Lupaka Acquires Three Potential Gold Properties in Oregon, USA

VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Lupaka Gold Corp. (“Lupaka” or the “Company”) (TSX-V: LPK, FRA: LQP) is pleased to announce that it has acquired three potential gold properties in the state of Oregon, USA. All three properties are in the south-east corner of the state in a similar geological environment to the prolific Battle Mountain - Eureka trend in Northern Nevada.

One: Idol City

The Idol City property contains epigenetic gold mineralization associated with two zones of north-east trending, hydrothermal brecciation and alteration within Tertiary intermediate lavas that were intruded by rhyolite dikes, plugs and quartz porphyry granitic bodies. Previous drilling by Noranda penetrated several zones of mineralization over significant widths, including an interval of 43 meters grading 1.37 grams of gold per tonne.

Several targets remain untested on the property, including portions of both exposed breccias, possible unexposed breccias, structural intersections and a hypothetical gold-rich, Au-arsenopyrite zone that might occur at depth, in a vertically zoned system. These targets merit further investigation, including an aggressive drilling program.

Two: Pine Creek

The property lies at the intersection of two NNW and WNW trending, regional, structural lineaments and is underlain by a Miocene sequence of intermediate volcanics, ash flow tuffs, tuffaceous sediments, siltstones and local (sulfide-bearing) jasper bodies. A pronounced zone of silicification and irregular jasper bodies occurs at the intersection of two structural lineaments. A 1989 soil survey outlined an anomalous zone of gold and coincident molybdenum, 427 meters long and 305 meters wide.

During the late 1980’s and 1990’s Chevron and Battle Mountain drilled ten and nine holes, respectively, on the property. Seven of Chevron’s ten holes reported anomalous gold. One of the Battle Mountain drill holes intersected nine meters grading 1.20 grams of gold per tonne. Previous exploration indicates that the area of interest may exceed 1115 hectares. This property merits further investigation, including a systematic exploration program.

Three: Red Mountain

The Red Mountain property is located in southern Oregon, close to the Nevada border and lies at the intersection of two major, NE and NW trending structural lineaments; the Black Rock Structural Zone that hosts the Hog Ranch deposit and the Orevada Rift (Carlin-Buckskin-McDermitt Trend) that hosts numerous, well-known deposits).

Two (Tertiary age) mounds of dumbbell-shaped chalcedonic and opaline sinter outcrop, approximately 900 meters long by 300 meters wide, are flanked by a mixture of Quaternary alluvial sediments and extensive zones of welded, intra-caldera tuff and flow-banded rhyolite dome facies.

Geologic mapping and geochemical surveys conducted by a previous owner have demonstrated anomalous values for mercury, arsenic and gold in a hot-spring-type chalcedonic /opaline sinter on the edge of a caldera, at the intersection of two major structural lineaments. This property merits further investigation to define and explore hot spring-type targets, analogous to the Hog Ranch Mine Caldera environment.

All three properties are held in the name of the Company’s wholly-owned US subsidiary, Lupaka USA Limited. These properties were acquired through a staking process for nominal cash costs. The staking was undertaken by High Calibre Exploration & Development Ltd. (“High Calibre”), which is contracted by the Company to provide consulting geologist and QP services. Additionally, High Calibre is entitled to finders’ fee compensation should any of these properties be sold by the Company.

Qualified Person
William Burstow, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release. Mr. Burstow is the owner of High Calibre.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold
Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.
gellis@lupakagold.com
Tel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com