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Silk Road To Acquire More Gold Properties at Kirkland Lake

20.04.2022  |  Newsfile

Calgary, April 20, 2022 - Silk Road Energy Inc. (TSXV: SLK.H) reports that it is expanding its footprint in the Kirkland Lake mining camp through an option agreement to acquire a property known as the Grenfell-Four Nations gold property.

The agreement enables Silk Road to earn a 100 percent interest in five claim blocks comprising 5.2 square kilometres in the Grenfell Township located approximately 8.5 kilometres due west from the Macassa Mine near Kirkland Lake, Ontario.

The claims, known as the Four Nations-Grenfell property, host multiple gold occurrences according to historical work files submitted to the Ontario Government. There has also been drilling conducted on the property that intersected gold mineralization.

This transaction is considered arms-length in which Silk Road Energy will pay a private exploration company $50,000 in cash over three years and issue a total of two million shares.

The shares are paid over two years: one million payable upon closing and 500,000 shares each to be issued on the first and second anniversaries of the closing date. There are no work commitments on the properties. The agreement is subject to TSX, regulatory and board approvals.

Silk Road Energy will act as sole operator of the exploration program on the claims. The vendor will hold a 1.5% Net Smelter Royalty (NSR) on the Asset. One third of this NSR can be purchased by Silk Road for $400,000.

"We now have a land position that has north-south and east-west boundaries in this prolific gold-producing camp," said Director, Michael Judson.

In 1920, Grenfell Kirkland Gold Mines Ltd reportedly sank two shafts on a mineralized outcrop that assayed 3,274 grams per tonne gold (95.5 oz/t gold) and 166 grams per tonne gold (4.84 oz/t gold) across narrow veins. Two three-ton bulk samples taken in 1920 returned grades of 107 grams per tonne gold (3.11 oz/t gold) and 101 grams per tonne gold (2.96 oz/t gold), respectively.

In 1959, the Hecmac Syndicate, an exploration group, drilled four short-holes which assayed 3.5 grams per tonne gold over 1.07 metres (0.10 oz/t gold over 3.5 feet). Trenching in 1960 by another group reported assay values ranging from 1.7 grams per tonne gold (0.05 oz/t gold) to 16.4 grams per tonne gold (0.48 oz/t gold).

There has also been drilling, trenching and small-scale mining conducted on the adjacent property that intersected significant gold mineralization.

The assays values reported here are not NI 43-101 compliant and were extracted from a report by FR Ploeger in 1997.

Paraphrased From Historical Anconia Resources/Omai Gold Mines Reports:

At the nearby Four Nations property, the property that hosted earlier workings, an exploration shaft was sunk to 25 feet and extended to 536 feet between 1926 and 1928. Levels were established at 125 feet, 250 feet, 375 feet, and 500 feet. Approximately 2500 feet of lateral development was undertaken at this time, mostly on the 500 foot level. The underground workings of the mine are not accessible presently.

10 vein systems have been identified at surface, two of which, the "Allen Veins", were trenched by Four Nations Consolidated Gold Mines in 1934 and were determined at that time to carry gold averaging 8.57 grams per tonne across 2.38 metres for a length of 61metres (source: "Technical Report on the Kirkland Lake Gold Property, Grenfell Township Larder Lake Mining Division, Ontario" by Howard J. Coates M. Sc., P.Geo.).

According to 2014 Anconia news releases, the company sampled 7.81 grams gold per tonne over 7.55 metres from the Allen Veins. Grab samples from the Allen Veins area have yielded results up to 19.0 grams per tonne of gold (Anconia news releases of November 11 and October 23, 2014).

Qualified Person:
Edward Procyshyn, Geo, a qualified person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information please contact:
Michael C. Judson, Director,
Silk Road Energy Inc.
T. +1-514-865-5496

Website: www.silkroadenergyinc.com

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Neither the TSX Venture Exchange, including the NEX Board, nor the Canadian Securities Exchange have approved nor disapproved the contents of this news release.

The Units and the securities comprising the Units have not been and will not be 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 requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121004


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