Eclipse Gold Mining Identifies Potential High-Grade Core at Hercules Target
Vancouver, March 10, 2020 - Eclipse Gold Mining Corp. (TSXV: EGLD) ("Eclipse" or "the Company") is pleased to provide an exploration update for its Hercules Gold project located in Lyon County, Nevada.
"We are excited by the continued strong sample results on the Hercules Target and look forward to drilling shortly," said Michael G. Allen, President, CEO and Director. "Since acquiring the core claims in early August of 2019, we have expanded the property by staking 976 additional claims, giving us a district-scale property position. Ongoing mapping and sampling have yielded exciting new results, with the Sprite showing being on ground recently acquired through staking."
The Company is pleased to report results of new rock chip samples collected on the Hercules Project.
Fifteen samples collected over a strike length of approximately 260 m (see Table below) indicate the presence of a potential high-grade core to the Hercules Target.
| Sample Number | Au (g/t) | Ag (g/t) |
| 483271 | 0.29 | 5.1 |
| 483272 | 4.32 | 11.5 |
| 483273 | 7.99 | 115.0 |
| 483277 | 0.62 | 2.0 |
| 483278 | 8.21 | 14.5 |
| 483279 | 1.75 | 66.1 |
| 483734 | 0.70 | 2.3 |
| 483735 | 12.55 | 57.3 |
| 483736 | 29.50 | 880.0 |
| 483737 | 66.00 | 333.0 |
| 483738 | 1.51 | 6.2 |
| 483740 | 17.05 | 74.0 |
| 483741 | 3.96 | 32.9 |
| 483742 | 6.87 | 123.0 |
| 458641 | 6.78 | 142.0 |
Figure 1. Zoom in on potential High-Grade Core
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Additional sampling on the Hercules Target has identified a broad zone of gold mineralization in which gold values are associated with widespread silicification.
Figure 2. Current sampling results at the Hercules Target
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New Showing
The Company has identified a new showing, called Sprite, on ground staked by the Company in August 2019. Sprite was originally identified as a hyperspectral anomaly and flagged for reconnaissance sampling, the results of which ranged between below detection and 0.69 g/t gold with 12.7 g/t silver in eight widely-spaced samples. Mineralization appears to be hosted in the same permeable volcaniclastic rock as elsewhere on the property. Sprite is an irregular 700 m by 700 m window through overburden that limits the extent of the showing. Further work will be needed to understand the nature of the mineralization at Sprite and its relationship to the main targets on the property.
Figure 3. Location of Sprite showing in relation to other targets.
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Exploration and Interpretation
Work to date has identified the presence of a large low sulphidation epithermal system that is exposed on surface in the northwestern part of the Walker Lane Trend. Mineralization appears to be controlled by high angle North-South and Northeast trending structures. Mineralization is both focussed along these structures and is disseminated in the adjacent andesite tuff volcaniclastic rock. Additional hyperspectral anomalies that have been identified on the property remain to be evaluated.
Additional Acquired Claims
The Company's wholly-owned subsidiary, Hercules Gold USA, LLC, entered into an agreement with Comstock Exploration and Development LLC, to acquire 2 patented claims and 5 unpatented claims, internal to the property, for a sum of US$100,000 and a 2% net smelter returns royalty with certain buy down rights.
Eclipse Engages Proconsul Capital Ltd.
Eclipse has entered into an investment relations agreement (the "Agreement") with Proconsul Capital Ltd. ("Proconsul"). Pursuant to the Agreement Proconsul will provide investor outreach and road show coordination across Canada and will be paid $5,000 plus GST per month. The Agreement may be terminated by either party on one month's notice and remains subject to TSX Venture Exchange acceptance.
About Eclipse Gold Mining
Eclipse Gold Mining brings together a team with collective funding of over $2 billion in both strong and weak markets, and a track record of at least nine successful buyouts/exits. The Company is exploring the district-scale Hercules Gold project in Nevada's Walker Lane Trend and located only a one-hour drive from Reno. Historic drilling, and the Company sampling has confirmed the presence of a large-scale epithermal gold-silver system exposed at surface. The Company has consolidated an approximately 85 km2 land package and has initiated systematic exploration.
Qualified Person
Michael G. Allen, P.Geo., President, CEO and Director of Eclipse Gold Mining Corp., and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
Surface sampling on the project has been carried out by qualified geologists. Samples were transported in sealed bags by truck to the ALS Minerals sample preparation facility in Reno, Nevada. Final assaying was done in the ALS Minerals laboratory facility in North Vancouver, BC for analysis. ALS Minerals operate according to the requirements of ISO/IEC 17025:2005 and ISO 9001:2015. Gold was determined by fire-assay fusion of a 30 g sub-sample with atomic absorption spectroscopy (Method Au-AA23). Overlimit samples of Au were assayed by gravimetric means (Au-GRA21). Overlimit Ag were assayed four acid "ore grade" analysis (Ag-OG62). Multi-element data, including Hg was collected by ICP (ME-ICP61 and Hg-MS42).
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Allen
President, CEO and Director
INQUIRIES:
Dylan Berg, VP Investor Relations
Company Website: www.eclipsegoldmining.com
Main: +1 (778) 945-3950
Toll Free: +1 (844) 427-6453
Email: info@eclipsegoldmining.com
TSXV: EGLD | ISIN: CA27888R1001 | WKN: A2PYV4
Forward-Looking and Other Cautionary Statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a few assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions and general business conditions. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company's final prospectus dated February 6th, 2020 and filed under the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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