Green River Gold Reports Assay Results from the Quesnel Nickel Project, and Intersects Nickel, Magnesium, Cobalt, and Chromium Beginning at the Bedrock Surface for the 47th Consecutive Hole

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Edmonton, Alberta – Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) (the “Company” or “Green River“) is pleased to announce the receipt of assay results for drill holes WK-23-02 and WK-23-03 from MSA Labs, Langley, B.C. The Company has also finished drilling hole numbers WK-23-04 and WK-23-05 and is awaiting assay results from those holes. The drilling results are from the Company’s 100%-owned Quesnel Nickel Project, located 40 kilometres east by road from Quesnel, British Columbia, in the prolific Cariboo Mining District in South Central British Columbia, Canada. Since late in the calendar year 2021, the Company has drilled 47 holes at various locations spanning almost 10 kilometres of the total 14-kilometre length of the Deep Purple magnetic anomaly. All of the drill holes show XRF results indicating significant nickel, magnesium, cobalt and chromium beginning at the surface of the bedrock and continuing to depth. Assays have been done on some of the holes and the assays have confirmed the presence of mineralization from the surface.

The Company is pleased to report the assay results from WK-23-02 and WK-23-03, the second and third drill holes completed in the 2023 drilling season.. Comparing the results with the previously reported drill hole WK-23-01, the assay results are quite similar. The nickel, magnesium, cobalt and chromium concentrations are also relatively consistent with the 42 holes drilled in late 2021 and throughout 2022.

The drillers encountered 12.8 meters of glacial till before reaching bedrock in drill hole WK-23-01. They encountered only 3.96 meters and 7.32 meters of glacial till before reaching bedrock in drill holes WK-23-02 and WK-23-03 respectively. The glacial till is similar to sediment layers at surface, which is typical in the Cariboo region. Many of the previous drill holes were drilled from rocky outcrops and encountered no glacial till.

Table 1. Assay results for drill holes WK-23-02 and WK-23-03 compared with WK-23-01.

Hold IDDepth From/mDepth To/mNickel Average %Cobalt Average %Chromium Average %Magnesium Average %
WK-23-0112.8120.90.1840.0090.10021.9
WK-23-023.9698.60.1860.0090.11421.8
WK-23-037.3274.30.1730.0080.10021.5

Anomalous levels of lead and zinc have been noticed in sample S787272. That sample comes from hole WK-23-03 at a depth of 72.32 meters to 73.21 meters which is in a fault zone close to the bottom of the hole. The assay of that sample returned 201 ppm of lead and 103 ppm of zinc. This geochemistry signature anomaly has been found early this year in hole WK-23-01. (See press release on May 15, 2023)

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Figure 1. Drill Collar locations for 2023.

Drill hole WK-23-05 was drilled using a Winkie drill to establish the continuity of the mineralization further along the Deep Purple magnetic anomaly. The extracted drill core with its total depth of 106.8 meters was transported to the Company’s facility in Quesnel and scanned with an XRF device. At a depth of 99.4 meters, the drill hole intersected a quartz vein with sulphide mineralization containing pyrite, pyrrhotite, pentlandite and chalcopyrite, continuing to a depth of 101.1 meters. The bedrock lithology gradually changes to a dark gray-coloured, silicified, fine-grained, foliated rock. The project geologists believes the host rock is from the Crooked Amphibolite Group, enriched with black amphibolite. Disseminated pyrite and sulphides can be observed in the host rock. Also, some banded sulphide veinlets cut near horizontally across the drill core (See Figures 2 and 3). The XRF results contain high concentrations of iron, lead, and zinc in the amphibolite rich layers. Assay results are pending for drill hole WK-23-05.

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Figure 2. Drillhole Plotting WK-23-05.

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Figure 3. Sulphides in Amphibolite.

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Figure 4. Zone 1 and 2 consist of nickel-bearing ultramafic rocks.

