VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 18, 2016) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Rapier Gold Inc. (TSX VENTURE:RPR) (the “Company”) is pleased to announce the appointment of Dr. John Blake to the Board of Rapier Gold.
John Blake is a mining engineer with over 35 years of international mining industry experience in Canada, Australia, Brazil and Asia Pacific, building and operating underground open pit gold mines. John Blake has most recently served as President and CEO of Luna Gold, CEO of Australian Solomon’s Gold, as well as Director of Operations for Newcrest Indonesia.
It is with regret that the Company received the resignation of Stephen de Jong as a director, due to increasing time constraints in his role as President and CEO of Integra Gold. Mr. de Jong is a founding shareholder and director of Rapier Gold and will remain an advisor to the Company.
Commenting on the changes, President Roger Walsh said, “I have been delighted to work with Stephen in the founding of Rapier Gold and have greatly appreciated his ongoing support and insights on growing the Company during very tough market conditions. We are very pleased that he will remain involved as an advisor. John Blake brings extensive experience in the international gold sector and significantly adds to the Board’s strength.”
John Blake has been granted 200,000 stock options exercisable at $0.15 for a seven year term.
Pen Gold Project Summary
- The Company’s activities are exclusively focused on exploring the Pen Gold Project, comprising approximately 16,400 hectares (approximately 160 sq km) located on Highway 101, 75 km south west of Timmins, Ontario. Appendix 1. The project is approximately 45 km southwest of Tahoe Resources Timmins West Mine and the recently discovered 144 Exploration Area.
- Tahoe Resources (former Lakeshore Gold) are conducting an extensive exploration program on 144 Exploration Area, which is outlined in a very comprehensive section of the company’s website: http://www.lsgold.com/Mines-Projects-Properties/Review-of-Properties/Timmins-West-complex/144-Gap-Zone-Discovery/default.aspx.
- The Pen Gold Project is located approximately 85 km northeast of Goldcorp’s Borden Gold Project. In March 2015 Goldcorp acquired this project in the takeover of Probe Mines for $526 million. Goldcorp are actively advancing the Borden Gold Project as a source of ore for the 11,000 tpd Dome Mill, located 160 km away in Timmins. Appendix 1 shows the locations of the 144 Exploration Area and Borden Gold projects in relation to Pen Gold Project.
- The Pen Gold Project appears to be on the western extension of the Porcupine-Destor Fault Zone (PDFZ), one of the most productive gold structures in the world. This fault zone extends east into Quebec and hosts many of the largest and most famous gold mines in Canada. The Timmins Camp has produced approximately 72.5 million ounces to date.
- Probe Metals recently acquired the Ivanhoe Project located to the west of Rapier’s Pen Gold Project and the West Porcupine and Ross Properties to the east of the Pen Gold Project. The location of these properties in relation to Pen Gold Project is outlined in Appendix 1. Goldcorp has retained its right to remain at 19.9% of Probe by participating in a private placement.
Quality Assurance – Quality Control (“QA/QC”)
Industry best practices are followed on the project including the routine insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to Actlabs in Timmins for preparation and analysis. Gold analyses are conducted on 1 assay-ton aliquots, using fire assay methods with an atomic absorption finish up to 5 g/t Au and with a gravimetric finish above. Metallic sieve assays are requested for samples when visible gold is observed. Gravimetric finish or metallic sieve results are used whenever available, in the reporting of results.
Gary Wong, P. Eng., Vice-President Exploration of the Company, and a Qualified Person under the definition in National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
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 news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management’s expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company’s exploration activities will be different than those expected by management and that the Company will be unable to obtain financing, or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
To view Appendix 1, please visit the following link:
Roger Walsh
(604) 617-1627
roger@rapiergold.com
www.rapiergold.com