TORONTO, ONTARIO--(Marketwired - Aug. 13, 2013) - Pitchblack Resources Ltd. ("Pitchblack") (TSX VENTURE:PIT) is resuming the operatorship and a 100% interest in the Mike Lake Property, Yukon Territory, Canada. The Option Agreement entered into between Pitchblack and Inform Resources Corp. for the Mike Lake Property has been terminated.
The Mike Lake property is located on the northern edge of the prolific Tintina Gold belt and is known to host numerous mineralized occurrences throughout the vast and significant property holding.
John Taggart, President and CEO of Pitchblack, commented, "We will immediately review the work completed by Inform on Mike Lake and assess our strategic options going forward. We have long believed that Mike Lake has significant potential to host gold and its proximity to other gold deposits such as Brewery Creek could serve to play an important role in resource production in Yukon in the future."
"Mike Lake now provides us with an opportunity to pursue non-dilutive funding for the rest of the Pitchblack portfolio, as we believe there are a number of prospective joint venture partners or acquirers for the property."
Interested parties can contact John Taggart or can access an overview of the Mike Lake Property at www.minesonline.com and can register their interest online. Mines Online is a leading global broker for mining projects, which uses a web-based platform to connect buyers and sellers. It is jointly owned by Perth-based PCF Capital Group and TMX Group, owner and operator of Toronto Stock Exchange and TSX Venture Exchange.
About Mike Lake Property
The Mike Lake Property is located in the Yukon Territory, Canada about 80 kilometers east-northeast of Dawson City, and is about 25 kilometers northeast of the former Brewery Creek Gold Mine, which produced 266,519 ounces of gold from 1996 to 2001. The claims are within the Tintina Gold Province, a belt of gold rich mineral districts that spans a broad region of Yukon Territory and central Alaska. This mineral belt hosts a number of intrusive related gold and base metal prospects including both producers and advanced projects such as the Donlin Creek, Pogo and Fort Knox. Additionally, it includes recent discoveries by Underworld Resources, Kaminak Gold Corp, Atac Resources Ltd. and Northern Tiger Resources.
The majority of exploration activity within the Mike Lake Property took place from 2005 and 2008 when diamond drilling was narrowly focused on four specific targets. Select highlights from the previously reported drill intercepts (see Dynamite Resources press releases dated November 14, 2006, October 11, 2007 and November 24, 2008) include 7.67 g/t Au over 18.43 meters, 7.58 g/t Au over 12.42 meters from the North Vein target (DDH NV05-02), and 1.38 g/t Au, 0.61% Cu, 13.6 g/t Ag, and 0.044% W over 89.3 meters from the Skarn Ridge target (DDH SK07-01).
The Mike Lake Property is extensive, covering approximately 68 square kilometers of highly prospective geology, where wide spread gold, silver and copper mineralization is related to the emplacement of three Mid-Cretaceous multiphase intrusions within a folded and faulted sequence of Late Proterozoic to Paleozoic carbonate and siliciclastic units. To date, four styles of mineralization are recognized across the property including Au-Cu porphyry - intrusion hosted veins and stockworks, disseminated Au-Cu mineralization with clastic sediments, Au-Cu-W skarns, and structural controlled, high grade Au-Ag veins/breccias.
Kevin Brewer, P.Geo, a registered professional geoscientist with APEGBC and APEGNL, is a "qualified person" as such term is defined by National Instrument 43-101 and he has reviewed the technical and scientific information contained in this press release.
About Pitchblack Resources Ltd.
Pitchblack has uranium, coal and gold assets in the Yukon Territory, Canada. The Company continues to seek new business opportunities that would be to the benefit of the Company and its shareholders, including the proposed acquisition of certain precious metal enriched base metal assets located in Australia. The Company continues its strategic review of all of its Canadian mineral properties in order to maximize shareholder value. In parallel, the Company is continuing the process of attempting to vend or joint venturing some of its properties.
NEITHER THE 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.
FORWARD LOOKING INFORMATION CAUTION
This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to plans for the Mike Lake Property, the completion of the acquisition of Australian assets, the receipt of regulatory approval, future exploration expenses and plans. Forward looking information is subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.