(TheNewswire)
Vancouver, British Columbia / TheNewswire / February 1 2017
- AFRICAN QUEEN MINES LTD. (the “Company”) is pleased to announce that the British Columbia Geology
Survey, Ministry of Energy and Mines (“BCGS”), has just published a report (the “Report”) documenting the recent discovery of
bonanza grade gold in quartz veins in bedrock beneath the Slonski operation placer pit on Otter Creek, approximately 15 km E of the
town of Atlin, B.C. (Mihalynuk, M.G., Zagorevski, A., Devine, F.A.M., and Humphrey, E., 2017. A new lode discovery at Otter
Creek: Another source for the Atlin placers. In: Geological Fieldwork 2016, BCGS Paper 2017-1, pp. 179-193). The Otter
Creek discovery is on a third-party owned tenure near the Company’s own tenures at upper Otter Creek
The report establishes a revised geologic model for the Atlin region and strongly suggests prospectivity of the
Atlin region for hard-rock gold deposits. The rich placer gold deposits which have been mined in the region for over 100
years have been created through erosion of hard-rock deposits which originated in the fault structures throughout the region.
Most of these are associated with creeks such as Pine, Spruce, Otter, etc. The Surprise Lake Batholith is viewed as the
prime engine creating the geologic event which caused intrusion of gold into the region. The Report may be accessed on the
following link:
Link to
British Columbia Geology Survey Report
The Company’s extensive hard-rock and placer tenures, which now include 54 mineral claims, 3 placer claims and one
placer lease, cover an aggregate of 291.54 km2 of strategic ground in the historically significant placer mining areas
associated with most of the major placer producing creeks and their underlying faults, including Pine Creek, Spruce Creek, McKee
Creek, Wright Creek and upper Otter Creek. These tenures essentially surround Otter Creek on three sides. The
preponderance of African Queen’s tenures is comprised of mineral claims covering structural trends with favorable lithology for
hosting hard rock gold deposits. These tenures were specifically selected due to their fault structures and rock types
amenable to host and retain hard-rock gold.
In addition to having a ground position correlative with that described in the government report as hosting bedrock
gold on Otter Creek, the company also owns the Yellowjacket Gold Mine on Pine Creek. Yellowjacket Mine, currently under care
and maintenance, is also located along a major fault structure and exhibits coarse gold mineralization in bedrock (see News Release
dated September 28, 2016).
Management of the Company believes the Ministry of Mines Report effectively validates the Company’s property
acquisition strategy and planned exploration program. More than a dozen discreet hard-rock targets on the Company’s mineral
tenures have structures and lithologies favourable to potentially hosting gold mineralization.
According to Irwin Olian, CEO of the Company, “We believe African Queen now has the predominant exploratory land
package in the Atlin camp and offers shareholders an opportunity to be part of an exploration program with strong potential for
discovery in a very active gold mining camp with a long history.”
Linda Dandy, P.Geo., a Qualified Person within the meaning of N.I. 43-101, is providing on site supervision and
guidance at the Project and has reviewed and approved the contents of this press release. She previously oversaw exploration
activities on the project for a predecessor operator. Overall project leadership at Yellowjacket is being provided by Dr.
Reinhard Ramdohr.
About African Queen
The Company is an exploratory resource company engaged in exploration and development of mineral properties in Canada
and Africa. It is presently focusing on development of its Yellowjacket Gold Project in Atlin, British Columbia, which covers
an aggregate of approximately 291.54 km2. The Company has its executive offices in Vancouver, Canada. The
Company was incorporated under the laws of the Province of British Columbia, Canada, on April 30, 2008, and received certain
southern African assets in a spin off transaction related to the acquisition of Pan African Mining Corp. by Asia Thai Mining Co.,
Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AFRICAN QUEEN MINES, LTD.
“Irwin Olian”
Irwin Olian
Chairman & CEO
For more information, contact:
Irwin Olian, President and CEO
E-mail: tigertail@africanqueenmines.com
Phone: (604) 788-0300
|
Carrie Howes, Corporate Communications
Email: carrie@africanqueenmines.com
Phone :
U.K. - +44 (0) 870 490 5443
Canada - +1 416 900 3634
|
|
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of
the content of the information contained herein. The statements made in this press release may contain certain
forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the
Company’s expectations.
Copyright (c) 2017 TheNewswire - All rights reserved.