Vancouver, British Columbia / ACCESSWIRE / August 12, 2014 / (TSX-V: BCG) - BCGold Corp. ("BCGold" or the "Company") is pleased to announce that the Company and Blind Creek Resources Ltd. ("Blind Creek") have amended the Blind Creek Letter Agreement, under which BCGold may earn up to a 100% interest in the Blind Creek property (see August 19, 2013 news release). The amendment, subject to TSX Venture Exchange approval, includes the following:
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-Each of BCGold's annual option commitments over four years, totalling $400,000 in eligible exploration expenses, issuance of 1,000,000 BCGold common shares, and cash payments of $225,000 to Blind Creek, are extended by one year.
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-In consideration of the above, BCGold will issue 100,000 common shares to Blind Creek 15 days after receipt of Exchange approval of the amendment.
About the Blind Creek Property
The Blind Creek property is situated adjacent to BCGold's 100% owned historic Engineer Mine property, located 32 km southwest of Atlin, B.C. The 1,105 ha property overlays the southeastern extensions of two shear structures (Shear A and Shear B) that are known to host broad zones of gold-bearing hydrothermal breccias on the Engineer Mine property. The Blind Creek property also partially overlays an untested 250-m wide, circular magnetic high and coincidental gold and arsenic-in-soil anomaly, flanked by a 1,000-m-long resistivity high and occurring at the intersection of the Shear A and Shear B structures. These features are believed to represent a near-surface intrusion and gold-bearing alteration envelope, and possible core of the Engineer Mine epithermal gold mineralizing system.
BCGold field crews will conduct a limited summer work program of additional soil sampling, geological mapping and prospecting, to further qualify the nature of these anomalies later this summer. The Company is positioning itself to drill test this target when better market conditions prevail.
About BCGold
BCGold is a Vancouver-based junior resource company focused on copper and gold exploration in under-explored, historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development. BCGold has generated 27 early to mid-stage gold and copper-gold properties in British Columbia and Yukon.
BCGold's primary gold asset is the 100% owned, historic high-grade gold Engineer Mine property, where the Company has outlined an opportunity to produce gold concentrate through continued bulk sample mining and on-site milling. The Company has recently consolidated its land position at Engineer Mine enabling exploration of the possible source area for the Engineer Mine gold system. The Company's strategy at Engineer Mine is to focus exploration on an economic shear-hosted gold deposit and to continue efforts to secure a qualified partner to finance the gold concentrate production opportunity.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.
President & CEO
For further information please contact:
Brian P. Fowler
President & CEO
Tel: 604-697-2401
Email: [email protected]
Neither 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.
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company 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 otherwise required by applicable securities legislation.
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We look forward to keeping in touch.
SOURCE: BCGold Corp.