, and thirteen (13) federal claims for a total land package of 6,851.27 hectares. These properties include 4 former producing mines, 3 advanced deposits, and 3 advanced prospects. The South Gordon Lake property lies 80 kilometers north-northeast of Yellowknife, the capital city of the Northwest Territories
The prospective deposits are hosted in either a turbidite setting or a volcanic/sedimentary contact environment. Although all host high-grade gold mineralized occurrences it is the former that the company is focused. Previous work and drilling has taken place almost exclusively near-surface where fractures rocks host stockwork, breccia, and split vein sets but it has been shown in the only deep drilling in the district that veins are richer and more concentrated at depth. The deep drilling results that give technical evidence to this concept are displayed in the deep drilling completed at the Camlaren Mine in 1980. The 3 holes resulted in these results by Discovery Mines Ltd. Which were never followed up on.:
- Hole U-80-1: depth of 1,060 feet, 1.63 oz/ton gold (55.89 g/t) across 12.9 feet
- Hole U-80-2: depth of 1,120 feet, 2.65 oz/ton gold (90.86 g/t) across 21.2 feet
- Hole U-80-3: depth of 1,155 feet, 0.35 oz/ton gold (12.00 g/t) across 12.0 feet
Golden Pursuit feels that 3 primary styles of mineralization should be the focus of near-term exploration with breccia, high-grade quartz veins, and stockwork mineralization in order of priority. All these types of mineralization have been identified by previous operators but most ores under 15 gm/t Au were considered sub-economic at the time of activity so bulk tonnage breccia zones with 4-5 gm/t grade were ignored. These grades today would make these types highly attractive.
There is much technical evidence that shows the Gordon Lake deposits owned by Golden Pursuit are analogous to the Fosterville Mine in the Bendigo District of Australia and the Queensway Deposits under development by Newfound Gold in Newfoundland. As a next step an airborne geophysical survey is planned in the short term which will be followed by a drilling program with special targeting of potential breccia zones in the south refold zone described by Dr. Tim Stokes Ph.D. (on the company’s website), the Lynk Zone where recent samples of 6,150 gm/t Au and 1945 gm/t Au were uncovered and deep targeting of veins on the vein systems that are present throughout the Company’s various deposits.
The Golden Pursuit team continues to advance both their Black Point and Stevens Pass JV projects with mapping, sampling, and geophysics. This work gives the company a better understanding of its model and mineralization occurrence on both projects. This work will give a strong understanding of the designing of the upcoming JV drill programs in 2019.
Properties Under Development
At present Golden Pursuit boasts) a portfolio of different projects throughout Nevada that are currently at different stages of development As the NWT is the primary focus of the Company these properties are being held for future sale or Joint Venture. Click here for more detailed information.
A View from the C-Suite:
Extremely experienced in project development, financing, and mineral exploration, the management and board teams at Golden Pursuit Resources Ltd. have put together a strategic plan that positions the company for significant success.
Brian McClay: President, CEO. A seasoned mining executive with over 50 years of experience in the mining industry. Mr. McClay has been a miner, open-pit, diamond drilling, and underground contractor. He was President and CEO of Mosquito Consolidated Gold Mines Ltd for 22 years and worked on 5 continents developing mining opportunities.
Tom Kennedy: Director. Mr. Kennedy, B.Comm., J.D., is a graduate of the University of British Columbia. After an initial career at the Federal Department of Justice, Mr. Kennedy has primarily focused as a legal, financial, and business consultant to publicly traded companies.
Exploration Team Members
Gary Vivian, M.Sc., P.Geol. Currently sits as the Chairman of Aurora Geosciences Ltd (AGL). Gary has over 34 years as a P.Geol and has operated and managed gold, diamonds, base metals, and rare earth projects across Canada and Alaska. His experience comes with integrating geology, geophysics, and logistics to provide AGL’s clients with the best opportunity for success.
Dave White, P.Geol is the President of Aurora Geosciences Ltd. Dave has 17 years of integrated geological and geophysical exploration experience in gold, diamonds, uranium, nickel, and copper commodities projects across Northern and Western Canada, Alaska, and Nevada. This experience includes grassroots exploration strategy through advanced exploration program management.
Franz Dziuba, B.Sc., P. Geo, is a senior project manager (geophysics) with AGL. An exploration geophysicist with a B.Sc. from the University of British Columbia, Franz is practiced in a variety of geophysical survey techniques including time and frequency domain electromagnetics, induced polarization, magnetic field, gravity, capacitively coupled resistivity, and ground-penetrating radar.
Darrell Epp, B.Sc. in Geological Sciences with an Honours in Geophysics from the University of Manitoba, is a geophysicist with AGL. Darrell has 6 years of applied geophysics experience, predominantly in mineral exploration for gold, base metals, and diamond projects across northern Canada. Covering a variety of geophysical applications, including frequency domain electromagnetics, induced polarization, galvanic and capacitively coupled resistivity, magnetic, and gravity methods, Darrell’s experience allows for safe and effective acquisition of quality geophysical data.
