VANCOUVER, BC / ACCESSWIRE / November 20, 2017 / Tasca
Resources Ltd. ("Tasca", "TAC" or the "Company") (TSX
Venture symbol: TAC) (Frankfurt: 3TA) is pleased to announce
that it has optioned the Poplar Property that is contiguous to the south
of Tasca's newly acquired Nadina claim blocks announced on November 6,
2017. The Poplar Property also contains the Poplar Copper deposit
within its claim boundaries.
The Poplar Property encompasses over 620 square kilometres (62,000
hectares) and is contiguous to the south of one of Tasca's newly acquired
Nadina claim blocks. It is also on strike to the west of New Nadina's
Silver Queen property.
The Property has a long past of historical exploration including the
drilling of 147 holes. This drilling identified an historic indicated
mineral resource of 131 million tonnes grading 0.31% Cu, 0.009 % Mo, 0.09
g/t Au and 2.39 g/t Ag and an historic inferred mineral resource of 132
million tonnes grading 0.27 % Cu, 0.005 % Mo, 0.07 g/t Au and 3.75 g/t Ag.
These historic indicated and inferred resources were disclosed by Lions
Gate Metals Inc. in its technical report dated March 30, 2012 prepared by
Gary Giroux, P.Eng.
To determine the historic resource, a three-dimensional solid was
constructed to constrain the mineralized area, using a 0.1 % Cu grade
shell as a guide. Large internal waste zones were modeled as were
some larger post mineral dykes. Of the total data base, 129 drill
holes totaling 37,205 m were within the mineralized zone and were used to
estimate the resource. Drill holes were compared to the mineralized
solid and assays were tagged if inside. Copper, molybdenum, gold and
silver assays within the mineralized solid were capped at 1.4 % Cu, 0.14 % Mo, 0.34 g/t Au and 41 g/t Ag respectively. Five metre composites
were formed and used for variography.
For this estimate and to aid with some preliminary planning, the blocks
were reduced to 5 x 5 x 10 m in dimension and were estimated for Cu, Mo,
Au and Ag by ordinary kriging. The historic resource is classified
as Indicated and Inferred based on each block's proximity to data and the
grade continuity. The historic indicated and historic inferred
resource uses the categories set out in Section 1.2 of NI43-101.
Tasca will need to review and verify the historic drilling database and
twin a number of the existing drill holes to bring the historic resources
current. Investors are cautioned a qualified person has not done
sufficient work to classify the historical estimate as current mineral
resources or mineral reserves and therefore Tasca is not treating the
historical estimate as current mineral resources or mineral reserves.
The underlying geology of the Poplar Property is largely Cretaceous
Kasalka Group andesitic volcanics intruded by lower Cretaceous Bulkley
Suite intrusive stocks. Lower Jurassic Hazelton Group Telkwa
Formation calc-alkaline volcanics are in fault contact in the
northeast. Outliers of Eocene Ootsa Lake Group volcanics overlap the
Cretaceous rocks.
Subject to TSX Venture Exchange ("Exchange") approval, Tasca can earn a
100% interest, subject to legacy NSR interests ranging from 1% to 2%, in
the Poplar property by completing the following share issuances,
exploration expenditures and cash payments to the Vendor:
a) $50,000 cash consideration and 2,200,000 common
shares within 3 days of Exchange approval;
b) A further cash consideration of $350,000 within 18
months of the Agreement date;
c) A further cash consideration of $750,000 within 36
months of Agreement date;
d) A further cash consideration of $3,500,000 within 48
months of the Agreement date;
e) Tasca shall complete $500,000 in exploration
expenditures on the Poplar Property within 180 days of the Agreement date;
f) Tasca shall complete $1,000,000 in exploration
expenditures on the Poplar Property within one year of the Agreement date;
g) Tasca shall complete $1,500,000 in exploration
expenditures on the Poplar Property within 48 months of the Agreement
date;
About Tasca Resources:
Tasca Resources Ltd. (TAC: TSX-V) is a Canadian-based mineral exploration
company focused on the acquisition, exploration and development of mineral
properties. Our objective is to build shareholder value through
exploration and potential development or acquisition of existing projects
with significant up-side.
For additional information regarding the above noted Property and other
corporate information, please visit the Company's website at
www.tascaresources.com.
Qualified Person:
The scientific and technical information contained in this news release
has been reviewed and approved by R. Tim Henneberry, P.Geo. an
independent consulting geologist who is a "Qualified Person"
as such term is defined under National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ("NI 43- 101").
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
Tasca Investor Relations
Phone: (604) 644-6794
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.
Forward-Looking Statements:
This news release contains certain statements that may be deemed
"forward-looking" statements. Forward looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates", "believes",
"intends", "estimates", "projects", "potential" and similar expressions,
or that events or conditions "will", "would", "may", "could" or "should"
occur. Although Tasca Resources Ltd. believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in forward looking statements.
Forward looking statements are based on the beliefs, estimates and
opinions of Tasca Resources Ltd. management on the date the statements
are made. Except as required by law, Tasca Resources Ltd. undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should
change.
SOURCE: Tasca Resources Ltd.