Glacier Lake Resources Inc.
TSX VENTURE : GLI

Glacier Lake Resources Inc.

May 04, 2017 15:22 ET

Glacier Lake Completes Silver Vista Transaction

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 4, 2017) - Glacier Lake Resources Inc. (TSX VENTURE:GLI) - ("Glacier" or the "Company") is pleased to report the final approval of the TSX Venture Exchange (the "Exchange") and has completed its transaction involving the acquisition of and option to acquire the Silver Vista copper-silver property ("Silver Vista" the "Property"), through a property option agreement, with Multiple Metals Resources Ltd. ("Multiple Metals"), and Amarc Resources Ltd. ("Amarc") (the transaction was previously announced in the Company's news release of March 17, 2017). Glacier Lake has the right to acquire the Property which consists of a series of forty-nine (49) mineral claims located in the Province of British Columbia.

The Company can acquire the Property through completion of (i) a series of cash payments totalling $230,000, (ii) by issuing 750,000 common shares of the Company, and (iii) by completing exploration expenditures on the Property of not less than $600,000, all in the thirty-six months following the grant of the Option. Following exercise of the option, the Property will remain subject to a 2.5-percent net smelter return royalty, of which 2.125 percent is in favour of Amarc and 0.375 percent is in favour of Multiple Metals.

As previously reported, the Silver Vista copper-silver property comprises over 246 square kilometres, and covers multiple mineral showings and geochemical anomalies, with the main showing area (the "MR" prospect) located approximately 55 kilometres northeast of the town of Smithers in north-central British Columbia.

The principal target on the Silver Vista property is best observed at the MR prospect and comprises "sediment-hosted" copper - silver mineralization. The mineralization is very fine grained and disseminated, and interpreted to be strata-bound, hosted in fossiliferous sandstones, siltstones and minor conglomerate.

Sediment-hosted copper (and silver) deposits are a large and diverse group that include some of the richest and largest copper deposits in the world, and represents a "best of class" exploration target, over this district sized property.

Further information concerning the Silver Vista property is available in the geological report prepared in respect of the Property and available under the Company's profile on SEDAR.

Following completion of the transaction, effective at the open of markets on Monday, May 8th, 2017, the Company will be listed on the Exchange as a Tier 2 Mining Issuer and trading will resume under the ticker symbol "GLI".

Exploration targets include:

MR Prospect area - Only limited outcrops exposure occurs, but trenching and limited drilling (1991-1992, 14 holes, 1,252.5 meters) returned significant copper-silver intercepts near surface and at depth. Soil geochemistry has been very successful indicating the size and trend of the large mineralized system.

  • Best trench results were 16.5 metres at 0.43 percent copper ("% Cu") and 74 grams per tonne silver ("gpt Ag").
  • Widest Intercept - Hole MR-91-03 returned the widest interval from the collar at 3.9 metres, of 61.9 metres averaging 0.11% copper and 40.5 g/t Ag.
  • Best Intercept - the deepest (213.4 metres) hole, MR- 92-02, returned a higher-grade intercept, from 192.6 metres of 2.8 metres averaging 3.65 % Cu and 195.8 g/t Ag, within a wider interval from 179.8 meters of 15.6 metres returning 0.86 % Cu, and 58.6 g/t Ag (designated the "002 Zone"). Hole MR-92-02 also ended in lower zone of mineralization, from 201.2 metres depth, over 12.2 meters, averaging 0.33% Cu and 15.0 g/t Ag.
  • Petrographic analysis by Amarc in 2012 on hole MR-92-02 indicated the silver mineralization consists of very fine-grained native silver, argentite/acanthite, argentiferous chalcocite/digenite and trace Ag-tennantite, while copper-mineralization consists of fine grained, disseminated, chalcocite /digenite, bornite, trace chalcopyrite and covellite.
  • Soil geochemistry has outlined an area approximately 1.5 by 2.0 kilometers around the MR prospect area. Soil geochemistry values grade up to 1025 parts per million copper ("ppm Cu), and up to 75.4 ppm Ag (equates to 75.4 g/t Ag in soils).

Exploration Program

The Company's initial summer exploration will focus on confirming and expanding the 002 Zone intercept with a series of steeply dipping or vertical drill holes, of about 250 metre depth, to determine the dip and strike. Currently the mineralization is interpreted to be stratabound, dipping shallowly to the north or northeast. These drill holes will also pass through the shallow, near-surface copper-silver mineralization and determine the extent and grade of these targets. Other drill holes are proposed on the other soil geochemistry and VTEM (EM geophysics) targets within the three-square kilometer target.

Other Geochemical Targets

Since discovery of the MR showing in 1990, the Silver Vista property has been covered with an extensive geochemical sampling data base (almost 8,900 total samples, with over 7,700 soil samples). The previous explorer Amarc (2012-2013), identified five additional geochemical targets that warrant additional investigation. The recent (February 2017) VTEM airborne survey, indicated three additional high-priority geophysical (VTEM) targets for follow-up work. Efforts this summer will focus on file investigation of the SV3 target, located approximately 24 kilometres northwest of the MR prospect. Peak soil geochemical values from this area include 1,025 ppm Cu, 93.5 ppm Ag, 4,584 ppm zinc (Zn) and up to 6,334.4 parts per billion gold ("ppb" Au, equates to 6.33 grams per tonne gold). Field work will include prospecting, geological mapping, soil and rock geochemistry, and hand trenching.

Management Appointment

The Company would also like to announce that it has strengthened its technical team with the addition of Mr. Pete Parsley from Boise, Idaho as Vice-President of Exploration. Mr. Parsley is a Senior Geologist with over 32 years of experience in exploration, mine permitting, development, compliance and mine disturbance reclamation in North America, including in high grade gold deposits in Alaska, Africa, Asia, and South America. He has a Masters Degree in Geology and has been working with Daniel Kunz & Associates from Boise, Idaho www.dkunzassoc.com, for the last 4 years.

Debt Settlement and Option Grant

The Company also announces that it has reached an agreement with an arms' length creditor to settle outstanding indebtedness of $21,000 though the issuance of 140,000 common shares at an effective price of $0.15 per share. The Company has also arranged to grant 350,000 incentive stock options to certain officers, directors and consultants of the Company. The options vest immediately and are exercisable at a price of $0.15 for a period of three years.

Completion of the debt settlement and option grant remains subject to the approval of the Exchange. All securities issued in connection with the debt settlement will be subject to a four-month-and-one-day statutory hold period.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo., an independent consultant and a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Please visit our Website at: www.glacierlake.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.

Contact Information

  • Saf Dhillon
    President/CEO
    Glacier Lake Resources Inc.
    Tel: 866-687-7059
    Dir: 604-688-2922
    saf@glacierlake.ca