CALGARY, ALBERTA – Upside Gold Corp. (CSE: UG) (FSE: 47I) (OTCQB: UGODF) has signed a Letter of Intent with a local prospector to acquire seven mineral claims covering approximately 273 hectares on the northwest side of its Kena Gold-Copper Property in southeastern British Columbia, the company announced Monday.
The proposed acquisition is intended to strengthen the continuity of the Kena land package by consolidating adjacent ground along a prospective trend. The claims cover historically mineralized areas and support the company’s strategy of building scale across the Kena system.
The claims encompass the original six reverted Crown grants that formed the historic Venus-Juno Group, which recorded past production of approximately 5,411 tonnes grading an average of 19.8 g/t gold and 17.7 g/t silver, with minor copper and lead, during the first half of the 20th century. This history of high-grade production supports the presence of mineralization within the broader district and reinforces the exploration potential of this largely under-explored portion of the property.
Geologically, the claims are underlain by altered mafic volcanic rocks of the Elise Formation adjacent to the Nelson granodiorite intrusion—the same regional geological setting that hosts gold and copper mineralization at Kena. Mineralization on the newly acquired claims is characterized by quartz veins and stringers containing pyrite, galena, sphalerite, and copper sulphides, consistent with mineralization styles observed elsewhere across the Kena Property.
The company plans to conduct a systematic surface evaluation program to assess the extent and continuity of gold-silver mineralization across the newly acquired claims and to determine their potential contribution to the broader Kena exploration model.
The Kena Project hosts a historical gold resource comprising an Indicated Mineral Resource of 32,146,000 tonnes at an average grade of 0.544 g/t Au for 0.561 million ounces of gold, and an Inferred Mineral Resource of 177,507,000 tonnes at an average grade of 0.486 g/t Au for 2.77 million ounces of gold, as disclosed in a technical report dated May 3, 2021, and filed on SEDAR on behalf of West Mining Corp. However, Upside Gold Corp. is not treating the historical estimate as current mineral resources, as a Qualified Person has not done sufficient work to classify it as such.
This acquisition signals Upside Gold’s commitment to expanding its footprint in the region and leveraging historical high-grade production data to guide exploration. The proximity to the Kena deposit, which has established gold resources, could enhance the overall project economics and exploration upside. The company is focused on advancing the Kena Gold-Copper Project through systematic exploration and drilling programs.
The information in this press release has been reviewed and approved by Trevor Boyd, P.Geo., Vice President, Exploration of the Company and a Qualified Person under NI 43-101 standards.
Upside Gold Corp. is a Canadian gold-copper exploration company that has entered into an option agreement to acquire a 100% interest in the Kena Gold-Copper Project, located in southeastern British Columbia, approximately 7 kilometres southwest of Nelson. The Kena Project consists of 198 mineral claims covering 10,114.8 hectares, together with 11 crown grants covering approximately 92 hectares.
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