Jun 25 2015
Northern Empire Resources Corp. ("Northern Empire" or "Company") today announced the acquisition of the Manson Creek property, Omineca Mining Division, British Columbia.
Northern Empire's Chairman, John Robins, stated: "The Manson Creek option aligns with our strategy to take advantage of the depressed market conditions in the resource sector to acquire properties with significant exploration potential at low entry and low holding cost."
The Manson Creek Property consists of three claims aggregating 3484 hectares and is located 70 kilometres west of the town of Mackenzie and 45 kilometres north of the Mount Milligan Mine. It is road accessible from Mackenzie or Fort St James year round and terrain is moderate.
The claim blocks contain gold-in-silt anomalies in a favorable geological setting which has been largely untested by work completed to date. Favorable access and infrastructure make this an ideal early-stage prospect which can be advanced with an initial modestly-sized exploration program.
To view a location map of the Manson Creek project, please visit Northern Empire's website at http://www.northernemp.com/projects/mansoncreek/.
Property Geology
The claims are underlain by black clastic sediments and basic volcanic rocks of the Nicola Group. Quartz-carbonate veining and associated alteration is widespread. A number of regional, northwest-trending faults are located adjacent and within the claims as well as numerous splays off these major structures. The Dunne Creek Fault, which is likely a splay of the Manson Lakes Fault Zone, passes through the central part of the claim area. Slices of alpine-type, ultramafic rocks occur along segments of both the Manson Lakes fault and the Dunne Creek Fault. These ultramafics are usually completely altered to listwanite, an alteration type typical of the world class, Motherlode Gold District of California and the Bridge River (Bralorne), Cassiar-McDame and Atlin districts of British Columbia.
Terms of the Manson Creek Option
Northern Empire can earn a 100% interest, subject to a 2% NSR, in the Manson Creek Property, subject to the following terms: Upon signing this letter of agreement, payment of $15,000 cash and 100,000 shares of Northern Empire subject to necessary regulatory approvals; On 1st anniversary, payment of $25,000 cash and 100,000 NM shares; On 2nd anniversary, payment of $35,000 cash and 100,000 NM shares; On 3rd anniversary, payment of $50,000 cash and 100,000 NM shares; On 4th anniversary, payment of $100,000 cash and 100,000 NM shares.
Upon completion of the preceding terms, Northern Empire will hold 100% of the property less a 2% Net Smelter Return ("NSR"), half of which can be bought for $1 million within the first 5 years and $2 million thereafter. After cash and shares have been paid out, an advance royalty payment in aggregate of $25,000 is due yearly, on or before the 5th anniversary of signing this letter of agreement, thereafter in favour of the Optionors. Northern Empire agrees to keep the claims in good standing. Any additional claims staked within area of mutual interest ("AMI") will be subject to the NSR.
About Northern Empire
Northern Empire is a newly formed company which will follow the "Project Generator" business model to take advantage of the depressed market conditions in the resource sector to acquire low acquisition and low holding cost properties with significant exploration potential.
A Project Generator identifies, acquires, and performs early stage exploration on compelling exploration targets before finding project partners to bear the financial risk associated with advanced exploration.
Northern Empire's experienced board and management team feels that executing the Project Generator business model is the most practical way to provide investors the potential excitement and value creation of mineral discoveries, without the financial risks and equity dilution of standard exploration programs.
ON BEHALF OF THE BOARD OF NORTHERN EMPIRE RESOURCES CORP.
James R. Paterson, President, CEO and Director
Source: http://www.northernemp.com/