CARDSTON, ALBERTA–(Marketwired – Sept. 15, 2016) – American Creek Resources Ltd. (TSX VENTURE:AMK) (“American Creek” or “the Corporation”) is pleased to report that it has entered into an option agreement with an arm’s length third party to acquire the Ample Goldmax gold property located in southern British Columbia, Canada.
The Ample Goldmax property package spans 1,044 hectares and is located approximately 8 km west of Lillooet along and adjacent to Highway 99 South along Cayoosh Creek. The property has a long but intermittent history of gold prospecting dating back to 1866 when coarse free gold was discovered in the lower reaches of Cayoosh Creek. Prospecting naturally led upstream and in 1887 the first lode gold in bedrock was found. In 1897 the Golden Cache (Ample) mine started small scale gold production which continued until 1901.
Past historical work on the property by Homestake included the mapping of eight underground workings and also the identification of at least 10 known mineralized zones over a strike length of 3 km primarily hosting native gold with or without sulphides in mesothermal quartz vein stockworks, gold and various amounts of silver in sulphide zones, and areas with lower grade bulk tonnage disseminated type gold. Homestake conducted a small diamond drill program in 1996 and reported several intersections of gold at shallow depth including 11.76 g/t over 8.2 meters which included 1.2 meters of 66.84 g/t gold (containing visible gold) and another intersection of 21 meters of 2.75 g/t gold (December 16, 1996 Aris Report 24742.
A report prepared for Homestake by Kuran and McLeod (1997) reports that grab samples from the mine area returned up to 118 g/t gold with surface chip samples up to 6.9 g/t gold over 3 meters.
The property is being acquired through a four year option agreement with terms/payments as follows:
Year one:
$7,000 cash within 5 business days of TSX-V approval.
100,000 American Creek common shares within 10 days of TSX-V approval.
A minimum of $15,000 of exploration work conducted on the property prior to the one year anniversary of the agreement.
Year two:
$10,000 cash
200,000 common shares
$25,000 work commitment
Year three:
$15,000 cash
250,000 common shares
$75,000 work commitment
Year four:
$30,000 cash
300,000 common shares
$100,000 work commitment
The vendor will retain a 25% bulk sample royalty on any net profits American Creek receives from the extraction of a bulk sample as well as a 3% NSR which can be fully bought out anytime for $500,000 per each 1%.
All cash payments, share payments and work commitment amounts may be accelerated at American Creek’s choosing.
All shares issued under this option agreement will be subject to a statutory 4 month hold period.
This agreement is subject to approval by the TSX Venture Exchange.
Darren Blaney, American Creek President & CEO stated: “We have been wanting to acquire the Ample Goldmax property package for quite some time and after almost a year of negotiating, which included the amalgamation of four separate Cayoosh Creek properties, have finally put a deal together. This is a strong addition to the Corporation’s gold and silver property portfolio.”
About American Creek
American Creek is a Canadian junior mineral exploration company focused on the acquisition, exploration and development of mineral deposits within the Province of British Columbia, Canada.
In addition to this new acquisition, the Corporation has a portfolio of gold and silver properties in various regions of the province:
Treaty Creek property – American Creek holds a 20% fully carried interest to production in the Treaty Creek JV with operator Tudor Gold Corp (“Tudor”) holding a 60% interest and Teuton Resources Corp. holding the remaining 20%. An extensive magnetotelluric geophysical survey was recently completed and Tudor is currently conducting a diamond drilling program on the property. The Treaty Creek property is located in the “Golden Triangle” of northwestern BC immediately adjacent to Seabridge Gold’s KSM deposit.
Electrum property – American Creek holds a 40% interest in the Electrum JV with operator Tudor holding a 60% interest. The property is located in the “Golden Triangle” of northwestern BC between Pretivm’s Brucejack gold deposit located 25 km to the north and the past producing Premier gold mine 20 km to the south. A diamond drilling and trenching program is currently being conducted by Tudor on the property.
Gold Hill property – American Creek holds a 100% interest in the Gold Hill property located east of Fort Steele, BC in the Boulder Creek watershed. The Wildhorse River, to which Boulder Creek is a headwater tributary, is the site of one of Canada’s biggest historic gold rushes with approximately 42 tonnes of placer gold reportedly being recovered from the Wildhorse below the confluence of Boulder Creek. A field mapping and sampling program is currently being conducted on the property.
Austruck-Bonanza property – American Creek holds a 100% interest in the Austruck-Bonanza property located approximately 50 km north of Kamloops, BC. The property is immediately adjacent to WestKam Gold Corp.’s Bonaparte Project and is in very close proximity to the Bonaparte pit. In July of 2016, WestKam reportedly began a 10,000 tonne bulk sample program to further test near-surface high grade gold veins. American Creek is watching the WestKam Bonaparte program closely and is in the process of planning further exploration on the property.
Silvershot property – American Creek holds a 100% interest in the Silvershot property also located in BC’s “Golden Triangle” approximately 7 km northeast of Stewart. The property is near the past producing Portland Canal mine and also the historic Dunwell gold/silver mine.
D1-McBride property – American Creek holds a 100% interest in the D1-McBride property located 64 km southeast of Dease Lake, BC. The property hosts the Discovery showing with high grade gold, silver, lead and zinc.
As announced yesterday, American Creek has also just optioned three additional properties – the Glitter King, Silver Side and Red Tusk.
Information relating to the Corporation is available on its website at www.americancreek.com.
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.
