VANCOUVER, Jan. 17, 2017 /CNW/ - Eureka Resources Inc. ("Eureka" or the "Company") is providing a summary of our past year's accomplishments and an indication of plans for 2017.
Since assuming management of Eureka in June of 2015 the Company has achieved some significant milestones. Michael Sweatman, the Company's president, stated, "Despite a volatile market and continued challenges in the capital markets we have achieved significant steps building our portfolio of properties."
The Company plans to advance on several fronts during 2017, adding to our geological database on our properties and conducting a number of initiatives, these include:
- Geophysics Luxor Project and TAK property Yukon Q2 2017
- Geology and drilling at Gold Creek Q2 and Q3 2017 to earn our 100% interest
- Drilling at Gemini in March 2017
- Additional property acquisitions possible
Highlights from 2015-16
- Share price was 0.04 October 2015 Financial Year end today its 0.10 increase 250%
- Market cap was $1,095,889 at Oct 31 2015 $5,073,097 today over 4 times increase
- Increased from 1 property October 2015 to 4 today
- Optioned 1 property to Canarc (FG) $3,000,000 to be spent to earn 75%
- Earned 50% interest in the Gemini Lithium property
- Earned 49% interest in Gold Creek BC property 36,000 hectares with the ability to increase to 100%
- Purchased 100% interest in approximately 10,000 Hectares in the heart of historic Klondike
The Company announces that, pursuant to its Stock Option Plan, it has granted stock options to certain directors, employees and consultants of the Company to purchase an aggregate 950,000 common shares in the capital of the Company at an exercise price of $0.13 per share which expire on January 16, 2022.
Gold projects include the FG property in the Cariboo area of central British Columbia having an indicated resource of 376,000 ounces of gold and an inferred resource of 634,900 ounces of gold and the Gold Creek gold property in the gold belt of the Company's FG project. The FG project is an advanced stage gold project, currently under option to Canarc Resource Corp.
The Gold Creek property is a grass-roots project located next to and with similar geology to Spanish Mountain.
Eureka has recently concluded the purchase of the Luxor project in the famous and very active Dawson Range Gold belt of western Yukon Territory.
The Company has a pending acquisition of the TAK property which is subject only to regulatory approval
Eureka owns a 50% interest in the Gemini lithium brine project located in the Lida Valley, approximately 40 km (26 miles) south of the Clayton Valley, which contains North America's only producing lithium deposit. Drilling is anticipated to commence in 2017. The drilling has been delayed because of the success of our partners Nevada Sunrise and Advantage Lithium who have elected to retain the drilling crew at their Clayton Northeast project (see AAL and NEV news releases December 2016).
John R. Kerr, P.Eng., is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and approved the technical information described in this news release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's proposed financings, objectives, goals and future exploration plans at the Gemini Project and the FG Project, the costs related to the Company's proposed exploration programs, and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Eureka Resources, Inc.
For further information: Further information on Eureka can be found on the Company's website at www.eurekaresourcesinc.com and at www.sedar.com, or by contacting Michael Sweatman, President and CEO, or Bob Ferguson by email at [email protected] or by telephone at (604) 449-2273.