Rossland Project

Location

Rossland is host to the same geological structures as the adjacent high grade Le Roi Mines that produced more than 2.7Moz Au, 3.5Moz Ag and 71t of Cu between 1894-1941. Historical workings and mine records indicate payable veins from these mines, extend into the Project area and the host rock for gold is present and continuous.

Figure 1 – Location of Rossland Gold Project showing
infrastructure - including proximity to 3 processing facilities

Rossland is located close to the established mining and processing town of Trail which hosts one of the world’s largest zinc smelter providing access to a skilled workforce. The Trail smelter is owned by Teck (Cominco) and is situated 10km east of Rossland.  It was originally built and operated by Cominco to treat the Rossland (Le Roi) ore.

Access to the Project via sealed roads and numerous historic mine trails provide good all year-round access with established drill pads providing the initial first drill platforms.

The Rossland Gold camp has been described as a Jurassic, Intrusive Related Gold-pyrrhotite Vein Deposit1. The most recent production (1994) is from the Evening Star deposit located 500m south of the Eleanor Prospect which had a published reserve of 20,000t @17g/t gold.

With consolidated ownership and evidence from the adjacent mining records, the Company is able to apply modern geophysical, goechemical and drilling techniques to thoroughly test the strike extent of high-grade deposits that run up to the project boundary.

Historic Exploration

Historical workings and mine records indicate payable veins from these mines, extend into the Project area, and the host rock for gold is present and continuous.  This is an advanced brownfields play with little modern exploration due to previous fragmented ownership and tenure.

Limited historical drill intersections at the Gertrude Prospect include:

  • NB-94-1    6.1m @ 13.29g/t gold from 162m
  • NB-91-16  4.5m @ 12.7g/t gold from 164m and;
  • NB-94-2    1.5m @ 17.18g/t gold from 151m

 With consolidated ownership and evidence from the adjacent mining records, the Company is able to apply modern geophysical, goechemical and drilling techniques to thoroughly test the strike extent of high-grade deposits that run up to the project boundary.

Due Diligence Exploration Program Summary

As per the announcement on the 1st September 2020, Accelerate entered into an Earn-In and Purchase Term Sheet with Currie Rose pursuant to which the parties have agreed to complete a due diligence /exploration program, allowing Accelerate to access and have the opportunity to acquire up to 100% of the Rossland Gold Project from Currie Rose if it elected to.

The exploration program set out to test the three identified primary gold targets located in the northern section of the Rossland Gold Project area (Figure 1):

  1. Gertrude Prospect;
  2. Eleanor Prospect; and
  3. Mascot Prospect.

A total of 747.32m of Diamond Drilling (DD) was completed at the Gertrude (Novelty Target) and Mascot Prospects, with most of the drilling (686.71m) drilled at Mascot. Planned drilling at the main Gertrude and Eleanor Prosects were postponed due to the unseasonal early arrival of heavy snow and additional unplanned access issues.

Figure 2 – Rossland Gold Project Priority Targets for First Drill Program

Gertrude Prospect

A total of 60.6m of NQ2 diamond core was drilled at the Novelty target which forms part of the Gertrude Prospect (Figure 2) located in the north western section of the Rossland Gold Project. Twenty-eight samples were selected for assay with drilling successfully intersecting high grade gold with accessory cobalt and silver. (See Table 1 below).

Drill hole RGP20-001 has successfully confirmed previous historic drilling that identifies north-south striking gold mineralisation extending over 100m and open at depth below 60 vertical metres. Drilling at the Novelty Target yielded very impressive multiple high grade intervals including:

  • 68g/t gold over 1.87m from 4.14m (including 0.29m @ 110.1g/t from 4.75m)
  • 72g/t gold over 1.02m from 9.26m
  • 63g/t gold over 4.10m from 27.51m

Work also included a surface (50m x 12.5m spaced) VLF-EM (Electromagnetic) Survey totalling 11line Km was completed over the high-grade Gertrude Prospect, identifying a series of strong anomalies along strike from previously mined high-grade gold veins and historic drill intercepts.

Other important historic data includes:

  • Coincident Magnetic and EM geophysical anomalies
  • Historic, field identified diamond drill collars located ~ 150m along strike from the War Eagle Vein which produced ~200,000 ozs gold grading 19g/t. These drill hole include:
    • NB-94-1 6.1m @ 13.29g/t gold from 162.15m
    • NB-91-16 4.5m @ 12.7g/t gold from 164.7m and
    • NB-94-2 1.5m @ 17.18g/t gold from 151.2m

Figure 2 - Novelty-Gertrude Prospect – Drill location

Mascot Prospect

The Mascot Prospect drilling results returned no significant results. The best gold intersection came from RGP20-003 which returned 0.2m 7.41g/t Au and 2.19g/t Ag from 173.03m. No further work is planned on the Mascot Prospect.

The most recently completed Hole RGP20-004 targeted a strong +200m VLF-EM anomaly and the convergence of the historically exploited East to North-North-East gold veins that include the Columbia-Kootenay Vein, Kapai Vein and the Mascot North Vein (Figure 2).

The hole intersected a sequence of diorite and feldspathic porphyry’s, interbedded with monzonite and volcanogenic sediments. Unfortunately, the drilled target zone was dominated by cross-cutting north-south trending lamprophyre dikes (which are common in the “Mine Series” at the Le Roi) and historically observed to consume the older mineralised zones.

Figure 3 – Mascot VLF-EM Anomalies and Drill hole locations2, 3

Conversion of Initial Exploration Expenditure to Equity in Currie Rose

Based on the work conducted and results presented through its Due Diligence activities, Accelerate has provided notice to Currie Rose of its election to terminate the Earn-In and Purchase Term Sheet effective as at 28th of April, 2021 and has notified Currie Rose that it intends to exercise its right to convert the current expenditure of CAD $500,000 to 8,333,333 shares (which is an equivalent to 16.6% of shares on issue), in Currie Rose.

Accelerate will support Currie Rose for its Canadian high grade gold strategy, as well as actively searching for other exploration opportunities outside Australia. This will provide Accelerate's Shareholders continued exposure to the Canadian high grade gold projects, and as well as other opportunities in Currie Rose.