Granite Creek Options Troitsa Property
15 Julho 2013 - 2:18PM
Marketwired Canada
Granite Creek Gold Ltd. ("Granite Creek") (TSX VENTURE:GCX) is pleased to
announce that its entering into a option agreement to acquire a 100% interest in
the 5611 hectare "Troitsa Property" a copper/molybdenum/gold project in the
highly prospective Huckleberry Mine area of central British Columbia.
Several mineral deposits lie within 32 kilometres of the Troitsa Property. The
Troitsa Property is approximately 18km southwest of the producing Huckleberry
mine, which has been operating since 1997 and has produced 404.2 million
kilograms of copper, 3.5 million kilograms of molybdenum, 4.9 million grams
(143,855 ounces) of gold and 93.2 million grams (2.7 million ounces) of silver
from 94.4 million tonnes of ore milled to the end of 2011. The Troitsa Property
also lies 20km southwest of the Seel project where Gold Reach Resources has
announced an inferred resource of 463.5 million tonnes contained in two
deposits. This includes the Seel deposit with 410,880,000 tonnes at 0.16% Cu,
0.11ppm Au, 0.018% Mo, 1.95ppm Ag (0.31% CuEq) and the Ox deposit with
52,650,000 tonnes at 0.21% Cu, 0.03ppm Au, 0.022% Mo, 1.35ppm Ag (0.32% CuEq).
Both deposits are at a 0.2% copper equivalent cutoff. Also, 31km north of the
Troitsa Project, Thompson Creek Metals' advanced stage Berg Project contains
measured and indicated resources of 506 million tons grading 0.30%Cu, 0.037% Mo
and 3.8g/t Ag.
By entering into the option agreement, Granite Creek gains the right, but not
the obligation, to earn a 100% interest in the Troitsa Property by paying
$220,000 cash, issuing 1,690,000 shares of Granite Creek stock to the vendors
and completing $750,000 worth of expenditures on the Troitsa Property over a 4
year period. The option agreement is subject to Granite Creek Gold completing a
financing with gross proceeds of not less than $300,000 within 60 days of
signing of the option agreement. The option agreement also provides for a 60 day
extension to allow for the financing to be completed. The acquisition is also
subject to regulatory approval.
Drilling by previous operators on the Troitsa Property in 2011 and 2012
identified an extensive mineralized area in a porphyry setting. Selected results
are tabulated below:
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Hole From (m) To (m) Interval (m) Cu (%) Mo (%) Ag gm/t) Au (gm/t)
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TR 11-01 4.66 230.08 225.42 0.124
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including 18.66 131.28 112.62 0.176
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including 107.28 117.28 10.00 0.205 0.018
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TR 11-02 7.33 362.46 355.13 0.117
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including 118.38 169.29 50.91 0.253
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including 161.29 169.29 8.00 0.202 0.022
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including 209.29 215.29 6.00 0.175 0.045
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including 338.18 351.55 13.37 0.101 0.033
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TR 11-03 20.9 200.39 179.49 0.132
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including 75.25 88.82 13.57 0.630
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including 73.25 79.93 6.68 0.524 0.023
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and 157.00 180.33 23.33 0.051 0.019
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and 247.04 251.04 4.00 0.113 0.042
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TR 11-04 17.37 262.16 244.79 0.135
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including 30.04 56.04 26.00 0.255
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and 52.04 70.24 18.20 0.184 0.016
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and 120.02 132.02 12.00 0.491
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and 232.26 240.00 7.74 0.083 0.041
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TR 11-07 8.92 173.36 164.44 0.204
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including 8.92 95.63 86.71 0.317
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and 162.44 168.26 5.82 0.212
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Hole From (m) To (m) Interval (m) Cu (%) Mo (%) Ag gm/t) Au (gm/t)
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TR 11-08 6.60 375.51 368.91 0.039
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including 159.90 165.87 5.97 0.337
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and 219.92 230.33 10.41 0.073 0.021
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including 219.92 221.40 1.48 0.014 0.104
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and 364.31 374.31 10.00 0.040
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TR12-09 15.85 280.80 264.95 0.169 0.004
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including 15.85 44.54 28.69 0.191 0.004
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and 55.58 224.35 168.77 0.203 0.004
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including 110.47 129.89 19.42 0.651 0.004 4.839
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and 179.65 183.65 4.00 0.093 0.273
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and 260.88 263.37 2.85 0.583 0.050 2.80
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and 271.73 276.52 4.79 0.336 0.019 1.72
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TR12-10 3.02 313.01 309.99 0.176 0.003
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including 3.02 122.10 119.08 0.134 0.004
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including 117.79 122.10 4.40 0.408 0.021 8.844
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and 132.25 302.12 169.87 0.224 0.003
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including 150.63 175.81 25.18 0.807 0.001 4.575
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and 193.81 195.81 2.00 1.793 8.159
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and 223.81 225.81 2.00 1.291 0.039 5.169
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TR12-11 10.97 16.97 6.00 0.127 1.152
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and 60.90 68.90 8.00 0.107
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and 94.90 96.90 2.00 0.271 2.137
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and 166.90 167.95 1.05 0.145 2.891
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and 285.60 287.60 2.00 0.175 2.505
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Source: 2011&2012 Drilling report K.Galambos P.Eng
In addition to the drilling, recent work included 22.5km of 3D Induced
polarization and magnetic surveys that identified several yet to be drilled
targets. Previous work also included soil sampling over a 1000 X 1750 m area
covering less than 3% of the Troitsa Property. This identified a 750m X 250m Cu
anomaly with values up to 1100ppm. An airborne Z-Tem and Mag survey, over the
entire Troitsa Property was completed to allow a better understanding of
geology. Much of this data has seen little interpretation and has not been
complied with historic sampling and geological mapping on the Troitsa Property.
Granite Creek's immediate plans for the Troitsa Property include an expansion
and infill sampling of the existing geochemical grid, geological mapping and
data compilation and interpretation. All work will be geared towards designing a
drill program for next year's field season.
This acquisition is well positioned in an established porphyry camp. Proximity
to an operating mine as well as several advanced stage projects make this an
exciting project for Granite Creek.
Dr. Mathias Westphal P. Geo, a Qualified Person as defined in National
Instrument 43-101, has reviewed and approved the technical information in this
news release.
About Granite Creek
Granite Creek is a Vancouver based exploration company in the business of
acquiring and carrying out exploration on mineral properties, especially with
precious metals potential, with the goal of establishing a mineable mineral
resource. Granite Creek's projects include its gold, copper and molybdenum
Taseko Property, 225km north of Vancouver, on which it has an option to acquire
a 70% interest, the 654 ha Railway Property, a copper project in the highly
prospective Stikine arch area of northwestern British Columbia and its 35 sq km
Koussikoto Ouest gold concession in Mali, West Africa.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to regulatory
approvals, exploration programs, and other future plans, objectives or
expectations of the Company are forward-looking statements that involve various
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 plans or
expectations include the Company's ability to obtain regulatory approval and to
complete its exploration programs on schedule and other risks detailed herein
and from time to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise required by
applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Granite Creek Gold Ltd.
Timothy Johnson
President
604-569-2430
info@granitecreekgold.com
www.granitecreekgold.com
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