VANCOUVER, BC, July 27, 2021
/CNW/
- Stuhini Exploration Ltd. (TSXV: STU) (the
"Company" or "Stuhini") announces that it has
acquired two mineral properties in British Columbia .
The Island Property was acquired from Brixton Metals
Corporation's (TSXV: BBB) ("Brixton") for $60,000 cash and is roughly 1,277 hectares in
size. The Island Property is located near Atlin, BC and is contiguous with the
south-central border of the Company's Ruby Creek Property. Brixton
is an arm's length party to the Company and no finder's fees were
paid in connection with the transaction, nor are there any work
commitments. Brixton reserved a 1.0% net smelter returns royalty
("NSR") interest on the Island Property. An
additional 1% NSR on the Island Property is reserved to other arm's
length parties from whom Brixton originally purchased the Island
Property. The Island Property has potential for significant gold
mineralization and includes the middle to lower sections of Wright
Creek and a section of Otter Creek, both of which have been the
focus of significant historic placer gold mining. The tenures are
underlain by Cache Creek Complex, which consists of mafic
volcanics, cherts and argillite that are intruded by
ultramafics.
The Big Ledge Property is located in southeastern BC roughly 57
kilometres south of the city of Revelstoke and was acquired from a director to
the Company for nominal consideration and is roughly 5094 hectares
in size. No royalties, finder's fees or work commitments are
associated with this transaction. The Big Ledge Property is a
stratiform zinc deposit and is road accessible via a forest service
road from Highway 23. The mineralization consists of
sphalerite, pyrite, pyrrhotite, galena, with lesser chalcopyrite
and marcasite hosted in a folded assemblage of marble and quartzite
known as the Ledge Unit within the Shuswap metamorphic complex of
the Proterozoic Monashee Group. The mineralized zones have been
reported up to 18 metres in thickness in drilling and have been
traced through geophysics and prospecting for distances of over 5
kilometres. The most recent historic samples have assayed up to
4.70 % zinc.
Mr. David O'Brien President &
CEO of Stuhini stated: "The Island Property acquisition is a great
opportunity to further explore highly prospective, road-accessible
ground in the Atlin gold camp.
Both Wright and Otter Creeks have had a rich history of placer gold
production and gold-bearing quartz veins have been previously found
in the bedrock on Otter Creek. The Big Ledge Property provides the
Company a low-risk opportunity to explore a potentially significant
zinc deposit. This property is also road accessible and located
much further south than our Ruby
Creek and Que Projects, thus allowing a longer and less
expensive window for exploration while at the same time enjoying
the advantage of being serviced out of Revelstoke and surrounding communities. Both
property acquisitions are in line with our goal of enhancing
shareholder value by acquiring and exploring cost-effectively high
potential mineral projects in western Canada."
In other Company news, Company geologists and consultants
continue to explore the Ruby Creek Property. Early work
concentrated on the southwestern portion of the tenures and include
the Lakeview, Little Edna and Boulder Creek gold targets (see
May 5th, 2021 news
release) and in the northeastern portions of the tenures following
up on the Silver Surprise target where grab samples from the 2020
exploration program assayed as high as 14,179 g/t silver (see
April 6th, 2021 news
release). Work includes soil sampling, mapping, prospecting,
airborne hyperspectral surveying and induced polarization
surveying.
Andrew Wilkins, P.Geo., is the
Qualified Person as defined by National Instrument 43-101 and has
approved all technical information contained herein
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals
properties in western Canada. The
Company's portfolio of exploration properties includes its flagship
Ruby Creek Property located approximately 20 km east of
Atlin, BC, the Que Property
located approximately 70 km north of Johnson's Crossing in
the Yukon, the South Thompson Project located approximately 35
km northwest of Grand Rapids,
Manitoba and the Big Ledge Property located approximately 57
km south of Revelstoke, BC.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements"
within the meaning of Canadian securities legislation. Such
forward-looking statements concern the Company's strategic plans,
the Island Property, the Ruby Creek Property the Big Ledge Property
and the South Thompson Property and the timing and expectations for
the Company's exploration and drilling programs, estimates of
mineralization from sampling, and geological information projected
from sampling results. Such forward-looking statements or
information are based on a number of assumptions which may prove to
be incorrect. Assumptions have been made regarding, among other
things, conditions in general economic and financial markets,
accuracy of assay results, geological interpretations from sampling
results, timing and amount of capital expenditures, the effect of
Covid019 on the Company's ability to conduct exploration,
performance of available laboratory and other related services,
future exploration cost, receipt of any and all necessary
regulatory, governmental and corporate approvals title matters; and
the additional risks identified in the annual information form of
the Company or other reports and filings with the TSXV and
applicable Canadian securities regulators., and Stuhini's
financial condition. The actual results could differ
materially from those anticipated in these forward-looking
statements as a result of risk factors, including the timing and
content of work programs, results of exploration activities and
development of mineral properties, the interpretation and
uncertainties of sampling results and other geological data,
receipt, maintenance and security of permits and mineral property
titles environmental and other regulatory risks, project cost
overruns or unanticipated costs and expenses, availability of funds
and general market and industry conditions. Forward-looking
statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The
assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date the statements were made. The Company undertakes no
obligation to update or revise any forward-looking statements
included in this news release if these beliefs, estimates and
opinions or other circumstances should change, except as otherwise
required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Stuhini Exploration Ltd.