Royal Fox drills 1.69 g/t gold over 35.6 metres at Philibert, Quebec

Royal Fox Gold Inc. [FOXG-TSXV; HBEXF-OTC] reported assay results for the 2022 campaign on the Philibert gold deposit 60 km southwest of Chibougamau, Quebec. The property is 100%-optioned from SOQUEM Inc.

Highlights include a total of 93 holes remain pending. Diamond drill hole PB-22-336 returned 1.69 grams per tonne gold over 35.6 metres from 26.5 metres to 62.1 metres, including 3.06 g/t Au over 13 metres from 30 metres to 43 metres and 4.77 g/t gold over 2.0 metres from 51 metres to 53 metres.

DDH PB-22-327A returned 2.58 g/t gold over 7.0 metres from 490.3 metres to 497.3 metres and 1.7 g/t gold over 13.6 metres from 511.2 metres to 524.8 metres, including 4.36 g/t gold over 2.4 metres from 516.9 metres to 519.3 metres. DDH PB-22-335 returned 0.85 g/t gold over 39.3 metres from 15.7 metres to 55 metres, including 1.1 g/t gold over 13 metres from 15.7 metres to 28.7 metres and 1.0 g/t gold over 16.3 metres from 39.7 metres to 55 metres.

DDH PB-22-348 returned 0.87 g/t gold over 24.5 metres from 67.5 metres to 92 metres, including 1.64 g/t gold over 7.0 metres from 85 metres to 92 metres. DDH PB-22-337A returned 0.95 g/t gold over 19 metres from 30.4 metres to 49.4 metres, including 1.55 g/t gold over 4.6 metres from 43.8 metres to 48.4 metres.

DDH PB-22-344 returned 0.66 g/t gold over 21.8 metres from 71.1 metres to 92.9 metres, including 0.92 g/t gold over 13.3 metres from 71.1 metres to 84.4 metres. DDH PB-22-364 returned 1.1 g/t gold over 13 metres from 102.5 metres to 115.5 metres.

Simon Marcotte, president and CEO, commented: “Rarely are we presented with such an opportunity to begin an exploration venture with over 60,000 metres of drilling already completed and more than $10-million already spent in advanced exploration while retaining such blue-sky potential. Additionally, we now have to look at this historical data through a completely different lens. Not only a different gold price environment is prevailing, but the recent discovery of the Nelligan project greatly increases the likelihood of milling capacity in the immediate area and has transformed the Philibert project as a potential pillar in this rapidly emerging gold camp. The results announced today include meaningful grades and widths intersected at the Red Fox zone at surface and at depth, which continue to demonstrate continuity of the mineralization system along strike and down dip. Ninety-three holes from the 2022 campaign remain pending and, as we continue to receive results, special attention is paid to the continuity of the mineralization, which matters even more than grade for a deposit of this nature. The results from the nearly 16,000 metres completed this year will be added to the historical drilling and incorporated in our first resource calculation later this summer. Royal Fox has retained GoldMinds Geoservices Inc. to complete the resource calculation.”

Royal Fox has released the complete results for 12 drill holes that tested the Red Fox zone over a 650-metre strike length and up to 400 metres vertical depth within the footwall of the Philibert trend. Those results include three holes drilled near surface along the southernmost trend of the Red Fox zone over an 80-metre strike length that returned some compelling grade and width intersections, including hole PB-22-336, returning 1.69 g/t gold over 35.6 metres from 26.5 metres to 62.1 metres, and from 120 metres down dip in hole PB-22-364, returning 1.1 g/t gold over 13.3 metres from 102.5 metres to 115.5 metres.

Hole PB-22-327A, drilled over 120 metres northwest of PB-22-336 at a vertical depth of 400 metres, intersected 1.7 g/t gold over 13.6 metres from 511.2 metres to 524.8 metres, including 4.36 g/t gold over 2.4 metres from 516.9 metres to 519.3 metres.

Hole PB-22-348, drilled 240 metres northwest of hole PB-22-336, intersected 0.87 g/t gold over 24.5 metres from 67.5 metres to 92 metres, including 1.64 g/t gold over 7.0 metres from 85 metres to 92 metres.

The Philibert project comprises 110 mineral titles, having a total approximate area of 5,393 hectares of highly prospective ground 9 km from Iamgold’s Nelligan gold project, which was awarded the discovery of the year by the Quebec Mineral Exploration Association in 2019.