October 3, 2016 TSX-V: AMK
American Creek Resources Ltd. (TSX-V:AMK) (“American Creek” or “the Corporation”) is pleased to report that it has entered into an agreement with an arm’s length third party to acquire a private company that owns a 100% interest in a property package located in the “Golden Triangle” of NW British Columbia that includes the past producing Dunwell gold/silver mine.
The property package consists of 850 hectares of mineral claims located approximately 8 km northeast of Stewart. The property is road accessible with the Dunwell mine itself located 2 km off paved highway 37A. The property is immediately adjacent to the Corporation’s 100% owned Silvershot property with the combined property package now spanning some 1,085 hectares.
Between 1926 and 1937, the Dunwell produced 45,657 tonnes averaging 6.63 g/t gold, 223.91 g/t silver, 1.83% lead, 4.01% zinc, and 0.056% copper.
The property is being acquired for total consideration of 7,000,000 common shares of the Corporation. The property will be subject to a 2% NSR in favor of the vendor of which 1% may be bought back by the Corporation at any time for the sum of $2,000,000.
Darren Blaney, American Creek CEO stated: “We are pleased to have been able to put together another very prospective property package in the Golden Triangle. The property is road accessible, very near power and the shipping port of Stewart, and is at relatively low elevation allowing work throughout much of the year. The Dunwell mine has a rich history and we look forward to doing further work to see just how much gold and silver remains.”
The shares issued under this agreement will be subject to a statutory 4 month hold period.
This agreement is subject to approval by the TSX Venture Exchange.
About American Creek
American Creek is a Canadian mineral exploration company focused on the acquisition, exploration and development of gold and silver properties within the Province of British Columbia, Canada.
In addition to this newest acquisition, the Corporation holds interests in the following properties:
Treaty Creek property
The Treaty Creek project is located in BC’s “Golden Triangle” immediately north of Seabridge Gold’s KSM project and in the same region as Pretivm’s Brucejack (Valley of the Kings) project.
American Creek holds a 20% fully carried interest to production in the Treaty Creek JV with operator Tudor Gold Corp (“Tudor”) holding a 60% interest and Teuton Resources Corp. holding the remaining 20%.
An extensive magnetotelluric geophysical survey was recently completed and Tudor is currently conducting a diamond drilling program on the property. Results from the survey and diamond drilling are expected this fall.
The Electrum property is also located in the “Golden Triangle” approximately 45 km north of Stewart between Pretivm’s Brucejack gold deposit located 25 km to the north and the past producing Premier gold mine 20 km to the south. The Electrum shares similar geology to both the Brucejack and the Premier. The project is a JV between operator Tudor (60%) and American Creek (40%).
Tudor just concluded a diamond drilling and blast trenching program. Initial trenching results reported by Tudor on Sept 12, 2016 included silver grades up to 30,200 g/t within the New Blast vein system. Further results from the drilling and trenching are expected this fall.
Gold Hill property
American Creek holds a 100% interest in the Gold Hill property located east of Fort Steele, BC in the Boulder Creek watershed. The Wildhorse River, to which Boulder Creek is a headwater tributary, is the site of one of Canada’s biggest historic gold rushes with approximately 42 tonnes of placer gold reportedly being recovered from the Wildhorse below the confluence of Boulder Creek.
A field mapping and geochemical sampling program is currently being conducted on the property. Work also included a magnetic survey that was recently completed in the area known as the Big Chief where several historic adits were driven into high grade gold veins.
American Creek holds a 100% interest in the Austruck-Bonanza property located approximately 50 km north of Kamloops. The property is immediately adjacent to WestKam Gold Corp.’s Bonaparte Project and is within 100 meters of the Bonaparte pit where in 1994, a 3,425 ton bulk sample averaging 26 g/t gold was taken. In July of 2016, WestKam reportedly began a 10,000 tonne bulk sample program to further test other near-surface high grade gold veins.
A field program consisting of geochemical sampling, mapping and magnetic surveying is currently underway on the property.
American Creek also holds interests in the Glitter King, Silver Side, Red Tusk, D1-McBride and Ample Goldmax properties.
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.