Golcap Executes Option to More Than Double Spences Bridges Gold Belt Property
February 22, 2021 CSE: GCP | OTC: GCRCF
GOLCAP EXECUTES OPTION TO MORE THAN
DOUBLE SPENCES BRIDGES GOLD BELT
PROPERTY
Vancouver, BC: Golcap Resources Corp. (CSE: GCP) (OTC: GCR CF) (the “Company” or
“Golcap”) is pleased to annou nce that it has entered into a n option agreement (“Agreement”)
with Clive Brookes (“Optionor”) for the Otter Lake claims (the “Claims”) that are adjacent to its
existing Redcap Property. The Claims, which also border Talisker Resources, will become a part
of the Redcap Property.
The Agreement more than doubles Golcap’s land package to 3938 h ectares (“ha”) in the new,
highly prospective Spences Bridges Gol d Belt (SBGB), located in southern BC where Westhaven
Gold has recently discovered 4 high-grade gold -bearing zones. The Otter Lake claims are
strategically located in the heart of an area that has seen plenty of high -grade gold, silver and
copper discoveries in recent y ears from neighbours Copper Mountain Mining, Kodiak Copper,
Westhaven Gold and Talisk er Resources. A major staking rush has transpire d in the vi cinity as
well as significant investments including Teck Resources acquiring 9.9% ownership in Kodiak
Copper.
Terms of the Otter Lake Agreement:
Under the Agreement, Golcap has the exclusive right and option to acquire a 100% interest in
the Claims by issuing shares and incurring exploration expenditures under the following
schedule:
Date Shares Exploration Expenditures
On the Effective Date 250,000 0
Year 1 Anniversary Date 500,000 Greater of $25,000 or amount required to keep the
Property in good standing
Year 2 Anniversary Date 750,000 Greater of $50,000 or amount required to keep the
Property in good standing
Year 3 Anniversary Date 1,000,000 $100,000
Total 2,500,000 $175,000
The Optionor will retain a 2% net smelter return royalty with the Company having the right, at
any time, to buyback each 0.5% of the royalty for $500,000, up to 1%.
A field exploration program was co mpleted in 2020 on the Claims, consisting of prospecting,
surveying and sampling . Parts of the claims contain ing SBGB v olcanic rocks w ere explored
closely for potential mineralization similar to that exis ting at Westhaven’s Shovelnose property,
located 25 km awa y. Results from 2020 and h istorical data are currently being reviewed and a
follow up field exploration program will begin in early 2021.
Gordon Lam, CEO of Golca p, comments, “We are extremel y p leased to be able t o make this
significant property acquisition adjacent to our R edcap in this new , emerging gold b elt
surrounded by the likes of Kodiak Copper, Westhaven Gold and Talisker Re sources. But we
aren’t done yet. As a newly listed company, we are well-positioned to make further acquisitions
in the immediate area with a goal of becoming a major player . With all the high -grade
discoveries and tens of millions in bought deal investments recently, including from ma jor
resource firms, we envision ample opportunity in this emergin g gold and copper district. N ow
with a sizable land position in the Spe nces Bridg es G old Belt, we are gearing up for the
upcoming exploration season. Our immediate plans are to follow up on the numerous showings
already identified on the property, with potential drilling later in the year.”
On behalf of the Board of Directors
Gordon Lam
President and Chief Executive Officer
Email: [email protected]
Telephone: (604) 675-2011
Website: www.golcapresources.com
The information in this news release includes certain information and statements about management's view of
future events, expectations, plans and prospects that constitute forward looking statements. These statements
are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and
uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by these forward looking statements.
Forward-looking statements in this news release include, but are not limited to, the Company’s proposed use
of the proceeds of its initial public offering. Any number of factors could cause actual results to differ
materially from these forward-looking statements as well as future results. Although the Company believes
that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be correct. Except as required by law, the
Company disclaims any intention and assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this
release.