ArcPacific Resources Acquires the High Grade Historic Rickard Gold Mine Property in
ArcPacific Resources Acquires the High Grade
Historic Rickard Gold Mine Property in
Timmins, Ontario
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2020) -
ArcPacific Resources Corp.
(TSXV: ACP)
("
ACP
" or the "
Company
") is pleased to announce it has entered into an assignment
agreement dated September 9, 2020 (the "
Assignment Agreement
") with a private company Tauro
Capital Corp. ("
Tauro
") to acquire an undivided 100% interest in and to certain mineral claims located
in Ontario commonly referred to as the Rickard Gold property (the "
Property
"). Tauro previously entered
into an option agreement (the "
Option Agreement
") with Recoskie Contracting Limited and Edward J.
Korba (collectively, the "
Optionors
") dated January 3, 2020 to acquire the Property.
The Rickard Gold Project
The 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 within Canada's most prolific gold camp 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. Four shafts have
been sunk on the Property to a maximum depth of 85 meters, where no mining has taken place below
this level. Other highlights from the historic mine workings include up to 146.2 g/t over 1.5 meters
(Rickard Gold Mines underground mine plans).
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 also to identify additional high grade shoots. Early indications suggest that there is
a strong structural control on the high grade gold mineralization and that the historic high grades mined
could not only extend to depth, but also be repeated an en-echelon structures elsewhere on the Property.
Early reports on the project describe "spectacular" visible gold mineralization. Figure 1 attached shows
some of the "spectacular" gold mineralization in a sample taken from the Rickard mine published in an
article describing the mine (Canadian Mining Journal February 15
th
1918 addition).
The Property has permits in place for drilling which will allow work to begin as soon as the historic data
and targets locations have been verified by the Company. Year round access and proximity to major
road networks makes year round drilling possible. The Property consist of 54 single cell mining claims
and one multi cell mining claim for a total of 1,014 hectares which are easily accessible, proximal to
power and a local work force. Access onto the project area is 20 kilometers from the nearest main
highway.
Figure 1
: Sample from the Rickard Gold mine, Timmins Gold Camp, Ontario (Canadian Mining Journal,
February 15 addition, 1918)
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6963/63712_8580f5f2c4b8ea60_001full.jpg
The terms of the Assignment Agreement call for the issuance of 1,000,000 common shares ("
Shares
")
to Tauro upon receipt of TSX-V Approval as consideration for the assignment.
The Company also entered into an amendment agreement dated September 9, 2020 (the "
Amending
Agreement
") with Tauro and the Optionors to amend the Option Agreement. Pursuant to the terms of the
Amending Agreement, the Company shall make the following expenditures, cash payments and share
issuances over a period of three years:
Due Date
Shares Issuances
Cash Payment
Expenditures
Within 5 days of receipt
of regulatory approval
from the TSX-V
115,00 Shares
$42,500
N/A
On or before the 2
nd
anniversary of the
effective date of the
Amending Agreement
90,000 Shares
$75,000
Incur expenditures in the
amount of $150,000 on
the Property.
On or before the 3
rd
anniversary of the
effective date of the
Amending Agreement
150,000 Shares
$150,000
Incur expenditures in the
amount of $250,000 on
the Property.
Total
355,000 Shares
$267,500.00
$400,000 in
expenditures
The Optionors have retained a 3% of Net Smelter Returns ("
NSR
") with respect to the production of all
materials from the Property. The Company is entitled to purchase up to 66.67% of the NSR from the
Optionors at any time for payment of $2,000,000.
Disclosure
The Qualified Person 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 Qualified Person as defined by National Instrument 43-101 for the above-
mentioned project. The QP is a member in good standing of the Association of Professional
Engineers and Geoscientists of British Columbia (APEGBC) as 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 it 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/63712