February 19, 2009 TSX-V: AMK
Seabridge has recently initiated informal discussions regarding access. The Corporation confirms that Seabridge currently has no legal interest in the Treaty Creek claims and that American Creek has not granted Seabridge access to tunnel through the claims. The Corporation further confirms that access would be granted only on terms maximizing value to American Creek’s shareholders including compensation for the full value of the mineral deposits located within the proposed tunnel route.
The Treaty Creek Project is located directly north of and adjacent to the KSM project held by Seabridge and appears to form part of the same highly mineralized trend line. The KSM deposits contain a resource of over 34 million ounces gold and over 8 billion pounds copper making it one of the largest undeveloped gold/copper deposits in the world.
American Creek has completed 5,470 meters of drilling on the Treaty Creek Project. Exploration to date has focused on two main zones: the Copper Belle and the GR2. These promising new discoveries are both located within the proposed tunnel area.
Copper Belle Zone
The Copper Belle zone is characterized by a gold-molybdenum porphyry style of mineralization. Grab and chip sample highlights include 11.3 g/t gold with 60.0 g/t silver; 4.8 g/t gold with 1,670 g/t silver and 2.75% copper; 3.2 g/t gold with 257.0 g/t silver along with 3.07% copper; and 2.3 g/t gold with 629.0 g/t silver and 4.1% copper.
Drill intersection highlights include a 76.07 meter intersection of 0.93 g/t gold along with 8.78 g/t silver; a 46.23 meter intersection of 0.83 g/t gold along with 6.39 g/t silver; a 17.00 meter interval of 4.33 g/t gold with 2.00 g/t silver, a 65.00 meter interval of 0.81 g/t gold with 3.80 g/t silver, and a 30.18 meter interval with 1.32 g/t gold and 5.93 g/t silver. Additional significant intervals are as follows:
COPPER BELLE DRILL HIGHLIGHTS |
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HOLE |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
TC07-07 |
2.44 |
48.76 |
46.23 |
0.83 |
6.39 |
TC07-07 |
65 |
81 |
16 |
0.66 |
0.23 |
TC07-09 |
2.44 |
80 |
77.56 |
0.79 |
2.8 |
including |
2.44 |
41 |
38.56 |
1.17 |
4.4 |
TC07-11 |
2.43 |
73 |
70.57 |
0.76 |
4.91 |
including |
2.43 |
18.5 |
16.07 |
1.61 |
13.34 |
TC07-11 |
113 |
130 |
17 |
4.33 |
2 |
including |
113 |
115 |
2 |
22.6 |
5.8 |
TC07-11 |
213 |
220.5 |
7.5 |
1.12 |
36.35 |
TC07-13 |
4 |
43 |
39 |
0.72 |
3.26 |
TC07-15 |
2.43 |
72.5 |
70.07 |
0.66 |
6.31 |
including |
9.5 |
18 |
8.5 |
1.58 |
27.43 |
and |
60 |
64.2 |
4.2 |
1.61 |
25.58 |
TC07-17 |
1.82 |
32 |
30.18 |
1.32 |
5.93 |
including |
8 |
14 |
6 |
2.91 |
19.7 |
TC07-17 |
52 |
71 |
19 |
1.24 |
15.14 |
including |
64.5 |
71 |
6.5 |
2.93 |
42.52 |
TC07-19 |
2.43 |
78.5 |
76.07 |
0.93 |
8.78 |
including |
10 |
14 |
4 |
1.49 |
49.35 |
and |
60 |
68 |
8 |
3.23 |
45.48 |
TC07-21 |
2.43 |
43.5 |
41.07 |
1.11 |
5.88 |
including |
2.43 |
24 |
21.57 |
1.67 |
9.8 |
TC07-21 |
127 |
171 |
44 |
0.82 |
1.5 |
including |
147 |
151 |
4 |
1.5 |
3.1 |
TC07-21 |
191 |
233 |
42 |
0.49 |
1.3 |
TC07-21 |
295 |
309 |
14 |
0.5 |
0.8 |
TC07-21 |
363 |
379 |
16 |
0.51 |
1.8 |
TC07-21 |
467 |
469 |
2 |
4.65 |
6 |
TC07-23 |
5 |
70 |
65 |
0.81 |
3.8 |
including |
25 |
46 |
21 |
1.21 |
8.39 |
and |
30 |
34 |
4 |
1.64 |
27.89 |
TC07-23 |
140 |
212.75 |
72.75 |
0.72 |
20.83 |
including |
140 |
153 |
13 |
1.73 |
103.51 |
TC07-23 |
233 |
267 |
34 |
0.49 |
7.88 |
including |
233 |
235 |
2 |
3.8 |
123 |
TC07-30 |
3.04 |
48.5 |
45.46 |
0.81 |
18.7 |
including |
23 |
24.75 |
1.75 |
1.29 |
70.17 |
including |
46.5 |
48.5 |
2 |
2.75 |
104.3 |
GR2 Zone
The GR2 zone has a Volcanogenic Massive Sulphide (VMS) style of mineralization, with similar characteristics to the Eskay Creek deposit located 30 kilometers to the northwest.
