- Entered into three separate option agreements with an arm’s length third party to acquire the Glitter King, Silver Side and Red Tusk properties
- all located in British Columbia, Canada
- Part of the Corporation’s strategy of adding shareholder value by enlarging its gold and silver property portfolio with high quality prospective properties acquired at depressed levels
CARDSTON, ALBERTA–(Sept. 14, 2016) – American Creek Resources Ltd. (TSX VENTURE:AMK) (“American Creek” or “the Corporation”) is pleased to report that it has entered into three separate option agreements with an arm’s length third party to acquire the Glitter King, Silver Side and Red Tusk properties, all located in British Columbia, Canada. These newest acquisitions are part of the Corporation’s strategy of adding shareholder value by enlarging its gold and silver property portfolio with high quality prospective properties acquired at depressed levels in anticipation of a strengthening precious metals market.
Glitter King Property
The Glitter King is located on the eastern side of Pitt Island approximately 90 km south of Prince Rupert, BC. The property is part of the southern extension of the Alexander Terrane which is host to numerous significant massive sulphide deposits such as Windy Craggy, Greens Creek, the Annette/Gravina Island deposits and the Anyox deposits.
Past work on the property by Devlin (1983) and Bradley et al (1987) resulted in the discovery of a massive sulphide showing up to 4 meters thick with a strike length of 1,800 meters and exposed over a vertical dimension of at least 170 meters. The sulphide sheets are typically composed of 40-80% sulphides with copper, gold, silver, lead and zinc. An average of 10 channel samples taken across the thicker, central part of the massive sulphide zone by BP-Selco produced: 2.32% Cu, 52 g/t Ag, 0.48g/t Au, 0.57% Pb and 2.53% Zn. Devlin (1983) reported values as high as 7.8% Cu, 126 g/t Ag, 8.91 g/t Au, 8.7% Zn and 1.6% Pb.
Silver Side Property
The Silver Side property is located in the Kamloops mining division approximately 20 km north of Clearwater, BC and approximately 50 km west of Imperial Metal’s Ruddock Creek lead/zinc deposit.
Exploration work on the Silver Side in 2010 resulted in the discovery of three new bedrock showings of very high grade mineralization of 75-558 g/t Ag, 12-40% Pb and 12-40% Zn. The mineralized zone has been traced over 100 meters on surface.
Red Tusk Property
The Red Tusk property is located in southwestern BC approximately 12 km west of Squamish.
The property bears similarities to VMS deposits such as the nearby past producing Britannia Mine which over nearly 70 years produced more copper than any other mine in BC. The Red Tusk is also noted as one of the mineral occurrences in BC which exhibits some of the characteristics of the famous Eskay Creek-Type of deposits.
Anomalous gold and silver values from the Silver Spider zone included a grab sample of rhyolite that assayed 0.466 oz/ton gold, 166.12 oz/ton silver, 20.06% zinc, 17.89% lead and 0.12% copper.
A 17 meter long trench excavated on the Cirque zone included assays up to 1.47% copper, 7.63% zinc, 1.74% lead, 2.25 oz/ton silver and 0.12 oz/ton gold.
