Sorrento Resources to Acquire Rodgers Cove Gold Project, Newfoundland
- Strategic acquisition in the promising Central Newfoundland Gold Belt near major crustal-scale fault zones
- Multiple high-grade gold targets identified with significant sample values up to 115.6 g/t Au
- Favorable geology with altered granodiorite-hosted mineralization and quartz veining
- Low initial acquisition cost of only $10,000 cash plus shares
- Early-stage exploration project with no defined mineral resources yet
- Results from historic sampling have not been verified by the company
- Share dilution from issuance of 2M new common shares
- 2% royalty obligation on future production
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2025) - Sorrento Resources Ltd. (CSE: SRS) (OTCQB: SRSLF) (the "Company" or "Sorrento"), a Canadian exploration company focused on the acquisition, exploration, and development of mineral projects in Atlantic Canada, is pleased to announce that it has entered into a mineral property purchase agreement dated June 4th, 2025 (the "Agreement") whereby the Company may acquire a
Pursuant to the Agreement, the Company has agreed to acquire the Project in consideration of (i) the payment
All the vendors of the licenses forming the Project deal with the Company at arm's length. Closing of the Transaction remains subject to, without limitation, receiving all necessary consents and approvals, as well as the satisfaction of customary closing conditions. Sorrento expects to complete the Transaction on or around June 11, 2025. No finder's fees are payable in connection with the Transaction. All securities issued pursuant to the transaction will be subject to a statutory hold period of four months and one day from issuance.
The Project consists of 4 individual mineral licenses made up of 99 individual claims for an area of approximately 2,475ha.
Figure 1. Map of the consolidated Rodgers Cove Project, along with other noteworthy projects in the district.
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These developments mark a milestone expansion for Sorrento as the areas at the Rodgers Cove Gold Project are located in the Central Newfoundland Gold Belt (CNGB), proximal or along major crustal-scale deformation and fault zones that are integral to the gold deposits of the CNGB.
Several targets have already been identified:
Target #1:
- A large (approximately 800 x 600m) soil anomaly with notable gold values of 758, 591, and 475ppb Au.
- This anomaly is underlain by the northeastern edge of Au-Ag mineralization-bearing Devonian granodiorite.
- Coincides with the northern extension of a 1.5km stretch of altered granite associated Au showings.
- Trenching and channel sampling returned values of 115.6 g/t Au over 1m and 22.6 g/t Au over 0.5m.
Target #2:
- An approximate 400 x 500m soil anomaly with five samples returning values between 100-300ppb Au and eight samples returning values between 50-100ppb Au.
- Situated over Indian Island Group marine sedimentary rock between two granodiorite units.
- Directly south of an arsenopyrite-rich quartz vein system with intense alteration; a series of historic gold-silver ("Au-Ag") showings, grab samples, and drill intercepts have yielded assays up to 14.56 g/t Au and 440 g/t Ag.
Target #3:
- An approximate 100 x 450m soil anomaly with one soil assaying 1.78 g/t Au.
- Five soil samples returning values above 50ppb Au.
Target #4:
- Four known gold occurrences.
- Rodgers Cove Gold Showing: 7.548 g/t, 5.858 g/t, and 3.082 g/t Au in grab samples.
- Kypher Gold Showing: 11.933 g/t, 2.722 g/t Au and
0.4209% Cu in grab samples. - Long Pond Gold Showing: 7.157 g/t Au in grab sample.
- Fancey Gold Showing: 2.9 g/t Au in grab sample.
The results of historic sampling completed on the Project have not been verified by the Company.
Figure 2. Rodgers Cove Property compilation of key exploration targets.
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Geology of the Rodgers Cove Gold Project
Rodgers Cove is situated on the eastern edge of the Dunnage Zone within the Exploits Subzone, an area that forms the Central Newfoundland Gold Belt ("CNGB"). The Property straddles both the JBP Fault and the Appleton Fault, which are associated with hydrothermal epigenetic gold veining at high-grade discoveries in the Exploits Subzone. In line with these discoveries is the presence of altered granodiorite-hosted mineralization linked to quartz veining and abundant arsenopyrite.
The central part of the Property is intruded by an exposed granitoid. This altered granite area is about 0.5 km north of significant Au-Ag mineralization recently discovered in high-grade grab samples along a northeast trend. The unit features a high degree of disseminated sulfide-mineralized quartz veining, coinciding with the strongest gold anomaly.
To the north, the Property surrounds multiple historic showings that follow a granitoid intrusive contact into the Rodge's Cove claims and Target #2. A common feature throughout these showings is granodiorite-hosted massive and semi-massive pyrite-arsenopyrite-rich quartz vein style gold mineralization. The intensity of altered rock was found to have a positive correlation with arsenopyrite levels and gold values.
About the Rodgers Cove Project
The Rodgers Cove Project is located in Gander Bay, Newfoundland and Labrador near the town of Rodgers Cove and less than 50km north of Gander, a town with a skilled workforce and an international airport. The property is located in a strategic position, as it is on tidewater and is accessible via forest access roads. There is also a nearby transmission line.
Limited exploration has been undertaken on the property. It has never seen a diamond drill and very limited geophysical methods have been completed. The most recent exploration, a limited trenching program, yielded very encouraging results (115.6 g/t Au over 1m), that were never followed up on.
Figure 3. Quartz vein with sulphide mineralization located on Sorrento's newly acquired Rodgers Cove Project.
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Management Commentary
Alex Bugden, P. Geo., Director and Qualified Person of Sorrento Resources Ltd., commented: "This is a tremendous acquisition for Sorrento Resources. Since the start of 2025, we have worked diligently to acquire the Rodgers Cove Gold Project. To see it completed is an exciting milestone for the company. The high-grade gold in soil along with amazing channel sampling results which have never been followed up on presents a rare opportunity and we are very excited to get boots on the ground and begin exploring."
Change of Directors
The Company further announces the resignation of Samantha Shorter as a Director of the Company. The Company wishes to thank Ms. Shorter for her contributions to the Board and wishes her all the best in future endeavours.
Qualified Person
Alex Bugden, P. Geo., a Qualified Person in accordance with National Instrument 43-101, has reviewed and approved the technical information contained in this press release.
About Sorrento Resources Ltd.
Sorrento Resources is engaged in acquisition, exploration, and development of mineral property assets in Canada. The Company's objective is to locate and develop economic precious and base metal properties of merit including the Rodgers Cove, Wing Pond, Lord Baron projects, the PEG lithium project, and the Harmsworth (VMS) project all located in Newfoundland.
On Behalf of The Board of Directors,
SORRENTO RESOURCES LTD.
"Signed"
Alex Bugden
President, Chief Executive Officer, and Qualified Person
investors@sorrentoresources.ca
709-693-4088
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements with respect to the Project and its mineralization potential, the Company's objectives, goals or future plans with respect to the Project and the timing of results are "forward-looking statements". Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254419
FAQ
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