ArcPacific Mobilizes Diamond Drill to Rickard Gold Property Near Timmins Ontario
ArcPacific Mobilizes Diamond Drill to Rickard
Gold Property Near Timmins Ontario
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) -
ArcPacific Resources Corp.
(TSXV: ACP
)
("
ACP
" or the "
Company
") is pleased to announce that it has mobilized a diamond drill
to its Rickard Gold Project (the "
Property
") near Timmins, Ontario, for its initial drilling program
consisting of up to 4,000 metres of NQ sized core.
Highlights
Diamond Drill has been mobilized to Rickard project.
Planned 15 holes, up to 4,000 meters of NQ diamond drilling.
High grade gold in targets in well developed greenstone quartz carbonate vein system.
LIDAR Surface modeling completed; multiple property wide targets identified.
3D modeling completed, potential for extensions of mineralized zones and parallel structures.
Cost-effective road accessible skid drilling.
Adrian Smith, CEO of ACP Resources comments: "We are excited to begin our initial drilling program at
the Rickard gold project. We have taken the time to build a 3D underground mine model and to project
mineralization on trend. Visible gold mineralization was historically reported near surface from the
Rickard mine, and it is our goal to follow this to depth and make new discoveries as we begin work on
the property wide, geologically complex shear zone."
Initial drilling will target near mine extensions, and parallel structures identified in the LIDAR and data
compilation work. The planned initial drilling program of up to 4,000 meters of NQ size core will utilize the
detailed 3D modeling and aim to identify gold mineralization historically reported to occur in high-grade
ore shoots within multiple sub-parallel well-developed vein structures. To date there has been very little to
no systematic exploration on the property to identify and follow the structurally controlled gold
mineralization. Notably the Property remains open in multiple areas for new discoveries.
The recently flown LIDAR survey on the Property was successful in identifying historic workings and
disturbed areas and identified additional vein structures in multiple areas. These vein features are subtle
resistive features in contrast with the country rock and can be identified though tree cover in places of
minimal overburden. Some of the veins identified in the LIDAR are confirmed in historic trench locations
with reported gold values. Work is now being planned to resample these areas and prioritize additional
drill targets across the Rickard Project area which is now over 56 square kilometres in size.
Rickard Gold Project Overview
The Rickard Property is host to the historic high-grade Rickard gold mine in the Abitibi Greenstone Belt
in Ontario, Canada. The project is located approximately 70 kilometres from Timmins in the Timmins
Gold Camp which has produced over 80 million ounces of gold over the last 100 years. The project is
well located and sits within 25 to 60 kilometers of six currently producing gold mines and eight previous
producers.
Gold was discovered on the Property in 1917 and was quickly developed into a mine with the primary
zone consisting of two, one-to-two-meter-wide, veins striking for at least 200 metres. Shafts have been
sunk on the Property to a maximum depth of 85 meters, where no mining has taken place below this
level.
Only limited exploration drilling has been completed on the Property and the vein systems are well
developed with minimal exploration drilling testing the gold mineralization to depth and along strike.
Given the significant vertical extent of many greenstone hosted quartz carbonate Archean lode gold
systems in the region, potential exists to define a greater depth extent of the high-grade shoots
historically mined and to identify additional high-grade shoots elsewhere on the Property.
The property consists of 5,656 hectares of mining claims including three patented parcels which are
road accessible, proximal to power and a local work force. Access onto the project area is 20 kilometers
from the nearest main highway where well developed road networks makes year-round operations
possible.
The Company also announces that it has issued 300,000 stock options to consultants to purchase up to
300,000 common shares of the Company. The options are exercisable for a period of two years from
grant with an exercise price of $0.10.
Disclosure
The Qualified Person ("QP") for the Company has not verified the historic sample analytical data
disclosed within this release. While the Company has obtained all historic records including analytical
data from the previous owner of the Property, the Company has not independently verified the results
of the historic sampling.
Adrian Smith, P.Geo., is a QP as defined by National Instrument 43-101 for the above-mentioned
project. The QP is a member in good standing of the Professional Geoscientists Ontario (PGO) and is
a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical
information disclosed above.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSXV: ACP) is a Canadian based exploration company expanding the
exploration initiative at multiple historic past producing gold and silver mines in the Timmins Gold Camp,
Ontario, and in the Nicola Mining Division in Southern British Columbia. The Company is focused on
creating shareholder value through new discoveries and strategic development of its mineral properties.
For further information, please visit
http://www.arcpacific.ca
.
ON BEHALF OF THE BOARD OF DIRECTORS
/S "Adrian Smith"
CEO and Director
The forward-looking statements contained in this press release are made as of the date hereof and
ArcPacific Resources Corp. undertakes no obligations to update publicly or revise any forward-
looking statements or information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact us at
or 1.778.331.3816.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/78780