November 26, 2007
Raymond, Alberta…American Creek Resources Ltd. is pleased to report on the various 2007 exploration programs on its three principal properties located in northwest British Columbia, Canada. In all, 19,805 metres of drilling was completed. Preliminary assay results are anticipated by the middle of December, with the remaining results expected in early 2008.
TREATY CREEK PROJECT
In March, 2007, American Creek Resources entered into a joint venture with Teuton Resources Corp. (TUO: TSX-V) for the controlling interest in the Treaty Creek property. American Creek was granted an option to earn a 51% interest by spending $5 million on exploration over three years with at least $1 million in exploration expenditures in the first year. A further 9% interest (bringing the total interest to 60%) may be earned by funding a positive feasibility study. Given the tremendous potential of this property, American Creek Resources spent approximately $3 million on exploration this summer.
The Treaty Creek property is not only adjacent to one of the largest undeveloped gold/copper projects in Canada, but appears to form part of the same highly mineralized trend line. The southern portion of the trend line, held by Seabridge Gold (SEA:TSX-V) and Silver Standard (SSO:TSX-V), contains bulk tonnage deposits hosting approximately 19.6 million inferred ounces of gold, 18 million inferred ounces of silver and 4.95 billion inferred pounds of copper. It is worth noting that these figures are from the 2006 exploration programs, and that they are expected to increase significantly with the future release of results from the respective 2007 drill programs.
NovaGold (NG:AMEX,TSX) and Teck Cominco (TCK: NYSE, TCK.A:TSX, TCK.B:TSX) have recently shown that low-grade bulk tonnage deposits like the Seabridge/Silver Standard deposits can be profitable with their nearby Galore Creek project. The Galore Creek property is located in the same major gold/copper belt (Stikine Gold Belt) as Seabridge’s KSM deposit and American Creek’s Treaty Creek property. Galore Creek is poised to become one of the largest producing gold/copper mines in North America, with approximately 11 million ounces of gold, 190 million ounces of silver, and 13 billion pounds of copper, having a minimum mine life of 20 years.
2007 Treaty Creek Drill Program
American Creek Resources completed a diamond drill program on the Treaty Creek property during August, September and October, drilling a total of 5,470 metres. All core from the project has been logged, sampled, and split. Half of each sample was submitted to the Eco Tech Laboratories preparation facility in Stewart, British Columbia, where it was dried, crushed and prepared for analysis. The samples were then sent to the main Eco Tech Laboratory in Kamloops, British Columbia, for assay.
Treaty Creek - Eureka Zone – The Eureka and ND zones have mineralization that appears to be similar to the gold/silver/copper bulk tonnage style Mitchell deposit (owned by Seabridge) immediately to the south of the Treaty Creek property. Historic intersections on the Eureka, including 0.757 g/t gold over 74.7 metres, 0.46 g/t gold over 169 metres, and 0.67 g/t gold over 72.3 metres, were expanded upon in the 2007 drill program because of the similarity to the Mitchell grades (average of 0.72 g/t gold). As core from the Eureka zone was the first sent for assay, results are expected shortly.
Treaty Creek - ND Zone – This zone, with similar geological structure as the Eureka, is a new showing discovered this summer. This mineralized outcrop was recently exposed as the glacier covering it continues to recede. Five holes totaling 385 metres were completed. Assay results are pending.
Treaty Creek - Copper Belle Zone – The Copper Belle zone is another newly discovered outcrop that was recently exposed due to rapid glacial melting. The Copper Belle lies across the valley from the Eureka and ND zones and is one of the most promising new finds on the property. The adjacent area has historic high-grade discoveries including a trench sample taken in 1987 with 969 g/t gold over 1.2 metres. The Copper Belle rock is heavily mineralized with finely disseminated pyrite, chalcopyrite, galena, sphalerite and bornite. Grab samples were very promising and confirm its potential to host significant mineralization. The most promising results were as follows:
|
|
|
Au |
Au |
Ag |
Ag |
Cu |
Pb |
Zn |
ET #. |
Tag # |
|
(g/t) |
(oz/t) |
(g/t) |
(oz/t) |
(%) |
(%) |
(%) |
1 |
TR0701WE |
|
1.71 |
0.050 |
60.2 |
1.76 |
|
|
|
8 |
TR0706BA |
|
2.00 |
0.058 |
99.4 |
2.90 |
|
1.57 |
1.19 |
9 |
TR0707BA |
|
3.20 |
0.093 |
257.0 |
7.50 |
3.07 |
|
1.25 |
10 |
TR0708BA |
|
4.80 |
0.140 |
1670.0 |
48.70 |
2.75 |
6.63 |
5.44 |
11 |
TR0709BA |
|
2.29 |
0.067 |
629.0 |
18.34 |
4.10 |
|
|
12 |
TR0710BA |
|
0.32 |
0.009 |
|
|
|
|
|
13 |
TR0711BA |
|
11.30 |
0.330 |
60.0 |
1.75 |
|
|
|
15 |
TR0718DO |
|
2.80 |
0.082 |
69.5 |
2.03 |
1.29 |
|
|
18 |
TR0721DO |
|
0.07 |
0.002 |
228.0 |
6.65 |
|
9.52 |
1.29 |
Drilling in 2007 tested the extent of this impressive new discovery. Ten holes totaling 2,491 metres were drilled with excellent core recovery of approximately 90%. Drill results are much anticipated. This system is visibly open in three directions and a considerable amount of exploration will be focused on this zone in the 2008 season.
Treaty Creek - GR2 Zone – This area is just northeast of the Copper Belle and carries similar key minerals. Surface samples have been heavily mineralized with massive galena and sphalerite, indicating silver, lead and zinc. Nine holes totaling 1,809 metres were drilled with assay results expected early in the new year.
