February 7, 2011 – Escape Gold Inc. (the “Company”) is pleased to announce that it has staked an additional 3,929 hectares of favourable stratigraphy at the Kan project located in the Labrador Trough of northern Quebec, approximately 85 km SW of Kuujjuaq, Nunavik Territory. The size of the Kan claim block is now over 7,000 hectares and for more information on the terms of the Kan option, please refer to Escape’s January 31, 2011 news release.
Early exploration on the property was initiated by Cominco Ltd. in 1965 with the discovery of a massive sulphide showing located under a sphalerite-galena-pyrite, glacial boulder train. Kennecott Canada Inc. sampled 28 of these boulders and the average reported grade was 7.7% lead, 9.9% zinc, 276g/t silver and 0.65 g/t gold. While sedimentary exhalative (Sedex) base metals were the focus of exploration work on the Kan property, several gold showings were recorded in the historic assessment reports. The first gold occurrences were located during a Labrador Trough precious metals reconnaissance campaign done by Noranda Exploration Ltd. in 1987-88. Six grab samples reporting grades from 1.10g/t gold to 9.20 g/t gold were collected from an iron formation ridge located 1.5km east of the original Kan showing. The new claims were staked to secure possible extensions of the known gold and SEDEX mineralization and covers additional priority areas identified by the Company’s initial review of the geophysical data.
All the gold showings located on the property are hosted by extensive Proterozoic iron formation units similar in age and composition to the historic Homestake gold deposit located in South Dakota, USA.
Exploration work planned for 2011 will begin with an extensive review and compilation of the historical Sedex exploration data. Geological mapping and prospecting will be conducted over the Homestake style gold anomaly within the iron formation with the objective of generating drill targets to be drilled as warranted and prospecting for the source of the known Pb/Zn/Ag boulder trains.
On a corporate update, the Company would like to announce that Mr. Peter Mordaunt has resigned as a Director of the Company and we would like to thank him for his years of service and wish him well in his future endeavors.
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T. John Magee, P.Geo., President and CEO of the Company is the Qualified Person who has reviewed and is responsible for the technical data contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF ESCAPE GOLD INC.
T. John Magee
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
T. John Magee, P.Geo., President and CEO
Phone: (647) 436-0093