TORONTO, ON – September 23, 2024 – Caprock Mining Corp. (“Caprock” or the “Company”; CSE:CAPR) is pleased to announce that it has entered into a non-binding Letter of Intent dated September 19, 2024 (the “LOI”) setting out the terms of an option to acquire a 100% interest in the Destiny gold property (“Destiny”, or the “Property”) located in Despinassay township, 75 km northeast of Val D’Or, Quebec from Big Ridge Gold Corp. (the “Optionor“), the owner of the Property (the “Transaction”).
Destiny comprises 127 mineral claims that collectively span an area of 5,013 hectares located less than two hours’ drive from Val D’Or. The project lies along a major deformation corridor in the Abitibi greenstone belt that includes the prolific Cadillac-Larder Lake and Destor-Porcupine fault zones which host numerous producing and development-stage gold deposits that are in close proximity to Destiny (see Figure 1). The project overlies a 6 km long segment of the poorly explored Despinassay shear zone which is a splay off the regional Chicobi Fault. One of the several gold deposits discovered on the Property is the DAC Deposit which has a NI 43-101 compliant mineral resource estimate (“MRE”) comprising the following gold inventory:
- 8 million tonnes averaging 1.05 g/t Au and containing 364,000 ounces Au in the Indicated category; and
- 3 million tonnes averaging 0.92 g/t Au and containing 247,000 ounces Au in the Inferred category.
(The above is based on the March 2011 National Instrument 43-101 (“NI 43-101”) technical report on the DAC Deposit authored by Todd McCracken, P.Geo., who is an independent qualified person pursuant to NI 43-101 regulations. The MRE was established using a gold price of US$973 per ounce Au and a cut-off grade of 0.5 g/t Au. The MRE was constrained by a conceptual open-pit extending down to 400m below surface).
