VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) - Aldershot Resources Ltd. ("Aldershot" or the "Company") (TSX VENTURE:ALZ)(FRANKFURT:ASL1)(OTC PINK:ALZTF) is pleased to announce that seven drill holes have been completed at the Gowganda Gold project for a total of 869 metres with assay results pending for the first three holes. The objective of the current drill program is to test high priority gold targets associated with mineralized and altered syenite and gold veins identified from surface trenching and previous drilling. The intention is to complete approximately 1,500 metres of drilling by early March 2017.
Jeremy Caddy, President and CEO commented, "We are very pleased to initiate the next step in the development of the Gowganda Gold project. Working with the team at Transition Metals Corp., the exploration program operator, we look forward to results from the gold targets identified."
To view "Gowganda Gold Project Drilling Summary" associated with this news release, please visit the following link: http://media3.marketwire.com/docs/1086068.pdf
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO), a Qualified Person under National Instrument 43-101.
About the Gowganda Gold Project
The project consists of mining claims totaling approximately 3,520 hectares centrally located adjacent to Hwy 560 and the unorganized municipality of Gowganda Ontario in Nicol, Haultain, Milner, and Van Hise townships, Larder Lake Mining Division (the "Property"). The project is focused on Archean greenstone overlain by Proterozoic sediments of the Cobalt Embayment located south of the Round-Lake Batholith in the south-western part of the prolific Abitibi greenstone belt. A short animated video that introduced Aldershot and the Gowganda project may be viewed at: http://iresourcemedia.com/companies/aldershot/.
On November 8, 2016, Aldershot announced that it had entered into an agreement (the "Agreement") with Transition Metals Corp. ("Transition") to earn a 51% interest in the Property. To do so, Aldershot has agreed to fund $400,000 worth of exploration on the Property in year one and must incur cumulative work expenditures totaling $2.0 million by the third anniversary of the Agreement. In addition, Aldershot must issue 1,500,000 common shares of Aldershot to Transition on signing, and provide an additional $450,000 worth of common shares of Aldershot to Transition by the second anniversary date, subject to the TSX Venture Exchange Inc.'s approval, to earn its initial interest.
Upon earning an initial 51% interest, Aldershot may opt to acquire an additional 24% interest in the Property (for a total of 75%) by committing to completing a feasibility study. Upon Aldershot earning its 51% or 75% interest in the Property as the case may be, a joint venture would be formed, with each party obliged to fund work programs on the Property to maintain its respective interest. During the course of the initial stage of the option in the Agreement, Transition has agreed to serve as program operator, dedicating its team and expertise to overseeing work programs funded by Aldershot.
Aldershot is engaged in the acquisition and exploration of gold properties. The Company relinquished its uranium properties in Utah in 2015 due to the low uranium price and the Company has signed the Agreement with Transition for the Gowganda Gold project as highlighted above.
The mission of Aldershot is to find and develop a gold property to create wealth for shareholders. This is planned to be achieved by identifying quality gold properties and exploring those that have the highest potential for future discoveries, sale or development of existing mineral resources into mineable reserves. On a regular basis management will rationalize all of its core mineral property holdings to maintain percentage ownership by funding the exploration work. Management will sell its properties when it feels value for shareholders has been created and management is able to obtain fair value for the assets.
The Company is a publicly listed corporation whose shares are traded on the TSX Venture Exchange Inc. under the symbol ALZ. The Company's registered office is located at 409 - 221 West Esplanade, North Vancouver, BC, V7M 3J3 and its head office is located at 303 - 1006 Beach Avenue, Vancouver, BC V6E 1T7.
FOR AND ON BEHALF OF THE BOARD
Jeremy Caddy, President, CEO and Director
This press release may contain forward-looking statements about certain of the Company's current plans, goals and expectations relating to the drilling program, assay results, earning an interest in the Property and the Agreement. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company's control. As a result, the Company's actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.