JNC Resources Signs Option Agreement with Great Basis Resourcs to Acquire 100% Interest in the Imperial Property in Nevada
JNC RESOURCES INC.
Suite 615 – 800 West Pender Street,
Vancouver, BC V6C 2V6
NEWS RELEASE
JNC RESOURCES SIGNS OPTION AGREEMENT WITH GREAT BASIN RESOURCES TO
ACQUIRE 100% INTEREST IN THE IMPERIAL PROPERTY IN NEVADA
June 22, 2020 Trading Symbol: JNC (CSE)
Vancouver, B.C. – JNC Resources Inc. (the “Company”) is pleased to announce that it has signed an
option agreement (the “Agreement”) with Great Basin Resources (“Great Basin”) to acquire
100% control and interest in the Imperial Project in Nevada. The Imperial Property is located in
Esmeralda County, Nevada, which has been a prolific mining area in the state. The Property is
in close proximity to the town of Goldfields, where gold production occurred in the early part of
the 20th century.
Under the terms of the Agreement, the Company can earn a 100% interest in the Imperial
Property by making cash payments totaling US $270,000 over seven years ($10,000 in the first
year) and incur minimum exploration expenditures totaling US $4,300,000 over seven years
($50,000 in the first year). Great Basin will maintain a 3% net smelter return royalty on the
Imperial Property.
Based on exploration data provided by Great Basin and reviewed by the Company’s chief
geologist, the Imperial Project presents three major, predominantly gold, targets for exploration.
The first target, along the Imperial Fault, contains high grade veins and lower grade decalcified
rock in the area of previous mining. The second target is an IP anomaly which has no previous
drilling. The third target is a zone where the favorable host rock has dipped under other units, but
jasperoids at surface show fluids have flowed through the favorable host at depth. There is
potential for both high grade veins and Carlin style mineralization in this area, which has also
never been drilled. Also of interest are the high copper values found in the eastern portion of the
project area, where some porphyry copper exploration was done in the 1960’s. An intrusive at
depth could have Battle Mountain style (Fortitude) gold deposits surrounding it.
Due to covid 19 related travel restrictions, the Company expects to retain Great Basin as the
operator of the initial drill program which the Company intends to fund this summer. Great Basin
is led by its President, Mr. Richard Kern, M.Sc, P.Geo, who prior to forming Great Basin
Resources Inc., co-founded MinQuest Inc. in 1998 and managed significant gold discoveries at
Fire Creek and Longstreet, Nevada and at Moss, Arizona. Mr. Kern held positions with several
major mining companies before starting his own company. He is a Professional Geologist with
over 35 years’ experience in base and precious metal exploration in the U.S., Central America,
South America, and Australia. Mr. Kern has had field, executive, and management level
positions in companies such as North Mining, Homestake Mining Company, and Superior Oil.
He has been involved in major mineral discoveries in the Western United States and Australia.
“We are very excited about the opportunity to begin operations in Nevada, as the Imperial
Project has drill permits in place,” stated CEO Mr. Michael Mulberry. “Geophysical surveys are
needed to determine the potential for this type of target; however with the history of gold
deposits at these properties, we are confident about the success of our drilling program. We are
cognizant of the money we need to spend in this particular gold rush and that is why we believe
that the potential with this Imperial Project makes sense for our organization and with the
addition of someone as the caliber of Richard and the experience and knowledge that he brings
with him, we believe this is a perfect fit for our company. We look forward to the possibilities
and potential this brings to maximize shareholder value.”
Qualified Persons
Warren Robb, P.Geo., is the qualified person for the Company as defined in National Instrument
43-101 and has reviewed the technical information presented within this news release.
About JNC Resources Inc.
JNC is a Canadian-based junior venture mineral exploration company with a goal to develop
under-explored properties and benefit from deal flow generated by strategic partnerships and
growth opportunities. Currently the Company is developing its 100% optioned Triple 9 Project in
South Central British Columbia. The Triple 9 Project is a gold property with a new discovery of
high levels of base metals, located 20 kilometres from the town of Sicamous. The area is a
mining-friendly region within a short distance to numerous industrial-based cities with an eager
work force and equipment and is a short drive from the Company’s home base in Vancouver.
For further information please contact:
Michael Mulberry
T: 778-855-5001
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can
be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and
uncertainties that may cause actual results, performance or developments to differ materially from those contained in such
statements.
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RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.