2020-10-21 07:52 ET - News Release
Mr. Adrian Smith reports
ARCPACIFIC RESOURCES EXPANDS RICKARD GOLD MINE PROPERTY SIZE IN TIMMINS, ONTARIO
Arcpacific Resources Corp. has entered into a purchase and sale agreement with two vendors to acquire a 100-per-cent interest in and to certain mining claims near Timmins, Ont. The claims are contiguous to ACP's existing Rickard gold project and total 509.6 hectares. This new acquisition expands the total size of the property by 50 per cent.
This increased land package will help secure the company's place as a significant player in the Timmins area which is regarded as one of the top gold mining jurisdictions in the world. Currently, a lidar survey is under way over the project area which is collecting detailed imagery and 3-D point cloud data with a five-centimetre accuracy. This survey will pinpoint the exact locations of the historic workings, including mine shafts, surface workings, test pits, roads, drill sites and historic infrastructure. This detailed survey will be incorporated into the geological model currently being developed and will allow the company to accurately plot the underground developments and mineralized structures from historic maps and plans leading up to the planned fully permitted drilling program.
Highlights
The company holds rights to earn a 100-per-cent interest in two high-grade gold projects.
Historic samples at the recently acquired Rickard include 146.2 grams per tonne gold over 1.5 metres.
It also owns a 100-per-cent interest in a high-grade silver project with historic ore shipments averaging over 2,000 g/t silver.
Rickard gold project
- It is a past-producing high-grade gold mine located in the Abitibi greenstone belt, 70 kilometres northeast of Timmins, Ont., and holds a land package that is now 1,523 hectares in size;
- Option for 100-per-cent interest in the property was purchased for $267,000 and 1,355,000 shares over three years. Includes a 3-per-cent net smelter royalty option to buy back 2 per cent for $2-million;
- Within close proximity to: Newmont's Dome mine (produced over 14.5 million ounces of gold), McEwen Mining, Kirkland Lake, Moneta Porcupine, Pan American and Osisko;
- Existing exploration drilling permits in place for targeting mineralized vein systems. Close access to power, direct road access, water and a local labour force.
Blackdome project
- Gold mineralization outcropping at surface within epithermal high-grade gold and silver veins, including 54.4 g/t gold over 1.2 metres;
- Clinton mining division in British Columbia, Canada. Six adjacent claims covering 3,479 hectares;
- Option for 100-per-cent interest with 2-per-cent NSR, option to buy back 1 per cent for $1-million;
- Within close proximity to: Bralorne gold camp (four million oz produced and still running), New Prosperity Resources 5.3 billion pounds Cu and 13.3 million oz Au, and Newton with a resource of 1.6 million oz gold.
Silver Lode -- Lucky Mike
- The project hosts multiple zones of high-grade silver with historic ore shipments recorded averaging over 2,000 g/t silver. One-hundred-per-cent-owned land package spread over 30 claims totalling over 8,150 hectares;
- Within close proximity to: Highland Valley, Teck Resources, Westhaven Resources and New Gold Inc.
Transaction details
On Oct. 16, 2020, the company entered into the purchase agreement with two arm's-length vendors. The terms of the purchase agreement call for a one-time issuance of 250,000 common shares to the vendors upon receipt of TSX Venture Exchange approval as full consideration for a 100-per-cent interest in the claims.
Disclosure
The qualified person (QP) for the company has not verified the historic sample analytical data disclosed within this release. While the company has obtained all historic records including analytical data from the previous owner of the property, the company has not independently verified the results of the historic sampling.
Adrian Smith, PGeo, is a QP as defined by National Instrument 43-101 for the above-mentioned project. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) as a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed above.
About Arcpacific Resources Corp.
Arcpacific Resources is a Canadian-based exploration company expanding the exploration initiative at multiple historic past-producing gold and silver mines in the Timmins gold camp, Ontario, and in the Nicola mining division in Southern British Columbia. The company is focused on creating shareholder value through new discoveries and strategic development of it mineral properties.
We seek Safe Harbor.