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First Energy Metals Acquires Bald Eagle Silver Exploration Property In British Columbia, Canada
VANCOUVER, BC, Aug. 10, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has entered into a purch
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[{"type":"text","content":" VANCOUVER, BC, Aug. 10, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company) is pleased to announce that it has entered into a purchase agreement with Geomap Exploration Inc. (\"the Seller\"), a private Corporation registered in British Columbia, Canada, to acquire a silver gold exploration property located in the Province of British Columbia, Canada. Pursuant to a property purchase agreement (the \"Purchase Agreement\") between the Seller and the Company, dated August 10, 2020, First Energy will acquire a 100% interest in the Bald Eagle Silver Property (\"the Property\") consisting of three mining claims covering approximately 1,013.58 hectares area in Alberni Mining Division, British Columbia, Canada by way of issuing 550,000 common shares of First Energy, Geomap Exploration will retail a 2% NSR of which First Energy may purchase half (1%) of the NSR. Property Details: Bald Eagle Property is located 30 km to the northeast of Ucluelet and approximately 57km by road west of Port Alberni in the west coast of Vancouver Islands, on NTS map 092F013. The Port Alberni-Tofino paved highway runs 800m east of the property. It has an ideal location for shipping potential mineral concentrates by ocean freight to any destination in the world. Geologically, the area is underlain by Karmutsen Formation volcanics of the Upper Triassic Vancouver Group, which have been intruded by the Early to Middle Jurassic Island intrusions consisting of granodiorite to quartz diorite. The quartz veins are a few centimetres to two meters in width with patches of pyrite, pyrrhotite and chalcopyrite. Tertiary silver- and gold-bearing quartz-sulphide veins are found primarily along faults within the area. There are four mineral occurrences on the Property as documented in MTO database of BC Ministry of Mines records as Minfiles. Kristen Occurrence: (1987-89) Golden Spinnaker Minerals optioned the property and completed programs of trenching, VLF-EM surveys and diamond drilling. In 1988 bulk sampling and fourteen diamond drillholes, totalling 819 metres, was completed on the Elite 1 vein and nearby Rachel vein. In 1991, Kancana Ventures optioned the property. From 1993 to 1995, the property was returned to and later prospected by K. Gourley. In 1993, chip sampling of the Kristen I vein assayed values up to 4.4...