Granite Creek Announces Significant Sample Results from 4 Showings on the Troitsa Property in Addition to the Main Zone
19 Novembro 2013 - 4:12PM
Marketwired Canada
Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) is pleased to report
on the compilation of historic work and a 2013 on-site visit on the Company's
5611 hectare, copper/molybdenum/gold Troitsa Property in the highly prospective
Huckleberry Mine area of central British Columbia. The purpose of the Property
visit by the Company's consulting geologist and qualified person, Mathias
Westphal P. Geo, was to confirm geological mapping work completed by previous
operators as well as tenure of mineralization and location of sample sites.
During the visit, 13 samples were taken.
Several showings have been previously discovered on the Property with the "Main
Zone" receiving the most work, including approximately 3750 meters of drilling
in 11 holes. The Main Zone is centered on a copper in soils anomaly that has a
strike length of approximately 4km and varies in width from 100 to 400 meters.
Of the 11 holes drilled during 2011 and 2012, 8 returned significant intercepts
of anomalous copper (see Granite Creek Gold press release dated July 15, 2013
for more information). Mineralization at the Main Zone appears to be related to
a series of feldspar porphyry and quartz-feldspar porphyry dykes that can be
traced on surface for several hundreds of meters. The dykes range in width from
1 to 20+ meters.
As a result of the due diligence visit by the Company, and upon receipt of
assays for samples taken during the visit, the Company is confident in releasing
results on selected grab samples from several areas of the Property, completed
by previous operators in 2010 and 2012 in conjunction with drilling and
geophysical programs. The Company has reviewed the previous sampling procedures
and has confirmed that the work was completed according to standard industry
procedures. The work by previous operators was completed under the supervision
of a qualified person as defined by NI 43-101. The following table highlights
selected historical results in addition to results on samples taken by the
Company's geologist:
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Sample # Showing Width Cu % Mo % Au g/t Ag g/t Notes
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42178 JM Grab 0.320 0.008 0.70 21.12 Historical
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42179 JM Grab 7.530 0.044 0.41 152.00 Historical
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42189 JM Grab 0.754 0.002 0.07 230.00 Historical
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42190 JM Grab 2.224 NS 0.09 23.59 Historical
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42191 JM Grab 5.240 0.063 0.424 67.80 Historical
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147020 West Grab 0.815 NS 0.405 27.50 Historical
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103481 3253 Grab 0.389 NS 0.05 5.46 Historical
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103482 3253 Grab 0.364 0.176 0.03 1.60 Historical
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103483 3253 Grab 0.455 0.019 0.452 2.35 Historical
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104545 SE Grab 0.526 NS NS 13.18 Historical
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104546 SE Grab 1.216 NS 0.086 6.32 Historical
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194218 SE Grab 1.804 NS 0.12 16.70 2013
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194219 SE Grab NS 0.191 NS 2.10 2013
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194221 SE Grab NS 0.284 0.06 2.40 2013
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The "JM" showing is located approximately 1000m east of the Main Zone near a
contact between granodiorite and Hazelton group volcanics. The showing appears
to strike parallel to sub parallel to the main showing. Width of the JM showing
is unknown at this time.
The 3253 showing, located approximately 1500m southeast of the Main Zone, is
centered on a soil and talus-fines geochemical anomaly, covering an area of
approximately 600m x 760m area.
The SE showing lies approximately 1000m southeast and along strike of the Main
Zone. The showing is characterized by a 10m +/- dyke that is variably
mineralized. A map showing these geological features can be seen on the
Company's website (www.granitecreekgold.com) later this week.
The review of historical data has been very constructive. Fieldwork confirmed
that drilling on the Main Zone has only sampled a small portion of the strike
extent of the zone. The spatial relationship and abundance of significant
showings also indicates the potential for a robust system. The Company is
preparing for a sampling and drilling program for the 2014 field season.
This well positioned project with a favourable geological setting in an
established porphyry camp, which includes the Huckleberry mine as well as the
advanced stage Seel deposit and Berg project, make this an exciting prospect for
Granite Creek.
Dr. Mathias Westphal P. Geo, a Qualified Person as defined in NI 43-101, has
reviewed, verified and approved the technical information in this news release.
The Company also reports that due to market conditions, the Optionors of the
Property and Granite Creek have agreed to remove the clause requiring the
Company to raise $300,000 within sixty days of signing the option agreement. As
a result, this funding requirement is no longer applicable.
Corporate Matters
In corporate matters, the Company announces the approval and adoption by its
Board of Directors of an advance notice policy (the "Policy"). The purpose of
the Policy is to provide shareholders, directors and management of the Company
with a clear framework for nominating directors of the Company. The Company is
committed to: (i) facilitating an orderly and efficient annual general or, where
the need arises, special meeting process; (ii) ensuring that all shareholders
receive adequate notice of the director nominations and sufficient information
regarding all director nominees; and (iii) allowing shareholders to register an
informed vote after having been afforded reasonable time for appropriate
deliberation. The Policy is intended to further these objectives.
The Policy, among other things, includes a provision that requires advance
notice to the Company in certain circumstances where nominations of persons for
election to the Board of Directors are made by shareholders of the Company. The
Policy fixes a deadline by which director nominations must be submitted to the
Company prior to any annual or special meeting of shareholders and sets forth
the information that must be included in the notice to the Company. No person
will be eligible for election as a director of the Company unless nominated in
accordance with the Policy.
In the case of an annual meeting of shareholders, notice to the Company must be
made not less than 30 days and not more than 65 days prior to the date of the
annual meeting; provided, however, that, in the event that the annual meeting is
to be held on a date that is less than 50 days after the date on which the first
public announcement of the date of the annual meeting was made, notice may be
made not later than the close of business on the 10th day following such public
announcement.
In the case of a special meeting of shareholders called for the purpose of
electing directors (whether or not called for other purposes), notice to the
Company must be made not later than the close of business on the 15th day
following the day on which the first public announcement of the date of the
special meeting was made.
The full text of the Policy is available on the Company's website or upon
request by contacting the Company's Corporate Secretary, Jennifer Nestoruk, at
(604)-569-2430.
The Policy is in effect as at the date of this news release. Pursuant to the
terms of the Policy, the Company will seek shareholder ratification of the
Policy at its next annual general meeting of shareholders (the "Meeting"),
scheduled to be held on January 16, 2014. If the Policy is not confirmed at the
Meeting, the Policy will terminate and be of no further force and effect
following the termination of the Meeting.
About Granite Creek Gold
Granite Creek is a Vancouver based exploration company in the business of
acquiring and carrying out exploration on mineral properties, especially those
with precious metals potential, with the goal of establishing a mineable mineral
resource. Granite Creek's Canadian projects consist of the
gold/copper/molybdenum Taseko Property, 225 km north of Vancouver, BC, on which
it has an option to acquire a 70% interest; the 100% owned 654 ha Railway
Property, a copper project in the highly prospective Stikine arch area of
northwestern BC; and the 5611 ha Troitsa Property, a copper/molybdenum/gold
property located in central BC, on which it has an option to acquire a 100%
interest. The Company also has an option to acquire a 100% interest in the 75 sq
km Darsalam 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
604-569-2414 (FAX)
info@granitecreekgold.com
www.granitecreekgold.com
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