SASKATOON, April 7, 2014 /CNW/ - Greywacke Exploration Ltd. ("Greywacke" or the "Company") (CSE "GWL") is pleased to announce that it has acquired through staking, the Brunswick Property in the Cote Lake Gold District in Northern Ontario (the "Property"). The Property was staked for Greywacke by Mr. Mike Tremblay who was recently awarded "2013 Ontario Prospector of the Year" for the Borden Gold discovery, also located in the vicinity of the Cote Lake Gold District.
The Property is situated approximately 10 km northeast of IAMGOLD's Cote Lake Gold Project and 90 km southeast of Probe Mines' Borden Gold project. The Property encompasses approximately 10 kilometers of the Ridout Shear Zone which hosts the Cote Lake gold deposit. The Ridout Shear Zone is widely thought to represent the western extension of the Cadillac-Larder Fault Zone, which hosts both the Kirkland-Larder and Val d'Or gold camps. This zone is a regional structural break between Archean metavolcanics and Temiskaming aged sediments, analogous to the Cadillac-Lardner Break.
In conjunction with the acquisition, Greywacke will issue 200,000 shares to Mr. Tremblay as a finder's fee for bringing the opportunity to the Company and will reimburse the staking costs incurred by Mr. Tremblay in securing the Property. Mr. Tremblay will also retain a 1% NSR on the Property. Mike Tremblay, who is widely regarded as one of Ontario's leading prospectors, has been actively involved in the exploration of Cote Lake, Kapuskasing and Timmins gold districts and has been involved with a number of discoveries in the area.
Company management is excited to add this project to its portfolio of early stage gold exploration projects in known gold producing regions.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Forward Looking Statements and Cautionary Notes
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Greywacke, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Brunswick property and the impact on Greywacke's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Greywacke management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Olympic assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
We seek Safe Harbor.
SOURCE: Greywacke Exploration Ltd.
For further information: Greywacke Exploration Ltd., Suite 602 - 224 4th Avenue S., Saskatoon, SK S7K 5M5, Phone: 306.653.2692, Fax: 306.664.4483