Aintree Announces NI43-101 Compliant Technical Report on Mineral Exploration for the Tonopah Gold Project
AINTREE RESOURCES INC
NR 17-6
Aintree Announces NI43-101 Compliant Technical Report on Mineral
Exploration for the Tonopah Gold Project
Not for distribution to United States newswire services or for dissemination
in the United States
VANCOUVER, BC – August 2, 2017 – Aintree Resources Inc. (TSX-Venture: AIN.H) (the
“Company” or “Aintree”), a Capital Pool Company (“ CPC”) listed on the NEX board of the TSX
Venture Exchange (“ TSXV”), announces completion of an NI 43 -101 Technical Report on
Mineral Exploration Results for the Tonopah Project , dated July 31 , 2017, prepared by
Gustavson Associates of Lakewood, Colorado (the “Technical Report”). This Technical Report
has been reviewed and accepted by the TSXV as part of Aintree’s ongoing application process
to use the Tonopah Project as its listing property for a CPC Qualifying Transaction (“QT”).
Technical Report
The Tonopah Project is an advanced stage exploration/evaluation located on the prolific Walker
Lane Trend of Western Nevada. The Technical Report recommends a work program that
includes the reconstruction of a digital database to include all available assay data, lithology,
alteration and metadata about drilling, sampling and survey.
Gustavson believes that sufficient historical exploration data, including data and geologic
understanding subsequent to a 2011 Gustavson NI 43-101 technical report, exists to complete
an updated resource estimate . The resource model is ex pected to focus on defining the
relationship between high -angle, higher grade structures and lower -angle contact
mineralization, and attempt to define the geostatistical relationships between these domains.
This analysis should form the basis for an explor ation plan aimed at targeting extensions to
mineralization both along trend and to depth. The Technical R eport also recommends a
thorough review of existing metallurgical data be conducted as part of a scoping study which will
define more detailed test work to fully characterize recoveries and processing costs based on
the metallurgical review. The scoping study should be completed with the objective of defining
resources for the project, and based on this resource model, as well as r eview of the available
metallurgical data, to consider all available mining and processing scenarios.
The Tonopah Project
The Technical Report details h istoric drilling programs since 1980 on the Tonopah Project and
project area by a number of companies . A total of 284,469 feet on drilling in 6 37 reverse
circulation and core holes have been completed . Alteration and mineralization at the Tonopah
Project are typical of low -sulfidation, volcanic-hosted epithermal gold deposits found elsewhere
in Nevada and around the world. The deposit type is characterized by overall low original sulfide
content, and quartz -adularia and clay -sericite alteration assemblages, among others. Similar
deposits in Nevada have proven to be economic, including the Midas and Bullfro g deposits (the
proximity and similarity of the property to other gold deposits does not, on its own, indicate that
the Tonopah property should be similarly mineralized) . A number of north -south oriented
mineralized structural zones with quartz veining hav e been identified at the Tonopah Project
Property along the north -northwest Walker Lane trend, covering an area 10,300 feet long and
1,500 feet wide. Vein structures and orientation are best defined in the Discovery Zone, at the
center of the project site. A total of 9 mineralized zones have been broadly outlined. Higher
grade gold mineralization appears to project along some of the veins/related structures in the
Discovery Zone specifically in the Tombstone volcanics. Visible gold is commonly observed in
and along the edges of veins, is frequently associated with hematite, and occurs locally in
coarse form. Dendritic gold has been observed in core.
In addition to the mineralized veins, there is a discontinuity at the top of the Palmetto formation,
where tertiary volcanoclastics and ash fall tuffs (Tombstone Formation) unconformably overly
the Palmetto argillite. Mineralization is localized within a low-angle zone which includes the
erosion surface of the Palmetto, as well as certain facies in the Tombstone Formation,
particularly where veins and mineralized structures intersect this contact zone. It is interpreted
that ascending fluids entering the contact zone depositing precious metals in a favorable
chemical and textural horizon in the base of the tertiary volcanics.
