Parkside Resources Options Property in Northwestern Ontario
6 Beaufield Avenue, Toronto, ON M4G 3R3 Tel: 416-452-0455 Fax: 604-643-1200 E-mail: [email protected] www.parksideresources.com
PARKSIDE RESOURCES OPTIONS PROPERTY IN NORTHWESTERN ONTARIO
NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
TORONTO, ONTARIO, October 19, 2015 – Parkside Resources Corporation (NEX: PKS.H) (“Parkside”, or the “Company”) is pleased to announce that it has optioned a property in Aldina Township in the Thunder Bay Mining Division in northwestern Ontario, approximately 55 kms west of Thunder Bay, Ontario. The Calvert Property consists of two contiguous, un-patented mining claims encompassing 256 hectares.
Historically, the property is host to an in situ massive sulfide occurrence discovered by mechanical stripping after following a train of glacial float which included the high grade Stares and Calvert Boulders. A 6.5 meter chip sample of the zone in the Discovery Trench taken by Ontario Ministry of Northern Development and Mines Resident Geologist staff in 2001 assayed 2.44% Zinc (“Zn”), 465 ppm Copper (“Cu”), 521 ppm Lead (“Pb”), 13 ppm Silver (“Ag”) and 54 ppb Gold (“Au”).
Drilling below the Discovery Trench in 2001 returned 2.6 m grading 11.8% Zn, 0.05 % Pb, 0.03 % Cu, 109 g/t silver and 3.20 g/t gold, including a 1 m section grading 31.1% Zn, 0.07% Pb, 0.47% Cu, 188 g/t silver and 4.39 g/t gold (previous claimholder RJK Explorations Ltd. press release, October 4th, 2001). Recent geophysical modeling of a 2004 VTEM survey shows the conductive horizon spatially associated with the sphalerite mineralization to continue well below current drilling depth below the Discovery Trench, as well as along strike in both directions for well over 1 kilometer in total strike length. In addition to the geophysical modeling, a digital geological compliation has identified four untested targets on the project that have been identified by a consulting geologist with expertise in Volcanogenic Massive Sulfide (“VMS”) deposits.
Richard Goldman, President and CEO of Parkside, commented: “We are pleased to be able to add this highly prospective property to Parkside’s property portfolio. Parkside will be commencing its initial exploration program on the property this fall. The Calvert Property hosts in-situ gold-rich zinc sulfides and is close to infrastructure. Our initial work program will consist of mechanical stripping of some of the recently identified untested targets with the hopes of uncovering additional Cu-Zn-Pb-Ag-Au VMS mineralization.”
Under the terms of the option agreement, Parkside can acquire a 100% interest in the property for cash payments totaling $150,000 over a five-year period. The option agreement also specifies that following the acquisition of a 100% interest in the property, a 2.5% Production Royalty, following commercial production, along with an Advance Royalty Payment of $25,000 per year will be payable.
The geological information reported has been reviewed and approved by Steven Siemieniuk, P.Geo., of Clark Exploration Consulting, consulting geologist for Parkside Resources Corporation, who is a qualified person under the definitions established by National Instrument 43-101.
About Parkside Resources Corporation
Parkside is a Canadian-based mineral exploration company dedicated to building shareholder value through focused exploration, discovery, and development of high-quality precious and base metal projects. Parkside is presently advancing the Forester Lake Gold Property, located approximately 100 kms north of Pickle Lake, Ontario and roughly 35 kms southeast of Goldcorp's Musselwhite gold mine, which is a highly prospective gold-in-iron-formation property in northwestern Ontario. Exploration to date has returned significant assay results and there is potential for discovery of economic iron-formation-hosted gold mineralization. Incorporated in 2005, Parkside is a reporting issuer in the provinces of British Columbia and Alberta, the common shares of which are listed for trading on the NEX Exchange under the symbol PKS.H. Trading in the shares is currently suspended due to a cease trade order issued on February 3, 2015, for failure to file financial statements.
For further information, contact:
Richard Goldman, President Tel: 416-452-0455 Email: [email protected] Website: www.parksideresources.com
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.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward‐looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward‐looking statements.