GBC GRAND CONFIRMS GOLD IN BEDROCK LOCATED 30KM FROM MOOSEHEAD GOLD DISCOVERY HOLE

Aug 15, 2018
|
Press Releases

This news release is not for distribution or dissemination in the United States of America

Toronto, Ontario, August 15, 2018 – GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that its 50% owned portfolio company GBC Grand Exploration Inc (“GBC Grand”) has confirmed gold in bedrock on its Twilite Gold Property which is located approximately 30km southwest from the Moosehead Gold Project discovery hole recently announced by Sokoman Iron Corp (TSXV:SIC) (“Sokoman”). Sokoman reported a drill intersection of 44.96 grams per tonne gold over 11.9 metres, and a number of companies have now acquired new positions in the emerging Moosehead gold exploration district in Newfoundland, Canada. GBC Grand completed the Twilite Gold Property acquisition on June 18, 2018 as Sokoman was commencing the Moosehead property drilling.

Assay results for the eight due diligence bedrock samples collected by GBC Grand were received on July 27, 2018 and confirm the presence of high grade gold in quartz veining on the property. The results ranged from a low of 51ppb gold to a high of 27082 ppb gold (27 grams per tonne gold). Two samples, collected from an area known as the 320 Vein, returned gold assays of 6.2 grams per tonne gold and 6.1 grams per tonne gold. Mineralization at the 320 Vein consists of quartz breccia veining with pyrite and arsenopyrite hosted by red to green siltstone.

The Twilite property comprises 65 claims located 14km southwest of Grand Falls-Windsor. The property is easily accessible via an all-weather gravel road network that transects the property and crosses within 50-100m of the main gold prospects. The Twilite property features low-sulphidation epithermal-style gold mineralization and shares geological characteristics in common with the Moosehead bonanza-style gold property. Like Moosehead, the property is also situated within the prospective Botwood Group sedimentary basin.

On the Twilite property, deformed carbonaceous argillite, mudstone and siltstone are the primary host rocks to sulphide mineralization. “The presence of sulfosalt minerals is potentially significant in that these can exhibit a spatial association with bonanza-grade gold mineralization” said Barry Greene, P.Geo, and a director of GBC Grand. Gold mineralization on the Twilite property is hosted by both northwest and northeast orientated structures. Two principal mineralized areas are associated with separate sub parallel northwest trending structures that are 300 meters apart. To the east, these structures appear to intersect a northeast-trending fault zone, which also hosts mineralization. GBC Grand intends to proceed with obtaining a NI 43-101 report on its Twilite Gold Property, following which it will decide on the timing and scope of an exploratory drilling program.

GBC Grand also owns the Browning property comprising 24 claims located 2km south of Pollards Point, Newfoundland. The Browning Property includes the Browning Mine, which produced 149 ounces of gold in 1903. This production came from some 1000 tons of ore, indicating an average grade of some 0.15 oz/ton, or about 5 ppm Au. The Browning Mine is the best-known gold deposit in the area and has the distinction of being one of the first-producing gold-only deposits on the Island of Newfoundland. On the Browning property, gold mineralization is epigenetic and is associated with mesothermal-style quartz and quartz-carbonate veins that typically also contain base-metal sulphides such as pyrite, chalcopyrite, galena and sphalerite. Auriferous veins are mostly hosted by volcanic and volcaniclastic rocks of the Pollards Point Formation or by sedimentary rocks of the Simms Ridge Formation, which respectively sit west and east of a proposed structure separating the two sequences within the Sops Arm group. Iron carbonate alteration is spatially associated with gold-bearing veins at the Browning Mine (Kerr. A, Current Research (2006) Newfoundland and Labrador Department of Natural Resources Geological Survey, Report 06-1, pages 61-90)

 

Sampling and Analysis

GBC Grand cautions investors that grab samples are selective and are not necessarily representative of the mineralization hosted on the property and that reference to historic exploration data have not been independently verified.  All samples were collected and transported to Eastern Analytical in Springdale, Newfoundland, by Barry Greene, P.Geo. and analyzed for gold and ICP analysis. As visible gold had been reported on the property by a previous operator, samples were suspected of carrying visible gold and were submitted for total pulp metallics and gravimetric finish. Eastern Analytical is an accredited assay lab that conforms with requirements of ISO/IEC 17025. Total pulp metallic analysis is when the whole sample is crushed to -10 mesh and pulverized to 95% -150 mesh. The total sample is then weighed and screened 150 mesh. The +150 mesh fraction is fire assayed for Au, and a 30 g subsample of the -150 mesh fraction is fire assayed for Au. A calculated weighted average of total Au in the sample is reported as well.  Eastern Analytical has an in-house standard and duplicate policy.

Barry Greene, P.Geo, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein and has reviewed and approved this release.