Business
Blind Creek Resources Signs Agreement to Purchase AB Zinc Property, N.W.T.
VANCOUVER, July 27, 2017 /CNW/ - Blind Creek Resources Ltd. ("Blind Creek" or the "Company") (TSX-V: "BCK") and Eagle Plains Resources Ltd. ("Eagle Plains") (TS
About this update from Engineer Gold Mines Ltd.
[{"type":"text","content":"VANCOUVER, July 27, 2017 /CNW/ - Blind Creek Resources Ltd. (\"Blind Creek\" or the \"Company\") (TSX-V: \"BCK\") and Eagle Plains Resources Ltd. (\"Eagle Plains\") (TSX-V: \"EPL\") have executed a formal agreement whereby Blind Creek has the exclusive right to purchase a 100% undivided interest in the 3000 ha AB Zinc Property (the \"Property\") located 263 kilometres west of Norman Wells, N.W.T. Highly prospective for Mississippi Valley-Type (\"MVT\") Lead-Zinc deposition, previous exploration at the AB Property has located coincident geological, geochemical and geophysical features that may represent large buried mineralized systems. Under the terms of the agreement Blind Creek can acquire a 100% interest in the Property, subject only to the Eagle Plains NSR, by issuing to Eagle Plains 1,000,000 shares on TSX Venture Exchange acceptance of this Purchase and Sale Agreement, and a further 1,000,000 shares (for a total of 2,000,000 shares) on or before 30 months after Exchange acceptance. In the event that the Property is placed into Commercial Production, Eagle Plains shall be entitled to a royalty of 2% of net smelter returns, with a 1% buyback to 1% upon payment of $CDN1,000,000 to Eagle Plains, and a second option to purchase the remaining 1% NSR upon payment of $CDN 7,000,000. The AB Property acquisition fully compliments Blind Creek's focus on developing a quality portfolio of 100%-owned properties with geological characteristics and signatures supportive for the potential discovery and development of large tonnage, high-grade Lead-Zinc-Silver deposits. The Company is currently formulating plans to advance the AB property and drill-test existing I.P. geophysical anomalies for MVT Lead-Zinc mineralization. Mississippi Valley-Type Pb-Zn Mineralization Confirmed at AB Property Historic work by Welcome North Mines first identified carbonate hosted Zinc-Lead mineralization on the AB Property in 1974. Eagle Plains Resources work between 2005-2008 was driven by the carbonate-hosted Mississippi Valley-Type (\"MVT\") Zinc-Lead deposit model, with notable northern Canada MVT deposit-type examples that include the Pine Point, Nanisivik and Polaris mines. Eagle Plains successfully improved the geological and geochemical understanding of the AB Property, adding to the number of known mineralization occurrences and loca...