Gander Gold Corp. [GAND-CSE, GANDF-OTCQB] said Friday that as exploration continues on its Gander North project in Newfoundland, it has identified what is potentially a major new gold trend located 25 kilometres east of the Appleton trend that hosts high-grade gold discoveries that are being developed by New Found Gold Corp. [NFG-TSXV] and Labrador Gold Corp. [LAB-TSXV, NKOSF-OTCQX, 2N6-FNR].
Gander Gold shares advanced on the news, rising almost 10% in early trading or $0.03 to 34 cents on volume of 1.05 million. The shares currently trade in a 52-week range of 39 cents and 14 cents.
Gander Gold is an exploration stage resource company which currently ranks as one of the largest claimholders in Newfoundland. With a focus on base and precious metal projects in Central Newfoundland, the company’s portfolio includes eight projects covering 9,032 claims or 2,257 hectares.
Launched on the CSE in March, 2022, Gander Gold’s key shareholders include Eric Sprott (14.6%) and Sassy Gold Corp. [SASY-CSE, SSYRF-OTCQB, 4E7-FSE] (48.3%). Sassy is focused on the Foremore Project, which is located in the Eskay Camp in the heart of northwestern British Columbia’s Golden Triangle.
Sassy is also earning up to a 100% stake in the Highrock Uranium Project in the Key Lake region of Saskatchewan. In addition to its interest in Gander, Sassy has equity positions in Galloper Gold Corp. and MAX Power Mining Corp.
On Friday, Sassy shares eased 2.5% or $0.01 to 38 cents and trade in a 52-week range of 73 cents and 25 cents.
Shawn Ryan, is the Gander Gold’s technical advisor. Gander Gold is using exploration techniques developed by Ryan’s company GroundTruth Exploration to speed up the process of finding gold-bearing anomalies.
“Broad areas of Gander North are lighting up from our Phase 1 soil sampling program. Results from our 2021 Airborne Mag/VLF and LIDAR surveys are in and have been very helpful in adding the next layer of detail interpretation needed to advance the Phase 2 soil work,’’ Ryan said.
The company said 192 soil samples ranged in grade between 25.1 ppb gold, and 1,432 gold, considered high for Newfoundland.
“It is remarkable how this previously unexplored area has suddenly become a ‘hot spot’ for potential new gold discoveries in Newfoundland along what clearly appears to be an entirely new gold trend east of the GRUB Line. We eagerly anticipate results from this summer’s work as we progress towards RAB drilling to prioritize the most prospective diamond drilling targets.’’
Ian Fraser, vice-president, exploration at Gander Gold said a Phase 2,0 soil geochemistry program will consist of additional soil sampling to extend the known anomalies along strike, and to sample in greater detail in and around some of the most elevated gold-in-soil anomalies.
“Furthermore, there are numerous other interpreted structures we will test with soil geochemistry,’’ he said. “From top to bottom, Gander North is revealing itself as an important area for potential new high-grade gold discoveries on the island.’’