News

Show printable version of 'Parkside's Exploration Program Confirms Presence O...' in a New Window

News Releases

 November 19, 2014
Parkside's Exploration Program Confirms Presence Of High Grade Gold Mineralization

 TORONTO, ONTARIO, November 19, 2014 -- Parkside Resources Corporation (TSX-V: PKS) ("Parkside", or the "Company") is pleased to announce the successful completion of the prospecting, sampling and mapping programs conducted on its Wiggle Creek and Savant Lake gold properties in northwestern Ontario between October 23rd and November 5th, 2014. Geologists spent a total of 14 days on site, split equally between the two properties. During that time several known and unknown historical pits and trenches were located, visited and sampled. A number of grab samples, photographs and descriptions of the mineralization, and the host iron formation and clastic metasedimentary package, were obtained. The programs were successful in confirming the presence of high grade gold mineralization on both properties, including one grab sample of 138.87 grams per tonne gold, and ten additional samples of at least 20.0 grams per tonne gold. (See Parkside Resources' News Release dated October 21st, 2014 for information on historical gold assay highlights for the properties).

Richard Goldman, President and CEO of Parkside, commented: "We are very pleased with the excellent results from the exploration programs. We were attracted to the Wiggle Creek and Savant Lake gold properties due to the historic high grade gold assays and the potential for the folded iron formation structure to be analogous to Goldcorp's Musselwhite Mine, 300 kms north of the properties. We were also drawn to the area as the Wiggle Creek and Savant Lake properties are very close to excellent infrastructure, including an all season paved highway, high-voltage powerlines and the Canadian National Railway. The strong assay results from our exploration program validate our focus on gold-in-iron formation properties in the area, including our flagship Forester Lake property located 35 kms southeast of Musselwhite. With these results we will now focus on developing a geophysical program for the Wiggle Creek and Savant Lake properties to better define the structures within the iron formations."

Wiggle Creek

Four historic trenches were located on the Wiggle Creek property during the seven day field program. A total of 40 grab samples were taken from the trenches (Table 1). A majority of the samples came from the rubble piles that were on the edge of the trenches, due to the trenches being slumped in and ingrown with vegetation.

Table 1: Total number of grab samples taken on the Wiggle Creek property.

Area Sampled Number of Grab Samples from Outcrop Number of Grab Samples from Trench Rubble
West Trench 4 5
Main Trench 5 18
East Trench 5 0
East Trench 2 3 0

Of the 40 grab samples taken, a total of 22 were submitted for gold assay at Accurassay Laboratories in Thunder Bay, Ontario on November 10th, 2014.

Assay results returned values ranging from 0.026 grams per tonne gold to 20.132 grams per tonne gold. Of the 22 samples submitted, 10 returned assay values greater than 1 gram per tonne gold (Table 2).

Table 2: Wiggle Creek property assay results. Only values greater than one gram per tonne gold have been included.

Project Showing Sample Number Sample Type Gold (grams per tonne)
Wiggle Creek Main Trench 238780 Grab - Outcrop 10.83
Wiggle Creek Main Trench 238769 Grab - Rubble 6.85
Wiggle Creek Main Trench 238761 Grab - Rubble 5.59
Wiggle Creek Main Trench 238779 Grab - Outcrop 4.02
Wiggle Creek Main Trench 238762 Grab - Rubble 1.70
Wiggle Creek Main Trench 238760 Grab - Rubble 1.36
Wiggle Creek West Trench 238778 Grab - Rubble 20.13
Wiggle Creek West Trench 238770 Grab - Rubble 5.71
Wiggle Creek West Trench 238776 Grab - Rubble 1.46
Wiggle Creek West Trench 238775 Grab - Rubble 1.29

The West Trench lies 200 meters to the west and along strike of the iron formation present in the Main Trench. The East Trench lies 90 meters to the east of the Main Trench and returned assay values ranging from 0.56 grams per tonne gold to 0.99 grams per tonne gold.

All of the trenches are along strike of one another and all of the trenches contained mixed oxide facies iron formation and clastic metasediments which were host to pyrite and arsenopyrite mineralization, as well as quartz veining and ankerite alteration.

Savant Lake

A total of five historic gold occurrences and one copper occurrence were successfully located on the Savant Lake property during the seven day field program. 57 grab samples were taken from various gold occurrences, historic trenches and other areas (Table 3).

Table 3: Total number of grab samples taken on the Savant Lake property.

>
Area Sampled Number of Grab Samples from Outcrop Number of Grab Samples from Trench Rubble
One Pine Lake gold occurrence 3 11
One Pine Lake East gold occurrence 0 5
Shoal gold occurrence 0 5
Horseshoe Trench gold occurrence 1 12
L28W 25S gold occurrence 0 10
Py+Cpy copper occurrence 1 2
Other 6 1

Of the 57 grab samples a total of 35 were submitted for gold assay at Accurassay Laboratories in Thunder Bay, Ontario on November 10th, 2014.

Assay results ranged from 0.05 grams per tonne gold to 138.87 grams per tonne gold. Of the 35 samples submitted, 25 returned assay values greater than one gram per tonne gold (Table 4).

