VANCOUVER, Nov. 27, 2017 /CNW/ - Resolve Ventures Inc. (TSX-V: RSV) (the "Company") is pleased to announce that it has entered into an option agreement, where by the Company may acquire a 100% interest in the Mary Property (the "Property") located 30 kilometres southeast of Houston, British Columbia, Canada from two arm's length vendors,.
The Property consists of 6,365 hectares and lies 1500 metres east of the New Nadina block. The underlying geology of this claim block is Cretaceous Kaslaka Group andesitic volcanics. These rocks are overlain by Eocene Endako Group Goosley Lake Formation alkaline volcanic rocks and Buck Creek Formation basaltic volcanics. All small plug of the Eocene Goosley plutonic suite intrudes the Cretaceous rocks. Historic exploration on the Mary block included induced polarization surveying and follow up percussion drilling of IP anomalies. Of the 22 percussion drill holes completed in 1985, only 9 actually reached bedrock. Four of those intercepted anomalous pathfinder elements. The IP anomalies remain untested. (Source: BC Ministry of Mines Assessment Reports 14346 and 15967). Resolve cautions investors that this historical exploration data has not been verified.
The Property appears to have seen additional historical exploration. Resolve's technical team will review the assessment record of historical work on the Mary Property. Based on the findings of this review, an exploration program will be designed to best assess and evaluate the potential.
Resolve Ventures, President and CEO Clive Massey stated: "We are very excited about the acquisition of these claims in this emerging area play as it puts us in a position to exploit some very interesting exploration opportunities in an area proven to be rich with mineral resources."
Property Transaction Terms:
Under the terms of the agreement, the Company can earn a 100% interest in the Property by issuing 5,000,000 common shares in the capital of the Company upon TSX Venture Exchange ("Exchange") approval and incurring a minimum $100,000 in exploration expenditures within the first year. The vendors shall retain a 2% net smelter returns royalty of which the Company may purchase 1% for $1,500,000.
The agreement is subject to Exchange approval. All shares issued will be subject to a four month and one day hold period.
ABOUT RESOLVE VENTURES;
Resolve is a Vancouver based publicly listed exploration company trading on the TSX Venture Exchange. The company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.
R. Tim Henneberry, P.Geo., Resolves's Geologist and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.
For further information on the Company, please email [email protected]
On Behalf of the Board of Directors of the Company,
President, Resolve Ventures Inc.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Resolve Ventures Inc.
For further information: Clive Massey, President, Resolve Ventures Inc., (604) 664-6794, [email protected]