RE:RE:Next year?Hopefully they do a raise soon.
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Rackla decides to focus on Rivier project
2018-05-15 11:46 ET - News Release
Mr. Bruce Smith reports
RACKLA METALS RESTRUCTURES YUKON PROPERTY HOLDINGS
Rackla Metals Inc. has sold or created joint ventures for a majority of its Yukon projects, reducing holding costs while retaining exposure to some of the properties through net smelter returns royalties. A summary of the recent transactions is as follows:
- 346 Sixty Mile claims and 320 Scarlet West claims lapsed;
- Agreement with an arm's-length individual to sell 81 of the Sixty Mile claims for a potential 25-per-cent share of any future payments received on the claims over the next five years;
- Agreement with arm's-length Strategic Metals to sell 230 Scarlet East claims and 49 Hat claims for $50,000 and a retained 1-per-cent NSR;
- Agreement with an arm's-length individual to sell the remaining 63 Sixty Mile claims in return for acquiring 100 Rivier claims (these claims were previously subject to an option agreement which was terminated last October). The Rivier claims are subject to a 2-per-cent NSR and annual advance royalty payments of $10,000 commencing in April, 2020.
As a result of the above transactions, Rackla's Yukon holdings consist of the consolidated Rivier project (116 claims) targeting lode gold mineralization of the Motherlode type. Geochemical results from soil sampling programs identified three zones of anomalous gold values adjacent to a structurally controlled ultramafic body, indicating the potential for significant gold mineralization. Each of the three zones includes at least one soil sample that contained more than two grams per tonne gold.
Qualified person
Bruce Smith, MSc, MEng, a member of the Australian Institute of Geoscientists, is the company's qualified person under the terms of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and has approved the disclosure of the technical information in this news release.
About Rackla Metals Inc.
Rackla Metals is actively investigating new prospective projects for acquisition and will continue to seek joint venture partners for its Rivier project.