Eureka Resources Announces Gold Creek Update
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TSXV – EUK
WKN: 875742
ISIN : CA2986551018
Eureka Resources Announces Gold Creek Update
Vancouver, British Columbia February 9, 2017 Eureka Resources Inc. (“Eureka” or
the “Company”) is providing a summary of our plans for 2017 at the Gold Creek
Property located in the center of the historic Caribou Gold Camp.
Since acquiring the property in 2016 our technical group has commenced a review of
the substantial data package that was acquired as part of the Option Agreement.
Previous Operations
The Gold Creek project has a number of favorable attributes including the host lithology
of the property is similar to both our FG project and the Spanish Mountain deposit. The
FG project was one of the first discoveries of this type located in the Quesnel trough.
These deposits are of a typical Sediment Hosted Vein (SHV) type deposit. In 2008 a
program conducted by previous operators indicated that the mineralization encountered
at Gold Creek may include an intrusive related gold source. It is important to note that
SHV and Intrusive related deposits are some of the world’s largest Gold Deposits .
Readers are cautioned that the following results should be considered historical in
nature as the Company has not performed sufficient work to determine whether these
results are compliant with the requirements of National Instrument 43-101.
The Gold Creek project is located approximately 8 km to the Northwest of Spanish
Mountain deposit. The Spanish Mountain deposit has reported resources of Measured
and Indicated 238 million tonnes grading .46g/t for 3.5 million ounces and an Inferred
resource of 311 million tonnes at .35 g/t for a further 3.5 million ounces. (source
Spanish Mountain Gold Ltd. Website corporate presentation).
Exploration targets on the property are gold-bearing quartz veins and gold-silver bearing
stratabound zones of quartz and carbonate-altered quartz-veins that occur in the basal,
black phyllite metasedimentary and greywacke volcanic sequences such as observed in
the Spanish Mountain deposit.
There are a number of significant factors that make Gold Creek a very attractive project
including:
Stable political jurisdiction
Excellent local infrastructure and service centres
Relatively inexpensive grid power
Located close to a number of operating mines
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Further previous drill results have identified areas with attributes that would support a
significant exploration campaign. Past drilling from 2008, and 2011 have been reported
as follows:
In 2011 the drilling program consisted of 25 drill holes and 2501 m of which 5 are
diamond drill holes (1037 m) and the remaining 16 holes (1464 m) completed using a
reverse-circulation drill rig on the Gold Creek prospect 2 kilometres north-east of the
town of Likely in Central British Columbia. The drilling program outlined a gold rich
zone with sample values up to 13.4 g/t Au.
The purpose of the 2011 drill program was to test numerous gold in soil anomalies as
well as expand upon low-grade bulk-tonnage gold mineralization encountered in earlier
drill programs. The strongest encountered gold mineralization to date occurs within the
sheeted quartz-carbonate-pyrite veins (Hole GC11-15 of 1.5 m @ 3.26 g/t Au and
GC11-27 of 1.5 m @13.4 g/t Au) within greywacke units. This style of mineralization
appears to occur along an WNW-ESE trending zone that has been traced along strike
for ~ 300 m and remains open to the east and to depth.
Analysis of the 2011 and 2008 drilling data has shown that there appears to be an
approximately 75-100 m thick and more than 300 m long zone of low-grade gold
mineralization that is open along strike to the southeast and to depth. A total of nine
drill holes have tested this zone to date, which appears to dip steeply to the NE and has
been tested to a maximum vertical depth of ~250 m. The table below summarizes the
drilling results from this mineralized zone to date:
Hole No. Easting (WGS84) Northing (WGS84) Total Length From (m) To (m) Interval (m)* Au (g/t)**
Diamond Drill Holes
GC08‐01 599217 5831231 124.53 12.19 73.15 60.96 0.757
GC08‐02 599217 5831231 256.03 20.03 87.79 67.76 0.421
GC08‐03 599217 5831231 103.63 2.74 67.67 64.93 0.281
GC08‐04 599294 5831103 117.35 7.01 103.76 97.75 0.355
GC08‐05 599294 5831088 183.18 6.41 113.08 106.67 0.327
GC08‐06 599294 5831088 274.62 18.29 274.62 256.33 0.245
GC11‐14 599214 5831230 150 4.0 31.0 27.0 0.362
GC11‐15 599211 5831235 261 14.0 91.0 77.0 0.316
incl. 15.5 17.0 1.5 3.261
and 173.5 212.5 39.0 0.131
incl. 175.5 176.5 1.0 2.164
GC11‐27 599278 5831143 44.2 3.1 44.2 41.2 0.893
incl. 3.1 32.0 29.0 1.093
incl. 10.7 12.2 1.5 13.400
*drilling intercept length, not true widths; **un-cut average Au assays
Drilling discussion is taken from Bullion Resources Inc October 8. 2013 News Release
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The northwest end of the zone appears to be cut by a fault zone but as mentioned
above the zone is open to the SE where future drilling has yet to test the gold in soil
anomaly (> 50 ppb Au in soil) which extends to the southeast for ~ 900 m on the Gold
Creek prospect.
The attached map shows the extent of the gold mineralization on the Gold Creek
prospect. The company is very encouraged by these results.
Future exploration will focus on defining the limits of the mineralization with the objective
of preparing a 43-101 compliant resource estimate on the Gold Creek prospect.
ABOUT EUREKA
Gold projects include the FG property in the Cariboo area of central British Columbia
having an indicated resource of 376,000 ounces of gold and an inferred resource of
634,900 ounces of gold and the Gold Creek gold property in the gold belt of the
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Company’s FG project. The FG project is an advanced stage gold project, currently
under option to Canarc Resource Corp.
The Gold Creek property is a project locat ed proximal to and with si milar geology to the
Spanish Mountain deposit.
Eureka has recently concluded the purchase of the Luxor project and the TAK property
in the famous and very active Dawson Range Gold belt of western Yukon Territory.
Eureka owns a 50% interest in the Gemini lithium brine projec t located in the Lida
Valley, approximately 40 km (26 miles) south of the Cla yton Valley, which contains
North America’s only producing lithium depos it. Drilling is anticipated to commence in
2017. The drilling has been dela yed because of the success of our partners Nevada
Sunrise and Advantage Lithium who have electe d to retain the drilling crew at their
Clayton Northeast project (see AAL and NEV news releases December 2016).
Kristian Whitehead P.Geo and John Kerr P. Eng. is the Company's designated
Qualified Persons for this news releas e within the meaning of NI 43-101 and
haves reviewed and approved the technical information described in this news
release.
Further information on Eureka can be found on the Company ’s website at
www.eurekaresourcesinc.com and at www.s edar.com, or by contacting Michael
Sweatman, President and CEO, or Bob Ferguson by email at
[email protected] or by telephone at (604) 449-2273.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not
historical facts. Forward-looking statements involve risks, unc ertainties, and other factors that could cause actual results,
performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking
statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the
Company's proposed financings, objectives, goals and future exploration plans at the Gemini Project and the FG Project, the
costs related to the Company’s proposed exploration programs, and the business and operations of the Company. Forward-
looking statements are necessarily based on a number of esti mates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncer tainties and other factors which may cause actual results and future events to
differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not
limited to: general business, economic and social uncertaintie s; litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those
additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed
in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-
looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Except where required by law, the Company disclaims any intent ion or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise.