Tickers: XCNQ:SRS, PINX:SRSEF
Tags: Mining
Shamrock Enterprises Inc. / TheNewswire / October 30 2017 - ("Shamrock" or the "Company"), a Canadian mineral exploration company, is pleased to announce it has signed an Option Agreement to acquire a 100% interest in 16 mineral claims from a private vendor, within British Columbia's Golden Triangle. The properties include the Portland Project, 22 km northeast of Stewart, consisting of 14 contiguous mineral claims covering an area of 2,416 hectares (over 24 sq. km) and two additional separate mineral claims, the American Creek and Kimball Lake claims, 37 km and 42 km northeast of Stewart, covering a combined area of 359 hectares.
The Golden Triangle hosts some of the world's largest precious metal discoveries. The historic Eskay Creek gold/silver deposit produced over 160 million ounces of silver and 3 million ounces of gold. Closer to Stewart, the world's largest undeveloped gold deposit, Seabridges's KSM project is permitted for production with proven and probable reserves of over 38 million ounces of gold and 10 billion pounds of copper with a mine life of 52 years. The Valley of the Kings deposit, owned by Pretivm Resources, began production in 2017 and hosts reserves of 8.7 million ounces of gold.
Shamrock's Portland Project is intersected by Hwy 37A, 22 km northeast of Stewart and hosts two Minfile occurrences, the Portland prospect and the Victor showing. The Portland project borders Pretivm Resources Inc. southern claims and is less than 20 km northwest of IDM Mining's Red Mountain gold/silver project which announced positive feasibility in June 2017. A map of the Portland Project claims is available on the Shamrock Enterprises website at http://www.shamrockresources.com/index.php/projects
Project Highlights:
-Close proximity to the town of Stewart and infrastructure,
-Highly skilled local workforce,
-Portland project southern claims are road accessible,
-138 Kv Power Line transects the Portland claim group,
-Portland prospect adit grab sample assayed 8.6 g/t gold and 432 g/t silver. (Geological Survey of Canada Memoir 175, page 136),
-Victor showing adit dump sample assayed 582.9 g/t silver, 44% lead, 22.6 % zinc and a trace of gold (Ministry of Mines Annual Report 1910, page 82),
-Within 50 km of past producers Scottie Gold, Granduc and Premier mines.
Mineral Occurrences
The Portland Project occurrence (Minfile 104A 031, 1935) approximately 900 meters north of Hwy 37A is a grab sample taken from a mineralized quartz vein up to 0.6 meters wide in zone of brecciated argillite exposed in a 60 meter long tunnel. The showing comprises a narrow, north striking, steeply west dipping quartz vein, up to 0.6 meter wide, in a zone of brecciated argillite. The grab sample from the adit assayed 8.6 g/t gold and 432 g/t silver (Geological Survey of Canada Memoir 175, page 136). During previous exploration during 1910-1912, The Portland Bear River Mining Company Ltd. carried out tunneling and open cutting, but since then, very little modern exploration has been conducted on the property.
The Victor showing (Minfile 104A 046, 1910) approximately 250 meters south of Hwy 37A is a grab sample taken from an adit dump which assayed 582.9 g/t silver, 44% lead, 22.6 % zinc and a trace of gold (Ministry of Mines Annual Report 1910, page 82). Mineralization at the adit, comprises a northwest trending fracture zone. The zone lies at the contact of a porphyry dike in argillite and hosts at least two lenses of nearly massive sphalerite-galena. The northwestern lens is 6.1 meters long, 4.6 meters deep and 0.25 meter wide. The southeastern lens is about 4.6 meters long and 0.1 to 0.2-metre-wide (Minister of Mines Annual Report 1910). Bear River Canyon Mining Co. Ltd. had previously explored the property during 1909-1910, and completed a series of open cuts and at least one tunnel, 43 meters long. The property has seen very little modern exploration programs since this time.
Terms of the Agreement
Shamrock Enterprises can acquire 100% interest in the Properties for total consideration of 2,300,000 shares, $150,000 in cash payments and a $300,000 work commitments over 3 years. The Vendor retains a 3% net smelter royalty with a buyout of any portion of up to 2% for $2 million.
The contents of this news release have been reviewed and approved by Plen Dickson, P. Eng., a Qualified Person as defined in National Policy 43-101
About Shamrock: Shamrock Enterprises Inc. is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of silver and other precious metal properties in North America. The Company's common shares are listed and posted for trading on the Canadian Securities Exchange ("CSE") under the symbol "SRS".
The Company believes these historical results provide an indication of the potential of the property and are reported because they are deemed relevant to the description of the properties. The historical information contained in this press release has been verified to the extent that the sources of information stem from reliable reports. Actual assay certificates and individual assay that comprise composite assay information are not available for verification. Shamrock does not imply or suggest that the geology or mineralization on Portland, American Creek or Kimball Lake claims are similar to any projects within close proximity or adjacent to our projects and any exploration and development by Shamrock may not obtain similar results. Investors are cautioned that mineral deposits on adjacent properties do not necessarily indicate and do not prove the existence, nature or extent of mineral deposits at the Portland, American Creek or the Kimball Lake claims.
On behalf of the Board,
"Bob Faris"
CEO
For further information, please contact:
Shamrock Enterprises Inc.
Bob Faris, Chief Executive Officer
Phone: (604) 880-2121
Neither the Canadian Securities Exchange nor its Regulation Services Provider
accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
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