EUREKA STAKES ADDITIONAL CLAIMS IN BC AND YUKON
EUREKA STAKES ADDITIONAL CLAIMS IN BC AND YUKON
Vancouver, British Columbia, July 11, 2017 - Eureka Resources Inc. (“Eureka” or the “Company”) is pleased to announce that it has added to its claims in the Klondike area of the Yukon and in the Cariboo Gold District in British Columbia.
The Yukon properties addition was staked in an area close to the Sheba and Ophir Claims. The ETTA 1-24 claims, staked in early May 2017, cover the south flank of the Indian River valley as well as tributaries of Eureka Creek, both of which support highly productive active placer operations. The ETTA property is underlain mainly by Permian Snowcap Assemblage sediments and lesser units of Permian Sulphur Creek Assemblage gneisses and intrusive rocks; these assemblages extend to the northwest and underlie much of the historic Klondike placer gold district. Eureka included the newly staked ETTA block in its recent airborne geophysical surveying program.
The Company is also pleased to announce that it has received approval for two Yukon Mineral Exploration Grants totalling $80,000 which will provide up to $40,000 on each of the Tak and Sheba properties target definition exploration. In order to earn the grants the Company must complete eligible expenditures amounting to at least $80,000 on each claim block ($160,000 total). It is anticipated that the work will be carried out commencing in mid-July 2017.
Michael Sweatman Eureka’s President and CEO stated, “It is government support like this for mining companies that makes the Yukon one of the best jurisdictions in which to explore and invest.“
The Cariboo properties addition was staked to tie onto the CKN claims acquired earlier this year, which are adjacent to the Gibraltar Mine property operated by Taseko Mines Ltd. The new staking adds 490.89 hectares, bringing the total claim block to 1,847.14 hectares contained in 4 claims. The new staking at CKN covers the balance of a magnetic anomaly identified in British Columbia government data.
Gold Creek 2017 Drilling Program
The Company expects that final assay results from the 2017 drill program at its Gold Creek Property (“Gold Creek” or the “Property”) located in the Cariboo Mining District, near Likely, British Columbia will be received in approximately two weeks and will be released when compiled. The drill program consisted of three holes totalling 331 meters.
Eureka is an exploration focused company based in Vancouver, British Columbia, whose strategy is to acquire projects in prospective areas that have the potential to deliver important new discoveries and create value for its shareholders.
British Columbia, Canada
Eureka’s 100% owned FG Gold property is an advanced-stage gold project located in the Cariboo Mining Division. 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 under the Company’s profile on SEDAR or on the Company’s website.
Eureka has the option to earn a 100 percent interest in the Gold Creek property located in the Cariboo Mining Division. Gold Creek is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain deposit owned by Spanish Mountain Gold Ltd. (TSXV: SPA).
Eureka has the option to earn a 100 percent interest in the CKN property located in the Cariboo Mining Division. The CKN property is adjacent to Taseko’s Gibraltar mine and consists of two mineral claims covering 1,356 hectares.
Yukon Territory, Canada
Eureka’s 100 percent owned Luxor property consists of three non-contiguous claim blocks totalling 360 mining claims. Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein occurrences.
Eureka’s 100 percent owned TAK property is also located in the Dawson Range Gold Belt and consists of 82 mining claims.
Neighbouring projects include Goldcorp’s Coffee project and Kinross’ Golden Saddle project.
Eureka owns a 50 percent interest in the Gemini lithium brine project located approximately 40 km (26 miles) south of North America’s only producing lithium mine at Silver Peak, Nevada.
Kristian Whitehead, P.Geo., the Company’s designated Qualified Person for this news release within the meaning of NI 43-101, has reviewed and approved the technical information contained 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, by email at firstname.lastname@example.org or by telephone at (604) 449-2273.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Cautionary Statement Regarding Adjacent Properties and 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 2017 Gold Creek drilling program 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: complete exploration programs, 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.