All three properties acquisitions are structured as four year option agreements with terms/payments as follows:
Glitter King
| Year one: |
| $7,500 cash within 30 business days of TSX-V approval. |
| 100,000 American Creek common shares within 10 days of TSX-V approval. |
| A minimum of $10,000 of exploration work conducted on the property prior to the one year anniversary of the agreement. |
| Year two: |
| $10,000 cash |
| 100,000 common shares |
| $20,000 work commitment |
| Year three: |
| $20,000 cash |
| 150,000 common shares |
| $25,000 work commitment |
| Year four: |
| $30,000 cash |
| 200,000 common shares |
| $35,000 work commitment |
| The vendor will retain a 3% NSR which can be fully bought out anytime for $500,000 per each 1%. |
Silver Side
| Year one: |
| $5,000 cash within 30 business days of TSX-V approval. |
| 50,000 American Creek common shares within 10 days of TSX-V approval. |
| A minimum of $5,000 of exploration work conducted on the property prior to the one year anniversary of the agreement. |
| Year two: |
| $10,000 cash |
| 75,000 common shares |
| $10,000 work commitment |
| Year three: |
| $20,000 cash |
| 100,000 common shares |
| $30,000 work commitment |
| Year four: |
| $30,000 cash |
| 150,000 common shares |
| $50,000 work commitment |
| The vendor will retain a 3% NSR which can be fully bought out anytime for $500,000 per each 1%. |
Red Tusk
| Year one: |
| $5,000 cash within 30 business days of TSX-V approval. |
| 50,000 American Creek common shares within 10 days of TSX-V approval. |
| A minimum of $10,000 of exploration work conducted on the property prior to the one year anniversary of the agreement. |
| Year two: |
| $10,000 cash |
| 75,000 common shares |
| $20,000 work commitment |
| Year three: |
| $20,000 cash |
| 100,000 common shares |
| $30,000 work commitment |
| Year four: |
| $30,000 cash |
| 150,000 common shares |
| $50,000 work commitment |
| The vendor will retain a 3% NSR which can be fully bought out anytime for $500,000 per each 1%. |
All cash payments, share payments and work commitment amounts in each of the three agreements may be accelerated at American Creek’s choosing.
All shares issued under these option agreements will be subject to a statutory 4 month hold period.
These option agreements are subject to approval by the TSX Venture Exchange.
Darren Blaney, American Creek President & CEO stated: “With Walter Storm’s Tudor Gold Corp. now operating both the Treaty Creek and Electrum projects, the Corporation is now able to create additional shareholder value by advancing the other properties in its portfolio and through acquiring new high potential properties.”
About American Creek
American Creek is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
In addition to these newly announced acquisitions, the Corporation has a portfolio of gold and silver properties in various regions of the province:
Treaty Creek property – American Creek holds a 20% fully carried interest to production in the Treaty Creek JV with operator Tudor Gold Corp (“Tudor”) holding a 60% interest and Teuton Resources Corp. holding the remaining 20%. An extensive magnetotelluric geophysical survey was recently completed and Tudor is currently conducting a diamond drilling program on the property. The Treaty Creek property is located in the “Golden Triangle” of northwestern BC immediately adjacent to Seabridge Gold’s KSM deposit.
Electrum property – American Creek holds a 40% interest in the Electrum JV with operator Tudor holding a 60% interest. The property is located in the “Golden Triangle” of northwestern BC between Pretivm’s Brucejack gold deposit located 25 km to the north and the past producing Premier gold mine 20 km to the south. A diamond drilling and trenching program is currently being conducted by Tudor on the property.
Gold Hill property – American Creek holds a 100% interest in the Gold Hill property located east of Fort Steele, BC in the Boulder Creek watershed. The Wildhorse River, to which Boulder Creek is a headwater tributary, is the site of one of Canada’s biggest historic gold rushes with approximately 42 tonnes of placer gold reportedly being recovered from the Wildhorse below the confluence of Boulder Creek. A field mapping and sampling program is currently being conducted on the property.
Austruck-Bonanza property – American Creek holds a 100% interest in the Austruck-Bonanza property located approximately 50 km north of Kamloops, BC. The property is immediately adjacent to WestKam Gold Corp.’s Bonaparte Project and is in very close proximity to the Bonaparte pit. In July of 2016, WestKam began a 10,000 tonne bulk sample program to further test near-surface high grade gold veins. American Creek is watching the WestKam Bonaparte program closely and is in the process of planning further exploration on the property.
Silvershot property – American Creek holds a 100% interest in the Silvershot property also located in BC’s “Golden Triangle” approximately 7 km northeast of Stewart. The property is near the past producing Portland Canal mine and also the Dunwell mine.
D1-McBride property – American Creek holds a 100% interest in the D1-McBride property located 64 km southeast of Dease Lake, BC. The property hosts the Discovery showing with high grade gold, silver, lead and zinc.
Information relating to the Corporation is available on its website at www.americancreek.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
American Creek Resources Ltd.
Kelvin Burton
403 752-4040
[email protected]
www.americancreek.com
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