Sep 15 2016
American Creek Resources Ltd. ("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."
Source: http://www.americancreek.com/