Manson Creek Resources Ltd. Announces New President and Enters Into a Letter of Intent on the Tell Property, Yukon
CALGARY, ALBERTA--(Marketwired - Mar 20, 2014) - Manson Creek Resources Ltd. (TSX VENTURE:MCK) ("Manson") is pleased to announce that it has appointed Jean-Pierre Jutras, P.Geol., as President of the Corporation. Mr. Jutras is a Professional Geologist who graduated with honors in Geology from the University of Alberta in 1991. He has been actively employed in many facets of the exploration industry for the last 23 years in over 15 countries. Mr. Jutras also served as a director and officer of a number of publicly listed companies and has served as Vice-President of Manson since 2000.
Manson has also entered into a Letter of Intent (the "LOI") with Guatavita Gold Corporation, a privately held Alberta Corporation ("Guatavita"), to jointly explore the Tell property located in the Yukon. This is a non-arm's length transaction as Manson and Guatavita have two common directors/officers and a common officer. Under the "LOI", Guatavita can earn up to a 50% interest in the Tell project by funding 65% of the Exploration Expenditures on the property.
In order to vest its 50% interest in the Tell property Guatavita will be required to fund 65% of a total 2014 budgeted property expenditures of $1,000,000 with Manson funding the remaining 35%. It is anticipated that the Program will be completed by October 2014. Manson currently owes Guatavita approximately $75,000 in outstanding payables which will be forgiven in exchange for the right to enter into this agreement. Upon Guatavita earning its 50% interest a joint venture will be formed with Manson.
A Phase 1 program of airborne geophysical surveying, followed by ground prospecting as well as detailed surface mapping and extended sampling coverage of the main Tell target is planned for June 2014. This will be followed by a Phase 2 drill program with a minimum of 800 meters of drilling at Tell during the summer of 2014. Manson will be the Operator during the Phase 1 and Phase 2 programs.
Should either party not be able to fund its share of expenditures, then the other party may elect to increase its spending, and increase its interest pro-rata accordingly, to a maximum respective interest of 80% in favor of Guatavita should it have funded the entire Phase 1 and 2 programs, with MCK retaining a 20% interest.
This transaction is subject to Exchange approval and Manson raising the necessary funds to complete its portion of the program.
The Tell property, currently 100% owned by Manson, consists of 103 claims covering slightly in excess of 2,100 hectares south of the Nadaleen Range, Mayo Mining District, Yukon Territories, Canada.
The Tell Property hosts 7 main metal bearing Gossan zones and active spring vents located around a large zone of stunted vegetation, or kill zone, that measures approximately 1 kilometer by 0.5 kilometer along its widest axis. Soil sampling within this area has outlined a coherent multi-element metal anomaly consisting dominantly of zinc (to 4.9% in soils) and nickel (to 0.25%), with associated cobalt, barium and locally elevated silver values.
An induced polarization ground geophysical survey conducted in 2012 covering parts of the gossanous areas, related kill zones, and geochemically anomalous soil samples revealed a large electrical conductivity and coincident electrical chargeability anomaly underlying the target area. Drilling of the anomaly is warranted to determine if buried sulphide mineralization is responsible for the conductivity and chargeability anomaly. Surface geochemical sampling has also outlined numerous additional targets on the property.
The President of Manson Creek Resources Ltd., Jean-Pierre Jutras, P.Geol., is the Qualified Person responsible for the preparation of this news release.
On Behalf of the Board of Directors,
Jean-Pierre Jutras, President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
