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Acrex options Honeymoon Area Mineral Claims near Kamloops, British Columbia
Symbol "AKV": TSX Venture Exchange SEC Form 20F Registration CIK: 1194506 Symbol "AXVEF": OTC BB
About this update from Avventura Resources Ltd.
[{"type":"text","content":"\n\n\n\nSymbol "AKV": TSX Venture Exchange\n\n\nSEC Form 20F Registration CIK: 1194506\n\n\nSymbol "AXVEF": OTC BB\n\n\nVANCOUVER, Feb. 28 /CNW/ - Acrex Ventures Ltd. (the "Company") has\nentered into an agreement to option a 100% interest in the Honeymoon Area\nMineral Claims.\n\n\nTo exercise the option the Company will pay $5,000 and issue 50,000\nshares forthwith after the date of the acceptance of the Agreement by the TSX\nVenture Exchange ("Approval Date"). The Company must also pay $60,000 in\nperiodic annual payments on the first, second and third anniversaries of the\nApproval Date. To exercise the option the Company will also be obliged to\nissue three blocks of 50,000 shares each on the first, second and third\nanniversaries of the Approval Date. A 2.0% net smelter return ("NSR") has been\nreserved to the Optionor, David J. Piggin and the Company will have the right\nto purchase back a 1.0% NSR for $500,000. The Agreement is subject to the\nacceptance for filing by the TSX Venture Exchange.\n\n\nThe road accessible property is located in south-central British\nColumbia, approximately 80 kilometres northeast of the city of Kamloops, B.C.\n\n\nThe property lies 25 km south of the Harper Creek, volcanogenic sulphide\ndeposit of Yellowhead Mining Inc. The Harper Creek Deposit has a NI 43-101\nmeasured and indicated resource of 450.9 million tonnes grading 0.32% copper\nand an additional Inferred resource of 142.2 million tonnes grading 0.33%\ncopper (Ref.: www.yellowheadmining.com).\n\n\nProspecting by the Optionor has located several malachite stained mineral\nshowings on the Honeymoon property that carry copper and silver values. Grab\nsamples from four of the showings were assayed by the Optionor and found to\ncarry copper values ranging from 0.62% to 0.86% copper with elevated silver\nvalues ranging from 5.88 to 35.3 g/tonne. Petrographic studies completed by\nAcrex's geologist show the mineralization, comprised of chalcopyrite and\npyrite, occurs in a metasedimentary rock and may be of syngenetic origin.\nSyngenetic suphide deposits found elsewhere in the world have large tonnage\npotential.\n\n\nThe company is currently planning an exploration program to assess this\nlarge property that will initially focus on investigating the recently\ndiscovered copper mineralizat...