Green River Gold Corp. Commissions Additional Mag Survey on the Quesnel Nickel Project

Apr 7th, 2022 9:10 EST

Green River Gold Corp. Commissions Additional Mag Survey on the Quesnel Nickel Project

Edmonton, Alberta–(Newsfile Corp. – April 7, 2022) – Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) (the “Company” or “Green River“) is pleased to announce that it has commissioned a contractor to complete a UAV-MAG survey over the remaining portion of the Quesnel Nickel Project. The previous UAV-MAG surveys did not cover the entire 93 square kilometer property because a portion of the property was briefly under option to another company. As a result, the UAV-MAG survey completed in 2021 was completed in two pieces and a portion of the property was not covered at all. When the two pieces of the map were put together, the potential for a larger magnetic anomaly connecting the two sections became clear. The area outlined along the Western edge of the property is the area to be targeted by the additional UAV-MAG survey.

The magnetic anomaly is indicated by the purple areas trending North West to South East.

The area of recent drilling is indicated at the bottom of the upper North-West portion of the UAV-MAG survey. That drilling is being done in a known talc occurrence and it has encountered anomalous amounts of nickel, magnesium, and chromium along with the talc.

To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/7403/119624_a705037ae4f71ac3_002full.jpg

Perry Little, President and CEO of Green River Gold Corp. comments “Once the two maps were combined, the possibility for the magnetic anomaly to continue through the area that was not covered by the initial UAV-MAG survey jumped out at us. The additional UAV-MAG survey holds the potential to significantly increase the size of the magnetic anomaly. The known talc occurrences extend in to the area not covered by the original surveys and we are hopeful that the magnetic anomaly will continue as well.”

The previously completed UAV-MAG survey results over the Quesnel Nickel Project area indicated the presence of highly magnetic rocks co-incident with the interpreted surface exposure and down-dip projection of a favorable ultramafic rock assemblage. These results are similar to the aeromagnetic response in the area of nickel-alloy mineralization found throughout the BC Decar District.

Recently the Company received the initial assay results for drilling done late in 2021 at its wholly owned Quesnel Nickel Project (the Project) in the Cariboo Mining District of British Columbia.

The initial assay results covered the top 10 meters of hole Do-21-06 which was drilled to a depth of 15.24 meters. The assay results received were significantly higher than the preliminary results released on February 7, 2022, which were based on readings from a portable XRF sampler.

The assay results show 17.99% magnesium content where the XRF gun results indicated only 1.4% magnesium content. The higher percentage of magnesium was not expected and added yet another mineral to the existing nickel, chromium and talc that has already been shown to exist on the property. Magnesium and nickel prices have increased significantly over the past year.

The average nickel assay results over the 10 meter interval came back at 0.19% versus 0.11% shown by the XRF readings. In addition, the chromium assay results over the 10 meters assayed at 0.16% versus 0.13% based on the XRF readings. These results begin right at surface. The assay results over the 10 meters also showed 85 ppm of cobalt and 664 ppm of manganese. Assay results on the bottom 5 meters of the hole as well as the other 8 holes drilled in 2021 are pending and will be released as received.

The Company is looking forward to receiving assay results very shortly on one of the sections that showed higher grades of nickel and chromium in the prior testing with the XRF sampler. The assay results for the bottom 5 meters of hole Do-21-06 showed significantly higher XRF results than the top 10 meters discussed above. The XRF results for the bottom 5 meters of hole Do-21-06 were 0.25% nickel versus 0.11% nickel in the top 10 meters of the hole. The assay results for the bottom five meters are expected within a few days along with Davis Tube Recovery testing for nickel recovery from that same section.

According to preliminary tests made with a portable XRF sampler, tests indicated the presence of elevated nickel and chromium in core recovered from 9 shallow holes. The holes were drilled during the last 2 months of 2021 and range up to 18.3 m deep. The elevated elements are hosted in serpentinized ultramafic rocks belonging to the Slide Mountain Terrane. The rock terrane reaches up to 500 m wide and extends more than 3 km NW across the Project area. Elevated nickel and chromium concentrations were present in each XRF gun sample point in every drill hole, starting right from the surface. The Company is very encouraged by the discovery of this mineralization so close to the surface of a known area of talc alteration.

Although XRF results are currently considered less definitive than standard analytical techniques, they are nonetheless indicative of grade and are generally considered qualitative rather than quantitative. Our experience with the XRF unit has encouraged us to continue to use it for preliminary guidance on our future drilling.

Samples have been prepared and sent to ALS labs located in Vancouver for sample preparation and will undergo a four-acid digest multi-element suite including nickel and cobalt as well as a fire assay for platinum and palladium. Certain sections of the drill core will also have a nickel-sulphide fire assay along with Davis Tube Recovery testing.

The Company has purchased and modified a portable Winkie drill and will commence drilling deeper holes from the same location on the talc outcroppings as soon as ground conditions allow. That is expected to happen within the next couple of weeks. The new drill is capable of reaching depths over 100 meters and will give us a preliminary indication of the depth of the talc occurrence as well as an indication as to whether the nickel, chromium and magnesium mineralization continue throughout.

Quesnel Nickel/Talc Project Highlights:

There are 3 BC MINFILE occurrences as follows:

  • 093A 013 – Sovereign Creek – developed prospect containing talc and magnesite, and a co-incident nickel sulfide showing.
  • 093A 130 – Sovereign – showings containing talc and nickel sulfides.
  • 093H 061 – R.T. – showing containing nickel, chromium, and cobalt.

Historical records indicate four widely separated areas of talc alteration along a 1-kilometer trend. Having discovered the presence of nickel in the talc mineralization in the area of Do-Do- Creek, we will be further investigating the other three known areas of talc alteration for the presence of nickel this season.

In addition to finding out more about the potential for a commercial talc deposit, the exploration focus will be on nickel, chromium, magnesium, and cobalt. Preliminary metallurgical work completed in 1971 has suggested the presence of nickel sulfide or nickel alloy minerals. One focus in the initial phase of exploration is to prioritize the multiple Nickel/Magnesium/Chromium/Cobalt targets within the project area for a follow-up RC/DD drill program and to expand the areas of mineralization in 2022.

Regional Exploration Plan:

Additionally, there will be some upcoming exploration plans for the Fontaine Lode Gold Project, which is contiguous to the Quesnel Nickel Project and is also contiguous to Osisko Development Corp.’s Cariboo Gold Project.

Qualified Person:

Stephen P. Kocsis is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.

About Green River Gold Corp.

Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly owned high-grade Fontaine Gold Project, Quesnel Nickel/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.

The Fontaine and Quesnel properties straddle an 18 km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Development Corp.’s mineral claim group containing a proposed mine location at its Cariboo Gold Project.

The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,440 hectares, along the southeast flank of Mount Catherine.

For more information contact:

Green River Gold Corp.Mr. Perry Little – President and Chief Executive Officer [email protected]780-993-2193

Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com

Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as “anticipates”, “expects”, “believes”, “estimates”, “could”, “intends”, “may”, “plans”, “predicts”, “projects”, “will”, “would” and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.

In addition, the forward- looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.

The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119624

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