Masuparia Gold Corp Confirms Historic Results of North Lake Gold Deposit by 24hgold

News - Wednesday, December 04, 2013
Masuparia Confirms Historic Results of North Lake Gold Deposit

NR: 13-08

Masuparia Gold Corporation (TSX.V: MAS) ("Masuparia" or the "Company") is pleased to report the sampling of historic core obtained during the Company's summer program which identified high grade gold over two 0.5 metre intervals assaying 29.08 g/t Au and 51.44 g/t Au. It is notable that these were obtained from structures cross cutting mafic volcanics. The sampling program confirmed historical conclusions that a felsic unit is the preferred host rock for gold mineralization but this new discovery illustrates that gold enrichment is related to structural controls that are not confined to a single lithology.

North Lake Project, Winter Drill Program

The Company has permits in place to support a winter drill program on the North Lake Deposit. The first phase of approximately 1000 metres is intended to commence immediately after the Greywacke North Phase one drilling is completed. The objective of this drilling is to confirm and extend the deposit. There is no adequate metallurgical work available on this deposit. New drill core is planned to be used to complete bench scale metallurgical test work. The abundance of visual gold in the system makes it particularly important to determine the performance of the mineralization with gravity-floatation processing.

North Lake Project, Saskatchewan 2013 Summer Field Season Results

Masuparia reports that it recently completed a program of detailed in-fill sampling and assaying of historic Diamond drill core stored at its core facility on the North Lake property located 62 kilometres north of the town of La Ronge adjacent to Highway 102. All analytical results have now been received. The sampling was designed to more completely establish the limits of known gold mineralization. ICP multi-element analysis of selected material was undertaken to establish the elemental background of the mineralization. The company also completed accurate GPS re-location of historic sample channels and trenches as well as carried out density measurements upon selected drill core samples.

North Lake Property details:

North Lake was staked in 1984 and by 1988 a total of 43 close-spaced Diamond drill holes defined an historical, pre-43-101, gold resource. Following the 1988 program, the property remained inactive until it was optioned by 1542651 Alberta Ltd. to Golden Band Resources who subsequently incorporated the property into the La Ronge South Gold Joint Venture ("LRSGJV"). Masuparia is the operator of the joint venture.

The LRSGJV inherited the majority of the historic exploration data as part of an option agreement on the core property and includes a core storage facility which houses the historic drill core. The recent program is part of an ongoing evaluation of the North Lake gold deposit. Work completed to date included compilation of all available data, detailed topographical survey of drill collars, limited re-logging and sampling of the original 1988 Diamond drill core and initial 3D deposit modeling as well as limited prospecting of the property peripheral to the known deposit. At a larger scale, detailed orthophoto and airborne geophysical survey data were purchased and interpreted to establish the geologic setting of the known mineralization and to generate additional targets.

The known gold deposit consists of four sub-parallel northeast trending zones with a combined strike of 800 metres hosted by a rock unit originally identified as silica altered arkosic sediment but now thought to be of felsic volcanic origin. The combined mineralised zone varies from 90m to 150m in true width and gold generally occurs as relatively coarse, free particles.

Infill Sampling:

A total of 842 samples, representing 1554.74 metres of core previously not sampled, were collected from un-split historic core stored on site. As part of the quality control process, a total of 27 certified reference standards, 10 blanks and 4 field duplicates were inserted into the sample stream for a total of 879 samples analysed. All assay results have now been inserted into the existing North Lake database for review. The most significant results are summarised below.

Hole ID	Sample ID	From (m)	To (m)	Interval (m)	Au (g/t)
NL88-039	7761	177	177.5	0.5	51.44
NL88-039	7756	175	175.5	0.5	29.08
NL88-015	140165	152	153	1	1.44
NL88-023	8427	44	46	2	1.34
NL88-040	7796	120	122	2	0.73
NL88-014	140100	74.5	75.9	1.4	0.73
NL88-016	140188	36	38	2	0.48

The sampling yielded a total of seventy one results greater than 0.1 g/t Au. A complete listing of all sampling results can be found posted on Masuparia's website.

In general, sampling confirms that mineralization does not have a sharp cut-off and that gold values gradually diminish outward indicating that the zone is somewhat larger and better developed than previously identified.

The two notable half-meter samples were observed with 13 grains of visible gold from NL88-039 and yielded values of 29.08 g/t Au (175m-175.5m) and 51.44 g/t Au (177m-177.5m). The intersection is hosted by mafic metavolcanic rocks and is interpreted to fall within Zone 0 in the footwall. The majority of the previous drilling was too shallow to test Zone 0 and so it remains open to the east and along strike. This result also indicates that gold occurs exterior to the "arkose" units, as originally logged, and so opens up the possibility that gold is potentially more widespread than previously thought. This incompletely defined zone coincides with the contact between the hanging wall sediments and the footwall volcanics along the North Lake shear structure.

Density Measurements:

A total of 155 specific gravity measurements were obtained using an accurate digital scale to identify the density across the full range of lithologies observed to date. The measurements confirmed that there is a narrow range of density values within the deposit.

Channel Sample Relocations:

Channel sample sites were accurately located using hand held GPS units and the measurements confirmed that the historical mapping is of high quality with most sample sites being measured within a few metres of previously mapped pre-GPS locations. It is expected that historical trench sample results will be of sufficient quality to be used in future resource estimations.

Prospecting:

The North Lake Property was briefly investigated by detailed prospecting during which 23 rock grab samples were collected and analyzed for gold. This work was targeted along interpreted shear structures delineated from the recent orthophoto geophysical data analysis.

Three of the prospecting samples were collected as verification of the high grade (Zone 1) outcrop, and yielded gold values of 29.15 g/t, 6.38 g/t and 1.39 g/t. The most notable result from the remaining 20 samples collected peripheral to the known deposit was 1.71 g/t Au. This sample was obtained 1.3km west of North Lake along an interpreted E/W structure near the intersection with a N/S structure sub-parallel to the North Lake structure. The sample was logged as a felsic volcanic, similar to the favorable unit at North Lake. This indicates that there is scope for additional exploration exterior to the known deposit.

The company is planning additional exploration of the North Lake Gold deposit in the coming months and this work is expected to consist of 3D remodeling, verification Diamond drilling and metallurgical sampling and testing. Follow-up prospecting and geological mapping is planned for the summer of 2014. The company will also populate the company website with additional North Lake information as soon as time and technical progress permit.

Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has reviewed and approved the scientific and technical information contained in this release.

About Masuparia Gold
Masuparia Gold Corporation is a Canadian mineral exploration company focused on grassroots exploration projects with world class potential. Masuparia currently is the Operator of a joint venture (LRSGJV) in the La Ronge Gold Belt of Saskatchewan with Golden Band Resources on three properties: Greywacke Lake, Preview Lake and North Lake. The Company believes the Greywacke Lake gold project to be an excellent regional exploration opportunity within the large 5,786 hectare project area. The Greywacke North deposit is at an advanced stage with several known high-grade gold-bearing zones and a NI 43-101 compliant Indicated Mineral Resource of 184,000 tonnes at 8.40 g/t Au plus an Inferred Mineral Resource of 58,000 tonnes at 7.29 g/t Au (at a cut-off of 5 g/t Au) (NI 43-101, Wardrop 2008).

On Behalf of the Board of Directors of
Masuparia Gold Corporation

Ron Netolitzky, President & CEO

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Masuparia Gold Contacts: Tony Perri - Investor Relations at 604-685-8592 Or Raju Wani of Wani Capital at 403-240-0555
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: 604-685-8592 Fax: 604-669-2543 Website: www.masupariagold.com

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