Table 4: Savant Lake property assay results. Only values greater than one gram per tonne gold have been included.

Project Showing Sample Number Sample Type Gold (grams per tonne)
Savant Lake Horseshoe Trench 238688 Grab - Rubble 138.866
Savant Lake Horseshoe Trench 238690 Grab - Rubble 43.435
Savant Lake Horseshoe Trench 238691 Grab - Rubble 28.148
Savant Lake Horseshoe Trench 238689 Grab - Outcrop 26.904
Savant Lake L28W 25S Trench 238678 Grab - Rubble 32.354
Savant Lake L28W 25S Trench 238679 Grab - Rubble 27.566
Savant Lake L28W 25S Trench 238681 Grab - Rubble 15.713
Savant Lake L28W 25S Trench 238685 Grab - Rubble 14.477
Savant Lake L28W 25S Trench 238680 Grab - Rubble 8.743
Savant Lake L28W 25S Trench 238682 Grab - Rubble 7.407
Savant Lake One Pine East 238714 Grab - Rubble 40.869
Savant Lake One Pine East 238715 Grab - Rubble 28.103
Savant Lake One Pine East 238713 Grab - Rubble 24.848
Savant Lake One Pine East 238717 Grab - Rubble 24.615
Savant Lake One Pine East 238716 Grab - Rubble 15.467
Savant Lake One Pine Lake 238652 Grab - Outcrop 9.074
Savant Lake One Pine Lake 238661 Grab - Rubble 3.801
Savant Lake One Pine Lake 238654 Grab - Rubble 3.022
Savant Lake One Pine Lake 238659 Grab - Rubble 2.834
Savant Lake One Pine Lake 238660 Grab - Rubble 2.108
Savant Lake Shoal Showing 238665 Grab - Rubble 5.166
Savant Lake Shoal Showing 238668 Grab - Rubble 2.238
Savant Lake Shoal Showing 238669 Grab - Rubble 1.707
Savant Lake Shoal Showing 238666 Grab - Rubble 1.282
Savant Lake  * New Showing 238670 Grab - Outcrop 5.465

* Sample taken at this location was not listed as a showing in any historical data.

The One Pine gold occurrence and One Pine East gold occurrence were located approximately 75 meters along strike of one another. Historic trenches were encountered at each location with gold occurrences consisting of mixed oxide facies iron formation and clastic metasediments which were host to pyrite mineralization, as well as quartz veining and ankerite alteration.

The Shoal gold occurrence was located on a small outcrop in Savant Lake which is better exposed during lower lake levels. Samples were taken of blasted rubble which contained mixed oxide facies iron formation and clastic metasediments that was host to pyrite mineralization, as well as quartz veining and ankerite alteration. Located approximately 100 meters along strike to the southeast and on the mainland were the trenches of the L28W 25S gold occurrence.

The L28W 25S gold occurrence consisted of a series of shallow pits that exposed mixed oxide facies iron formation and clastic metasediments which were host to pyrite mineralization, as well as quartz veining and ankerite alteration.

The Horseshoe Trench gold occurrence was located near Snowbird Lake and thought to contain the historically reported Snowbird Vein. The trench contained mixed oxide facies iron formation and clastic metasediments as well as a 3 to 5 centimetre wide quartz vein that contained trace pyrite, as well as one flake of visible gold approximately 1 millimeter in size.

The geological information reported has been reviewed and approved by Steve Siemieniuk, P.Geo., of Clark Exploration Consulting, consulting geologist for Parkside Resources Corporation, who is a qualified person under the definitions established by National Instrument 43-101.

About Parkside Resources Corporation

Parkside Resources Corporation is a Canadian-based mineral exploration company dedicated to building shareholder value through focused exploration, discovery, and development of high-quality precious and base metal projects. Parkside is presently advancing three highly prospective gold-in-iron-formation properties in northwestern Ontario, all with significant assay results, and all with potential for the discovery of economic iron-formation-hosted gold mineralization. The three properties include the Forester Lake Gold Property, located approximately 100 kms north of Pickle Lake, Ontario and roughly 35 kms southeast of Goldcorp's Musselwhite gold mine, and the Wiggle Creek and Savant gold properties, which are located approximately 140 kms south of Pickle Lake. Incorporated in 2005, Parkside Resources Corporation is a reporting issuer in the provinces of British Columbia and Alberta, and its common shares are listed on the TSX Venture Exchange under the symbol TSX-V: PKS.

For further information, contact:

Richard Goldman, President
Tel: 416-862-1500: Fax: 416-862-1501
Email: rgoldman@parksideresources.com
Website: www.parksideresources.com

Robin Sundstrom
647-822-8111
Email: robin@ironsideir.com
Website: www.ironsideir.com

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.

Forward Looking and other Cautionary Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
 
 

You can view the Previous News Releases item: Tue Oct 21, 2014, Parkside Announces Financing and Commences Exploration on Two Recently Optioned Gold Properties

You can return to the main News Releases page, or press the Back button on your browser.