Two sets of historical resource estimates have been produced for the project, one focused on
the low-angle lower-grade contact zone mineralization for the system, and the other focused on
higher grades found within high angle veins and structural zones. Thomas C. Matthews, MMSA-
QP, the qualified person responsible for the current Technical Report, has not completed the
work required to classify any historical estimates as current mineral resources or mineral
reserves. Additional work to complete the new mineral estimate is planned for the next phase of
work. Consequently, Aintree Resources is not treating any of the historical estimates as current
mineral resources or mineral reserves.
An initial work program is expected to include reconsideration of the Tonopah Project on the
basis of the combined mineral systems. It appears that mineralization occurs primarily within a
low-angle contact zone, with the highest grades localized around high angle vein and feeder
structures that both cross and are comingled with the low -angle contact zones. The
renegotiation of the underlying royalty agreement for the property (from a 7% royalty rate at gold
prices in excess of $700 to a 2% gold NSR) should allow for consideration of a much broader
set of mining and processing scenarios and is a significant positive impact to the Tonopah
Project.
The Tonopah Project is well situated and can be easily accessed by paved road 20 miles from
the town of Tonopah, Nevada. Both water and power is available in close proximity to the site.
Tonopah is located within four hours’ drive of Las Vegas, Nevada and is close to Round
Mountain, Nevada, where equipment sup ply depots, machine shops and skilled labor can be
found. Aintree has assumed existing drilling permits and has posted reclamations bonds for the
Tonopah Project.
Technical information in this release has been reviewed and approved by Mr. Thomas
Matthews, MMSA-QP, of Gustavson, and a "qualified person" as that term is defined in NI 43-
101.
Private Placement Financing
As part of its CPC QT Aintree intends to complete a non -brokered private placement of up to
4,800,000 Shares at a price of $0.25 per Share for gross proceeds of up to $1, 200,000 (the
“Offering”). Finder’s fees, if applicable, will be payable in accordance with TSXV policies.
Closing of the Offering is subject to receipt of all necessary corporate and regulatory approval s,
including the TSXV’s acceptance of the Aintree CPC QT first disclosed in Aintree’s June 5, 2017
press release . All securities issued in connection with the Offering will be subject to a hold
period of four months plus a day from the date of issuance. The proceeds of the Offering will be
used to settle Company debts and ordinary course payables, fund bonding obligations,
consulting fees and expenditures , including additional technical study and drilling, arising in
connection with the Tonopah Project, and for general working capital purposes.
Investor Cautions
Completion of the Aintree CPC QT is subject to a number of conditions, including but not limited
to, TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority
shareholder approval. Where applicable, the CPC QT cannot complete until the required
shareholder approval is obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or
filing statement to be prepared in connection with the Aintree CPC QT, any information released
or received with respect to the transaction may not be accurate or complete and should not be
relied upon. Trading in the securities of a CPC should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
On behalf of the Aintree Resources,
“James Hesketh”
James Hesketh
President & CEO
For further information please contact:
James (Jim) Hesketh
(720) 291-1775
Forward-Looking Information: This press release contains forward-looking information. All
statements, other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the completion of a CPC QT filing with the
TSXV and the TSXV acceptance required to complete the same, and the completion of the
Offering and the subsequent use of the proceeds, are forward-looking information. This forward-
looking information reflects the current expectations or beliefs of the Company based on
information currently available to the Company. Forward-looking information is subject to a
number of risks and uncertainties that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking information, and even if such actual
results are realized or substantially realized, there can be no assurance that they will have the
expected consequences to, or effects on the Company. Factors that could cause actual results
or events to differ materially from current expectations include, among other things, the
Company being unable to satisfy the TSXV’s requirements to complete the CPC QT, the
inability to secure sufficient subscriptions to complete the Offering, the inability to obtain
shareholder consent to the Services Agreement disclosed in the Company’s June 5, 2017 press
release, and amendments to the recommended work program in the Technical Report. Forward-
looking information speaks only as of the date on which it is provided and, except as may be
required by applicable securities laws and TSXV policies, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a result of new information,
future events or results or otherwise, except as required under the securities laws and stock
exchange policies applicable to the Company. Although the Company believes that the
assumptions inherent in the forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and accordingly undue reliance should not
be put on such information due to the inherent uncertainty therein.
Neither 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.
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