Drill intersection highlights include 6.80 meters of 1.40 g/t gold with 93.95 g/t silver, 0.27% copper, 4.41% lead and 2.59% zinc as well as a 1.27 meter interval of 0.63 g/t gold with 340.0 g/t silver, 0.10% copper, 4.61% lead and 4.26% zinc. Additional significant intercepts are presented below:
GR2 DRILL HIGHLIGHTS |
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HOLE |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu % |
Zn % |
Pb % |
As ppm |
Sb ppm |
TC0724 |
208.7 |
215.5 |
6.8 |
1.394 |
93.957 |
0.271 |
2.593 |
4.417 |
|
|
including |
211.7 |
213.5 |
1.8 |
4.04 |
204 |
0.5715 |
5.08 |
9.66 |
1140 |
285 |
TC0726 |
51.5 |
56 |
4.5 |
0.873 |
201.8 |
|
|
|
|
|
TC0726 |
178 |
178.5 |
0.5 |
2.03 |
170 |
0.04 |
4.2 |
5.9 |
1545 |
330 |
TC0726 |
184 |
200 |
16 |
0.955 |
|
|
|
|
|
|
TC0714 |
32 |
34 |
2 |
1.61 |
5.3 |
0.0144 |
0.0112 |
0.0028 |
4870 |
120 |
TC0714 |
34 |
34.5 |
0.5 |
3.08 |
122 |
0.3809 |
1.41 |
0.5758 |
9740 |
1605 |
TC0714 |
47.5 |
48.5 |
1 |
0.22 |
664 |
0.2963 |
0.5463 |
4.13 |
920 |
1695 |
TC0714 |
107.5 |
108 |
0.5 |
0.29 |
180 |
0.0598 |
1.66 |
6.82 |
1135 |
490 |
TC0714 |
158 |
158.6 |
0.6 |
0.17 |
94.5 |
1.006 |
2.9 |
2.92 |
265 |
1650 |
TC0712 |
33 |
33.5 |
0.5 |
2.54 |
87.2 |
0.2709 |
0.8445 |
0.5626 |
4520 |
620 |
TC0712 |
172.38 |
173.65 |
1.27 |
0.63 |
340 |
0.1002 |
4.26 |
4.61 |
825 |
665 |
TC0712 |
174.45 |
179 |
4.55 |
3.899 |
|
|
|
|
|
|
including |
174.45 |
176 |
1.55 |
9.6 |
2.4 |
0.0111 |
0.0051 |
0.0048 |
6805 |
110 |
and |
176 |
178 |
2 |
0.97 |
0.3 |
0.0103 |
0.008 |
0.0026 |
645 |
30 |
TC0718 |
34.58 |
35.08 |
0.5 |
0.17 |
44.1 |
0.0269 |
3.63 |
1.61 |
670 |
145 |
TC0718 |
56.15 |
56.65 |
0.5 |
1.59 |
60 |
0.0118 |
0.0599 |
4.43 |
2880 |
175 |
TC0718 |
84 |
85 |
1 |
3.01 |
16.5 |
0.1918 |
0.1002 |
0.119 |
2545 |
110 |
TC0718 |
105.3 |
106 |
0.7 |
4.55 |
34.2 |
0.0967 |
0.3544 |
0.1218 |
4385 |
380 |
TC0720 |
117 |
118 |
1 |
3.41 |
3.8 |
0.0247 |
0.0225 |
0.0296 |
7290 |
260 |
TC0716 |
177 |
189 |
12 |
1.37 |
|
|
|
|
|
|
TC0727 |
172 |
177 |
5 |
1.68 |
30.98 |
|
|
|
|
|
TC0727 |
179 |
183 |
4 |
1.95 |
4.2 |
|
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In March, 2007, American Creek Resources entered into an option agreement with Teuton Resources Corp. (TSX-V: TUO) for the controlling interest in the Treaty Creek property. American Creek was granted the right to earn a 51% interest by spending $5 million on exploration over a period of three years. The Corporation is currently ahead of schedule, having spent approximately $4.15 million to date. The remaining $850,000 in exploration expenditures must be completed by March of 2010. In addition, a further 9% interest (bringing the total interest to 60%) may be earned by funding a positive feasibility study. American Creek is the operator of the project. The Corporation will complete the 51% earn-in by conducting a $1,000,000 drill program this summer.
Allan Burton, President and CEO stated: “The Treaty Creek property has the potential to host a world-class deposit on its own. We’re also sitting next to a $50 billion resource and all indications are that the ore must be transported through our property. The incredible expansion of the mineral deposits in the KSM combined with American Creek’s right to grant access should have a significant, positive impact on the valuation of our company.”
Given the geological potential of the Treaty Creek Project and Seabridge’s requirement for access through the property, the Corporation believes that its shares are currently undervalued.
Raul Sanabria, P. Geo., is the Qualified Person for the purposes of National Instrument 43-101 for the Treaty Creek Project and has verified and approved the contents of this news release.
American Creek Resources Ltd. is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the
For further information please contact
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.