Suche
 
Folgen Sie uns auf:

Eureka Resources Inc. Drilling and Transaction Update

16.07.2018  |  Newsfile
Vancouver, July 16, 2018 - Eureka Resources Inc. (TSXV: EUK) ("Eureka" or the "Company") is pleased to announce that the Company has filed a joint management information circular with Kore Mining Ltd. ("Kore"), which discloses the final terms of the amalgamation agreement dated February 24, 2018 (the "Agreement") between the Company and Kore, a private British Columbia corporation based in Vancouver, BC, pursuant to which Eureka has agreed to acquire all of the outstanding common shares of Kore (each, a "Kore Share") in exchange for the issuance of common shares of Eureka (each, a "Eureka Share") by way of a three-cornered amalgamation (the "Transaction") among Kore, the Company and a wholly-owned subsidiary of the Company. Kore, indirectly through its wholly-owned US subsidiaries, owns 100% interests in the Imperial and Long Valley gold development projects, located in California, USA (together, the "Projects"). The Projects comprise development stage (and historic feasibility stage) assets with over 141,225 metres of historic drilling.

The Transaction will constitute a reverse takeover (an "RTO") of Eureka by Kore under the policies of the TSX Venture Exchange (the "Exchange").

The meetings of the shareholders of Eureka and Kore will be held on July 23, 2018.

Conditions to the Transaction

The Transaction remains subject to a number of terms and conditions, including, among other things:

  • Eureka and Kore obtaining all necessary consents, orders and regulatory approvals, including the approval of the Exchange;
  • completion of a private placement by Eureka for minimum gross proceeds of $2,250,000;
  • there being no material change occurring with respect to the business of Eureka or Kore;
  • the satisfaction of obligations under the Agreement relating to each of the parties;
  • the delivery by each of the parties of standard closing documents, including legal opinions; and
  • approval of the Transaction by the shareholders of Kore and Eureka, as required by applicable corporate law and the policies of the Exchange.
Operational Update

Drilling has now commenced at Eureka's 100% owned Gold Creek Property, located in the Cariboo Mining Division. It is expected that exploration will consist of approximately six holes on the Gold Creek Property, followed by drilling of up to 15 diamond drill holes on Eureka's FG Property.

Gold Creek

Gold Creek is a grassroots gold project neighbouring the Spanish Mountain deposit owned by Spanish Mountain Gold Ltd. (TSXV: SPA).

Eureka's first drill program at Gold Creek served as both due diligence and verification of the work conducted in 2008 and 2011 by Bullion Gold Ltd., as well as assisted in the design of current and future exploration programs. The current program will focus on delineating strike, width and depth of the "Camp" zone as well as other prospective areas on the property.


GC17-033 From (m) To (m) Width (m) FA Au g/t Screen Metallic Au g/t
Significant Intersection 13.00 28.00 15.00 0.71 0.97
Including 21.20 25.00 3.80 1.66 1.77
Significant Intersection 40.00 85.00 45.00 0.64 0.39
GC17-034 From (m) To (m) Width (m) FA Au g/t Screen Metallic Au g/t
Significant Intersection 10.00 28.30 18.30 2.92 1.10
Including 16.00 25.00 9.00 5.53 1.14
Including 17.50 19.00 1.50 17.95 0.33
GC17-035 From (m) To (m) Width (m) FA Au g/t Screen Metallic Au g/t
Significant Intersection 85.85 170.50 84.65 0.96 0.71
Including 88.70 89.80 1.10 3.59 5.03
Including 112.00 115.00 3.00 1.59 5.05
Including 136.25 137.50 1.25 33.20 5.76
Including 143.50 145.00 1.50 8.11 1.09

Diamond drilling in 2017 has confirmed the orientation of gold mineralized structures in the Camp zone strikes E-E to WNW-ESE which extends eastward from the Paquette Valley. Gold mineralization is contained either within highly Fe-carbonate, sericite, and silica altered and pyritic fault zones or within fractured and quartz-carbonate-pyrite veined greywacke and andesite tuff units in close proximity to fault zones. The strongest gold mineralization occurs within vertical to near vertical sheeted quartz-carbonate-pyrite veins within greywacke units and this style of mineralization occurs along an WNW-ESE trending zone that has been traced along strike for ~ 300 m and is open to the east and to depth. The 2018 proposed drill program will follow up on sedimentary hosted near surface and higher grade vertical stockwork, veins and veinlets within the lower grade halos. The gold mineralization is found to be contained within the same Mesozoic sedimentary package as at Spanish Mountain located approximately 8 km to the southeast, and as at the Company's FG property approximately 45 km to the southeast.

FG Property

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.

About Kore

Kore is a development stage company that offers exposure to precious metals exploration and development in North America, with a corporate strategy focused on the identification and acquisition of attractive development and advanced exploration stage projects.

Kore was incorporated under the provisions of the Business Corporations Act (British Columbia) on February 22, 2016. There are currently 18,707,202 Kore Shares issued and outstanding.

About Eureka

Eureka is a mineral exploration company based in Vancouver, British Columbia.

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 a 100% 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.

Yukon Territory, Canada

Eureka's 100% 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% 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 White Gold's White Gold project.

Nevada, USA

Eureka owns a 50% interest in the Gemini lithium brine project located approximately 40 kilometres (26 miles) south of North America's only producing lithium mine at Silver Peak, Nevada.

Technical information with respect to Eureka contained in this news release has been reviewed and approved by Kristian Whitehead, P.Geo., the Company's designated Qualified Person within the meaning of National Instrument 43-101.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the Shares in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 info@eurekaresourcesinc.com 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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.

All information contained in this news release with respect to Eureka and Kore was supplied by the parties, respectively, for inclusion herein, and Eureka and its directors and officers have relied on Kore for any information concerning such party, including information concerning the Projects.

This news release contains forward-looking statements relating to the timing and completion of the Transaction, the future operations of the Company, Kore, and the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Transaction and the future plans and objectives of the Company, Kore, and the Resulting Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's, Kore's, and the Resulting Issuer's expectations include the failure to satisfy the conditions to completion of the Transaction set forth above and other risks detailed from time to time in the filings made by the Company, Kore, and the Resulting Issuer with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, Kore, and the Resulting Issuer. As a result, the Company, Kore, and the Resulting Issuer cannot guarantee that the Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company, Kore, and the Resulting Issuer will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.

Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!




Mineninfo
Kore Mining Ltd.
Bergbau
A2QQMA
CA50067K1003
Minenprofile
Alle Angaben ohne Gewähr! Copyright © by GoldSeiten.de 1999-2024.
Die Reproduktion, Modifikation oder Verwendung der Inhalte ganz oder teilweise ohne schriftliche Genehmigung ist untersagt!

"Wir weisen Sie ausdrücklich auf unser virtuelles Hausrecht hin!"