ALCHEMIST MINING OPTIONS AUBAINE GOLD PROPERTY, URBAN BARRY GOLD CAMP, QUEBEC
Vancouver, British Columbia – (March 6, 2017) – Alchemist Mining Incorporated (CSE: AMS) (“Alchemist” or the “Company) is pleased to announce that it has entered into an agreement with an arms’-length vendor to acqire a 100% interest in the Aubaine Gold Property, located in the Urban Barry Gold Camp, some 200 kilometers northeast of Val D’Or, Quebec (the “Property”).
Over the last twelve months, the Urban Barry Gold Camp has emerged as one of Canada’s premier exploration regions, largely as a result of recent discoveries made by Bonterra Resources (TSX-V: BTR). The area also hosts two historical gold deposits, the Windfall Deposit, controlled by Osisko Mining (TSX: OSK), and the Barry Deposit, controlled by Metanor Resources (TSX:V- MTO).
The Company considers the Property, which is comprised of 22 claims covering an area of approximately 1232 acres, to be highly prospective as the project includes a section of Abitibi Greenstone rock, transected by three parallel faults, on trend with the nearby Barry and Lac Windfall deposits. All of the deposits in the Urban Barry Gold Camp are associated with one of two regional breaks in the Abitibi Greenstone rock. The project is also on trend with a host of mineralized showings, including the Sourat, Yassa and Lac aux Loutres Nord gold showings as well as the Lac Kent and Lac Christin zinc showings.
The Property is situated within the Urban-Barry Greenstone Belt and lies within the eastern portion of the Abitibi Subprovince which has an east-west strike extent of approximately 135 kilometers, widths ranging from 4 to 20 kilometers along the full strike extent. Lithological units within this terrane include sequences of basalt flows with intercalated felsic rhyolites to more mafic volcaniclastic rocks that have been deformed and metamorphosed to the greenschist facies. The volcaniclastic sequence has been intruded by syn-volcanic to late post mineralized bodies. Dominant structural fabrics trend to the northeast, with variable dips between 30 to 85° to the southeast. The principal exploration target at the Aubaine Gold Property is a series of three parallel regional scale faults, with an aggregate strike of approximately 6 kilometers, in the Abitibi Greenstone Belt.
Alchemist can earn a 100% interest in the Property by issuing to the vendor 2,000,000 common shares upon signing and paying a total of $190,000 over a two year term. The Company must also incur a minimum of $500,000 in qualifying exploration expenditures over a three-year term. A 3.0% NSR has been granted to the vendor, of which 1.0% may be purchased by Alchemist for $1,000,000.
Keith Anderson, President, commented: “The Aubaine Gold Property is a cornerstone acquisition, which gives Alchemist a true exploration target in what is arguably the most exciting new mineral district in Quebec.”
The technical contents of this news release have been prepared under the supervision of Mr. Peter Born, P. Geo. Mr. Born is a Qualified Person as defined in NI 43-101, and has approved this news release.
The common shares issued pursuant to the transaction will be subject to a four-month and one-day hold period.
On Behalf of the Board
Alchemist Mining Inc.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The company disclaims any intention or obligation to revise or update such statements.Back to Past News