Cardston, Alberta--(Newsfile Corp. - January 20, 2020) - American Creek Resources Ltd. (TSXV: AMK) (the "Company" or "American Creek") is pleased to announce that it has entered into a property purchase agreement pursuant to which it will acquire the precious and base mineral undersurface rights relating to 45 Crown Grant claims commonly referred to as the "Glacier Creek Claims" located in the Stewart area, British Columbia, from a subsidiary of Strikepoint Gold Inc. (TSXV:SKP)("Strikepoint"). In consideration for the Glacier Creek Claims, the Company will pay Strikepoint $50,000, issue 3,000,000 common shares to Strikepoint, and grant Strikepoint a 0.5% NSR royalty over the Glacier Creek Claims which NSR royalty may be purchased by the Company at any time for $500,000 cash.
The Glacier Creek Crown Grant claim package consists of claims that overlap a portion of the
Company's present Dunwell property as well as extending beyond the current Dunwell property boundaries. The net effect being a significant expansion of the Dunwell project and associated mineral rights.
Darren Blaney, President & CEO of the Company stated: "We are very pleased to be able to acquire this package of Crown Grants as it makes sense to amalgamate the claims into one property. This acquisition expands our Dunwell property considerably and provides for increased exploration potential as work is done in the immediate area hosting the historic Dunwell Mine as well as in the surrounding region. We believe that the Dunwell Mine and the multiple bonanza grade gold and silver showings within several kilometers of the mine are all related geologically and are part of a large underlying system".
Completion of this acquisition is conditional upon, among other things, receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
Any shares issued pursuant to this transaction will be subject to a 4 month hold period pursuant to applicable securities laws.
About American Creek
American Creek is a Canadian junior mineral exploration company with a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific "Golden Triangle"; the Treaty Creek and Electrum joint venture projects with Tudor Gold/Walter Storm as well as the 100% owned past producing Dunwell Mine.
A major drill program was conducted in 2019 at Treaty Creek by JV partner and operator Tudor Gold. The focus of the program was on the Goldstorm zone where drilling has produced very wide intercepts of gold including a 780 meter intercept of 0.683 g/t gold including a higher grade upper portion of 1.095 g/t over 370.5 meters.
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 60% and acting as operator. American Creek and Teuton Resources each have 20% interests in the project. American Creek and Teuton are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both American Creek and Teuton have "free rides".
A drill program was also recently concluded on the 100% owned Dunwell Mine property located near Stewart. Assay results are pending.
The Corporation also holds the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
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.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company's management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company's profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51642