Gold’n Futures Mineral Corp. (CSE: FUTR)(FSE: G6M) is a Canadian-based mineral exploration company that recently announced formidable plans, following the announcement of a non-binding letter of intent (LOI) with Argonaut Gold Inc. (TSX: AR) earlier this week to acquire up to a 90% interest in the Hercules Gold Project, which was named ‘Discovery of the Year by the Northwestern Ontario Prospectors Association in 2008.
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Expected increase in the estimated mineral resources
In particular, the focus of FUTR in the coming months will be to provide an updated resource and geophysical model incorporating the 196 additional drill holes from 2011 – which were not included in the 2010 WGM 43-101 report – and to conduct select downhole surveys. The expected outcome of this effort is that it will provide a much more detailed and accurate model of the deposit. Perhaps more important is an expected increase in the estimated mineral resources in the historical technical report. In this technical report, a gold price of $850 per ounce has been used along with a 1gm cut-off and 60 gm cap. At the moment, the current gold price is around $1,900 per ounce.
The high-potential project areas
The project is located 120 kilometers northeast of Thunder Bay, Ontario. More precisely in the townships of Elmhurst and Rickaby, in The Thunder Bay North Mining District. The property is located in an Archean Greenstone Belt extending from the Longlac area in the east to Lake Nipigon in the west, which is a distance of approximately 130 kilometers. The property consists of more than 6951 hectares of land. The database contains channel samples, geophysical surveys and a drill hole database for almost 450 holes.
The project as hosts the promising Golden Mile, labeled as the jewel of multiple vein systems. The Golden Mile covers a strike length of more than 1 mile which is characterized by a laminated sheeted vein system, coarse visible gold and local gold bearing base metal mineralization. For the experts, the figures are promising with an average thickness of 20.2 g/t Au / 4.0 meters true thickness over a length of 400 meters. See their September 21, 2020 press release.
Currently, FUTR has no debt and cash of approximately CA $800k.
Short summary
In summary, Hercules is an extremely exciting project with a lot of history which can be viewed all over the internet, if you look for “Kodiak Hercules project”. Gold’n Futures plans on spending the next few months remodeling the deposit incorporating an additional 196 drill hole logs from 2011 not included in the WGM 43-101 report of 2010 as well as performing select downhole surveys. This will provide a much more detailed and accurate model of the deposit as well as an expected increase in the reports mineral resource estimate which utilized an $850 per oz gold price and a 1 oz/gm. Once complete, they are expected to begin their drilling program. In addition, over the next few months they expect to add to their management team and board of directors. With gold hovering around $2000 per ounce, these are exciting times for the gold industry and in particular Hercules and ultimately Gold’n Futures Mineral Corp.
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