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Vancouver, British Columbia – June 1, 2021 – Dixie Gold Inc. (TSX VENTURE: DG)(“Dixie Gold” or the “Corporation”) is pleased to announce that it has commenced its 2021 field exploration at the Red Lake Project located near Red Lake, Ontario. Through its Red Lake Project, Dixie Gold controls and is advancing a large district-scale gold exploration project currently covering 25,269 ha (>60,000 acres) which is situated immediately adjacent and contiguous to the Dixie Project being advanced by neighbouring exploration company Great Bear Resources Ltd.
Figure One: Dixie Gold Inc. – Red Lake Project Map
During 2020, and despite restrictions related to COVID-19, Dixie Gold performed significant exploration work at its Red Lake Project and successfully executed multiple exploration programs totaling approximately $400,000 of expenditures, all of which was successfully completed without incurring shareholder dilution. Highlights included one of the largest airborne surveys ever performed in the Red Lake gold camp (see news release, Dixie Gold Inc. Commences One of the Largest Airborne Geophysical Surveys in History of Red Lake, dated October 1, 2020) and a large-scale multi-thousand SGH soil sample program (see news release, Dixie Gold Inc. Announces the Discovery of Multiple Gold-in-Soil Anomalies at Red Lake Project, dated December 24, 2020). The steady and paced progression of its exploration approach has enabled Dixie Gold to methodically advance what it views as a significant gold exploration opportunity at its Red Lake Project while remaining attentive to its exceptional capital structure (as at this news release, 25,737,188 shares issued and 26,993,438 shares on a fully diluted basis).
Initial exploration planning for the 2021 field season has been guided by the significant gold-in-soil anomalies identified by the results from Dixie Gold’s inaugural field season at the Red Lake Project. Follow-on geophysical interpretative work performed earlier this year confirmed that the location of the previously reported gold-in-soil anomalies correspond with interpretated magnetic breaks, (see news release, Dixie Gold Inc. Geophysical Interpretation Outlines High-Strain Setting and Prospective Geology at Red Lake Project, dated May 20, 2021):
Figure 2: Dixie Gold Inc. – Red Lake Project – Geophysical Data and Interpretative Findings
Magnetic data at the Red Lake Project is dominated by west-northwest trending magnetic linear features that parallel the trends of the presently defined LP Fault deformation zone on the adjacent property held by Great Bear Resources Ltd. As outlined by Dixie Gold and its retained geological experts, there is a high degree of faulting in various directions within the Corporation’s Red Lake Project, which in turn may offer excellent prospective structural traps for gold mineralisation.
Structural Mapping Program
To further the advancement of its corporate-focus Red Lake Project, Dixie Gold is pleased to report that it has now commenced an intensive, in-field geological mapping program, with the objective being to follow-up on results from its 2020 exploration, including the evaluation of newly discovered geophysical structures and its discovery of gold-in-soil SGH survey anomalies. The structural mapping team will focus on both the west-northwest structures, as well as the cross-cutting faults and intersections to progress Dixie Gold’s ground-exploration for vectoring in on potential gold mineralization. The Corporation believes that the methodological layering-in and performance of pre-drill exploration techniques that collectively supply the most comprehensive target-generative geological dataset will best augment the potential and efficacy of any potential follow-on drill-programs.
In relation to the 2021 structural mapping program, Dixie Gold is pleased to advise that it has engaged two senior exploration geologists, Brian Atkinson P.Geo. and Ike Osman P.Geo. to oversee and perform the field exploration.
Brian Atkinson, P.Geo. was the Government of Ontario’s Resident Geologist for the Red Lake District for 13 years and the Timmins District for 17 years. His knowledge of gold settings and exploration techniques in both gold camps is extensive. As the Resident Geologist, he completed property visits to various exploration sites within Dixie Gold’s region of focus and had access to materials that companies were using to locate new gold mineralization.
Ike Osmani, P.Geo. has been in the exploration business for 35 years. He has performed exploration around the world for mining industry clients, including numerous mapping and diamond drill programs within the Red Lake region. Mr. Osmani has also worked within the Ontario Geological Survey managing township and belt-scale mapping projects. He has also worked in the past to map and define geological environments that have limited mapping and low outcrop settings.
Dixie Gold is looking forward to further updating its shareholders with regards to the Red Lake Project once the now-underway field work is complete and the results have been compiled.
The Corporation cautions that past results or discoveries on adjacent projects (e.g. Great Bear Resources Dixie Project) may not necessarily be indicative as to the presence of mineralization on the Corporation's project (e.g. Dixie Gold’s Red Lake Project).
Mr. Garry Clark, P. Geo., of Clark Exploration Consulting, is the “Qualified Person” as defined in NI 43-101, who has reviewed and approved the technical content in this press release.
About Dixie Gold Inc.
Dixie Gold Inc. (TSXV:DG) is a publicly-traded exploration company involved in a diverse portfolio of high-impact exploration projects in Canada.
The Company has 25,737,188 common shares issued, with no warrants outstanding.
For more information, please visit www.dixiegold.ca
Chief Executive Officer
Dixie Gold Inc.
This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chief Executive Officer
Dixie Gold Inc.
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