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Gray Rock Resources Acquires Hot Bath Property
VANCOUVER, British Columbia, June 19, 2017 (GLOBE NEWSWIRE) -- Gray Rock Resources Ltd. (TSX-V: GRK) (the “Company” or “Gray Rock”) is pleased to announce that
About this update from Silver Wolf Exploration Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, June 19, 2017 (GLOBE NEWSWIRE) -- Gray Rock Resources Ltd. (TSX-V: GRK) (the “Company” or “Gray Rock”) is pleased to announce that it has entered into a binding letter agreement (the “Option Agreement”) with DeCoors Mining Corp. (“DeCoors”) to acquire the Hot Bath Property, located near Dease Lake, British Columbia, comprising eleven mineral claims covering a total area of 3634.4383 hectares. The property was acquired by DeCoors in 2014, based on results from an airborne magnetic geophysical survey, rock geochemistry and geological mapping completed as part of Geoscience BC’s Quest Northwest study. This study supports the interpretation of mid-Jurassic calc-alkaline intrusives that are known to be favourable host rocks for copper-gold mineralization. Subsequent exploration work by DeCoors in 2015 and 2016, included 760 MMI geochemical samples, 12 line kilometers of Induced Polarization and 3.5 line kilometers of magnetometer geophysical data. This data identified an extensive area, 800 meters by 1 kilometer of coincident high chargeability geophysical values and anomalous MMI copper, and other indicator minerals in soils. During DeCoors’ exploration program, an oxidized quartz-chalcopyrite vein near the centre of the MMI/IP anomaly was exposed and sampled. Rock samples from this vein returned values over 3% copper and 3 grams per tonne gold. These rock samples were selective and may not be indicative of the mineralization of the property. Work to date on the property has identified three high priority, drill ready, copper-gold porphyry targets along with several other anomalies that remain open in all directions. The geology as identified by Geoscience BC indicates a mid-Jurassic assemblage of calc-alkaline plutonic rocks of favourable composition to be mineralized. This coupled with high copper values from geochemical samples acquired coincident with the induced polarization geophysical anomalies, copper and gold found in outcrop rock samples and the circular magnetic feature; support the premise of a mineralized intrusive. The terms of the Option Agreement/LOI are: Subject to the execution of a binding Option Agreement and the acceptance of its terms by the TSX Venture Exchange (the date of such acceptance being the “Approval Date”), the Company may make three op...