Metallurgical testing on Zone 1 was performed by Base Metallurgical Laboratories Ltd. located in Kamloops, British Columbia in 2022. The results of the analysis revealed that the core sample contains 0.16% nickel and 0.44% sulphur. Additionally, based on weight percentages, the mineral composition is determined to be 50.7% talc, 27.1% dolomite, and 12.8% serpentine. The QEMSCAN BMA analysis was utilized to determine the mineral content and nickel distribution. The analysis indicates that the main sulphide minerals present are pyrite (23.8%), pyrrhotite (33.8%), pentlandite (39.0%), and chalcopyrite (1.90%). Furthermore, the nickel distribution reveals that 97.8% of the nickel composites are found in pentlandite, while 2.15% of the nickel composites are present in pyrrhotite. Pentlandite was observed as the primary nickel mineral. Typically, nickel in the form of pentlandite can be effectively recovered using gravity and/or flotation methods.

Kyle Townsend, the Mine Manager for Green River Gold Corp says, “As we continue our step out drilling on Zone 1, with drill holes WK-23-01 and WK-23-02 drilled 1.1 kilometers apart, the consistent assay results highlight the continuity of mineralization at the Quesnel Nickel Project. These findings further validate the potential for a significant and continuous mineral resource in the project area.”

The current phase of drilling is a continuation of the 2022 drill program in Zones 1 and 2 and will comprise approximately 600 meters in 8 Winkie diamond drill holes. The 2022 Quesnel Nickel program consisted of 42 diamond drill holes, all of which encountered significant nickel, magnesium, chromium, and cobalt concentrations commencing at the surface. The drill holes from 2022 were drilled along two large outcrops known as Zone 1 and Zone 2, which rise approximately 700 feet above the surrounding ground. The deepest hole in 2022 was drilled to a depth of 128 meters and ended in mineralization (See Press Release dated January 5, 2023).

The second stage of this year’s drill program (Figure 4) will also include 20 planned NQ diamond drill holes involving a 6,000-meter program to test at depths down to 300 meters and expand on the 14-kilometre strike length around and between Zone 1 and Zone 2. The 2023 program also includes plans for exploration groundwork on its newly expanded Fontaine Gold Project, which will include bedrock mapping, soil and rock sampling, and a geophysical program. Program details will be announced as they are finalized.

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Figure 5. Ultramafic rocks in the Slide Mountain Terrane host nickel, magnesium and talc.

Quality Assurance, Quality Control

An AQTK or 35.5 mm (1 3/8 in) diameter core barrel was used for the 2023 diamond drill program at the Quesnel Nickel and Talc Property. The drill stem dip and azimuth was orientated at each collar location by a qualified geologist before drilling. Core samples were generally selected between 0.6 and 1.5-meter intervals, depending on identified lithology and mineralization style. The core was cut in half with a diamond core saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at Green River’s office in Quesnel. The nickel standard samples of high-grade (CDN-ME-2001) and low-grade (CDN-PGMS-29) and the repeat samples which returned from previous assaying and blanks (BL-10) were systematically inserted into each batch of samples at regular intervals and submitted to MSA laboratory. The standard samples were purchased from CDN Resource Laboratories in Langley, British Columbia. The assay lab preparation procedure included crushing the entire sample to 80% passing 2 millimetres, riffle splitting 250 grams, and pulverizing the split to 95% passing 105 micrometres. Base metal analyses are determined using the four-acid digestion method with an ICP-OES finish. Gold analyses are determined using the fire assay method with an ICP-EM finish. Analytical results are verified with the application of industry-standard Quality Assurance and Quality Control (QA/QC) Procedures. The MSA Labs has an ISO 17025 certificate.

Qualified Person:

Stephen P. Kocsis (P.Geo) is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.

About Green River Gold Corp.

Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly-owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.

The Fontaine Gold and Quesnel Nickel properties cover an area exceeding 200 square kilometres and straddle a 32-kilometre length of the Barkerville and Quesnel Terranes. They are contiguous to Osisko Development Corp.’s mineral claim group containing a proposed mine location at its Cariboo Gold Project.

The Kymar Silver Project is located in southeast BC, approximately 28 kilometres west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totalling 1,625 hectares, along the southeast flank of Mount Catherine.

For more information contact:

Green River Gold Corp.
Mr. Perry Little – President and Chief Executive Officer 
perry.little@greenrivergold.ca
780-993-2193

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