VANCOUVER, BC, July 27, 2021 /CNW/ - Stuhini Exploration Ltd. (TSXV: STU) (the "Company" or "Stuhini") announces that it has acquired two mineral properties in British Columbia .
The Island Property was acquired from Brixton Metals Corporation's (TSXV: BBB) ("Brixton") for $60,000 cash and is roughly 1,277 hectares in size. The Island Property is located near Atlin, BC and is contiguous with the south-central border of the Company's Ruby Creek Property. Brixton is an arm's length party to the Company and no finder's fees were paid in connection with the transaction, nor are there any work commitments. Brixton reserved a 1.0% net smelter returns royalty ("NSR") interest on the Island Property. An additional 1% NSR on the Island Property is reserved to other arm's length parties from whom Brixton originally purchased the Island Property. The Island Property has potential for significant gold mineralization and includes the middle to lower sections of Wright Creek and a section of Otter Creek, both of which have been the focus of significant historic placer gold mining. The tenures are underlain by Cache Creek Complex, which consists of mafic volcanics, cherts and argillite that are intruded by ultramafics.
The Big Ledge Property is located in southeastern BC roughly 57 kilometres south of the city of Revelstoke and was acquired from a director to the Company for nominal consideration and is roughly 5094 hectares in size. No royalties, finder's fees or work commitments are associated with this transaction. The Big Ledge Property is a stratiform zinc deposit and is road accessible via a forest service road from Highway 23. The mineralization consists of sphalerite, pyrite, pyrrhotite, galena, with lesser chalcopyrite and marcasite hosted in a folded assemblage of marble and quartzite known as the Ledge Unit within the Shuswap metamorphic complex of the Proterozoic Monashee Group. The mineralized zones have been reported up to 18 metres in thickness in drilling and have been traced through geophysics and prospecting for distances of over 5 kilometres. The most recent historic samples have assayed up to 4.70 % zinc.
Mr. David O'Brien President & CEO of Stuhini stated: "The Island Property acquisition is a great opportunity to further explore highly prospective, road-accessible ground in the Atlin gold camp. Both Wright and Otter Creeks have had a rich history of placer gold production and gold-bearing quartz veins have been previously found in the bedrock on Otter Creek. The Big Ledge Property provides the Company a low-risk opportunity to explore a potentially significant zinc deposit. This property is also road accessible and located much further south than our Ruby Creek and Que Projects, thus allowing a longer and less expensive window for exploration while at the same time enjoying the advantage of being serviced out of Revelstoke and surrounding communities. Both property acquisitions are in line with our goal of enhancing shareholder value by acquiring and exploring cost-effectively high potential mineral projects in western Canada."
In other Company news, Company geologists and consultants continue to explore the Ruby Creek Property. Early work concentrated on the southwestern portion of the tenures and include the Lakeview, Little Edna and Boulder Creek gold targets (see May 5th, 2021 news release) and in the northeastern portions of the tenures following up on the Silver Surprise target where grab samples from the 2020 exploration program assayed as high as 14,179 g/t silver (see April 6th, 2021 news release). Work includes soil sampling, mapping, prospecting, airborne hyperspectral surveying and induced polarization surveying.
Andrew Wilkins, P.Geo., is the Qualified Person as defined by National Instrument 43-101 and has approved all technical information contained herein
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada. The Company's portfolio of exploration properties includes its flagship Ruby Creek Property located approximately 20 km east of Atlin, BC, the Que Property located approximately 70 km north of Johnson's Crossing in the Yukon, the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba and the Big Ledge Property located approximately 57 km south of Revelstoke, BC.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company's strategic plans, the Island Property, the Ruby Creek Property the Big Ledge Property and the South Thompson Property and the timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from sampling, and geological information projected from sampling results. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, conditions in general economic and financial markets, accuracy of assay results, geological interpretations from sampling results, timing and amount of capital expenditures, the effect of Covid019 on the Company's ability to conduct exploration, performance of available laboratory and other related services, future exploration cost, receipt of any and all necessary regulatory, governmental and corporate approvals title matters; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSXV and applicable Canadian securities regulators., and Stuhini's financial condition. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including the timing and content of work programs, results of exploration activities and development of mineral properties, the interpretation and uncertainties of sampling results and other geological data, receipt, maintenance and security of permits and mineral property titles environmental and other regulatory risks, project cost overruns or unanticipated costs and expenses, availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
David O’Brien
President & Chief Executive Officer
Stuhini Exploration Ltd.
Email: dobrien@stuhini.com
Phone: (604) 418-4019
Web: www.stuhini.com
SOURCE Stuhini Exploration Ltd.
