Acquisition Of The Red Lake Extension Project


VANCOUVER - Solstice Gold Corporation has entered into an option agreement to acquire a 100% interest in the Red Lake Extension project (RLX) consisting of 10 claims (164 units, ~3300 ha) located in the northern part of the Red Lake Gold District. Solstice acquired the Project, from Gravel Ridge Resources Ltd, based on our interpretation that the RLX covers approximately 14 km of strike length of a prominent geological structure which corresponds to the surface expression of a deep structure recently identified, using historical seismic surveys by Ministry of Northern Development and Mines (MNDM) geologists, as the third major structure in the district.

“Having spent over 16 years of my career successfully exploring the Red Lake Gold Camp, it is an area that I and the Solstice team know very well and is truly prolific. It has repeatedly shown that there are gold deposits waiting to be found by strong technical teams who are capable of correctly interpreting complex geology. The Red Lake Extension project covers a key portion of a major structure in the Red Lake camp whose potential importance has only recently been revealed through updated geological interpretations. Based on my long experience in the Red Lake Camp this area is a compelling exploration target.

The addition of the Red Lake Extension project gives Solstice a second top-tier exploration asset that will allow the Company to explore in two of the world’s top gold jurisdictions year-round. With our 866 km² drill-ready KGP Project adjacent to the Meliadine deposit (2P: 4.07MM oz / 6.1 g/t, M&I: 2.80 MM oz / 3.52 g/t, Inf: 2.63 MM oz / 5.60 g/t)  in Nunavut and now 14 km of prospective strike in one of the most prolific Gold Districts in North America, Solstice has a unique value proposition vs our $8MM market cap today. With our proven exploration team and the financial backing of our experienced board with strong insider ownership of almost 33%, Solstice is well positioned for exploration success and significant value creation for our shareholders,” said, Chairman David Adamson.

The Company is currently formulating plans for a spring program on the Red Lake extension program consisting of ground-work which will be designed to identify drill targets. This program will be fully funded by the company’s current cash reserves.