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Gold Creek

Gold Creek

British Columbia, Canada

The 100% owned Gold Creek project is located 2 kilometer northeast of the town of Likely in the Cariboo -- the heart of British Columbia's historic "Gold Rush" district.  The Gold Creek project consists of 34 claims totalling 9,673 hectares. Access is from Likely by all-weather gravel road. The site has well developed infrastructure and is just 70 kilometer northeast of Williams Lake, a major regional centre serviced by an airport and railway. The property has several small roads that will provide easy access for drilling the claims.

Gold Creek is adjacent to and on strike with a large, northwest-southeast trending gold-bearing zone bounded by the Quesnel River (“QR”) historic mine and mill owned by Osisko Development Corp (TSX: ODV) to the northwest and the Spanish Mountain project owned by Spanish Mountain Gold Ltd. (TSXV: SPA) to the southeast.

Cariboo Gold District Property Map

Gold occurs at Gold Creek in the same Mesozoic sedimentary package as at the Spanish Mountain deposit and the Company's FG Gold deposit. The project sits in an ideal setting for sedimentary hosted orogenic gold typical of the Cariboo Gold District and intrusion-related styles of mineralization given the property’s proximity to the alkaline porphyry intrusions that host copper-gold mineralization at Mount Polley and Gibraltar.

Mineralization has a strong spatial relationship to both the siltstone-volcanic contact and the alteration front. Gold mineralization is hosted by deformed sedimentary rocks with interlayered volcanic rocks, and described as of two types:

  1. High grade gold in quartz veins/stockworks with gold, galena, sphalerite, chalcopyrite, tetrahedrite and pyrite; and
  2. Lower grade, bulk tonnage gold-bearing shale and siltstone represented by auriferous pyrite in a graphitic silty shale along a contact between argillites and greywackes.

Exploration targets at Gold Creek are gold-bearing quartz veins and gold-silver bearing strata-bound zones of quartz and carbonate-altered quartz-veins that occur in the basal, black phyllite metasedimentary and greywacke volcanic sequences. There are numerous soil anomalies on the Gold Creek property over a 12 kilometer strike length. Much of the property is covered by overburden and remains unexplored.

KORE Mining Ltd (the company from which Karus Gold was spun out in 2021), drilled anomalies in 2018 and 2020 to extend the Camp Zone approximately 400m along strike. Low grade copper and gold has also been found in a highly sericite and silica altered diorite, called Zone 29. This zone borders the Camp Zone, where historic drilling has focused.

The NI 43-10 technical report on the South Cariboo Property, dated December 16, 2020 and titled “Technical Report on the South Cariboo Gold Property”, is filed on SEDAR and also available HERE.  The report includes the FG Gold and Gold Creek projects.

2021 Exploration Program

Karus Gold is planning a two phased drill program totaling 3,000 meters (“m”) in 2021 at Gold Creek. The initial phase of drilling will be designed to determine the orientation of high-grade gold mineralization at the Camp Creek zone where past drilling has intersected:

Phase 1 drill results will be used to build an enhanced geological model for gold mineralization at Gold Creek with a Phase 2 program designed to expand the extend of high-grade gold mineralization at Gold Greek along strike and at depth.  Coincident with drilling, the Company is planning further grid soil and IP geophysical surveys to better delineate zones of gold mineralization at Gold Creek.