VANCOUVER, BC / ACCESSWIRE / December 5, 2016 / Electra Stone Ltd. (TSX-Venture: ELT) ("Electra") or ("the Company") is pleased to announce it has entered into a property purchase agreement with Quartz Creek Development Ltd to acquire a 100 percent interest in the JB 2016-003 "Infinity II" nephrite jade project (the "Property"). The Property is situated between Provencher Lake and Kutcho Creek in the south-east corner of British Columbia's primary jade mining region, approximately 3 km west of the existing Kutcho Creek access road. The Property has an area of 187.2 hectares, and is primarily of sub-alpine terrain with minimal foliage or overburden. Access is by off-road vehicles and helicopter from May through September.
The Property is in the Cassiar region, the largest of three major areas of nephrite jade production in British Columbia. Since the early 1970's approximately 20,000 tonnes of nephrite jade has been extracted and mined in the Provencher/Kutcho region for sale and production in the global market.
The Property hosts a jade-bearing contact between serpentinite and Cache Creek Complex meta-sediments. Multiple alteration zones and ten exposed nephrite lenses of varying quality were identified at the north end of the property. The near-surface nephrite lenses are favorable for quarry extraction. In-Situ nephrite lenses are in-line with Electra's goal of developing a vertically integrated supply of nephrite jade. The company plans to execute an exploration program in the summer of 2017 consisting of soil sampling, field and terrain mapping, and shallow diamond drilling to further determine the economic potential of the Property.
The company can earn a 100% interest in the property through the issuance of 1,500,000 common shares of Electra upon regulatory approval.
About Quartz Creek Development
Quartz Creek provides innovative technical solutions for exploration and development of nephrite jade resources in British Columbia. Quartz Creek is bringing stability to a volatile and subjective market segment through the utilization of responsible mining and economic geologic practices for small-scale resource applications. For more information on Quartz Creek Development ltd. please visit www.quartzcreekdevelopment.com.
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, manufacturing & marketing company. Electra is focused on the development of Architectural and Dimensional jade products along with international market growth and trade of Nephrite Jade from British Columbia to a global audience.
For further information and sales enquires on Electra Stone or Vancouver Jade please visit www.electrastone.com.
Or contact: Tyler Lowes at [email protected] or call 604-620-8589.
On behalf of the Board of Directors,
"John Costigan"
President and Director
Forward Looking Statement
This document contains forward-looking statements. Forward-looking statements in this news release include that the TSX-V will approve the acquisition of the JB 2016-003 property. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that we may not be able issue shares for consideration of the JB 2016-003 property, we may not be able to finance our plans, markets may not develop as expected, and competitors may sell better or less expensive products and take our expected market share. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company's 2015 financial statements filed with SEDAR.
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.
SOURCE: Electra Stone Ltd.