VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 17, 2016) -
Editors Note: There is an image associated with this press release.
Gold Jubilee Capital Corp. (TSX VENTURE:GJB) (the "Company") is pleased to announce the option to acquire from LCT Holdings Inc., a 100% interest in the 7 claim (3025 ha) Kinskuch Project, a Cu-Au porphyry prospect located at the southern end of BC's Golden Triangle.
- Strategic land package completely surrounded by Hecla Mining Company
- Hosts an advanced Cu-Au prospect within a large producing mining district of B.C
- Discovery hole BB03-03 returned 25m of 0.86% Cu with 0.64 g/t Au and another intersection of 21m of 0.36% Cu with 0.24 g/t Au which ended in mineralization
The Kinskuch Project is located in the Stikinia Terrane, which hosts large epithermal gold, porphyry copper/gold and VMS deposits in British Columbia. The target area lies within prospective stratigraphy, including the well documented Stuhini-Hazelton contact, an Upper Triassic-Lower Jurassic contact. The geological setting and style of mineralization of the Kinskuch Lake area is similar to the Kerr porphyry copper-gold deposit in the Sulphurets District.
The Pretium- Brucejack epithermal/mesothermal gold deposit is closely associated with the large neighboring Seabridge Kerr, Snowfield and Mitchell (KSM) Au/Cu porphyry deposits, both hosted within the Upper-Triassic Stuhini and Lower Jurassic Hazelton rocks in the Stikinia Terrane.
Exploration work in the Kinskuch Lake area over the last 14 years by AngloGold Ashanti, Agnico Eagle, Dolly Varden Silver, Teck Resources and Homestake Resource Corp. has demonstrated the significant gold-copper porphyry and VMS/epithermal gold-silver potential of the Kinskuch Lake region. Work on the Kinskuch Project has included rock sampling, channel sampling, geological mapping and the drilling of 13 diamond drill holes in two campaigns along the south shore of Kinskuch Lake. In 2002 thirteen holes were completed (1,664.44m) and in 2008, two additional holes we completed (475.54m).
In 2003, hole BB03-03 returned two very interesting intercepts of porphyry mineralization grading 0.86% Cu and 0.64% Au over 21m and a second intercept that ended in porphyry mineralization retuned 0.36% Cu and 0.24 g/t Au over 25 m. No follow up drilling has been completed in the area of these important intercepts.
Nearby, approximately 1 km away to the east, hole 08BB-13 may have tested the periphery of the porphyry and returned two intercepts of 9.15m of 0.16% Cu and 0.08gt Au as well as 7.58m of 0.08%Cu and 0.35 g/t Au. The untested area surrounding these encouraging holes will be a primary drill targets in future drill programs. Work in 2016 will consist of detailed surface mapping, detailed sampling and a project wide compilation study.
Mike Devji, CEO of Gold Jubilee, states, "Our focus has been to outline and define projects in emerging world-class districts. We targeted this project based on a number of factors, most importantly the location of the project and the underlying Stuhini contact, which represents a period of time where major deposits, like KSM and Brucejack, were being formed in BC. We are especially encouraged by historical drilling that bottoms in mineralization. We believe that drill targets exist on the project, and we look forward to advancing this project over the coming months. It is a compelling addition to our already exciting Pyramid Copper-Gold project."
To earn a 100% interest, Gold Jubilee is required to make cash payments of $1.625 million plus complete $1.6 million dollars of exploration staged over a five year period. The Kinskuch property is subject to a 2% NSR of which 1% can be repurchased for $1.1 million and advanced royalty payments commencing after the company has earned its 100% interest.
The corporate website is currently being updated to include this acquisition.
ABOUT Gold Jubilee Capital Corp.
Gold Jubilee Capital Corp. (TSX VENTURE:GJB) is a Canadian-based junior exploration company comprised of highly qualified mining professionals with one active copper-gold exploration project, the Pyramid project, located in northwestern British Columbia
ON BEHALF OF THE BOARD OF GOLD JUBILEE CAPITAL CORP.
Minaz Devji, CEO and Director
This news release was prepared by Company management, who take full responsibility for its content. George Cavey, P.Geo, Director, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators and has reviewed and approved the technical disclosure in this release.
This news release contains forward-looking statements including in connection with the timing of future work programs. These statements reflect management's current assumptions and expectations. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Gold Jubilee undertakes no obligation to update such statements, except as required by law.
To view the image, The Kinskuch Lake Copper-Gold Property, visit the following link: http://www.marketwire.com/library/20160817-1066278-F1-gr.png