EUREKA COMMENCES 2017 EXPLORATION IN THE YUKON
Vancouver, British Columbia, February 21, 2017 - Eureka Resources Inc. (“Eureka” or the “Company”) (TSXV: EUK) is pleased to announce that exploration has commenced on its TAK property (“TAK”), Yukon Territory. The property is located in the heart of the very active Dawson Range Gold Belt, approximately 120 kilometres southeast of Dawson City, and consists of 82 mining claims (1,695 hectares).
Michael Sweatman, Eureka’s President and CEO stated: “This initial program, which will be comprised of a ground magnetic survey and a VLF electromagnetic survey is the first step of exploration on the TAK property, one of our recently acquired Yukon properties.”
The work will be performed and directed by Aurora Geosciences of Whitehorse. The data obtained from the surveys will provide Eureka with valuable information to assist in the development of a Phase 2 exploration plan for TAK. Since acquiring TAK, the Company’s technical group has commenced a review of all the historical data acquired as part of the transaction. Eureka plans to integrate the historical data with the 2017 geophysical results in order to prioritize target areas on the property. The Company has begun the permitting process for a spring/summer exploration program on the TAK property.
British Columbia, Canada
Eureka’s FG property is an advanced-stage gold project located in the Cariboo and currently under option to Canarc Resources Corp (TSXV: CCM). Historical exploration has established a Measured and Indicated (376,000 ounces) gold resource at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of the gold resource can be found in “NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015” available on SEDAR or at the Company’s website.
Eureka’s Gold Creek property, also located in the Cariboo, is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain gold deposit owned by Spanish Mountain Gold Ltd. (TSXV: SPA).
Yukon Territory, Canada
Eureka’s Luxor property consists of three non-contiguous claim blocks totalling 360 mining claims (approximately 7,000 hectares). Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein occurrences. Neighbouring properties include the Coffee deposit recently acquired by Goldcorp and Western Copper’s Casino deposit.
Eureka’s TAK property is located in the Dawson Range Gold Belt and consists of 82 mining claims (1,695 hectares).
Eureka owns a 50 per-cent interest in the Gemini lithium brine property located approximately 40 km (26 miles) south of North America’s only producing lithium mine at Silver Peak.
Kristian Whitehead, P.Geo., and John Kerr, P. Eng., are the Company’s designated Qualified Persons for this news release within the meaning of NI 43-101 and have reviewed and approved the technical information described in this news release.
Further information on Eureka can be found on the Company’s website at www.eurekaresourcesinc.com and at www.sedar.com, or by contacting Michael Sweatman, President and CEO, or Bob Ferguson by email at email@example.com or by telephone at (604) 449-2273.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s proposed financings, objectives, goals and future exploration plans on the Company’s mineral properties, the costs related to the Company’s proposed exploration programs, and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.