Both the historical and current exploration conducted on the Treaty Creek property indicate the potential for mineralization patterns consistent with the Galore Creek mine and with the world-class Seabridge / Silver Standard properties immediately to the south. Average grades for Galore Creek are reported as 0.52% copper, 0.3 g/t gold, and 4.9 g/t silver. Average grades for Seabridge’s Mitchell deposit are reported as 0.72 g/t gold and 0.23% copper.
ELECTRUM PROJECT
The Electrum property is located in a highly mineralized belt of past and present producing mines in northwest British Columbia. A well-maintained haul road runs directly from the town of Stewart to the property. This epithermal structure has produced extremely high grades of gold, silver and electrum in the past, averaging 1,661 g/t gold and 2,560 g/t silver over 25 years of small-scale hand mining. The 2006 drill program confirmed small veins grading as high as 440 g/t gold and 400 g/t silver over narrow widths, along with areas of widely disseminated bulk-tonnage style gold and silver.
2007 Electrum Exploration Program
The 2007 drill program was designed to begin the process of mapping and designing geological models for the property. A total of 12,500 metres from 45 holes was completed.
The Electrum has two major fault lines resulting in heavy mineralization but also creating a very complex geological model that appears to be similar to the Premier-Silbak mine to the south and the Eskay Creek mine to the north. Because of this, a very methodical approach was taken in this year’s drill program using relatively shallow drilling to learn more about the geological structure and to further identify targets for proposed deeper drilling next year. Approximately half of the roughly 1 square kilometer area of exposed gossans was tested in this year’s program with the remainder to be systematically tested in 2008. While this method may not produce the “quickest results”, management believes it is the best approach to building a sound geological model that will increase the chance of discovering and proving up an ore body.
At this time, approximately 75% of the Electrum core has been logged, split, sampled and sent to Eco Tech Laboratories for assay with the remainder to be processed within approximately two weeks. We expect to release some of the Electrum drill results this year, with the balance to follow early in 2008.
TIDE PROJECT
The Tide property surrounds the Electrum property on four sides and is a joint venture with Rimfire Minerals Corp. (RFM:TSX-V). Like the Electrum, this property has excellent access and available infrastructure and services. At the 36 Zone, significant bulk tonnage gold potential exists where previous drilling by Rimfire Minerals intersected broad intervals of low-grade gold mineralization in several drill holes including 129.4 metres of 1.0 g/t gold and 39.6 metres of 1.92 g/t gold. Also high-grade gold and silver intersections were found close to the Electrum property claim boundary in the 52 Zone, which produced bonanza-grade vein samples with approximately 593 g/t gold and 14,708 g/t silver over 0.74 metres.
2007 Tide Exploration Program
A total of eight diamond drill holes from eight different locations were completed during the 2007 exploration program for a total of 1,835 metres of drilling. Five of the targets were set to extend the 36 Zone with the holes being drilled at approximately 50 metre intervals. The remaining three holes were drilled to test other structures of interest.
An extensive ground sampling program consisting of numerous channel samples and detailed fracture analysis along with geological mapping was undertaken in order to further define the 36, North Pit and Riptide Zones. In all, eight sample lines were completed with a total of 121 samples over 317.65 metres. The results are expected to add further support to the current fracture density model and will identify drill targets for the 2008 program. Assay results from this program are expected to be released before the end of 2007.
SUMMARY
In 2007 American Creek Resources undertook a very aggressive exploration program, running three major projects this summer. The Treaty Creek Project, the Electrum Project and the Tide Project all show the potential to host mineable grades of gold, silver and base metals. With the acquisition of its interest in the Treaty Creek property, American Creek Resources is strategically positioned in one of the highest potential gold/copper belts in the world and is immediately next to what is becoming one of the largest North American deposits found to date. With prices of precious and base metals increasing significantly over the last five years and fewer large-scale projects being discovered each year, we feel that the Stikine gold belt will be a major focus in the markets for years to come due to its discovery potential, excellent infrastructure and stable geopolitical climate.
American Creek management is very pleased with the success of the 2007 field season and is eagerly anticipating the receipt of assay results. The extensive exploration conducted this year is expected to produce the geological foundation leading to an even more promising 2008 season.
American Creek is also very pleased to have recently signed a three year drilling contract with More Core Diamond Drilling. This is an important step, enabling American Creek to further its programs next year in a very competitive market.
American Creek Resources Ltd. is an aggressive junior mineral exploration company focused on the acquisition, exploration and development of gold and silver deposits within the Province of British Columbia, Canada.
For further information please contact Darren R. Blaney, Chief Operating Officer. Phone: 403 752-4040, Fax: 403 752-4020, or Email: This email address is being protected from spambots. You need JavaScript enabled to view it.. Information relating to the Corporation is available on its website at www.americancreek.com.
Certain information contained in this news release constitutes forward-looking statements regarding the Corporation’s mineral properties. Forward looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate" or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the reasonable opinions and estimates of management of American Creek and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include: the inherent risks involved in the exploration and development of mineral properties, uncertainties involved in the interpretation of drill results and other geological data, fluctuating commodity prices, unforeseen permitting requirements, changes in environmental laws or regulations, the possibility of project cost overruns or unanticipated costs and expenses, weather conditions, the availability of contractors for equipment and services, the availability of future financing and general business and economic conditions. Such statements are also based on a number of assumptions which may prove to be incorrect, including assumptions about general business and economic conditions being accurate, the timing and receipt of regulatory approvals for projects and operations, the availability of financing, the ability to secure equipment and labour, and American Creek’s ongoing relationship with third parties. The foregoing factors, risks and assumptions are not exhaustive. Events or circumstances could cause actual events or results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are as of the date they are made and American Creek disclaims any obligation to update any forward-looking statements, except as required by law.
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