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Rackla Metals increases Holdings in the Tombstone Gold Belt, with an Option on the SER Project from Sabre Gold Mines Corp.
Vancouver, British Columbia – TheNewswire - October 12, 2022 – Rackla Metals Inc. (TSXV:RAK) (OTC:RMETF) is pleased to announce that it has entered into a property option agreement with Sabre Gold Mines Corp. (TSX-SGLD) (“Sabre”) to purchase a 100% interest in the 376-claim SER gold project located in the Yukon Territory, Canada. The SER property surrounds Rackla’s recently optioned Hit property in the Yukon (see news release October 4, 2022 and is adjacent to Rackla’s Astro property in the Northwest Territories (see news release September 20, 2022). The SER project further adds to Rackla’s mineral property interests in the Tombstone Gold Belt within the Selwyn Basin.
“The SER property is a tremendous value add to Rackla’s exploration pipeline. We are very proud of the progress the team has made with the rapid accumulation of high priority targets in this belt that we consider to be very prospective for reduced-intrusion related gold systems (RIRGS). We are targeting prospects that parallel Snowline Gold’s Rogue gold discovery and our team of geologists are hard at work developing a plan of action to advance our key targets,” states Simon Ridgway, CEO of the Company.
The SER property surrounds a series of small to medium size intrusive centres with highly anomalous stream sediment geochemistry (up to 0.510 ppm Au) and associated geophysical anomalies indicating good potential for RIRGS. The SER property in combination with the Hit and Astro Properties add a large amount of prospective ground to Rackla’s holdings in the Yukon and NWT which now cover a total of 46,125 hectares. The focus has been to acquire prospective ground within reasonable proximity to the Canol Road and Mac Pass airstrip, thereby reducing the logistic and environmental challenges going forward.
Rackla recognizes that the SER Project is located within the Traditional Territories of the Kaska Dena and Na-Cho Nyk Dun First Nations and will prioritize a positive working relationship.
SER Project History
The SER Project is comprised of 376 mineral claims located in the Mayo Mining District, Yukon, along the Northwest Territories border. The property surrounds the Hit property on three sides and extends 16 km to the southwest and 18 km to the northwest.
Several stream sediment gold anomalies in creeks draining the intrusive bodies indicate potential for gold mineralization within the intrusive stocks. Very limited follow-up work was done at the time; of the few float rock samples that were taken, one returned 27 g/t Au and 35 ppm Bi.
SER Project Agreement Terms
Under the terms of the option agreement, subject to acceptance of the TSX Venture Exchange (the “Approval Date”), Rackla can acquire a 100% interest in the SER Project from Sabre by completing the following:
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paying $50,000 cash to Sabre within three business days following the Approval Date.
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within twelve months following the Approval Date, paying $150,000 cash to Sabre and issuing $150,000 worth of common shares of Rackla to Sabre.
Upon exercise of the option, Sabre is entitled to a 2.5% NSR royalty on the SER Project.
Qualified Person
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Rackla’s Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Smith reviewed and approved the technical information contained in this news release.