Sunvest Receives TSX Venture Approval for Evening Star Property, Nevada
January 5, 2017 (Source) — Sunvest Minerals Corp. (TSX-V: SSS) (“Sunvest Minerals” or the “Company”) is pleased to announce that it has received TSX Venture approval for the option agreement to earn a 100% interest in the Evening Star Property, located 12 kilometers southeast of Hawthorne, Nevada in the prolific Walker Lane Structural Zone of the west-central part of the state (see PR dated December 1, 2016). The Evening Star property comprises 13 core claims and 30 newly located claims, totally 820 acres (323 ha). The property covers two historic, formerly producing mines, the Evening Star mine and the Gold Bug mine.
Company geologists will be performing a second site visit January 15th and will be joined by Hrayr Agnerian, P.Geo. of Ontario who was the geologist on the project in 1970 when a drill hole intersected, near the Gold Bug mine area, a wide zone of lead, zinc and silver mineralization, with minor copper values over 169.0 metres (554.5 feet) had a weighed average of 93.2 grams per tonne silver (2.72 ounces per ton silver), 3.29 per cent lead, 1.45 per cent zinc and 0.22 per cent copper.
Past exploration works consisted in partial geological mapping, rock sampling and the drilling of one diamond drill hole, in which two intercepts were reported1:
- From 48.5 meters (159 feet) returned 6.1 m (20 ft.) averaging 408 g/t Ag (11.9 oz/t Ag), 14.88 % Pb, 4.70 % Zn and 0.16 % Cu;
- A second intercept from 76.8 meters (252 feet) returned 18.6 meters (61.0 ft.) averaging 277.8 g/t Ag (8.10 oz/t Ag), 9.73 % Pb, 5.36 % Zn and 0.27% Cu.
Surface samples collected in 2002 by the previous owners, Consolidated Goldfield Ltd (“CGF”), also identified several gold anomalies ranging up to 11.31 g/t Au gold (0.33 oz/t) from the historic Evening Star mine area 2.
The principal exploration targets are the extensions of the replacement gold zones of the Evening Star deposit, along its northeast strike and southeast plunge and the contact metamorphic calc-silicate skarn located in the northern portion of the claim block.
The Evening Star Mine shows a similar geological context as La Panta Mine located about 1.6 km to the west and is known as a replacement or manto type deposit where free gold is contained in irregular masses of siliceous ferruginous locally jasperoidal gossan material forming replacement bodies in limestone. The Gold Bug Mine is a skarn type deposit where copper mineralization occurs along the contact between quartz monzonite and limestone. The property is readily accessible by well-maintained dirt roads, south for approximately 9 kilometers from U.S. Highway 95. Despite the mining history that dates from the early 1900’s, the property has seen little modern exploration.
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The reader is cautioned that these historic drill-hole results (1968) were completed prior to the implementation of National Instrument 43-101, and must be considered only as a historic reference. Neither the Company nor its qualified persons have done sufficient work to verify this historic drill hole. Additional work including surface geophysics, drilling and borehole geophysics may need to be completed to verify the mineralization presented in this historic drill hole.
“We believe the Evening Star property represents an excellent early stage exploration project with potential for significant gold, silver, lead, zinc and copper mineralization, in an attractive, favourable pro-active mining jurisdiction. The Evening Star property has excellent logistics and can readily be worked year round. A preliminary work program is planned for the 1st quarter of 2017 to define drill targets,” stated Mike England, President of the Company.
The cumulative acquisition terms to acquire an 80% interest in the Evening Star Property are cumulative cash payments of US $175,000, the issuance of 550,000 shares of the company over three years to one party, and cash payments of US $45,000 by June 4, 2018 and 200,000 shares over a three year period to an underlying second party.
The Company has a second option to increase its interest by a further 20% (to 100%) by paying the first party US $200,000 and issuing 500,000 shares, and paying the second party US $250,000, over an additional 24 – month period.
The Net Smelter Royalty (“NSR”) of 0.5 % will be granted to the first party. An additional 2% NSR will be granted to the second party, of which 1% can be purchased for cancellation at the Company’s option for US $500,000, and the remaining 1% NSR can be purchased for cancellation for US $1,000,000, for a period of five years commencing after the exercise of the 2nd Option.
- Agnerian H.G., 1970 Geological Report on the Digmore Claims, Garfield Hills, Mineral County, Nevada, USA for Rose Pass Mines Ltd. 13p.
- Consolidated Goldfield’s website http://www.consolidatedgold.com/mining-projects/the-gold-star-gold-silver-copper-property/
Garry Clark, P. Geo, 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 Evening Star Property. The property has not been the subject of an NI 43-101 report.
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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