Sunvest Minerals Corp.: Update on the McKinnon – Hawkins Project, Northwestern Ontario
December 6, 2016 (Source) — Sunvest Minerals Corp. (TSX-V: SSS) (“Sunvest Minerals” or the “Company”) is pleased to announce several significant milestones on the McKinnon-Hawkins project, located in Hawkins and Walls townships, Ontario. The McKinnon – Hawkins project represents an advanced exploration gold project for the company, with a maiden 43-101 resource estimate of 239,100 ounces of gold, with excellent potential to grow resources and discover new zones of gold mineralization.
Since the acquisition, through an option agreement to acquire a 100% interest in the project, was announced on September 7, 2016 the company is pleased to report:
- Approval of the 43-101 report by the TSX Venture. Available on SEDAR.
- Property enlarged by staking, increased by 100% to 11,808 ha.
- Property covers over 35 kilometers of the “Puskuta Fault Zone” (“PFZ”), a regional structural deformation zone associated with gold mineralization.
- Geophysical field work to start this week, to continue through Christmas and resume in January. Line cutting in progress. Drill contracts being reviewed with an anticipated start date in early January, 2017.
- Discovery of historic drill holes (collars) on the Taylor showing, possibly confirmation of drilling by Hollinger Gold Mines Ltd., from the 1930’s. Sampling by the vendor (Pavey Ark) in June 2016 from the Taylor showing returned values up to 15.77 g/t Au from a grab sample.
The McKinnon-Hawkins gold project is about 85 kilometers south of the town of Hearst, Ontario, with access by logging roads and trails to the Main Zone gold deposit. The Company is acquiring a 100% interest in the project from Pavey Ark Minerals Inc., a private Ontario company, through cash payments of $1-million, the issuance of $1-million worth of shares of the company plus incur expenditures of $2-million over a four-year period. A 0.5-per-cent-to-2-per-cent net smelter return royalty will be granted to the vendor on various claims contained in this agreement.
Recently the Company has received approval by the TSX Venture of the 43-101 resource report, titled “Technical Report and Initial Resource Estimate on the McKinnon Gold Project, Hawkins and Walls Townships, Sault Ste. Marie and Porcupine Mining Divisions, Ontario.” This report was prepared by Eugene Puritch, PEng, president of P&E, an independent qualified person for the purposes of National Instrument 43-101. P&E has estimated that the property has inferred resources of 4,957,000 tonnes at 1.50 grams per tonne gold (239,100 ounces of contained gold) at a cut-off grade of 0.5 gram per tonne gold. The NI 43-101 report can be viewed shortly on the Company’s website or on SEDAR.
The McKinnon-Hawkins project has more than doubled in size with the additional staking of claims by the Company, from 5,824 ha to 11,808 ha. The staking connects the McKinnon-Hawkins, Minnipuka and Puskuta properties and covers over 35 kilometers of the “Puskuta Fault Zone” (“PFZ”), a regional gold mineralized fault joining the Hemlo and Timmins Gold Camps. The PFZ represents a linear regional deformation zone with strong alteration systems and multiple gold occurrences
Company chief executive officer, Mike England, comments: “We are pleased with the progress made to date on the McKinnon-Hawkins project and are looking forward to a drill program in 2017 that will expand the Main Zone gold deposit resources and other parallel gold targets. This will be the first significant work on the Main Zone gold deposit since mid-1980’s, when Falconbridge Gold completed the drilling that comprises the current mineral resource.”
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Garry Clark, PGeo, is a qualified person as defined by National Instrument 43-101 is the independent qualified person responsible for reviewing and approving the technical contents of this press release as they pertain to the McKinnon-Hawkins Property.
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
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