Nigel Bocking, B.Sc., P.Geo., is a project geologist with Aurora Geosciences Ltd. Nigel has 5 years of mineral exploration experience in gold, base metals, and diamond projects across northern Canada and Alaska. Nigel’s experience covers grassroots to advanced exploration projects, and northern operations and logistics management.
From the CEO
In conversation with Stockhouse Editorial, Golden Pursuit’s President and CEO, Brian McClay, detailed the past, present, and future plans for GDP and what investors can expect from the company moving forward.
SH: Brian, for our Stockhouse audience that may be discovering you and your company for the first time, can you please give us a bit of a bio about yourself and some background about Golden Pursuit Resources?
BM: I have worked in the mining industry for over 50 years and explored for mineral opportunities on 6 continents. I have played many roles as a miner, drill contractor, prospector, exploration contractor, and mining executive. From 1991-2012 I was President and CEO of Mosquito Consolidated Gold Mines Ltd. which under my direction went from less than$1 a million market capitalization to over $200 million. I have been the President of Golden Pursuit since 2012 and acquired nearly all the properties in the company’s portfolio by my own research and staking.
SH: Can you walk us through the acquisition of the Company’s holdings at Gordon Lake?
BM: Golden Pursuit has owned the Gordon Lake project since the mid-1990s but when I took control of the direction of the company there was no data that described the deposit in the possession of the company. A retired geologist gave us 4 boxes of reports that he had stored for 25 years which I reviewed and was staggered by the drilling results and history of the district. We then started to assess the opportunity of acquiring other deposits in the area which led to the acquisition of all meaningful mines and deposits in the district which are now owned 100% with no royalties. This was followed by the acquisition of 2 additional leases which we now own 100% with small royalties retained by the previous long-term owner. There are no payments owed on any of these properties with all upside fully intact.
SH: Can you detail what your future plans are for your holdings in Nevada?
BM: Unfortunately, covid issues stopped us in our search for the historic data that documented the extensive work completed on the claims we now own. This year we will continue on our data hunt in order to fully understand why there was long-term ownership of these various claims by the most prolific explorers in America. We have purchased data on several of the projects but still do not have a full and detailed understanding of what we own. It is only from a place of knowledge can we formulate the next development plans.
SH: Stockhouse metals & mining investors know that there’s been a dearth of capital available for junior exploration companies for the past few years, although the market is rebounding. What makes your projects attractive to both retail and institutional investors?
BM: What elevates our company is low share float, no debt or underlying obligations, and complete ownership of a historic mining district that was explored and mined with a 15 gram/au cut-off with interest only in quartz veins. Ignoring the extensive breccia and stockwork mineralized zones that now have extremely economic and minable grades in the present gold price environment in large tonnage settings.
SH: For a small cap junior explorer you have multiple properties across North America. How does this affect the company’s overall valuation…are you extremely undervalued?
BM: In the NWT we own 5 0f the list of 23 former producing gold mines located in the NWT. Again, these were acquired with ownership now 100% with no encumbrances. We have been able to attract the investment of a major European mining investment fund who is our 2nd largest shareholder at 8.5% ownership. So, our strategy is to direct all spending into our wholly-owned portfolio of properties in the NWT and Nevada. These properties form the foundation which will be enhanced with the expenditure of money directed by a highly experienced technical team.
H: And finally, what sets Golden Pursuit apart from other junior mining companies in this space.
BM: Again, the foundation of any company is the projects it owns and its ability to exploit these assets in an efficient and competent technical manner. We have as a key advisor a university professor who dedicated 5 years developing a prophetic theory of developing previously ignored large tonnage breccia and stockwork style mineralization at Gordon Lake. His Ph.D. thesis forms a critical part of our exploration and development plans. In addition, we see the same model as the Fosterville deposit of Kirkland Lake where at depth the mineralization and vein sets become concentrated resulting in drill intersections which are thicker and richer at depth. This model was confirmed by Camlaren historic intersections described in a June 2009 news release of Triple Crown Resources Ltd.
In 1980, drilling was conducted below the 1,000-foot level by Discovery Mines Ltd. with promising results:
- Hole U-80-1: depth of 1,060 feet, 1.63 oz/ton gold (55.89 g/t) across 12.9 feet
- Hole U-80-2: depth of 1,120 feet, 2.65 oz/ton gold (90.86 g/t) across 21.2 feet
- Hole U-80-3: depth of 1,155 feet, 0.35 oz/ton gold (12.00 g/t) across 12.0 feet
These intersections were the deepest in the district and were never followed up on. The Exploration is managed by Aurora Geosciences under the direction by its founder and owner Gary Vivian who has a 40-year history in the NWT. Aurora is considered the premier consulting group in Canada’s north. It is felt that the investment of well-spent money expanding known mineralized bodies is a formula that has delivered success globally.
The Bottom Line
The value proposition with Golden Pursuit Resources is clear and concise – a historic and past-producing mining region with blue sky opportunity galore. Metals & mining investors in search of opportunities of early-stage gold exploration opportunities may have just found their ‘El Dorado’ in the prolific jurisdictions of the Northwest Territories and Nevada.
For more information, visit www.goldpursuit.ca.
FULL DISCLOSURE: This is a paid article produced by The Market Herald.
