Olympic Resources Ltd Enters Option Agreement for Yukon Projects with Yes Exploration Syndicate Inc
(the "Company")
595 Howe Street, Suite 602 Vancouver, BC V6C 3T5 Telephone: (604) 629-7083 Fax: (604) 629-7084
OLYMPIC RESOURCES LTD ENTERS OPTION AGREEMENT FOR YUKON PROJECTS WITH YES EXPLORATION SYNDICATE INC
September 21, 2011 TSX‐V SYMBOL: OLA
Olympic Resources Ltd (“the Company”) is pleased to report that it has entered into an option agreement dated September 20th , 2011, with YES Exploration Syndicate Inc. to acquire a 100% interest, net of a 3% NSR, in the Sun, Max, and Ice projects located within the Carmacks Caldera of the Yukon Territory. The projects consist of the 64 ICE mineral claims, collectively known as the ICE property (the “ICE claims”), the 194 MAX mineral claims, collectively known as the MAX property (the “MAX claims”), and the 158 SUN mineral claims, collectively known as the SUN property (the “SUN claims”).
Terms of the Transaction
Pursuant to the option agreement, the company is required to pay $350,000 in cash, incur cumulative exploration expenditures of $1.5‐million and issue common shares worth a total of $180,000 over a period of 3 years. An initial cash payment of $60,000 was made on execution of the option agreement.
The transaction is subject to a number of conditions, including, but not limited to, receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.
Yes Exploration Syndicate Inc. is a private exploration company incorporated in British Columbia. The transaction is an arm's‐length transaction.
SUN, ICE, and MAX Projects
The Sun property consists of 3299 hectares immediately adjacent to the east side of the Mt. Nansen gold mine and 37 kilometers northwest of the Tahte copper‐gold porphyry prospect. The Mt. Nansen property is situated along the northern edge of the caldera and contained an estimated 556,500 tonnes grading 11.93 g/t gold and 211 g/t silver, making it the richest Au‐Ag deposit discovered in the Yukon to date in terms of grade. The Sun property covers part of one of the Mt. Nansen open pits. Quartz sulphide boulders carrying 15,650 ppb gold occur within the south‐central portion of the property. Anomalous gold in soil is found on many parts of the Property.
The Max Property consists of 4050 hectares situated in the Carmacks Caldera approximately 10 km west of the Mt. Nansen gold mine. Regional geological mapping conducted over the northern wall of the caldera in the mid 1980s is considered reliable. No detailed mapping has been carried out since. The property is situated over a large magnetic high, which is at the intersection of the northwest and northeast‐trending fault structures. Regional GSC stream sediment sampling shows anomalous gold and molybdenum in creeks draining the eastern and northern parts of the property.
The Ice Property consists of 1336 hectares situated in the Carmacks Caldera, 69 km southeast of the Mt. Nansen gold mine and 36 km southeast of the Tahte porphyry prospect. Regional geological mapping conducted over the area in the late 1970’s is considered inadequate, and no detailed mapping has been carried out since. The Property is located at the lower southeast end of an array of northwest‐trending structures that stretch across the Carmacks Caldera. An area of ~500 m x 300 m, which contains anomalous copper in soils, occurs on the northeast end of the Property. Copper values of up to 541 ppm have been found on the Property. Manganese, mercury, and molybdenum stream sediment geochemical anomalies have been identified in streams draining the northern and eastern part of the property. Manganese may be reflecting the epithermal nature of the caldera area, and is often associated with silver mineralization.
The Carmacks Caldera is a newly discovered 60km by 100km volcanic‐elated subsidence structure formed in the Late Cretaceous period and visible in Landsat images. The central part of the caldera is a low‐lying unglaciated area of the Yukon Plateau. Whitehorse, the regional center for supplies and personnel, is 124km southeast of the south side of the caldera, accessed via the paved Klondike Highway.
Mr. Ed Harrington, P.Geo, a qualified person as defined by NI 43‐101, reviewed this news release and approves all scientific and technical disclosure herein.
For further information please contact:
Balbir Johal, Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.