VANCOUVER, B.C. – Arctic Hunter Energy Inc. (TSX-V: AHU) (“Arctic Hunter” or the “Company”), is pleased to announce, pursuant to an agreement dated September 29, 2020 with an arm’s length vendor, that the Company has agreed to purchase a 100% interest subject to a 2% net smelter returns royalty (“NSR”), in the Dinorwic Gold Property (14,800 ha), by paying $60,000 and issuing 4,000,000 shares of the Company , conditional on TSX Venture Exchange acceptance and the negotiation of a suitable financing. The Dinorwic Gold Project is a district scale gold property with the potential for the discovery of high-grade gold located near Dryden, Ontario, Canada (the “Property”). The District Scale gold property is easily accessible via all-weather-roads, and has easy access to the Trans-Canada Highway, related power and rail infrastructure, and has a close proximity to several communities, including Dryden, Ontario. Exploration activities for the entire project area are expected to be fully permitted for 2020. No finder’s fees are payable in connection with the transaction. A NI-43-101 compliant technical report on the Dinorwic Gold Property (the “Technical Report”) was prepared jointly by Colin Bowdidge, Ph.D., P. Geo and Derrick Strickland, P.Geo. The Technical Report provides a comprehensive description of the Dinorwic Gold Property including previous work, geology and mineralization and also makes recommendations for further work on the Property. A copy of the Technical Report will be filed on the SEDAR website at www.sedar.com ., in the near future. Trans Canada Gold Project/The Dinorwic Gold Property -District Scale Gold Target The Dinorwic Property consists of 741 non-surveyed contiguous mineral cell claims totaling 14,880 hectares located within the Kenora Mining Division of Ontario. The Property is located within the Wabigoon Greenstone Belt, which also contains the Thunder Lake Gold deposit and the Goldlund Gold Deposit. The Property contains a number of large shear zones containing quartz carbonate veins, pyrite and arsenopyrite, underlain by mafic volcanics with felsic volcanics in the south. There is a large regional scale iron-carbonate alteration within the property, which is considered to be similar to that of the Red Lake Mining Camp. The regional scale iron-carbonate alteration within the Property is associated with shear zones in iron-tholeiite and are prime targets for gold exploration.
A number of exploration targets have been identified within the property based on their association with regional alteration, known gold showings, shear zones, complex patterns and offsets in the regional magnetic map as well as spatial association with regional structures. The figure below has highlighted the eight initial gold exploration targets identified within the Property. (Map below).
Figure 1: Google Earth Map of Property outlined in black with gold exploration targets in red. Commented Michael Dehn, formerly of Goldcorp, “Both Tim Twomey and I have reviewed multiple mineral belts across the Canada Shield and have identified what we feel is an exemplary new gold project that is highly prospective, and contains all the key elements to finding high-grade gold in settings that are identical to the Red Lake Greenstone belt. We are recommending using the same exploration and modelling techniques that have been successful for many gold companies operating in the Red Lake District. The Dinorwic Property and structures provide district scale gold targets. The Property access is excellent, with the Trans-Canada Highway bisecting multiple high priority targets in a north-south direction, as well it has a close proximity to the large community of Dryden, Ontario. The Company intends to reduce its exploration and set up costs, as compared to many other district scale exploration targets being targeted in the province. We believe that with the acquisition of the Dinorwic District Scale gold property and gold project, we are in the ideal geological setting for the hosting of high-grade gold, having the Treasury Metals Goliath and Goldlund projects situated to the North of us, and Kinross active to the west and several historical past producers to the west and south gives us
confidence that the regional system has the potential to be well endowed with gold mineralization.” Colin Bowdidge, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved of the technical information disclosed in the news release.
ABOUT ARCTIC HUNTER – GOLD MINERAL EXPLORATION /OIL AND GAS PRODUCTION The Company is a Canadian Gold and Mineral exploration and Oil & Gas Resource Development Company, that is currently focused on acquiring and developing its’ District Scale Gold exploration project in Ontario, and increasing its oil and gas production capabilities, and obtaining potential future oil production revenues. The Company is focused on identifying, acquiring and financing gold exploration properties and the ongoing development of mining and oil and gas assets primarily situated in Canada, a safe resource exploration jurisdiction. The Company is currently reviewing a number of District Scale gold mineral exploration property opportunities, and identifying low risk exploration opportunities with potential for selective acquisitions and the development of mining exploration assets situated in these favorable resource jurisdictions. The Company has qualified senior exploration management and Geological Mining teams of professionals, seasoned in gold production, field exploration and drilling. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through the selective property acquisitions, and responsible exploration and development of
mining, and petroleum and natural gas resource assets.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland, President and CEO
Arctic Hunter Energy Inc.
Tel: (604) 681-3131
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.