Golden Peak Options Additional Claims at the Atikwa Lake Property in the Thunder Bay Mining District.
510-744 West Hastings Street,
Vancouver, BC V6C 1A5
Office: 604.678.5308
TF: 1.855.584.0160
www.goldenpeakminerals.com
Golden Peak Options Additional Claims at the Atikwa Lake
Property in the Thunder Bay Mining District.
Vancouver, BC – June 20, 2017 : Golden Peak Minerals Inc. (TSX-V: GP; US: GPKMF )
(“ Golden Peak ” or the “ Company ”) is pleased to announce that it has entered into an option
agreement to acquire a 100% interest in 10 mineral claims totaling 2,201 hectares in the Atikwa
Lake area, Kenora Mining District, Ontario.
Wes Hanson P.Geo., President and CEO notes: “We are very pleased to expand the footprint of
the Atikwa Lake Project in northwest Ontario. The p roject is 100 km north of Newgold’s Rainy
River Gold Project (6.5 M ozs), within the Rowan Lake Greenstone Belt, an emerging exploration
district that is highly prospective for both gold and base metal mineralization. The Cameron Gold
Deposit (First Mining Finance Corp.) is 15 km to th e south with a near surface measured and
indicated resource approaching 500,000 ounces with an average grade of 2.5 g/t gold. The past
producing Maybrun Gold Copper Mine is centered with in the assembled land package. In 2011,
drilling near the Maybrun Mine intersected broad in tervals of near surface gold mineralization
including 2.4 g/t gold over 53.0 metres and 4.1 g/t gold over 16.0 metres. We believe Atikwa offers
an excellent opportunity to discover additional, near surface gold and base metal mineralization.
We are currently reviewing the historical data to identify and prioritize targets for follow up field
work.”
Under the terms of the agreement in order to earn a 100% interest in the property, the Company
must issue a total of 185,000 common shares and pay an aggregate of $130,000 over a three year
period. The optionors will retain a 2% net smelter return royalty on the property, half of which
can be purchased by the Company for $1,000,000.
Following is a location map to the properties: http://goldenpeakminerals.com/projects/atikwa-
lake-property .
Active mining operations at the Maybrun Gold-Copper Mine ceased in 1974. Opiwica
Explorations Inc. (“ Opiwica ”) acquired the property in 2005 and from 2005 thro ugh 2010,
Opiwica completed 24,748 meters of diamond drilling , largely focused on identifying a near
surface mineral resource at the Maybrun mine. In 20 09, Opiwica estimated an indicated and
inferred mineral resource at Maybrun as presented in Table 1.0.
Table 1.0 2009 Mineral Resource Estimate for the At ikwa Lake Project
Classification Tonnes Gold Copper
(x 1000) Au (g/t) Cu (%) (ozs) (lbs)
Indicated 7,366 0.64 0.41 152,000 66,466,000
Inferred 10,592 0.90 0.20 301,000 52,239,000
Grade
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The Company considers the historical estimate to be relevant and reliable given that it was
prepared under NI 43-101 standards. The Company con siders this resource estimate to be
historical; it has not independently verified it, a nd therefore it cannot be relied upon as a current
mineral resource for the Company. A qualified perso n of the Company has not done sufficient
work to classify the historical estimate as current mineral resources or mineral reserves, and the
Company is not treating the historical estimate as current mineral resources.
The mineral resource estimate in Table 1.0 was comm issioned by Opiwica and estimated by
P. Palmer P.Geo., P.Eng. and G. Greenough P.Geo. of Golder Associates Ltd., Sudbury, ON
(“Golder”).
The procedures, methodology, results and conclusion s are summarized in the Technical Report
titled “Technical Report on the Atikwa Lake (Maybrun) Copper-Gold Property District of Kenora,
Ontario, Canada” with and effective date of March 2 0, 2009.
The mineral resource estimate used modern, three di mensional computer estimation methods and
industry accepted software. The estimate was comple ted by qualified persons that were
independent of Opiwica. The procedures and methods used were generally accepted industry
practice in 2009. The key assumptions, parameters a nd methods used in completing the estimate
include:
• Gold price US$ 750 per ounce.
• Copper price US$ 1.75 per pound.
• Gold Equivalent formula: Au Eq = Au+(Cu*22.05*1.75/750*31.1035).
• Au Eq cutoff grade = 0.40 g/t Au Eq.
• Mining losses = 0%
• Mine Dilution = 0%
• Metallurgical recovery = 0%
• Database
o Indicated Drill data from Opiwica collected from 2005-2008 - 106 holes (18,895 m).
o Inferred Drill data from Opiwica collected from 200 5 – 2008 – 106 holes
(18.895m) and drill data from Maybrun Mines 236 holes (28,570m)
• Data Verification – 9% of the database was verified by the independent qualified persons.
Golden Peak does not consider the mineral resource estimate to be current as mining and
metallurgical recovery factors and mining dilution were not considered and metal prices have
increased significantly since the 2009 estimate.
Golden Peak considers the resource estimate to be i ndependent, professional confirmation that
potentially economic gold and copper mineralization is present and that said mineralization occurs
near surface.
About Golden Peak Minerals
Golden Peak Minerals Inc. (TSX.V: GP ) is a well-financed Canadian junior precious metal s
company, focused on the exploration of its strategic land position assembled in the prolific Hemlo
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Gold Mining Camp. The Company is comprised of a pro ven management group of experienced
technical, geological, engineering, and market/fina nce professionals, tasked with building new
strategic partnerships to maximize the exploration activity and discovery potential of its land
holdings.
Wes Hanson, P.Geo. has approved the technical information contained in this release. Mr. Hanson
is a director and Chief Executive Officer of the Company and is a Qualified Person as defined by
NI 43-101.
On Behalf of the Board,
Wes Hanson P.Geo., President and CEO
For more information, please contact [email protected] or
call toll-free: +1 (855) 584-0160
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.