Le Lézard
Classified in: Mining industry, Business
Subject: FINANCING AGREEMENTS

Solstice Receives $200,000 Ontario Grant Funding for SLP Lithium Project


VANCOUVER, British Columbia, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) ("Solstice", "we", "our" or the "Company") is pleased to announce that we have been selected to receive a $200,000 Ontario Junior Exploration Program ("OJEP") grant from the Government of Ontario to support our ongoing exploration efforts on our Stewart Lake Lithium Project ("SLP").

Pursuant to the OJEP grant, Solstice will receive up to $200,000 to cover 50% of eligible exploration costs on the project. SLP was selected for the grant under OJEP's critical minerals stream, which is aimed at facilitating the exploration of critical minerals within Ontario. The receipt of grant funding represents a meaningful milestone, leveraging government support towards advancing the exploration of this prospective lithium project.

Pablo McDonald, Solstice CEO stated, "We are very pleased to acknowledge the support of the Government of Ontario with a $200,000 grant through OJEP. This allows us to cover SLP in even more detail, helping to build out our prospecting and sampling programs. It is a significant sum that adds to the already robust and systematic exploration plan we have started at SLP. It will put to good use in finding and delineating pegmatites throughout our commanding land position."

About the SLP Project

Geological and prospecting crews have been mobilized to the SLP project to systematically prospect and map its entirety using road, helicopter, and boat-based traverses. The Company is using a Laser Induced Breakdown Spectroscopy ("LIBS") analyzer to provide real-time data to optimize the exploration effort. We will provide an update on progress and preliminary observations in the near term.

For more project information, please see our project summary at solsticegold.com.

About Solstice Gold Corp.

Solstice is an exploration company with quality, district-scale gold projects in established mining regions of Canada. Our 197 km2 SLP property is located in the underexplored English River Subprovince in an area that has recently garnered significant interest for its potential to host rare metals. SLP has 146 pegmatites documented previous to staking within this fertile setting for rare metals mineralization1. Our recently acquired 95 km2 Church Lake and Purdom Properties lie 5 km south of claims controlled by Pegmatite One Lithium, which host a recent LCT pegmatite discovery in the Frazer Lake area of NW Ontario. Reconnaissance prospecting here led to the discovery of five 12-30m-wide pegmatites within a 1 km by 0.5 km area along a prominent, regional north-south fault which is coincident with several >95%ile Li lake sediment anomalies2. Systematic mapping, prospecting, and sampling of these properties is ongoing.

Solstice has significant gold holdings in three district-scale properties in mining districts. Our 194 km2 Red Lake Extension (RLX) and New Frontier projects are located at the northwestern extension of the prolific Red Lake Camp in Ontario and approximately 45 km from the Red Lake Mine Complex owned by Evolution Mining. Our 322 km2 Atikokan Gold Project is approximately 23 km from the Hammond Reef Gold Project owned by Agnico Eagle Mines Limited. Our Qaiqtuq Gold Project which covers 886 km2 with certain other rights covering an adjacent 683 km2, hosts a 10 km2 high grade gold boulder field, is fully permitted, hosts multiple drill-ready targets, and is approximately 7 km from the Meliadine Gold Mine owned by Agnico Eagle Mines Limited. An extensive gold and battery metal royalty and property portfolio of over 80 assets was purchased in October 2021. Over $2 million in value and three new royalties have been generated since the acquisition.

Solstice is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.

1 MNDM assessment reports (OAFD).

2 Data from the Lake Geochemistry of Ontario 2019. Percentiles generated by Solstice using UTM16N data (N=24,762)

Solstice's Chairman, David Adamson, was a co-award winner for the discovery of Battle North Gold Corporation's Bateman Gold deposit and was instrumental in the acquisition of many of the district properties in the Battle North portfolio during his successful 16 years of exploration in the Red Lake.

Sandy Barham, M.Sc., P.Geo., Senior Geologist, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing and approving the technical disclosures of this news release.

Neither 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.

On Behalf of Solstice Gold Corp.
Pablo McDonald, Chief Executive Officer
For further information on Solstice Gold Corp., please visit our website at www.solsticegold.com or contact:
Phone: (604) 283-7234
[email protected]

Forward-Looking Statements and Additional Cautionary Language

This news release contains certain forward-looking statements ("FLS") including, but not limited to receipt of OJEP grant funding and future exploration, prospecting and sampling activities at SLP. FLS can often be identified by forward-looking words such as "approximate or (~)", "emerging", "goal", "plan", "intent", "estimate", "expects", "potential", "scheduled", "may" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. In respect of the FLS, the Company has made certain assumptions that management believes are reasonable at this time. The assumptions include that the Company will have sufficient financial resources for its exploration, prospecting and sampling activities at SLP however, there can be no assurance that such assumptions and statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, limited capital or access to additional capital for prospecting, delays in obtaining or failures to obtain required TSXV, governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.

Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.

 



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